D & S: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
D & S
Largest movements
- Receivables within one year -€148,039
down €148,039 (-44.1%), from €335,705 to €187,666
- Debts after one year -€299,942
down €299,942 (-26.2%), from €1.1m to €844,395
- Other debts +€200,000
up €200,000 (+40.0%), from €500,000 to €700,000
- Reserves -€81,609
down €81,609 (-12.8%), from €639,017 to €557,408
of which Distributable reserves: -€81,609
- Financial income -€155,322
down €155,322 (-98.8%), from €157,282 to €1,961
of which Financial income: -€148,087
- Financial charges -€17,368
down €17,368 (-16.8%), from €103,199 to €85,831
- Services and other goods -€2,633
down €2,633 (-56.9%), from €4,628 to €1,995
- Taxes -€1,050
down €1,050, from €304 to -€747
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,379,268 | €5,235,827 | -€143,441 | -2.7% |
| Fixed assets | 21/28 | €4,738,921 | €4,738,921 | = | 0.0% |
| Financial fixed assets | 28 | €4,738,921 | €4,738,921 | = | 0.0% |
| Affiliated companies | 280/1 | €4,738,921 | €4,738,921 | = | 0.0% |
| Participating interests | 280 | €4,238,921 | €4,238,921 | = | 0.0% |
| Amounts receivable | 281 | €500,000 | €500,000 | = | 0.0% |
| Current assets | 29/58 | €640,347 | €496,906 | -€143,441 | -22.4% |
| Amounts receivable within one year | 40/41 | €335,705 | €187,666 | -€148,039 | -44.1% |
| Other amounts receivable | 41 | €335,705 | €187,666 | -€148,039 | -44.1% |
| Current investments | 50/53 | €299,993 | €299,993 | = | 0.0% |
| Other investments | 51/53 | €299,993 | €299,993 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €4,650 | €4,248 | -€402 | -8.6% |
| Deferred charges and accrued income | 490/1 | - | €5,000 | +€5,000 | |
| Total equity and liabilities | 10/49 | €5,379,268 | €5,235,827 | -€143,441 | -2.7% |
| Equity | 10/15 | €3,437,017 | €3,355,408 | -€81,609 | -2.4% |
| Contributions | 10/11 | €2,798,000 | €2,798,000 | = | 0.0% |
| Reserves | 13 | €639,017 | €557,408 | -€81,609 | -12.8% |
| Non-distributable reserves | 130/1 | €51,700 | €51,700 | = | 0.0% |
| Reserves not available under the articles | 1311 | €51,700 | €51,700 | = | 0.0% |
| Distributable reserves | 133 | €587,317 | €505,708 | -€81,609 | -13.9% |
| Amounts payable | 17/49 | €1,942,251 | €1,880,419 | -€61,832 | -3.2% |
| Amounts payable after more than one year | 17 | €1,144,337 | €844,395 | -€299,942 | -26.2% |
| Financial debts | 170/4 | €1,144,337 | €844,395 | -€299,942 | -26.2% |
| Credit institutions | 173 | €1,144,337 | €844,395 | -€299,942 | -26.2% |
| Amounts payable within one year | 42/48 | €786,832 | €999,942 | +€213,110 | +27.1% |
| Current portion of amounts payable after more than one year | 42 | €286,832 | €299,942 | +€13,110 | +4.6% |
| Other amounts payable | 47/48 | €500,000 | €700,000 | +€200,000 | +40.0% |
| Accrued charges and deferred income | 492/3 | €11,082 | €36,082 | +€25,000 | +225.6% |
| Operating income | 70/76A | €5,000 | €5,000 | = | 0.0% |
| Turnover | 70 | €5,000 | €5,000 | = | 0.0% |
| Operating charges | 60/66A | €6,074 | €3,485 | -€2,589 | -42.6% |
| Services and other goods | 61 | €4,628 | €1,995 | -€2,633 | -56.9% |
| Other operating charges | 640/8 | €1,446 | €1,491 | +€44 | +3.1% |
| Operating profit (loss) | 9901 | -€1,074 | €1,515 | +€2,589 | |
| Financial income | 75/76B | €157,282 | €1,961 | -€155,322 | -98.8% |
| Recurring financial income | 75 | €150,048 | €1,961 | -€148,087 | -98.7% |
| Income from financial fixed assets | 750 | €150,048 | - | -€150,048 | |
| Income from current assets | 751 | - | €1,961 | +€1,961 | |
| Non-recurring financial income | 76B | €7,235 | - | -€7,235 | |
| Financial charges | 65/66B | €103,199 | €85,831 | -€17,368 | -16.8% |
| Recurring financial charges | 65 | €103,199 | €85,831 | -€17,368 | -16.8% |
| Debt charges | 650 | €100,944 | €83,317 | -€17,627 | -17.5% |
| Other financial charges | 652/9 | €2,255 | €2,514 | +€259 | +11.5% |
| Profit (loss) for the period before taxes | 9903 | €53,009 | -€82,356 | -€135,365 | |
| Income taxes | 67/77 | €304 | -€747 | -€1,050 | |
| Taxes | 670/3 | €500 | - | -€500 | |
| Tax adjustments and reversals of tax provisions | 77 | €196 | €747 | +€550 | +280.0% |
| Profit (loss) for the period | 9904 | €52,706 | -€81,609 | -€134,315 | |
| Profit (loss) for the period to be appropriated | 9905 | €52,706 | -€81,609 | -€134,315 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.