EXCEPTION - EXCEPTION: 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.
EXCEPTION - EXCEPTION
Largest movements
- Current investments +€89,075
up €89,075 (+28.2%), from €315,409 to €404,484
- Receivables within one year -€53,348
down €53,348 (-14.4%), from €369,597 to €316,249
of which Trade receivables: -€48,076
- Tangible fixed assets -€10,594
down €10,594 (-21.1%), from €50,142 to €39,548
of which Furniture and vehicles: -€8,145
- Reserves +€69,166
up €69,166 (+12.2%), from €568,830 to €637,996
of which Distributable reserves: +€69,166
- Tax, wage and social debts -€34,192
down €34,192 (-22.8%), from €149,715 to €115,523
of which Remuneration and social security: -€29,685
- Staff costs -€77,196
down €77,196 (-7.9%), from €977,465 to €900,269
- Gross operating margin -€52,761
down €52,761 (-4.4%), from €1.2m to €1.2m
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 | €851,544 | €894,075 | +€42,531 | +5.0% |
| Fixed assets | 21/28 | €92,134 | €90,075 | -€2,059 | -2.2% |
| Intangible fixed assets | 21 | €27,238 | €31,026 | +€3,788 | +13.9% |
| Tangible fixed assets | 22/27 | €50,142 | €39,548 | -€10,594 | -21.1% |
| Furniture and vehicles | 24 | €42,842 | €34,697 | -€8,145 | -19.0% |
| Other tangible fixed assets | 26 | €7,300 | €4,851 | -€2,449 | -33.5% |
| Financial fixed assets | 28 | €14,754 | €19,501 | +€4,747 | +32.2% |
| Current assets | 29/58 | €759,410 | €804,000 | +€44,590 | +5.9% |
| Amounts receivable within one year | 40/41 | €369,597 | €316,249 | -€53,348 | -14.4% |
| Trade receivables | 40 | €362,204 | €314,128 | -€48,076 | -13.3% |
| Other amounts receivable | 41 | €7,393 | €2,121 | -€5,272 | -71.3% |
| Current investments | 50/53 | €315,409 | €404,484 | +€89,075 | +28.2% |
| Cash at bank and in hand | 54/58 | €66,420 | €72,620 | +€6,200 | +9.3% |
| Deferred charges and accrued income | 490/1 | €7,984 | €10,647 | +€2,663 | +33.4% |
| Total equity and liabilities | 10/49 | €851,544 | €894,075 | +€42,531 | +5.0% |
| Equity | 10/15 | €587,430 | €656,596 | +€69,166 | +11.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €568,830 | €637,996 | +€69,166 | +12.2% |
| Tax-exempt reserves | 132 | €211 | €211 | = | 0.0% |
| Distributable reserves | 133 | €568,619 | €637,785 | +€69,166 | +12.2% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €264,114 | €237,479 | -€26,635 | -10.1% |
| Amounts payable within one year | 42/48 | €258,114 | €231,303 | -€26,811 | -10.4% |
| Trade debts | 44 | €7,357 | €14,738 | +€7,381 | +100.3% |
| Suppliers | 440/4 | €7,357 | €14,738 | +€7,381 | +100.3% |
| Taxes, remuneration and social security | 45 | €149,715 | €115,523 | -€34,192 | -22.8% |
| Taxes | 450/3 | €30,283 | €25,776 | -€4,507 | -14.9% |
| Remuneration and social security | 454/9 | €119,432 | €89,747 | -€29,685 | -24.9% |
| Other amounts payable | 47/48 | €101,042 | €101,042 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €6,000 | €6,176 | +€176 | +2.9% |
| Remuneration, social security and pensions | 62 | €977,465 | €900,269 | -€77,196 | -7.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,724 | €21,531 | +€5,807 | +36.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €4,087 | €3,003 | -€1,084 | -26.5% |
| Other operating charges | 640/8 | €1,728 | €2,109 | +€381 | +22.0% |
| Gross operating margin | 9900 | €1,206,127 | €1,153,366 | -€52,761 | -4.4% |
| Operating profit (loss) | 9901 | €207,123 | €226,454 | +€19,331 | +9.3% |
| Financial income | 75/76B | €10,716 | €5,692 | -€5,024 | -46.9% |
| Recurring financial income | 75 | €10,716 | €5,692 | -€5,024 | -46.9% |
| Financial charges | 65/66B | €1,165 | €1,782 | +€617 | +53.0% |
| Recurring financial charges | 65 | €1,165 | €1,249 | +€84 | +7.2% |
| Non-recurring financial charges | 66B | - | €533 | +€533 | |
| Profit (loss) for the period before taxes | 9903 | €216,674 | €230,364 | +€13,690 | +6.3% |
| Income taxes | 67/77 | €56,375 | €59,709 | +€3,334 | +5.9% |
| Profit (loss) for the period | 9904 | €160,299 | €170,655 | +€10,356 | +6.5% |
| Profit (loss) for the period to be appropriated | 9905 | €160,299 | €170,655 | +€10,356 | +6.5% |
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 29 September 2026 via checked.be.