EMBRACE IT: 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.
EMBRACE IT
Largest movements
- Current investments +€31,325
up €31,325 (+3.1%), from €1.0m to €1.0m
- Cash +€21,484
up €21,484 (+115%), from €18,622 to €40,106
mainly Accrued charges and deferred income (+€68,016) and Depreciation (+€18,671)
- Tangible fixed assets -€14,780
down €14,780 (-14.8%), from €99,667 to €84,887
- Accrued charges and deferred income +€68,016
up €68,016 (+57.3%), from €118,622 to €186,638
- Short-term financial debts -€25,000
no longer reported in 2025 (was €25,000)
- Reserves +€16,600
up €16,600 (+1.7%), from €998,263 to €1.0m
of which Distributable reserves: +€16,600
- Tax, wage and social debts -€16,170
down €16,170 (-86.9%), from €18,600 to €2,430
- Gross operating margin -€85,579
down €85,579 (-88.6%), from €96,624 to €11,045
- Taxes -€19,036
down €19,036 (-71.3%), from €26,688 to €7,652
- Financial income +€10,539
up €10,539 (+34.0%), from €30,969 to €41,508
- Other operating charges +€3,095
up €3,095 (+81.0%), from €3,823 to €6,917
- Depreciation +€1,680
up €1,680 (+9.9%), from €16,991 to €18,671
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.
Derived cash bridge
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 | €1,377,426 | €1,420,578 | +€43,152 | +3.1% |
| Fixed assets | 21/28 | €99,667 | €84,887 | -€14,780 | -14.8% |
| Tangible fixed assets | 22/27 | €99,667 | €84,887 | -€14,780 | -14.8% |
| Land and buildings | 22 | €53,726 | €48,195 | -€5,531 | -10.3% |
| Plant, machinery and equipment | 23 | €9,344 | €6,365 | -€2,979 | -31.9% |
| Furniture and vehicles | 24 | €36,597 | €30,326 | -€6,270 | -17.1% |
| Current assets | 29/58 | €1,277,759 | €1,335,691 | +€57,932 | +4.5% |
| Amounts receivable after more than one year | 29 | €200,000 | €200,000 | = | 0.0% |
| Other amounts receivable | 291 | €200,000 | €200,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €40,962 | €46,085 | +€5,123 | +12.5% |
| Trade receivables | 40 | €17,075 | €6,405 | -€10,670 | -62.5% |
| Other amounts receivable | 41 | €23,886 | €39,680 | +€15,793 | +66.1% |
| Current investments | 50/53 | €1,018,176 | €1,049,501 | +€31,325 | +3.1% |
| Cash at bank and in hand | 54/58 | €18,622 | €40,106 | +€21,484 | +115% |
| Total equity and liabilities | 10/49 | €1,377,426 | €1,420,578 | +€43,152 | +3.1% |
| Equity | 10/15 | €1,211,386 | €1,227,998 | +€16,612 | +1.4% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €998,263 | €1,014,863 | +€16,600 | +1.7% |
| Tax-exempt reserves | 132 | €16,122 | €16,122 | = | 0.0% |
| Distributable reserves | 133 | €982,141 | €998,741 | +€16,600 | +1.7% |
| Profit (loss) carried forward | 14 | €183,123 | €183,135 | +€12 | 0.0% |
| Amounts payable | 17/49 | €166,041 | €192,580 | +€26,539 | +16.0% |
| Amounts payable within one year | 42/48 | €47,419 | €5,942 | -€41,477 | -87.5% |
| Financial debts | 43 | €25,000 | - | -€25,000 | |
| Other loans | 439 | €25,000 | - | -€25,000 | |
| Trade debts | 44 | €3,818 | €3,512 | -€307 | -8.0% |
| Suppliers | 440/4 | €3,818 | €3,512 | -€307 | -8.0% |
| Taxes, remuneration and social security | 45 | €18,600 | €2,430 | -€16,170 | -86.9% |
| Taxes | 450/3 | €18,600 | €2,430 | -€16,170 | -86.9% |
| Accrued charges and deferred income | 492/3 | €118,622 | €186,638 | +€68,016 | +57.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,991 | €18,671 | +€1,680 | +9.9% |
| Other operating charges | 640/8 | €3,823 | €6,917 | +€3,095 | +81.0% |
| Gross operating margin | 9900 | €96,624 | €11,045 | -€85,579 | -88.6% |
| Operating profit (loss) | 9901 | €75,810 | -€14,544 | -€90,354 | |
| Financial income | 75/76B | €30,969 | €41,508 | +€10,539 | +34.0% |
| Recurring financial income | 75 | €30,969 | €41,508 | +€10,539 | +34.0% |
| Financial charges | 65/66B | €3,024 | €2,699 | -€325 | -10.8% |
| Recurring financial charges | 65 | €3,024 | €2,699 | -€325 | -10.8% |
| Profit (loss) for the period before taxes | 9903 | €103,755 | €24,264 | -€79,490 | -76.6% |
| Income taxes | 67/77 | €26,688 | €7,652 | -€19,036 | -71.3% |
| Profit (loss) for the period | 9904 | €77,067 | €16,612 | -€60,454 | -78.4% |
| Profit (loss) for the period to be appropriated | 9905 | €77,067 | €16,612 | -€60,454 | -78.4% |
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 22 October 2026 via checked.be.