EVEN MORE: 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.
EVEN MORE
Largest movements
- Cash -€138,566
down €138,566 (-54.3%), from €255,252 to €116,686
mainly Investment in fixed assets (net) (-€300,050) and Trade debts (-€62,807)
- Receivables within one year -€113,816
down €113,816 (-26.1%), from €436,744 to €322,928
of which Trade receivables: -€143,654
- Financial fixed assets +€99,560
up €99,560 (+10.0%), from €992,107 to €1.1m
- Tangible fixed assets +€90,593
up €90,593 (+4.5%), from €2.0m to €2.1m
of which Land and buildings: +€101,293
- Trade debts -€62,807
down €62,807 (-43.5%), from €144,413 to €81,606
- Debts after one year -€48,376
down €48,376 (-3.4%), from €1.4m to €1.4m
- Other debts -€41,656
down €41,656 (-7.2%), from €581,284 to €539,628
- Reserves +€38,209
up €38,209 (+8.5%), from €449,877 to €488,086
of which Distributable reserves: +€50,000
- Other operating charges -€145,588
down €145,588 (-94.6%), from €153,962 to €8,374
- Gross operating margin -€45,596
down €45,596 (-15.8%), from €288,621 to €243,025
- Taxes +€25,417
up €25,417 (+331.1%), from €7,676 to €33,094
- Financial charges +€18,083
up €18,083 (+51.7%), from €34,956 to €53,039
- Depreciation +€4,420
up €4,420 (+4.2%), from €105,477 to €109,897
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 | €3,700,910 | €3,632,115 | -€68,795 | -1.9% |
| Fixed assets | 21/28 | €3,001,484 | €3,191,637 | +€190,153 | +6.3% |
| Tangible fixed assets | 22/27 | €2,009,377 | €2,099,970 | +€90,593 | +4.5% |
| Land and buildings | 22 | €1,686,832 | €1,788,124 | +€101,293 | +6.0% |
| Plant, machinery and equipment | 23 | €5,310 | €4,877 | -€434 | -8.2% |
| Furniture and vehicles | 24 | €75,683 | €66,192 | -€9,491 | -12.5% |
| Other tangible fixed assets | 26 | €241,552 | €240,777 | -€775 | -0.3% |
| Financial fixed assets | 28 | €992,107 | €1,091,667 | +€99,560 | +10.0% |
| Current assets | 29/58 | €699,426 | €440,478 | -€258,948 | -37.0% |
| Stocks and contracts in progress | 3 | €7,430 | - | -€7,430 | |
| Stocks | 30/36 | €7,430 | - | -€7,430 | |
| Amounts receivable within one year | 40/41 | €436,744 | €322,928 | -€113,816 | -26.1% |
| Trade receivables | 40 | €181,430 | €37,776 | -€143,654 | -79.2% |
| Other amounts receivable | 41 | €255,314 | €285,152 | +€29,838 | +11.7% |
| Cash at bank and in hand | 54/58 | €255,252 | €116,686 | -€138,566 | -54.3% |
| Deferred charges and accrued income | 490/1 | - | €864 | +€864 | |
| Total equity and liabilities | 10/49 | €3,700,910 | €3,632,115 | -€68,795 | -1.9% |
| Equity | 10/15 | €1,295,119 | €1,344,719 | +€49,601 | +3.8% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Outside capital | 11 | €18,592 | €18,592 | = | 0.0% |
| Other | 1109/19 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €449,877 | €488,086 | +€38,209 | +8.5% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Legal reserve | 130 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €448,018 | €436,227 | -€11,791 | -2.6% |
| Distributable reserves | 133 | - | €50,000 | +€50,000 | |
| Profit (loss) carried forward | 14 | €826,650 | €838,041 | +€11,392 | +1.4% |
| Provisions and deferred taxes | 16 | €194,230 | €188,174 | -€6,056 | -3.1% |
| Deferred taxes | 168 | €194,230 | €188,174 | -€6,056 | -3.1% |
| Amounts payable | 17/49 | €2,211,562 | €2,099,222 | -€112,340 | -5.1% |
| Amounts payable after more than one year | 17 | €1,410,713 | €1,362,336 | -€48,376 | -3.4% |
| Financial debts | 170/4 | €1,410,713 | €1,362,336 | -€48,376 | -3.4% |
| Amounts payable within one year | 42/48 | €800,849 | €736,885 | -€63,964 | -8.0% |
| Current portion of amounts payable after more than one year | 42 | €67,845 | €76,954 | +€9,109 | +13.4% |
| Trade debts | 44 | €144,413 | €81,606 | -€62,807 | -43.5% |
| Suppliers | 440/4 | €144,413 | €81,606 | -€62,807 | -43.5% |
| Taxes, remuneration and social security | 45 | €7,306 | €38,697 | +€31,391 | +429.7% |
| Taxes | 450/3 | €6,407 | €38,697 | +€32,290 | +504.0% |
| Remuneration and social security | 454/9 | €899 | - | -€899 | |
| Other amounts payable | 47/48 | €581,284 | €539,628 | -€41,656 | -7.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €105,477 | €109,897 | +€4,420 | +4.2% |
| Other operating charges | 640/8 | €153,962 | €8,374 | -€145,588 | -94.6% |
| Gross operating margin | 9900 | €288,621 | €243,025 | -€45,596 | -15.8% |
| Operating profit (loss) | 9901 | €29,182 | €124,754 | +€95,572 | +327.5% |
| Financial income | 75/76B | €3,167 | €4,923 | +€1,757 | +55.5% |
| Recurring financial income | 75 | €3,167 | €4,923 | +€1,757 | +55.5% |
| Financial charges | 65/66B | €34,956 | €53,039 | +€18,083 | +51.7% |
| Recurring financial charges | 65 | €34,956 | €53,039 | +€18,083 | +51.7% |
| Profit (loss) for the period before taxes | 9903 | -€2,608 | €76,638 | +€79,246 | |
| Transfer from deferred taxes | 780 | €6,056 | €6,056 | = | 0.0% |
| Income taxes | 67/77 | €7,676 | €33,094 | +€25,417 | +331.1% |
| Profit (loss) for the period | 9904 | -€4,228 | €49,601 | +€53,829 | |
| Transfer from tax-exempt reserves | 789 | €11,791 | €11,791 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €7,563 | €61,392 | +€53,829 | +711.8% |
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 4 October 2026 via checked.be.