EXCLUSIEF MEN: 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.
EXCLUSIEF MEN
Largest movements
- Tangible fixed assets -€8,835
down €8,835 (-22.3%), from €39,681 to €30,846
of which Furniture and vehicles: -€10,354
- Stocks and contracts +€6,162
up €6,162 (+6.1%), from €101,604 to €107,766
- Cash -€3,344
down €3,344 (-7.0%), from €47,904 to €44,560
mainly Contributions, distributions and other (-€15,593) and Tax, wage and social debts (-€9,838)
- Reserves +€17,462
up €17,462 (+8.5%), from €206,300 to €223,762
of which Distributable reserves: +€17,462
- Profit (loss) carried forward -€15,595
down €15,595 (-100%), from €15,595 to €0
- Tax, wage and social debts -€9,838
down €9,838 (-55.4%), from €17,770 to €7,933
of which Taxes: -€9,835
- Gross operating margin -€19,113
down €19,113 (-36.9%), from €51,854 to €32,741
- Financial income +€5,527
up €5,527 (+634%), from €871 to €6,398
- Taxes -€5,306
down €5,306 (-39.0%), from €13,588 to €8,282
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 | €248,511 | €240,550 | -€7,961 | -3.2% |
| Fixed assets | 21/28 | €39,780 | €30,846 | -€8,935 | -22.5% |
| Tangible fixed assets | 22/27 | €39,681 | €30,846 | -€8,835 | -22.3% |
| Furniture and vehicles | 24 | €39,651 | €29,297 | -€10,354 | -26.1% |
| Other tangible fixed assets | 26 | €30 | €1,549 | +€1,519 | +5,051% |
| Financial fixed assets | 28 | €99 | €0 | -€99 | -100% |
| Current assets | 29/58 | €208,731 | €209,705 | +€974 | +0.5% |
| Amounts receivable after more than one year | 29 | €1,474 | €1,474 | = | 0.0% |
| Trade receivables | 290 | €1,474 | - | -€1,474 | |
| Other amounts receivable | 291 | - | €1,474 | +€1,474 | |
| Stocks and contracts in progress | 3 | €101,604 | €107,766 | +€6,162 | +6.1% |
| Stocks | 30/36 | €101,604 | €107,766 | +€6,162 | +6.1% |
| Amounts receivable within one year | 40/41 | €11,801 | €10,708 | -€1,093 | -9.3% |
| Trade receivables | 40 | €1,421 | €2,478 | +€1,057 | +74.4% |
| Other amounts receivable | 41 | €10,381 | €8,230 | -€2,150 | -20.7% |
| Current investments | 50/53 | €45,155 | €45,197 | +€42 | +0.1% |
| Cash at bank and in hand | 54/58 | €47,904 | €44,560 | -€3,344 | -7.0% |
| Deferred charges and accrued income | 490/1 | €793 | €0 | -€793 | -100% |
| Total equity and liabilities | 10/49 | €248,511 | €240,550 | -€7,961 | -3.2% |
| Equity | 10/15 | €228,500 | €230,367 | +€1,867 | +0.8% |
| Contributions | 10/11 | €6,605 | €6,605 | = | 0.0% |
| Reserves | 13 | €206,300 | €223,762 | +€17,462 | +8.5% |
| Tax-exempt reserves | 132 | €86 | €86 | = | 0.0% |
| Distributable reserves | 133 | €206,215 | €223,676 | +€17,462 | +8.5% |
| Profit (loss) carried forward | 14 | €15,595 | €0 | -€15,595 | -100% |
| Amounts payable | 17/49 | €20,011 | €10,183 | -€9,828 | -49.1% |
| Amounts payable within one year | 42/48 | €20,011 | €10,183 | -€9,828 | -49.1% |
| Trade debts | 44 | €2,241 | €2,250 | +€10 | +0.4% |
| Suppliers | 440/4 | €2,241 | €2,250 | +€10 | +0.4% |
| Taxes, remuneration and social security | 45 | €17,770 | €7,933 | -€9,838 | -55.4% |
| Taxes | 450/3 | €16,043 | €6,208 | -€9,835 | -61.3% |
| Remuneration and social security | 454/9 | €1,727 | €1,725 | -€2 | -0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,793 | €10,750 | -€43 | -0.4% |
| Other operating charges | 640/8 | €1,863 | €2,281 | +€418 | +22.4% |
| Gross operating margin | 9900 | €51,854 | €32,741 | -€19,113 | -36.9% |
| Operating profit (loss) | 9901 | €39,198 | €19,710 | -€19,488 | -49.7% |
| Financial income | 75/76B | €871 | €6,398 | +€5,527 | +634% |
| Recurring financial income | 75 | €871 | €6,398 | +€5,527 | +634% |
| Financial charges | 65/66B | €51 | €366 | +€315 | +620% |
| Recurring financial charges | 65 | €51 | €366 | +€315 | +620% |
| Profit (loss) for the period before taxes | 9903 | €40,018 | €25,742 | -€14,276 | -35.7% |
| Income taxes | 67/77 | €13,588 | €8,282 | -€5,306 | -39.0% |
| Profit (loss) for the period | 9904 | €26,431 | €17,460 | -€8,971 | -33.9% |
| Profit (loss) for the period to be appropriated | 9905 | €26,431 | €17,460 | -€8,971 | -33.9% |
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 25 October 2026 via checked.be.