Enchainement: 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.
Enchainement
Largest movements
- Tangible fixed assets -€26,655
down €26,655 (-2.5%), from €1.1m to €1.0m
- Reserves -€88,381
down €88,381 (-42.2%), from €209,482 to €121,101
of which Distributable reserves: -€88,381
- Debts after one year +€40,000
up €40,000 (+20.0%), from €200,000 to €240,000
- Other debts +€23,461
up €23,461 (+1,034%), from €2,270 to €25,731
- Gross operating margin +€3,390
up €3,390 (+4.7%), from €72,535 to €75,925
- Taxes +€2,864
up €2,864 (+21.5%), from €13,294 to €16,158
- Other operating charges -€1,784
down €1,784 (-61.5%), from €2,903 to €1,118
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 | €1,068,619 | €1,045,299 | -€23,320 | -2.2% |
| Fixed assets | 21/28 | €1,068,366 | €1,041,711 | -€26,655 | -2.5% |
| Tangible fixed assets | 22/27 | €1,068,366 | €1,041,711 | -€26,655 | -2.5% |
| Land and buildings | 22 | €1,068,366 | €1,041,711 | -€26,655 | -2.5% |
| Current assets | 29/58 | €252 | €3,588 | +€3,335 | +1,321% |
| Cash at bank and in hand | 54/58 | €252 | €3,588 | +€3,335 | +1,321% |
| Total equity and liabilities | 10/49 | €1,068,619 | €1,045,299 | -€23,320 | -2.2% |
| Equity | 10/15 | €839,482 | €751,101 | -€88,381 | -10.5% |
| Contributions | 10/11 | €630,000 | €630,000 | = | 0.0% |
| Reserves | 13 | €209,482 | €121,101 | -€88,381 | -42.2% |
| Non-distributable reserves | 130/1 | €3,299 | €3,299 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,299 | €3,299 | = | 0.0% |
| Distributable reserves | 133 | €206,183 | €117,802 | -€88,381 | -42.9% |
| Amounts payable | 17/49 | €229,136 | €294,198 | +€65,061 | +28.4% |
| Amounts payable after more than one year | 17 | €200,000 | €240,000 | +€40,000 | +20.0% |
| Other amounts payable | 178/9 | €200,000 | €240,000 | +€40,000 | +20.0% |
| Amounts payable within one year | 42/48 | €29,136 | €54,198 | +€25,061 | +86.0% |
| Trade debts | 44 | €748 | €906 | +€158 | +21.1% |
| Suppliers | 440/4 | €748 | €906 | +€158 | +21.1% |
| Taxes, remuneration and social security | 45 | €26,118 | €27,561 | +€1,443 | +5.5% |
| Taxes | 450/3 | €26,118 | €27,561 | +€1,443 | +5.5% |
| Other amounts payable | 47/48 | €2,270 | €25,731 | +€23,461 | +1,034% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,043 | €26,655 | -€388 | -1.4% |
| Other operating charges | 640/8 | €2,903 | €1,118 | -€1,784 | -61.5% |
| Gross operating margin | 9900 | €72,535 | €75,925 | +€3,390 | +4.7% |
| Operating profit (loss) | 9901 | €42,589 | €48,151 | +€5,562 | +13.1% |
| Financial charges | 65/66B | €59 | €107 | +€49 | +83.4% |
| Recurring financial charges | 65 | €59 | €107 | +€49 | +83.4% |
| Profit (loss) for the period before taxes | 9903 | €42,531 | €48,044 | +€5,514 | +13.0% |
| Income taxes | 67/77 | €13,294 | €16,158 | +€2,864 | +21.5% |
| Profit (loss) for the period | 9904 | €29,237 | €31,886 | +€2,649 | +9.1% |
| Profit (loss) for the period to be appropriated | 9905 | €29,237 | €31,886 | +€2,649 | +9.1% |
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 25 October 2026 via checked.be.