ER - BE: 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.
ER - BE
Largest movements
- Current investments +€349,995
new in 2025: €349,995
- Receivables after one year +€280,000
new in 2025: €280,000
- Receivables within one year -€74,509
down €74,509 (-83.7%), from €88,999 to €14,490
of which Other amounts receivable: -€60,873
- Tangible fixed assets -€70,538
down €70,538 (-83.6%), from €84,396 to €13,858
of which Land and buildings: -€82,616
- Reserves +€459,038
up €459,038 (+2549.3%), from €18,007 to €477,045
of which Tax-exempt reserves: +€463,038
- Provisions +€154,346
new in 2025: €154,346
- Trade debts -€45,628
down €45,628 (-77.1%), from €59,146 to €13,517
- Current portion of long-term debt -€20,982
down €20,982 (-90.0%), from €23,315 to €2,333
- Short-term financial debts -€19,061
down €19,061 (-55.8%), from €34,164 to €15,103
- Gross operating margin +€639,578
up €639,578, from -€7,345 to €632,233
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €181,395 | €665,343 | +€483,948 | +266.8% |
| Fixed assets | 21/28 | €84,396 | €13,858 | -€70,538 | -83.6% |
| Tangible fixed assets | 22/27 | €84,396 | €13,858 | -€70,538 | -83.6% |
| Land and buildings | 22 | €82,616 | - | -€82,616 | |
| Plant, machinery and equipment | 23 | €1,781 | €1,572 | -€209 | -11.7% |
| Furniture and vehicles | 24 | - | €12,286 | +€12,286 | |
| Current assets | 29/58 | €96,999 | €651,485 | +€554,486 | +571.6% |
| Amounts receivable after more than one year | 29 | - | €280,000 | +€280,000 | |
| Other amounts receivable | 291 | - | €280,000 | +€280,000 | |
| Stocks and contracts in progress | 3 | €8,000 | €7,000 | -€1,000 | -12.5% |
| Stocks | 30/36 | €8,000 | €7,000 | -€1,000 | -12.5% |
| Amounts receivable within one year | 40/41 | €88,999 | €14,490 | -€74,509 | -83.7% |
| Trade receivables | 40 | €23,391 | €9,755 | -€13,636 | -58.3% |
| Other amounts receivable | 41 | €65,608 | €4,735 | -€60,873 | -92.8% |
| Current investments | 50/53 | - | €349,995 | +€349,995 | |
| Total equity and liabilities | 10/49 | €181,395 | €665,343 | +€483,948 | +266.8% |
| Equity | 10/15 | €18,476 | €472,986 | +€454,511 | +2460.1% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €18,007 | €477,045 | +€459,038 | +2549.3% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | - | €463,038 | +€463,038 | |
| Distributable reserves | 133 | €16,148 | €12,148 | -€4,000 | -24.8% |
| Profit (loss) carried forward | 14 | -€18,123 | -€22,651 | -€4,528 | -25.0% |
| Provisions and deferred taxes | 16 | - | €154,346 | +€154,346 | |
| Deferred taxes | 168 | - | €154,346 | +€154,346 | |
| Amounts payable | 17/49 | €162,919 | €38,011 | -€124,909 | -76.7% |
| Amounts payable after more than one year | 17 | €14,817 | - | -€14,817 | |
| Financial debts | 170/4 | €14,817 | - | -€14,817 | |
| Amounts payable within one year | 42/48 | €148,103 | €38,011 | -€110,092 | -74.3% |
| Current portion of amounts payable after more than one year | 42 | €23,315 | €2,333 | -€20,982 | -90.0% |
| Financial debts | 43 | €34,164 | €15,103 | -€19,061 | -55.8% |
| Credit institutions | 430/8 | €34,164 | €15,103 | -€19,061 | -55.8% |
| Trade debts | 44 | €59,146 | €13,517 | -€45,628 | -77.1% |
| Suppliers | 440/4 | €59,146 | €13,517 | -€45,628 | -77.1% |
| Taxes, remuneration and social security | 45 | €6,478 | - | -€6,478 | |
| Taxes | 450/3 | €3,901 | - | -€3,901 | |
| Remuneration and social security | 454/9 | €2,577 | - | -€2,577 | |
| Other amounts payable | 47/48 | €25,000 | €7,057 | -€17,943 | -71.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,661 | €4,573 | -€2,088 | -31.4% |
| Other operating charges | 640/8 | €4,384 | €4,101 | -€284 | -6.5% |
| Gross operating margin | 9900 | -€7,345 | €632,233 | +€639,578 | |
| Operating profit (loss) | 9901 | -€18,391 | €623,559 | +€641,950 | |
| Financial income | 75/76B | €4,518 | €0 | -€4,517 | -100.0% |
| Recurring financial income | 75 | €4,518 | €0 | -€4,517 | -100.0% |
| Financial charges | 65/66B | €9,203 | €10,703 | +€1,499 | +16.3% |
| Recurring financial charges | 65 | €9,203 | €10,703 | +€1,499 | +16.3% |
| Profit (loss) for the period before taxes | 9903 | -€23,076 | €612,857 | +€635,933 | |
| Transfer to deferred taxes | 680 | - | €154,346 | +€154,346 | |
| Income taxes | 67/77 | €173 | - | -€173 | |
| Profit (loss) for the period | 9904 | -€23,249 | €458,511 | +€481,760 | |
| Transfer to tax-exempt reserves | 689 | - | €463,038 | +€463,038 | |
| Profit (loss) for the period to be appropriated | 9905 | -€23,249 | -€4,528 | +€18,722 | +80.5% |
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 1 October 2026 via checked.be.