ELABORATE: 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.
ELABORATE
Largest movements
- Cash +€91,595
up €91,595 (+13.4%), from €681,552 to €773,147
mainly Net result for the year (+€221,693) and Receivables after one year (+€60,000)
- Receivables after one year -€60,000
down €60,000 (-24.8%), from €242,400 to €182,400
- Receivables within one year +€46,691
up €46,691 (+22.4%), from €208,822 to €255,514
of which Other amounts receivable: +€67,003
- Tangible fixed assets -€22,763
down €22,763 (-15.3%), from €148,807 to €126,043
of which Furniture and vehicles: -€13,746
- Reserves +€90,403
up €90,403 (+7.5%), from €1.2m to €1.3m
of which Distributable reserves: +€90,403
- Current portion of long-term debt -€20,495
no longer reported in 2025 (was €20,495)
- Gross operating margin -€40,216
down €40,216 (-10.8%), from €373,808 to €333,592
- Taxes -€12,222
down €12,222 (-11.2%), from €109,252 to €97,030
- Financial income +€7,692
up €7,692 (+56.5%), from €13,613 to €21,305
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 | €1,283,741 | €1,340,153 | +€56,413 | +4.4% |
| Fixed assets | 21/28 | €149,807 | €127,043 | -€22,763 | -15.2% |
| Tangible fixed assets | 22/27 | €148,807 | €126,043 | -€22,763 | -15.3% |
| Land and buildings | 22 | €128,297 | €119,280 | -€9,017 | -7.0% |
| Furniture and vehicles | 24 | €20,510 | €6,764 | -€13,746 | -67.0% |
| Financial fixed assets | 28 | €1,000 | €1,000 | = | 0.0% |
| Current assets | 29/58 | €1,133,934 | €1,213,110 | +€79,176 | +7.0% |
| Amounts receivable after more than one year | 29 | €242,400 | €182,400 | -€60,000 | -24.8% |
| Other amounts receivable | 291 | €242,400 | €182,400 | -€60,000 | -24.8% |
| Amounts receivable within one year | 40/41 | €208,822 | €255,514 | +€46,691 | +22.4% |
| Trade receivables | 40 | €64,971 | €44,659 | -€20,312 | -31.3% |
| Other amounts receivable | 41 | €143,851 | €210,855 | +€67,003 | +46.6% |
| Cash at bank and in hand | 54/58 | €681,552 | €773,147 | +€91,595 | +13.4% |
| Deferred charges and accrued income | 490/1 | €1,160 | €2,049 | +€889 | +76.7% |
| Total equity and liabilities | 10/49 | €1,283,741 | €1,340,153 | +€56,413 | +4.4% |
| Equity | 10/15 | €1,216,812 | €1,307,214 | +€90,403 | +7.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,205,015 | €1,295,418 | +€90,403 | +7.5% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,203,155 | €1,293,558 | +€90,403 | +7.5% |
| Profit (loss) carried forward | 14 | €5,596 | €5,596 | = | 0.0% |
| Amounts payable | 17/49 | €66,929 | €32,939 | -€33,990 | -50.8% |
| Amounts payable within one year | 42/48 | €58,805 | €28,221 | -€30,583 | -52.0% |
| Current portion of amounts payable after more than one year | 42 | €20,495 | - | -€20,495 | |
| Trade debts | 44 | €8,769 | €5,428 | -€3,340 | -38.1% |
| Suppliers | 440/4 | €8,769 | €5,428 | -€3,340 | -38.1% |
| Taxes, remuneration and social security | 45 | €29,541 | €22,793 | -€6,749 | -22.8% |
| Taxes | 450/3 | €28,737 | €22,169 | -€6,567 | -22.9% |
| Remuneration and social security | 454/9 | €804 | €623 | -€181 | -22.5% |
| Accrued charges and deferred income | 492/3 | €8,125 | €4,718 | -€3,407 | -41.9% |
| Remuneration, social security and pensions | 62 | €10,046 | €10,426 | +€380 | +3.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,092 | €22,763 | -€328 | -1.4% |
| Other operating charges | 640/8 | €3,670 | €2,552 | -€1,118 | -30.5% |
| Gross operating margin | 9900 | €373,808 | €333,592 | -€40,216 | -10.8% |
| Operating profit (loss) | 9901 | €337,000 | €297,851 | -€39,149 | -11.6% |
| Financial income | 75/76B | €13,613 | €21,305 | +€7,692 | +56.5% |
| Recurring financial income | 75 | €13,613 | €21,305 | +€7,692 | +56.5% |
| Financial charges | 65/66B | €901 | €433 | -€467 | -51.9% |
| Recurring financial charges | 65 | €901 | €433 | -€467 | -51.9% |
| Profit (loss) for the period before taxes | 9903 | €349,713 | €318,723 | -€30,990 | -8.9% |
| Income taxes | 67/77 | €109,252 | €97,030 | -€12,222 | -11.2% |
| Profit (loss) for the period | 9904 | €240,461 | €221,693 | -€18,768 | -7.8% |
| Profit (loss) for the period to be appropriated | 9905 | €240,461 | €221,693 | -€18,768 | -7.8% |
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.