E & M: 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.
E & M
Largest movements
- Cash +€170,373
up €170,373 (+62.4%), from €273,093 to €443,466
mainly Net result for the year (+€119,640) and Accrued charges and deferred income (+€78,738)
No liability line moved by more than 1% of the balance sheet total.
- Gross operating margin +€24,957
up €24,957 (+15.8%), from €157,808 to €182,765
- Taxes +€16,809
up €16,809 (+76.3%), from €22,020 to €38,829
- Financial income +€11,410
up €11,410 (+23.9%), from €47,667 to €59,077
of which Financial income: +€21,588
- Financial charges -€5,153
down €5,153 (-6.0%), from €86,451 to €81,298
of which Financial charges: -€5,154
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 | €14,338,684 | €14,546,254 | +€207,571 | +1.4% |
| Fixed assets | 21/28 | €12,040,249 | €12,039,585 | -€664 | 0.0% |
| Tangible fixed assets | 22/27 | €3,692 | €2,118 | -€1,574 | -42.6% |
| Furniture and vehicles | 24 | €3,692 | €2,118 | -€1,574 | -42.6% |
| Financial fixed assets | 28 | €12,036,557 | €12,037,467 | +€910 | 0.0% |
| Current assets | 29/58 | €2,298,434 | €2,506,669 | +€208,235 | +9.1% |
| Amounts receivable within one year | 40/41 | €765,079 | €760,000 | -€5,079 | -0.7% |
| Trade receivables | 40 | €842 | €0 | -€842 | -100.0% |
| Other amounts receivable | 41 | €764,237 | €760,000 | -€4,237 | -0.6% |
| Current investments | 50/53 | €1,172,618 | €1,188,626 | +€16,008 | +1.4% |
| Cash at bank and in hand | 54/58 | €273,093 | €443,466 | +€170,373 | +62.4% |
| Deferred charges and accrued income | 490/1 | €87,644 | €114,577 | +€26,933 | +30.7% |
| Total equity and liabilities | 10/49 | €14,338,684 | €14,546,254 | +€207,571 | +1.4% |
| Equity | 10/15 | €10,149,830 | €10,269,469 | +€119,640 | +1.2% |
| Contributions | 10/11 | €868,186 | €868,186 | = | 0.0% |
| Capital | 10 | €868,186 | €868,186 | = | 0.0% |
| Issued capital | 100 | €868,186 | €868,186 | = | 0.0% |
| Reserves | 13 | €1,127,120 | €1,127,120 | = | 0.0% |
| Non-distributable reserves | 130/1 | €907,364 | €907,364 | = | 0.0% |
| Legal reserve | 130 | €907,364 | €907,364 | = | 0.0% |
| Tax-exempt reserves | 132 | €67,451 | €29,561 | -€37,890 | -56.2% |
| Distributable reserves | 133 | €152,305 | €190,195 | +€37,890 | +24.9% |
| Profit (loss) carried forward | 14 | €8,154,524 | €8,274,164 | +€119,640 | +1.5% |
| Amounts payable | 17/49 | €4,188,854 | €4,276,785 | +€87,931 | +2.1% |
| Amounts payable within one year | 42/48 | €3,952,653 | €3,961,846 | +€9,193 | +0.2% |
| Trade debts | 44 | €1,090 | €5,963 | +€4,873 | +447.0% |
| Suppliers | 440/4 | €1,090 | €5,963 | +€4,873 | +447.0% |
| Taxes, remuneration and social security | 45 | €10,554 | €17,572 | +€7,018 | +66.5% |
| Taxes | 450/3 | €8,154 | €17,572 | +€9,418 | +115.5% |
| Remuneration and social security | 454/9 | €2,400 | €0 | -€2,400 | -100.0% |
| Other amounts payable | 47/48 | €3,941,008 | €3,938,311 | -€2,697 | -0.1% |
| Accrued charges and deferred income | 492/3 | €236,201 | €314,939 | +€78,738 | +33.3% |
| Non-recurring operating income | 76A | - | €8,469 | +€8,469 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,574 | €1,574 | = | 0.0% |
| Other operating charges | 640/8 | €438 | €500 | +€63 | +14.4% |
| Gross operating margin | 9900 | €157,808 | €182,765 | +€24,957 | +15.8% |
| Operating profit (loss) | 9901 | €155,796 | €180,691 | +€24,895 | +16.0% |
| Financial income | 75/76B | €47,667 | €59,077 | +€11,410 | +23.9% |
| Recurring financial income | 75 | €37,489 | €59,077 | +€21,588 | +57.6% |
| Non-recurring financial income | 76B | €10,178 | €0 | -€10,178 | -100.0% |
| Financial charges | 65/66B | €86,451 | €81,298 | -€5,153 | -6.0% |
| Recurring financial charges | 65 | €86,451 | €81,298 | -€5,154 | -6.0% |
| Non-recurring financial charges | 66B | - | €1 | +€1 | |
| Profit (loss) for the period before taxes | 9903 | €117,011 | €158,469 | +€41,458 | +35.4% |
| Income taxes | 67/77 | €22,020 | €38,829 | +€16,809 | +76.3% |
| Profit (loss) for the period | 9904 | €94,991 | €119,640 | +€24,649 | +25.9% |
| Transfer from tax-exempt reserves | 789 | - | €37,890 | +€37,890 | |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €94,991 | €157,530 | +€62,539 | +65.8% |
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 10 October 2026 via checked.be.