Discurso: 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.
Discurso
Largest movements
- Tangible fixed assets +€249,146
up €249,146 (+306.9%), from €81,179 to €330,325
of which Land and buildings: +€233,216
- Cash -€108,200
down €108,200 (-70.5%), from €153,499 to €45,299
mainly Investment in fixed assets (net) (-€269,226) and Receivables within one year (-€6,618)
- Receivables within one year +€6,618
up €6,618 (+5.3%), from €125,558 to €132,177
of which Other amounts receivable: +€6,328
- Debts after one year +€82,257
up €82,257 (+187.7%), from €43,827 to €126,083
- Reserves +€51,358
up €51,358 (+28.0%), from €183,672 to €235,030
- Other debts +€8,237
up €8,237 (+9.3%), from €88,914 to €97,150
- Gross operating margin +€40,462
up €40,462 (+59.4%), from €68,131 to €108,594
- Depreciation +€7,437
up €7,437 (+58.8%), from €12,643 to €20,080
- Financial charges +€4,021
up €4,021 (+42.4%), from €9,481 to €13,501
- Other operating charges -€1,776
down €1,776 (-72.4%), from €2,452 to €676
- Taxes -€1,483
down €1,483 (-10.1%), from €14,655 to €13,172
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 | €360,236 | €507,801 | +€147,565 | +41.0% |
| Fixed assets | 21/28 | €81,179 | €330,325 | +€249,146 | +306.9% |
| Tangible fixed assets | 22/27 | €81,179 | €330,325 | +€249,146 | +306.9% |
| Land and buildings | 22 | €47,708 | €280,925 | +€233,216 | +488.8% |
| Furniture and vehicles | 24 | €33,471 | €49,401 | +€15,930 | +47.6% |
| Current assets | 29/58 | €279,057 | €177,475 | -€101,582 | -36.4% |
| Amounts receivable within one year | 40/41 | €125,558 | €132,177 | +€6,618 | +5.3% |
| Trade receivables | 40 | €12,640 | €12,930 | +€290 | +2.3% |
| Other amounts receivable | 41 | €112,918 | €119,247 | +€6,328 | +5.6% |
| Cash at bank and in hand | 54/58 | €153,499 | €45,299 | -€108,200 | -70.5% |
| Total equity and liabilities | 10/49 | €360,236 | €507,801 | +€147,565 | +41.0% |
| Equity | 10/15 | €202,222 | €253,580 | +€51,358 | +25.4% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €183,672 | €235,030 | +€51,358 | +28.0% |
| Distributable reserves | 133 | €183,672 | €235,030 | +€51,358 | +28.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €158,014 | €254,220 | +€96,207 | +60.9% |
| Amounts payable after more than one year | 17 | €43,827 | €126,083 | +€82,257 | +187.7% |
| Financial debts | 170/4 | €43,827 | €126,083 | +€82,257 | +187.7% |
| Amounts payable within one year | 42/48 | €114,187 | €128,137 | +€13,950 | +12.2% |
| Current portion of amounts payable after more than one year | 42 | €11,777 | €13,225 | +€1,448 | +12.3% |
| Trade debts | 44 | €5,951 | €5,318 | -€633 | -10.6% |
| Suppliers | 440/4 | €5,951 | €5,318 | -€633 | -10.6% |
| Taxes, remuneration and social security | 45 | €7,546 | €12,443 | +€4,897 | +64.9% |
| Taxes | 450/3 | €7,546 | €12,443 | +€4,897 | +64.9% |
| Other amounts payable | 47/48 | €88,914 | €97,150 | +€8,237 | +9.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,643 | €20,080 | +€7,437 | +58.8% |
| Other operating charges | 640/8 | €2,452 | €676 | -€1,776 | -72.4% |
| Non-recurring operating charges | 66A | - | €10,223 | +€10,223 | |
| Gross operating margin | 9900 | €68,131 | €108,594 | +€40,462 | +59.4% |
| Operating profit (loss) | 9901 | €53,037 | €77,615 | +€24,578 | +46.3% |
| Financial income | 75/76B | €1 | €416 | +€415 | +29413.5% |
| Recurring financial income | 75 | €1 | €416 | +€415 | +29413.5% |
| Financial charges | 65/66B | €9,481 | €13,501 | +€4,021 | +42.4% |
| Recurring financial charges | 65 | €9,481 | €13,501 | +€4,021 | +42.4% |
| Profit (loss) for the period before taxes | 9903 | €43,557 | €64,530 | +€20,972 | +48.1% |
| Income taxes | 67/77 | €14,655 | €13,172 | -€1,483 | -10.1% |
| Profit (loss) for the period | 9904 | €28,903 | €51,358 | +€22,455 | +77.7% |
| Profit (loss) for the period to be appropriated | 9905 | €28,903 | €51,358 | +€22,455 | +77.7% |
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 2 October 2026 via checked.be.