EXECUTIVE: 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.
EXECUTIVE
Largest movements
- Current investments +€1.5m
up €1.5m (+58.9%), from €2.5m to €4.0m
- Tangible fixed assets -€309,849
down €309,849 (-7.2%), from €4.3m to €4.0m
of which Land and buildings: -€334,244
- Cash +€173,821
up €173,821 (+57.2%), from €303,819 to €477,640
mainly Net result for the year (+€1.3m) and Depreciation (+€335,371)
- Reserves +€1.3m
up €1.3m (+22.1%), from €6.1m to €7.4m
of which Distributable reserves: +€1.3m
- Gross operating margin +€32,702
up €32,702 (+8.3%), from €394,479 to €427,181
- Financial income +€22,581
up €22,581 (+1.7%), from €1.3m to €1.3m
- Depreciation -€16,462
down €16,462 (-4.7%), from €351,833 to €335,371
- Taxes +€11,502
up €11,502 (+5258.4%), from €219 to €11,721
- Financial charges -€5,279
down €5,279 (-54.2%), from €9,749 to €4,470
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 | €8,029,680 | €9,381,527 | +€1.4m | +16.8% |
| Fixed assets | 21/28 | €5,139,319 | €4,829,348 | -€309,971 | -6.0% |
| Tangible fixed assets | 22/27 | €4,293,384 | €3,983,535 | -€309,849 | -7.2% |
| Land and buildings | 22 | €4,271,303 | €3,937,059 | -€334,244 | -7.8% |
| Plant, machinery and equipment | 23 | €4,542 | €28,937 | +€24,395 | +537.2% |
| Other tangible fixed assets | 26 | €17,540 | €17,540 | = | 0.0% |
| Financial fixed assets | 28 | €845,935 | €845,813 | -€122 | 0.0% |
| Current assets | 29/58 | €2,890,360 | €4,552,179 | +€1.7m | +57.5% |
| Amounts receivable within one year | 40/41 | €31,845 | €23,182 | -€8,663 | -27.2% |
| Trade receivables | 40 | €15,204 | €11,218 | -€3,986 | -26.2% |
| Other amounts receivable | 41 | €16,641 | €11,965 | -€4,677 | -28.1% |
| Current investments | 50/53 | €2,524,451 | €4,011,380 | +€1.5m | +58.9% |
| Cash at bank and in hand | 54/58 | €303,819 | €477,640 | +€173,821 | +57.2% |
| Deferred charges and accrued income | 490/1 | €30,245 | €39,977 | +€9,731 | +32.2% |
| Total equity and liabilities | 10/49 | €8,029,680 | €9,381,527 | +€1.4m | +16.8% |
| Equity | 10/15 | €7,949,825 | €9,298,242 | +€1.3m | +17.0% |
| Contributions | 10/11 | €1,862,000 | €1,862,000 | = | 0.0% |
| Capital | 10 | €1,862,000 | €1,862,000 | = | 0.0% |
| Issued capital | 100 | €1,862,000 | €1,862,000 | = | 0.0% |
| Reserves | 13 | €6,087,825 | €7,436,242 | +€1.3m | +22.1% |
| Non-distributable reserves | 130/1 | €35,896 | €35,896 | = | 0.0% |
| Legal reserve | 130 | €35,896 | €35,896 | = | 0.0% |
| Distributable reserves | 133 | €6,051,929 | €7,400,346 | +€1.3m | +22.3% |
| Amounts payable | 17/49 | €79,855 | €83,285 | +€3,430 | +4.3% |
| Amounts payable after more than one year | 17 | €3,120 | €3,120 | = | 0.0% |
| Other amounts payable | 178/9 | €3,120 | €3,120 | = | 0.0% |
| Amounts payable within one year | 42/48 | €71,619 | €75,050 | +€3,430 | +4.8% |
| Trade debts | 44 | €23,140 | €8,939 | -€14,200 | -61.4% |
| Suppliers | 440/4 | €23,140 | €8,939 | -€14,200 | -61.4% |
| Taxes, remuneration and social security | 45 | €3,787 | €812 | -€2,975 | -78.6% |
| Taxes | 450/3 | €3,787 | €812 | -€2,975 | -78.6% |
| Other amounts payable | 47/48 | €44,692 | €65,298 | +€20,606 | +46.1% |
| Accrued charges and deferred income | 492/3 | €5,115 | €5,115 | = | 0.0% |
| Remuneration, social security and pensions | 62 | -€13 | €0 | +€13 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €351,833 | €335,371 | -€16,462 | -4.7% |
| Other operating charges | 640/8 | €52,890 | €57,265 | +€4,376 | +8.3% |
| Gross operating margin | 9900 | €394,479 | €427,181 | +€32,702 | +8.3% |
| Operating profit (loss) | 9901 | -€10,231 | €34,545 | +€44,775 | |
| Financial income | 75/76B | €1,307,482 | €1,330,063 | +€22,581 | +1.7% |
| Recurring financial income | 75 | €1,307,482 | €1,330,063 | +€22,581 | +1.7% |
| Financial charges | 65/66B | €9,749 | €4,470 | -€5,279 | -54.2% |
| Recurring financial charges | 65 | €9,749 | €4,470 | -€5,279 | -54.2% |
| Profit (loss) for the period before taxes | 9903 | €1,287,501 | €1,360,137 | +€72,636 | +5.6% |
| Income taxes | 67/77 | €219 | €11,721 | +€11,502 | +5258.4% |
| Profit (loss) for the period | 9904 | €1,287,283 | €1,348,416 | +€61,134 | +4.7% |
| Profit (loss) for the period to be appropriated | 9905 | €1,287,283 | €1,348,416 | +€61,134 | +4.7% |
Source: filed annual accounts (NBB), fiscal years ended 30 November 2024 and 30 November 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.