EQUITY: 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.
EQUITY
Largest movements
- Financial fixed assets +€5.4m
up €5.4m (+103.6%), from €5.2m to €10.6m
- Receivables within one year -€474,162
down €474,162 (-19.6%), from €2.4m to €1.9m
of which Other amounts receivable: -€474,184
- Cash -€298,685
down €298,685 (-37.3%), from €800,790 to €502,106
mainly Investment in fixed assets (net) (-€5.4m) and Deferred charges and accrued income (-€79,165)
- Profit (loss) carried forward +€3.7m
up €3.7m (+54.8%), from €6.8m to €10.5m
- Debts after one year +€584,598
up €584,598 (+85.6%), from €683,308 to €1.3m
- Current portion of long-term debt +€315,087
up €315,087 (+314.1%), from €100,315 to €415,402
- Financial income +€1.6m
up €1.6m (+159.8%), from €986,576 to €2.6m
- Gross operating margin +€1.2m
up €1.2m (+1216.7%), from €97,556 to €1.3m
- Financial charges +€71,492
up €71,492 (+266.1%), from €26,867 to €98,359
- Taxes -€33,924
down €33,924 (-79.0%), from €42,921 to €8,996
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 | €8,457,407 | €13,139,641 | +€4.7m | +55.4% |
| Fixed assets | 21/28 | €5,231,329 | €10,607,243 | +€5.4m | +102.8% |
| Tangible fixed assets | 22/27 | €32,321 | €21,474 | -€10,847 | -33.6% |
| Plant, machinery and equipment | 23 | €4,572 | €2,954 | -€1,617 | -35.4% |
| Furniture and vehicles | 24 | €27,749 | €18,520 | -€9,229 | -33.3% |
| Financial fixed assets | 28 | €5,199,008 | €10,585,769 | +€5.4m | +103.6% |
| Current assets | 29/58 | €3,226,079 | €2,532,398 | -€693,681 | -21.5% |
| Amounts receivable within one year | 40/41 | €2,422,597 | €1,948,435 | -€474,162 | -19.6% |
| Trade receivables | 40 | €8 | €30 | +€22 | +273.4% |
| Other amounts receivable | 41 | €2,422,589 | €1,948,404 | -€474,184 | -19.6% |
| Cash at bank and in hand | 54/58 | €800,790 | €502,106 | -€298,685 | -37.3% |
| Deferred charges and accrued income | 490/1 | €2,692 | €81,857 | +€79,165 | +2940.9% |
| Total equity and liabilities | 10/49 | €8,457,407 | €13,139,641 | +€4.7m | +55.4% |
| Equity | 10/15 | €6,794,208 | €10,503,453 | +€3.7m | +54.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €6,773,748 | €10,482,993 | +€3.7m | +54.8% |
| Amounts payable | 17/49 | €1,663,199 | €2,636,188 | +€972,988 | +58.5% |
| Amounts payable after more than one year | 17 | €683,308 | €1,267,906 | +€584,598 | +85.6% |
| Financial debts | 170/4 | €683,308 | €1,267,906 | +€584,598 | +85.6% |
| Amounts payable within one year | 42/48 | €961,746 | €1,295,756 | +€334,010 | +34.7% |
| Current portion of amounts payable after more than one year | 42 | €100,315 | €415,402 | +€315,087 | +314.1% |
| Trade debts | 44 | €2,754 | €11,906 | +€9,152 | +332.3% |
| Suppliers | 440/4 | €2,754 | €11,906 | +€9,152 | +332.3% |
| Taxes, remuneration and social security | 45 | €6,130 | €39,480 | +€33,350 | +544.0% |
| Taxes | 450/3 | €6,130 | €39,480 | +€33,350 | +544.0% |
| Other amounts payable | 47/48 | €852,547 | €828,968 | -€23,579 | -2.8% |
| Accrued charges and deferred income | 492/3 | €18,146 | €72,525 | +€54,379 | +299.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,986 | €12,847 | +€6,861 | +114.6% |
| Other operating charges | 640/8 | €968 | €998 | +€31 | +3.2% |
| Gross operating margin | 9900 | €97,556 | €1,284,544 | +€1.2m | +1216.7% |
| Operating profit (loss) | 9901 | €90,603 | €1,270,699 | +€1.2m | +1302.5% |
| Financial income | 75/76B | €986,576 | €2,562,909 | +€1.6m | +159.8% |
| Recurring financial income | 75 | €986,576 | €2,562,909 | +€1.6m | +159.8% |
| Financial charges | 65/66B | €26,867 | €98,359 | +€71,492 | +266.1% |
| Recurring financial charges | 65 | €26,867 | €98,359 | +€71,492 | +266.1% |
| Profit (loss) for the period before taxes | 9903 | €1,050,311 | €3,735,250 | +€2.7m | +255.6% |
| Income taxes | 67/77 | €42,921 | €8,996 | -€33,924 | -79.0% |
| Profit (loss) for the period | 9904 | €1,007,391 | €3,726,253 | +€2.7m | +269.9% |
| Profit (loss) for the period to be appropriated | 9905 | €1,007,391 | €3,726,253 | +€2.7m | +269.9% |
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 6 October 2026 via checked.be.