Evolutions: 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.
Evolutions
Largest movements
- Tangible fixed assets +€270,913
up €270,913 (+734%), from €36,928 to €307,841
of which Land and buildings: +€244,517
- Receivables within one year -€25,530
down €25,530 (-40.9%), from €62,424 to €36,895
of which Trade receivables: -€23,423
- Cash +€4,687
up €4,687 (+8.2%), from €57,355 to €62,042
mainly Debts after one year (+€236,725) and Other debts (+€64,323)
- Debts after one year +€236,725
up €236,725 (+1,979%), from €11,963 to €248,688
- Reserves -€72,048
down €72,048 (-66.9%), from €107,729 to €35,681
- Other debts +€64,323
new in 2025: €64,323
- Current portion of long-term debt +€14,970
up €14,970 (+148%), from €10,113 to €25,083
- Gross operating margin -€34,376
down €34,376 (-31.6%), from €108,876 to €74,500
- Other operating charges +€25,180
up €25,180 (+1,380%), from €1,824 to €27,005
- Taxes -€15,575
down €15,575 (-72.3%), from €21,544 to €5,969
- Depreciation +€7,924
up €7,924 (+59.8%), from €13,250 to €21,173
- Financial charges +€6,752
up €6,752 (+310%), from €2,177 to €8,929
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 | €176,186 | €428,105 | +€251,919 | +143% |
| Fixed assets | 21/28 | €36,928 | €307,841 | +€270,913 | +734% |
| Tangible fixed assets | 22/27 | €36,928 | €307,841 | +€270,913 | +734% |
| Land and buildings | 22 | - | €244,517 | +€244,517 | |
| Furniture and vehicles | 24 | €33,928 | €61,277 | +€27,349 | +80.6% |
| Other tangible fixed assets | 26 | €3,000 | €2,047 | -€953 | -31.8% |
| Current assets | 29/58 | €139,258 | €120,265 | -€18,994 | -13.6% |
| Amounts receivable within one year | 40/41 | €62,424 | €36,895 | -€25,530 | -40.9% |
| Trade receivables | 40 | €56,287 | €32,864 | -€23,423 | -41.6% |
| Other amounts receivable | 41 | €6,137 | €4,031 | -€2,106 | -34.3% |
| Current investments | 50/53 | €18,269 | €20,456 | +€2,187 | +12.0% |
| Cash at bank and in hand | 54/58 | €57,355 | €62,042 | +€4,687 | +8.2% |
| Deferred charges and accrued income | 490/1 | €1,211 | €872 | -€338 | -27.9% |
| Total equity and liabilities | 10/49 | €176,186 | €428,105 | +€251,919 | +143% |
| Equity | 10/15 | €126,329 | €54,281 | -€72,048 | -57.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €107,729 | €35,681 | -€72,048 | -66.9% |
| Distributable reserves | 133 | €107,729 | €35,681 | -€72,048 | -66.9% |
| Amounts payable | 17/49 | €49,857 | €373,825 | +€323,968 | +650% |
| Amounts payable after more than one year | 17 | €11,963 | €248,688 | +€236,725 | +1,979% |
| Financial debts | 170/4 | €11,963 | €248,688 | +€236,725 | +1,979% |
| Amounts payable within one year | 42/48 | €37,894 | €125,137 | +€87,243 | +230% |
| Current portion of amounts payable after more than one year | 42 | €10,113 | €25,083 | +€14,970 | +148% |
| Financial debts | 43 | €1,578 | €3,203 | +€1,625 | +103% |
| Credit institutions | 430/8 | €1,578 | €3,203 | +€1,625 | +103% |
| Trade debts | 44 | €2,594 | €6,237 | +€3,644 | +140% |
| Suppliers | 440/4 | €2,594 | €6,237 | +€3,644 | +140% |
| Taxes, remuneration and social security | 45 | €23,610 | €26,291 | +€2,682 | +11.4% |
| Taxes | 450/3 | €20,986 | €26,291 | +€5,306 | +25.3% |
| Remuneration and social security | 454/9 | €2,624 | - | -€2,624 | |
| Other amounts payable | 47/48 | - | €64,323 | +€64,323 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,250 | €21,173 | +€7,924 | +59.8% |
| Other operating charges | 640/8 | €1,824 | €27,005 | +€25,180 | +1,380% |
| Gross operating margin | 9900 | €108,876 | €74,500 | -€34,376 | -31.6% |
| Operating profit (loss) | 9901 | €93,802 | €26,322 | -€67,480 | -71.9% |
| Financial income | 75/76B | €712 | €3,528 | +€2,816 | +396% |
| Recurring financial income | 75 | €712 | €614 | -€98 | -13.7% |
| Non-recurring financial income | 76B | - | €2,914 | +€2,914 | |
| Financial charges | 65/66B | €2,177 | €8,929 | +€6,752 | +310% |
| Recurring financial charges | 65 | €2,177 | €8,929 | +€6,752 | +310% |
| Profit (loss) for the period before taxes | 9903 | €92,337 | €20,921 | -€71,416 | -77.3% |
| Income taxes | 67/77 | €21,544 | €5,969 | -€15,575 | -72.3% |
| Profit (loss) for the period | 9904 | €70,792 | €14,952 | -€55,841 | -78.9% |
| Profit (loss) for the period to be appropriated | 9905 | €70,792 | €14,952 | -€55,841 | -78.9% |
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 15 October 2026 via checked.be.