DECOND: 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.
DECOND
Largest movements
- Tangible fixed assets -€94,893
down €94,893 (-25.1%), from €377,755 to €282,862
of which Land and buildings: -€134,013
- Receivables within one year -€15,739
down €15,739 (-23.0%), from €68,508 to €52,769
of which Trade receivables: -€14,723
- Debts after one year -€109,820
down €109,820 (-72.5%), from €151,568 to €41,747
- Reserves +€52,930
up €52,930 (+18.8%), from €280,991 to €333,921
of which Tax-exempt reserves: +€44,930
- Short-term financial debts -€24,947
down €24,947 (-50.1%), from €49,793 to €24,846
- Current portion of long-term debt -€21,081
down €21,081 (-45.4%), from €46,412 to €25,331
- Other debts -€15,769
down €15,769 (-30.9%), from €51,093 to €35,324
- Gross operating margin +€66,682
up €66,682 (+147%), from €45,402 to €112,084
- Depreciation +€2,840
up €2,840 (+14.6%), from €19,500 to €22,339
- Other operating charges +€1,706
up €1,706 (+133%), from €1,286 to €2,992
- Taxes +€1,315
up €1,315 (+17.0%), from €7,718 to €9,033
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.
Derived cash bridge
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 | €796,557 | €685,986 | -€110,571 | -13.9% |
| Fixed assets | 21/28 | €727,435 | €632,542 | -€94,893 | -13.0% |
| Tangible fixed assets | 22/27 | €377,755 | €282,862 | -€94,893 | -25.1% |
| Land and buildings | 22 | €370,422 | €236,408 | -€134,013 | -36.2% |
| Plant, machinery and equipment | 23 | €7,334 | €4,686 | -€2,647 | -36.1% |
| Furniture and vehicles | 24 | - | €41,768 | +€41,768 | |
| Financial fixed assets | 28 | €349,680 | €349,680 | = | 0.0% |
| Current assets | 29/58 | €69,122 | €53,443 | -€15,678 | -22.7% |
| Amounts receivable within one year | 40/41 | €68,508 | €52,769 | -€15,739 | -23.0% |
| Trade receivables | 40 | €27,172 | €12,449 | -€14,723 | -54.2% |
| Other amounts receivable | 41 | €41,336 | €40,321 | -€1,015 | -2.5% |
| Deferred charges and accrued income | 490/1 | €614 | €674 | +€60 | +9.8% |
| Total equity and liabilities | 10/49 | €796,557 | €685,986 | -€110,571 | -13.9% |
| Equity | 10/15 | €368,715 | €413,331 | +€44,616 | +12.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Revaluation surpluses | 12 | - | €1,426 | +€1,426 | |
| Reserves | 13 | €280,991 | €333,921 | +€52,930 | +18.8% |
| Tax-exempt reserves | 132 | €1,426 | €46,357 | +€44,930 | +3,151% |
| Distributable reserves | 133 | €279,565 | €287,565 | +€8,000 | +2.9% |
| Profit (loss) carried forward | 14 | €69,124 | €59,384 | -€9,740 | -14.1% |
| Provisions and deferred taxes | 16 | - | €15,452 | +€15,452 | |
| Deferred taxes | 168 | - | €15,452 | +€15,452 | |
| Amounts payable | 17/49 | €427,843 | €257,203 | -€170,640 | -39.9% |
| Amounts payable after more than one year | 17 | €151,568 | €41,747 | -€109,820 | -72.5% |
| Financial debts | 170/4 | €151,568 | €41,747 | -€109,820 | -72.5% |
| Amounts payable within one year | 42/48 | €274,475 | €215,456 | -€59,019 | -21.5% |
| Current portion of amounts payable after more than one year | 42 | €46,412 | €25,331 | -€21,081 | -45.4% |
| Financial debts | 43 | €49,793 | €24,846 | -€24,947 | -50.1% |
| Credit institutions | 430/8 | €49,793 | €24,846 | -€24,947 | -50.1% |
| Trade debts | 44 | €117,052 | €116,816 | -€236 | -0.2% |
| Suppliers | 440/4 | €117,052 | €116,816 | -€236 | -0.2% |
| Taxes, remuneration and social security | 45 | €10,125 | €13,139 | +€3,013 | +29.8% |
| Taxes | 450/3 | €10,125 | €13,139 | +€3,013 | +29.8% |
| Other amounts payable | 47/48 | €51,093 | €35,324 | -€15,769 | -30.9% |
| Accrued charges and deferred income | 492/3 | €1,800 | €0 | -€1,800 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,500 | €22,339 | +€2,840 | +14.6% |
| Other operating charges | 640/8 | €1,286 | €2,992 | +€1,706 | +133% |
| Gross operating margin | 9900 | €45,402 | €112,084 | +€66,682 | +147% |
| Operating profit (loss) | 9901 | €24,616 | €86,753 | +€62,137 | +252% |
| Financial income | 75/76B | - | €7 | +€7 | |
| Recurring financial income | 75 | - | €7 | +€7 | |
| Financial charges | 65/66B | €8,318 | €7,658 | -€660 | -7.9% |
| Recurring financial charges | 65 | €8,318 | €7,658 | -€660 | -7.9% |
| Profit (loss) for the period before taxes | 9903 | €16,298 | €79,102 | +€62,804 | +385% |
| Transfer from deferred taxes | 780 | - | €794 | +€794 | |
| Transfer to deferred taxes | 680 | - | €16,246 | +€16,246 | |
| Income taxes | 67/77 | €7,718 | €9,033 | +€1,315 | +17.0% |
| Profit (loss) for the period | 9904 | €8,580 | €54,616 | +€46,036 | +537% |
| Transfer from tax-exempt reserves | 789 | - | €2,382 | +€2,382 | |
| Transfer to tax-exempt reserves | 689 | - | €48,739 | +€48,739 | |
| Profit (loss) for the period to be appropriated | 9905 | €8,580 | €8,260 | -€320 | -3.7% |
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 19 October 2026 via checked.be.