DILEMMA: 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.
DILEMMA
Largest movements
- Receivables after one year -€171,366
down €171,366 (-33.1%), from €517,463 to €346,097
- Receivables within one year +€40,692
up €40,692 (+20.0%), from €203,563 to €244,255
of which Other amounts receivable: +€37,807
- Tangible fixed assets -€36,413
down €36,413 (-3.3%), from €1.1m to €1.1m
of which Land and buildings: -€34,813
- Reserves +€249,872
up €249,872 (+30.7%), from €814,096 to €1.1m
- Profit (loss) carried forward -€196,297
no longer reported in 2025 (was €196,297)
- Other debts -€155,870
no longer reported in 2025 (was €155,870)
- Debts after one year -€50,729
down €50,729 (-19.6%), from €258,810 to €208,081
- Gross operating margin -€63,412
down €63,412 (-33.3%), from €190,537 to €127,125
- Financial charges -€13,536
down €13,536 (-47.3%), from €28,607 to €15,071
- Taxes -€10,888
down €10,888 (-29.5%), from €36,921 to €26,033
- Depreciation -€2,978
down €2,978 (-7.6%), from €39,392 to €36,413
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 | €2,097,319 | €1,927,316 | -€170,004 | -8.1% |
| Fixed assets | 21/28 | €1,362,387 | €1,325,974 | -€36,413 | -2.7% |
| Tangible fixed assets | 22/27 | €1,101,011 | €1,064,597 | -€36,413 | -3.3% |
| Land and buildings | 22 | €1,094,227 | €1,059,414 | -€34,813 | -3.2% |
| Furniture and vehicles | 24 | €6,783 | €5,183 | -€1,601 | -23.6% |
| Financial fixed assets | 28 | €261,377 | €261,377 | = | 0.0% |
| Current assets | 29/58 | €734,932 | €601,342 | -€133,590 | -18.2% |
| Amounts receivable after more than one year | 29 | €517,463 | €346,097 | -€171,366 | -33.1% |
| Other amounts receivable | 291 | €517,463 | €346,097 | -€171,366 | -33.1% |
| Amounts receivable within one year | 40/41 | €203,563 | €244,255 | +€40,692 | +20.0% |
| Trade receivables | 40 | €12,115 | €15,000 | +€2,885 | +23.8% |
| Other amounts receivable | 41 | €191,448 | €229,255 | +€37,807 | +19.7% |
| Cash at bank and in hand | 54/58 | €13,778 | €10,861 | -€2,916 | -21.2% |
| Deferred charges and accrued income | 490/1 | €128 | €128 | = | 0.0% |
| Total equity and liabilities | 10/49 | €2,097,319 | €1,927,316 | -€170,004 | -8.1% |
| Equity | 10/15 | €1,590,942 | €1,644,517 | +€53,575 | +3.4% |
| Contributions | 10/11 | €580,550 | €580,550 | = | 0.0% |
| Reserves | 13 | €814,096 | €1,063,967 | +€249,872 | +30.7% |
| Distributable reserves | 133 | €814,096 | €1,063,967 | +€249,872 | +30.7% |
| Profit (loss) carried forward | 14 | €196,297 | - | -€196,297 | |
| Amounts payable | 17/49 | €506,377 | €282,798 | -€223,579 | -44.2% |
| Amounts payable after more than one year | 17 | €258,810 | €208,081 | -€50,729 | -19.6% |
| Financial debts | 170/4 | €258,810 | €208,081 | -€50,729 | -19.6% |
| Amounts payable within one year | 42/48 | €234,550 | €70,418 | -€164,132 | -70.0% |
| Current portion of amounts payable after more than one year | 42 | €49,467 | €50,729 | +€1,262 | +2.6% |
| Financial debts | 43 | €4,067 | €4,170 | +€103 | +2.5% |
| Credit institutions | 430/8 | €4,067 | €4,170 | +€103 | +2.5% |
| Trade debts | 44 | €1,296 | €981 | -€315 | -24.3% |
| Suppliers | 440/4 | €1,296 | €981 | -€315 | -24.3% |
| Taxes, remuneration and social security | 45 | €23,851 | €14,538 | -€9,312 | -39.0% |
| Taxes | 450/3 | €23,851 | €14,538 | -€9,312 | -39.0% |
| Other amounts payable | 47/48 | €155,870 | - | -€155,870 | |
| Accrued charges and deferred income | 492/3 | €13,018 | €4,300 | -€8,718 | -67.0% |
| Non-recurring operating income | 76A | €13,171 | - | -€13,171 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,392 | €36,413 | -€2,978 | -7.6% |
| Other operating charges | 640/8 | €3,028 | €1,243 | -€1,785 | -58.9% |
| Non-recurring operating charges | 66A | €7,521 | - | -€7,521 | |
| Gross operating margin | 9900 | €190,537 | €127,125 | -€63,412 | -33.3% |
| Operating profit (loss) | 9901 | €140,596 | €89,468 | -€51,128 | -36.4% |
| Financial income | 75/76B | €6,393 | €5,210 | -€1,182 | -18.5% |
| Recurring financial income | 75 | €6,393 | €5,210 | -€1,182 | -18.5% |
| Financial charges | 65/66B | €28,607 | €15,071 | -€13,536 | -47.3% |
| Recurring financial charges | 65 | €28,607 | €15,071 | -€13,536 | -47.3% |
| Profit (loss) for the period before taxes | 9903 | €118,382 | €79,608 | -€38,774 | -32.8% |
| Income taxes | 67/77 | €36,921 | €26,033 | -€10,888 | -29.5% |
| Profit (loss) for the period | 9904 | €81,461 | €53,575 | -€27,886 | -34.2% |
| Profit (loss) for the period to be appropriated | 9905 | €81,461 | €53,575 | -€27,886 | -34.2% |
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 4 October 2026 via checked.be.