EU FOCUS: 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.
EU FOCUS
Largest movements
- Financial fixed assets +€1.9m
new in 2025: €1.9m
- Receivables after one year -€998,594
no longer reported in 2025 (was €998,594)
- Receivables within one year +€350,286
up €350,286 (+131%), from €267,904 to €618,189
of which Other amounts receivable: +€206,280
- Tangible fixed assets -€183,256
down €183,256 (-5.3%), from €3.5m to €3.3m
of which Land and buildings: -€113,321
- Cash -€164,325
down €164,325 (-28.8%), from €570,469 to €406,143
mainly Investment in fixed assets (net) (-€1.9m) and Contributions, distributions and other (-€1.1m)
- Debts after one year +€1.0m
up €1.0m (+79.3%), from €1.3m to €2.3m
- Reserves -€331,226
down €331,226 (-10.5%), from €3.1m to €2.8m
of which Distributable reserves: -€331,226
- Other debts -€302,891
down €302,891 (-80.1%), from €378,000 to €75,109
- Tax, wage and social debts +€298,694
up €298,694 (+99.6%), from €299,798 to €598,492
- Current portion of long-term debt +€126,969
up €126,969 (+93.9%), from €135,196 to €262,165
- Gross operating margin -€52,552
down €52,552 (-3.1%), from €1.7m to €1.6m
- Other operating charges -€39,974
down €39,974 (-33.9%), from €117,806 to €77,832
- Taxes -€19,228
down €19,228 (-3.7%), from €524,692 to €505,464
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 | €5,326,121 | €6,208,781 | +€882,660 | +16.6% |
| Fixed assets | 21/28 | €3,477,668 | €5,156,172 | +€1.7m | +48.3% |
| Tangible fixed assets | 22/27 | €3,477,668 | €3,294,412 | -€183,256 | -5.3% |
| Land and buildings | 22 | €3,273,379 | €3,160,058 | -€113,321 | -3.5% |
| Plant, machinery and equipment | 23 | €66,023 | €55,618 | -€10,405 | -15.8% |
| Furniture and vehicles | 24 | €16,158 | €10,931 | -€5,228 | -32.4% |
| Leasing and similar rights | 25 | €213 | - | -€213 | |
| Other tangible fixed assets | 26 | €121,895 | €67,806 | -€54,090 | -44.4% |
| Financial fixed assets | 28 | - | €1,861,760 | +€1.9m | |
| Current assets | 29/58 | €1,848,453 | €1,052,609 | -€795,844 | -43.1% |
| Amounts receivable after more than one year | 29 | €998,594 | - | -€998,594 | |
| Other amounts receivable | 291 | €998,594 | - | -€998,594 | |
| Amounts receivable within one year | 40/41 | €267,904 | €618,189 | +€350,286 | +131% |
| Trade receivables | 40 | €264,815 | €408,821 | +€144,006 | +54.4% |
| Other amounts receivable | 41 | €3,089 | €209,369 | +€206,280 | +6,678% |
| Cash at bank and in hand | 54/58 | €570,469 | €406,143 | -€164,325 | -28.8% |
| Deferred charges and accrued income | 490/1 | €11,486 | €28,276 | +€16,790 | +146% |
| Total equity and liabilities | 10/49 | €5,326,121 | €6,208,781 | +€882,660 | +16.6% |
| Equity | 10/15 | €3,214,179 | €2,882,953 | -€331,226 | -10.3% |
| Contributions | 10/11 | €24,916 | €24,916 | = | 0.0% |
| Reserves | 13 | €3,148,489 | €2,817,263 | -€331,226 | -10.5% |
| Non-distributable reserves | 130/1 | €44,992 | €44,992 | = | 0.0% |
| Reserves not available under the articles | 1311 | €44,992 | €44,992 | = | 0.0% |
| Tax-exempt reserves | 132 | €71,704 | €71,704 | = | 0.0% |
| Distributable reserves | 133 | €3,031,794 | €2,700,568 | -€331,226 | -10.9% |
| Profit (loss) carried forward | 14 | €40,773 | €40,773 | = | 0.0% |
| Amounts payable | 17/49 | €2,111,943 | €3,325,828 | +€1.2m | +57.5% |
| Amounts payable after more than one year | 17 | €1,271,069 | €2,278,707 | +€1.0m | +79.3% |
| Financial debts | 170/4 | €1,271,069 | €2,278,707 | +€1.0m | +79.3% |
| Amounts payable within one year | 42/48 | €833,724 | €1,039,746 | +€206,022 | +24.7% |
| Current portion of amounts payable after more than one year | 42 | €135,196 | €262,165 | +€126,969 | +93.9% |
| Trade debts | 44 | €20,730 | €103,980 | +€83,250 | +402% |
| Suppliers | 440/4 | €20,730 | €103,980 | +€83,250 | +402% |
| Taxes, remuneration and social security | 45 | €299,798 | €598,492 | +€298,694 | +99.6% |
| Taxes | 450/3 | €299,798 | €598,492 | +€298,694 | +99.6% |
| Other amounts payable | 47/48 | €378,000 | €75,109 | -€302,891 | -80.1% |
| Accrued charges and deferred income | 492/3 | €7,150 | €7,376 | +€226 | +3.2% |
| Non-recurring operating income | 76A | - | €427 | +€427 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €219,745 | €226,252 | +€6,507 | +3.0% |
| Other operating charges | 640/8 | €117,806 | €77,832 | -€39,974 | -33.9% |
| Non-recurring operating charges | 66A | - | €108 | +€108 | |
| Gross operating margin | 9900 | €1,692,426 | €1,639,874 | -€52,552 | -3.1% |
| Operating profit (loss) | 9901 | €1,354,875 | €1,335,681 | -€19,194 | -1.4% |
| Financial income | 75/76B | €21,783 | €18,370 | -€3,413 | -15.7% |
| Recurring financial income | 75 | €21,783 | €18,370 | -€3,413 | -15.7% |
| Financial charges | 65/66B | €57,496 | €61,286 | +€3,790 | +6.6% |
| Recurring financial charges | 65 | €57,496 | €61,286 | +€3,790 | +6.6% |
| Profit (loss) for the period before taxes | 9903 | €1,319,162 | €1,292,765 | -€26,397 | -2.0% |
| Income taxes | 67/77 | €524,692 | €505,464 | -€19,228 | -3.7% |
| Profit (loss) for the period | 9904 | €794,470 | €787,301 | -€7,169 | -0.9% |
| Profit (loss) for the period to be appropriated | 9905 | €794,470 | €787,301 | -€7,169 | -0.9% |
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 14 October 2026 via checked.be.