de drie sleutels: what changed
Two fiscal 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.
de drie sleutels
Largest movements
- Receivables within one year +€62,572
new in 2025: €62,572
- Tangible fixed assets +€23,482
up €23,482 (+2.8%), from €832,435 to €855,917
of which Land and buildings: +€37,938
- Cash +€16,986
up €16,986 (+171.7%), from €9,893 to €26,879
mainly Other debts (+€105,000) and Trade debts (+€73,387)
- Other debts +€105,000
up €105,000 (+30.9%), from €339,536 to €444,536
- Debts after one year -€75,000
no longer reported in 2025 (was €75,000)
- Trade debts +€73,387
up €73,387 (+3191.0%), from €2,300 to €75,687
- Gross operating margin +€18,703
up €18,703 (+33.9%), from €55,095 to €73,798
- Depreciation +€1,914
up €1,914 (+3.3%), from €58,658 to €60,572
- Financial charges +€1,671
up €1,671 (+26.4%), from €6,317 to €7,987
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 | €842,328 | €945,936 | +€103,608 | +12.3% |
| Fixed assets | 21/28 | €832,435 | €855,917 | +€23,482 | +2.8% |
| Tangible fixed assets | 22/27 | €832,435 | €855,917 | +€23,482 | +2.8% |
| Land and buildings | 22 | €782,029 | €819,968 | +€37,938 | +4.9% |
| Plant, machinery and equipment | 23 | €16,459 | €12,439 | -€4,020 | -24.4% |
| Furniture and vehicles | 24 | €33,946 | €23,510 | -€10,436 | -30.7% |
| Current assets | 29/58 | €9,893 | €90,019 | +€80,126 | +809.9% |
| Amounts receivable within one year | 40/41 | - | €62,572 | +€62,572 | |
| Trade receivables | 40 | - | €62,572 | +€62,572 | |
| Cash at bank and in hand | 54/58 | €9,893 | €26,879 | +€16,986 | +171.7% |
| Deferred charges and accrued income | 490/1 | - | €568 | +€568 | |
| Total equity and liabilities | 10/49 | €842,328 | €945,936 | +€103,608 | +12.3% |
| Equity | 10/15 | €346,650 | €343,998 | -€2,652 | -0.8% |
| Contributions | 10/11 | €400,000 | €400,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€53,350 | -€56,002 | -€2,652 | -5.0% |
| Amounts payable | 17/49 | €495,678 | €601,938 | +€106,260 | +21.4% |
| Amounts payable after more than one year | 17 | €75,000 | - | -€75,000 | |
| Financial debts | 170/4 | €75,000 | - | -€75,000 | |
| Amounts payable within one year | 42/48 | €416,836 | €595,222 | +€178,387 | +42.8% |
| Current portion of amounts payable after more than one year | 42 | €75,000 | €75,000 | = | 0.0% |
| Trade debts | 44 | €2,300 | €75,687 | +€73,387 | +3191.0% |
| Suppliers | 440/4 | €2,300 | €75,687 | +€73,387 | +3191.0% |
| Other amounts payable | 47/48 | €339,536 | €444,536 | +€105,000 | +30.9% |
| Accrued charges and deferred income | 492/3 | €3,842 | €6,715 | +€2,873 | +74.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €58,658 | €60,572 | +€1,914 | +3.3% |
| Other operating charges | 640/8 | €8,096 | €7,891 | -€205 | -2.5% |
| Gross operating margin | 9900 | €55,095 | €73,798 | +€18,703 | +33.9% |
| Operating profit (loss) | 9901 | -€11,659 | €5,335 | +€16,994 | |
| Financial charges | 65/66B | €6,317 | €7,987 | +€1,671 | +26.4% |
| Recurring financial charges | 65 | €6,317 | €7,987 | +€1,671 | +26.4% |
| Profit (loss) for the period before taxes | 9903 | -€17,976 | -€2,652 | +€15,323 | +85.2% |
| Profit (loss) for the period | 9904 | -€17,976 | -€2,652 | +€15,323 | +85.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€17,976 | -€2,652 | +€15,323 | +85.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.