DEBUT: 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.
DEBUT
Largest movements
- Tangible fixed assets -€31,230
down €31,230 (-5.3%), from €594,036 to €562,806
- Profit (loss) carried forward +€263,519
up €263,519 (+13.2%), from -€2.0m to -€1.7m
- Debts after one year -€122,930
down €122,930 (-30.6%), from €402,298 to €279,368
- Current portion of long-term debt -€96,536
no longer reported in 2025 (was €96,536)
- Tax, wage and social debts -€80,969
down €80,969 (-59.6%), from €135,774 to €54,805
- Revaluation surpluses -€18,736
down €18,736 (-8.0%), from €233,172 to €214,436
- Financial charges -€7,819
down €7,819 (-58.2%), from €13,444 to €5,625
- Gross operating margin -€5,624
down €5,624 (-1.3%), from €448,804 to €443,180
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €602,760 | €571,628 | -€31,132 | -5.2% |
| Fixed assets | 21/28 | €594,036 | €562,806 | -€31,230 | -5.3% |
| Tangible fixed assets | 22/27 | €594,036 | €562,806 | -€31,230 | -5.3% |
| Land and buildings | 22 | €594,036 | €562,806 | -€31,230 | -5.3% |
| Current assets | 29/58 | €8,724 | €8,822 | +€98 | +1.1% |
| Deferred charges and accrued income | 490/1 | €8,724 | €8,822 | +€98 | +1.1% |
| Total equity and liabilities | 10/49 | €602,760 | €571,628 | -€31,132 | -5.2% |
| Equity | 10/15 | -€81,263 | €182,255 | +€263,519 | |
| Contributions | 10/11 | €267,649 | €267,649 | = | 0.0% |
| Capital | 10 | €267,649 | €267,649 | = | 0.0% |
| Issued capital | 100 | €267,649 | €267,649 | = | 0.0% |
| Revaluation surpluses | 12 | €233,172 | €214,436 | -€18,736 | -8.0% |
| Reserves | 13 | €1,410,258 | €1,428,994 | +€18,736 | +1.3% |
| Non-distributable reserves | 130/1 | €992 | €992 | = | 0.0% |
| Legal reserve | 130 | €992 | €992 | = | 0.0% |
| Distributable reserves | 133 | €1,409,266 | €1,428,002 | +€18,736 | +1.3% |
| Profit (loss) carried forward | 14 | -€1,992,343 | -€1,728,824 | +€263,519 | +13.2% |
| Amounts payable | 17/49 | €684,023 | €389,373 | -€294,651 | -43.1% |
| Amounts payable after more than one year | 17 | €402,298 | €279,368 | -€122,930 | -30.6% |
| Other amounts payable | 178/9 | €402,298 | €279,368 | -€122,930 | -30.6% |
| Amounts payable within one year | 42/48 | €281,725 | €110,005 | -€171,720 | -61.0% |
| Current portion of amounts payable after more than one year | 42 | €96,536 | - | -€96,536 | |
| Trade debts | 44 | €1,271 | €1,210 | -€61 | -4.8% |
| Suppliers | 440/4 | €1,271 | €1,210 | -€61 | -4.8% |
| Advances received on contracts in progress | 46 | €48,145 | €53,990 | +€5,845 | +12.1% |
| Taxes, remuneration and social security | 45 | €135,774 | €54,805 | -€80,969 | -59.6% |
| Taxes | 450/3 | €135,774 | €54,805 | -€80,969 | -59.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,230 | €31,230 | = | 0.0% |
| Other operating charges | 640/8 | €43,587 | €44,961 | +€1,373 | +3.2% |
| Gross operating margin | 9900 | €448,804 | €443,180 | -€5,624 | -1.3% |
| Operating profit (loss) | 9901 | €373,987 | €366,989 | -€6,997 | -1.9% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €13,444 | €5,625 | -€7,819 | -58.2% |
| Recurring financial charges | 65 | €13,444 | €5,625 | -€7,819 | -58.2% |
| Profit (loss) for the period before taxes | 9903 | €360,543 | €361,365 | +€822 | +0.2% |
| Income taxes | 67/77 | €96,959 | €97,846 | +€887 | +0.9% |
| Profit (loss) for the period | 9904 | €263,584 | €263,519 | -€65 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €263,584 | €263,519 | -€65 | 0.0% |
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 9 October 2026 via checked.be.