E=mg²: 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.
E=mg²
Largest movements
- Current investments +€37,298
up €37,298 (+18.1%), from €206,079 to €243,376
- Cash -€36,294
down €36,294 (-91.7%), from €39,583 to €3,289
mainly Contributions, distributions and other (-€171,200) and Current investments (-€37,298)
- Tangible fixed assets -€25,401
down €25,401 (-20.2%), from €125,770 to €100,369
of which Furniture and vehicles: -€14,656
- Receivables within one year +€20,565
up €20,565 (+29.1%), from €70,743 to €91,308
of which Other amounts receivable: +€11,456
- Other debts +€143,699
up €143,699 (+522.5%), from €27,501 to €171,200
- Reserves -€128,400
down €128,400 (-41.5%), from €309,304 to €180,904
- Debts after one year -€23,043
down €23,043 (-61.4%), from €37,504 to €14,461
- Tax, wage and social debts +€5,863
up €5,863 (+200.7%), from €2,921 to €8,784
- Gross operating margin -€17,096
down €17,096 (-15.4%), from €110,800 to €93,703
- Taxes -€4,998
down €4,998 (-22.5%), from €22,217 to €17,219
- Depreciation +€2,338
up €2,338 (+8.2%), from €28,583 to €30,921
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 | €444,605 | €440,901 | -€3,705 | -0.8% |
| Fixed assets | 21/28 | €125,770 | €100,369 | -€25,401 | -20.2% |
| Tangible fixed assets | 22/27 | €125,770 | €100,369 | -€25,401 | -20.2% |
| Land and buildings | 22 | €64,973 | €57,916 | -€7,058 | -10.9% |
| Plant, machinery and equipment | 23 | €10,620 | €7,480 | -€3,140 | -29.6% |
| Furniture and vehicles | 24 | €48,379 | €33,722 | -€14,656 | -30.3% |
| Other tangible fixed assets | 26 | €1,798 | €1,251 | -€547 | -30.4% |
| Current assets | 29/58 | €318,835 | €340,532 | +€21,697 | +6.8% |
| Amounts receivable within one year | 40/41 | €70,743 | €91,308 | +€20,565 | +29.1% |
| Trade receivables | 40 | €42,914 | €52,023 | +€9,109 | +21.2% |
| Other amounts receivable | 41 | €27,828 | €39,285 | +€11,456 | +41.2% |
| Current investments | 50/53 | €206,079 | €243,376 | +€37,298 | +18.1% |
| Cash at bank and in hand | 54/58 | €39,583 | €3,289 | -€36,294 | -91.7% |
| Deferred charges and accrued income | 490/1 | €2,431 | €2,559 | +€128 | +5.2% |
| Total equity and liabilities | 10/49 | €444,605 | €440,901 | -€3,705 | -0.8% |
| Equity | 10/15 | €321,911 | €193,599 | -€128,312 | -39.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €309,304 | €180,904 | -€128,400 | -41.5% |
| Distributable reserves | 133 | €309,304 | €180,904 | -€128,400 | -41.5% |
| Profit (loss) carried forward | 14 | €207 | €295 | +€88 | +42.4% |
| Amounts payable | 17/49 | €122,694 | €247,302 | +€124,608 | +101.6% |
| Amounts payable after more than one year | 17 | €37,504 | €14,461 | -€23,043 | -61.4% |
| Financial debts | 170/4 | €37,504 | €14,461 | -€23,043 | -61.4% |
| Amounts payable within one year | 42/48 | €85,190 | €232,841 | +€147,650 | +173.3% |
| Current portion of amounts payable after more than one year | 42 | €27,389 | €23,043 | -€4,346 | -15.9% |
| Trade debts | 44 | €27,380 | €29,814 | +€2,434 | +8.9% |
| Suppliers | 440/4 | €27,380 | €29,814 | +€2,434 | +8.9% |
| Taxes, remuneration and social security | 45 | €2,921 | €8,784 | +€5,863 | +200.7% |
| Taxes | 450/3 | €2,921 | €8,784 | +€5,863 | +200.7% |
| Other amounts payable | 47/48 | €27,501 | €171,200 | +€143,699 | +522.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,583 | €30,921 | +€2,338 | +8.2% |
| Other operating charges | 640/8 | €1,502 | €1,368 | -€133 | -8.9% |
| Gross operating margin | 9900 | €110,800 | €93,703 | -€17,096 | -15.4% |
| Operating profit (loss) | 9901 | €80,715 | €61,414 | -€19,301 | -23.9% |
| Financial income | 75/76B | €375 | €744 | +€369 | +98.6% |
| Recurring financial income | 75 | €375 | €744 | +€369 | +98.6% |
| Financial charges | 65/66B | €2,709 | €2,051 | -€658 | -24.3% |
| Recurring financial charges | 65 | €2,709 | €2,051 | -€658 | -24.3% |
| Profit (loss) for the period before taxes | 9903 | €78,380 | €60,106 | -€18,274 | -23.3% |
| Income taxes | 67/77 | €22,217 | €17,219 | -€4,998 | -22.5% |
| Profit (loss) for the period | 9904 | €56,164 | €42,888 | -€13,276 | -23.6% |
| Profit (loss) for the period to be appropriated | 9905 | €56,164 | €42,888 | -€13,276 | -23.6% |
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.