Expert Group: 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.
Expert Group
Largest movements
- Financial fixed assets -€574,375
down €574,375 (-100%), from €574,375 to €0
- Cash +€328,976
up €328,976 (+437%), from €75,230 to €404,207
mainly Investment in fixed assets (net) (+€572,093) and Net result for the year (+€170,157)
- Receivables within one year +€10,228
up €10,228 (+8.7%), from €117,354 to €127,582
of which Other amounts receivable: +€17,187
- Intangible fixed assets -€10,050
down €10,050 (-50.1%), from €20,045 to €9,995
- Short-term financial debts -€152,582
down €152,582 (-98.8%), from €154,470 to €1,889
- Other debts -€121,410
down €121,410 (-30.8%), from €394,754 to €273,344
- Reserves -€16,704
down €16,704 (-6.8%), from €243,940 to €227,236
of which Distributable reserves: -€16,704
- Profit (loss) carried forward +€16,704
up €16,704, from -€16,704 to €0
- Tax, wage and social debts +€15,851
up €15,851 (+55.3%), from €28,688 to €44,538
of which Taxes: +€15,731
- Financial income +€268,008
up €268,008 (+207,421%), from €129 to €268,138
of which Non-recurring financial income: +€267,970
- Gross operating margin -€111,666
down €111,666 (-60.0%), from €186,079 to €74,413
- Staff costs +€13,689
up €13,689 (+11.5%), from €119,145 to €132,834
- Financial charges +€8,978
up €8,978 (+65.1%), from €13,784 to €22,762
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 | €826,471 | €578,370 | -€248,100 | -30.0% |
| Fixed assets | 21/28 | €609,709 | €23,478 | -€586,231 | -96.1% |
| Intangible fixed assets | 21 | €20,045 | €9,995 | -€10,050 | -50.1% |
| Tangible fixed assets | 22/27 | €15,289 | €13,483 | -€1,806 | -11.8% |
| Land and buildings | 22 | €2,025 | €1,779 | -€246 | -12.1% |
| Plant, machinery and equipment | 23 | €2,338 | €1,582 | -€756 | -32.3% |
| Furniture and vehicles | 24 | €10,926 | €10,122 | -€804 | -7.4% |
| Financial fixed assets | 28 | €574,375 | €0 | -€574,375 | -100% |
| Current assets | 29/58 | €216,761 | €554,892 | +€338,131 | +156% |
| Amounts receivable after more than one year | 29 | €3,250 | €1,850 | -€1,400 | -43.1% |
| Trade receivables | 290 | €3,250 | €1,850 | -€1,400 | -43.1% |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €117,354 | €127,582 | +€10,228 | +8.7% |
| Trade receivables | 40 | €85,996 | €79,037 | -€6,959 | -8.1% |
| Other amounts receivable | 41 | €31,358 | €48,545 | +€17,187 | +54.8% |
| Current investments | 50/53 | €16,179 | €16,179 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €75,230 | €404,207 | +€328,976 | +437% |
| Deferred charges and accrued income | 490/1 | €4,748 | €5,075 | +€326 | +6.9% |
| Total equity and liabilities | 10/49 | €826,471 | €578,370 | -€248,100 | -30.0% |
| Equity | 10/15 | €245,836 | €245,836 | = | 0.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €243,940 | €227,236 | -€16,704 | -6.8% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €242,080 | €225,376 | -€16,704 | -6.9% |
| Profit (loss) carried forward | 14 | -€16,704 | €0 | +€16,704 | |
| Amounts payable | 17/49 | €580,635 | €332,535 | -€248,100 | -42.7% |
| Amounts payable within one year | 42/48 | €580,385 | €332,535 | -€247,850 | -42.7% |
| Financial debts | 43 | €154,470 | €1,889 | -€152,582 | -98.8% |
| Credit institutions | 430/8 | €154,470 | €1,889 | -€152,582 | -98.8% |
| Trade debts | 44 | €2,473 | €12,764 | +€10,291 | +416% |
| Suppliers | 440/4 | €2,473 | €12,764 | +€10,291 | +416% |
| Taxes, remuneration and social security | 45 | €28,688 | €44,538 | +€15,851 | +55.3% |
| Taxes | 450/3 | €14,547 | €30,277 | +€15,731 | +108% |
| Remuneration and social security | 454/9 | €14,141 | €14,261 | +€120 | +0.8% |
| Other amounts payable | 47/48 | €394,754 | €273,344 | -€121,410 | -30.8% |
| Accrued charges and deferred income | 492/3 | €250 | €0 | -€250 | -100% |
| Remuneration, social security and pensions | 62 | €119,145 | €132,834 | +€13,689 | +11.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,647 | €14,138 | +€491 | +3.6% |
| Other operating charges | 640/8 | €1,181 | €2,319 | +€1,138 | +96.4% |
| Gross operating margin | 9900 | €186,079 | €74,413 | -€111,666 | -60.0% |
| Operating profit (loss) | 9901 | €52,106 | -€74,879 | -€126,985 | |
| Financial income | 75/76B | €129 | €268,138 | +€268,008 | +207,421% |
| Recurring financial income | 75 | €129 | €168 | +€38 | +29.6% |
| Non-recurring financial income | 76B | - | €267,970 | +€267,970 | |
| Financial charges | 65/66B | €13,784 | €22,762 | +€8,978 | +65.1% |
| Recurring financial charges | 65 | €13,784 | €22,762 | +€8,978 | +65.1% |
| Profit (loss) for the period before taxes | 9903 | €38,451 | €170,497 | +€132,046 | +343% |
| Income taxes | 67/77 | €295 | €340 | +€45 | +15.2% |
| Profit (loss) for the period | 9904 | €38,156 | €170,157 | +€132,001 | +346% |
| Profit (loss) for the period to be appropriated | 9905 | €38,156 | €170,157 | +€132,001 | +346% |
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.