EUROREF: what changed
EUROREF
Largest movements
- Receivables within one year -€226,331
down €226,331 (-87.6%), from €258,415 to €32,083
of which Other amounts receivable: -€250,380
- Cash -€27,432
down €27,432 (-17.5%), from €157,061 to €129,629
mainly Other debts (-€611,282) and Contributions, distributions and other (-€482,097)
- Tangible fixed assets -€26,196
down €26,196 (-3.3%), from €792,366 to €766,170
- Other debts -€611,282
down €611,282 (-75.3%), from €811,712 to €200,430
- Debts after one year +€342,829
new in 2025: €342,829
- Short-term financial debts -€114,929
down €114,929 (-30.9%), from €371,531 to €256,601
- Current portion of long-term debt +€59,329
new in 2025: €59,329
- Profit (loss) carried forward +€44,216
up €44,216 (+147%), from €30,009 to €74,225
- Financial income +€479,542
up €479,542 (+5,255%), from €9,125 to €488,667
- Gross operating margin +€34,757
up €34,757 (+44.6%), from €77,923 to €112,680
- Financial charges +€14,860
up €14,860 (+186%), from €7,999 to €22,860
- Taxes +€2,523
up €2,523 (+21.7%), from €11,640 to €14,163
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,082,855 | €1,802,896 | -€279,959 | -13.4% |
| Fixed assets | 21/28 | €1,667,379 | €1,641,184 | -€26,196 | -1.6% |
| Tangible fixed assets | 22/27 | €792,366 | €766,170 | -€26,196 | -3.3% |
| Land and buildings | 22 | €792,366 | €766,170 | -€26,196 | -3.3% |
| Financial fixed assets | 28 | €875,014 | €875,014 | = | 0.0% |
| Current assets | 29/58 | €415,475 | €161,712 | -€253,763 | -61.1% |
| Amounts receivable within one year | 40/41 | €258,415 | €32,083 | -€226,331 | -87.6% |
| Trade receivables | 40 | €8,034 | €32,083 | +€24,049 | +299% |
| Other amounts receivable | 41 | €250,380 | - | -€250,380 | |
| Cash at bank and in hand | 54/58 | €157,061 | €129,629 | -€27,432 | -17.5% |
| Total equity and liabilities | 10/49 | €2,082,855 | €1,802,896 | -€279,959 | -13.4% |
| Equity | 10/15 | €847,901 | €892,117 | +€44,216 | +5.2% |
| Contributions | 10/11 | €205,735 | €205,735 | = | 0.0% |
| Revaluation surpluses | 12 | €593,407 | €593,407 | = | 0.0% |
| Reserves | 13 | €18,750 | €18,750 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Profit (loss) carried forward | 14 | €30,009 | €74,225 | +€44,216 | +147% |
| Amounts payable | 17/49 | €1,234,953 | €910,778 | -€324,175 | -26.2% |
| Amounts payable after more than one year | 17 | - | €342,829 | +€342,829 | |
| Financial debts | 170/4 | - | €342,829 | +€342,829 | |
| Amounts payable within one year | 42/48 | €1,234,953 | €567,950 | -€667,004 | -54.0% |
| Current portion of amounts payable after more than one year | 42 | - | €59,329 | +€59,329 | |
| Financial debts | 43 | €371,531 | €256,601 | -€114,929 | -30.9% |
| Other loans | 439 | €371,531 | €256,601 | -€114,929 | -30.9% |
| Trade debts | 44 | €38,446 | €23,500 | -€14,946 | -38.9% |
| Suppliers | 440/4 | €38,446 | €23,500 | -€14,946 | -38.9% |
| Taxes, remuneration and social security | 45 | €13,265 | €28,089 | +€14,824 | +112% |
| Taxes | 450/3 | €13,265 | €28,089 | +€14,824 | +112% |
| Other amounts payable | 47/48 | €811,712 | €200,430 | -€611,282 | -75.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,196 | €26,196 | -€0 | 0.0% |
| Other operating charges | 640/8 | €11,204 | €11,816 | +€612 | +5.5% |
| Gross operating margin | 9900 | €77,923 | €112,680 | +€34,757 | +44.6% |
| Operating profit (loss) | 9901 | €40,523 | €74,668 | +€34,145 | +84.3% |
| Financial income | 75/76B | €9,125 | €488,667 | +€479,542 | +5,255% |
| Recurring financial income | 75 | €9,125 | €488,667 | +€479,542 | +5,255% |
| Financial charges | 65/66B | €7,999 | €22,860 | +€14,860 | +186% |
| Recurring financial charges | 65 | €7,999 | €22,860 | +€14,860 | +186% |
| Profit (loss) for the period before taxes | 9903 | €41,649 | €540,476 | +€498,827 | +1,198% |
| Income taxes | 67/77 | €11,640 | €14,163 | +€2,523 | +21.7% |
| Profit (loss) for the period | 9904 | €30,009 | €526,313 | +€496,304 | +1,654% |
| Profit (loss) for the period to be appropriated | 9905 | €30,009 | €526,313 | +€496,304 | +1,654% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.