EXPERTIA: 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.
EXPERTIA
Largest movements
- Tangible fixed assets +€404,818
up €404,818 (+133.6%), from €303,068 to €707,886
of which Land and buildings: +€412,124
- Cash -€297,797
down €297,797 (-99.8%), from €298,293 to €496
mainly Investment in fixed assets (net) (-€417,118) and Current investments (-€130,314)
- Current investments +€130,314
new in 2025: €130,314
- Debts after one year +€197,073
new in 2025: €197,073
- Reserves +€43,197
up €43,197 (+7.4%), from €584,135 to €627,332
of which Distributable reserves: +€43,197
- Taxes +€22,086
up €22,086 (+50.4%), from €43,836 to €65,922
- Gross operating margin +€18,530
up €18,530 (+7.0%), from €265,123 to €283,653
- Staff costs -€10,746
down €10,746 (-11.6%), from €92,673 to €81,927
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 | €633,406 | €867,132 | +€233,726 | +36.9% |
| Fixed assets | 21/28 | €303,118 | €707,936 | +€404,818 | +133.6% |
| Tangible fixed assets | 22/27 | €303,068 | €707,886 | +€404,818 | +133.6% |
| Land and buildings | 22 | €284,759 | €696,883 | +€412,124 | +144.7% |
| Furniture and vehicles | 24 | €18,309 | €11,003 | -€7,306 | -39.9% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €330,288 | €159,196 | -€171,092 | -51.8% |
| Amounts receivable within one year | 40/41 | €26,147 | €21,498 | -€4,649 | -17.8% |
| Trade receivables | 40 | €26,147 | €18,950 | -€7,197 | -27.5% |
| Other amounts receivable | 41 | - | €2,548 | +€2,548 | |
| Current investments | 50/53 | - | €130,314 | +€130,314 | |
| Cash at bank and in hand | 54/58 | €298,293 | €496 | -€297,797 | -99.8% |
| Deferred charges and accrued income | 490/1 | €5,848 | €6,888 | +€1,040 | +17.8% |
| Total equity and liabilities | 10/49 | €633,406 | €867,132 | +€233,726 | +36.9% |
| Equity | 10/15 | €592,195 | €635,392 | +€43,197 | +7.3% |
| Contributions | 10/11 | €8,060 | €8,060 | = | 0.0% |
| Reserves | 13 | €584,135 | €627,332 | +€43,197 | +7.4% |
| Tax-exempt reserves | 132 | €2,814 | €2,814 | = | 0.0% |
| Distributable reserves | 133 | €581,321 | €624,518 | +€43,197 | +7.4% |
| Amounts payable | 17/49 | €41,211 | €231,740 | +€190,529 | +462.3% |
| Amounts payable after more than one year | 17 | - | €197,073 | +€197,073 | |
| Financial debts | 170/4 | - | €197,073 | +€197,073 | |
| Amounts payable within one year | 42/48 | €41,211 | €34,667 | -€6,544 | -15.9% |
| Financial debts | 43 | - | €1,703 | +€1,703 | |
| Credit institutions | 430/8 | - | €1,703 | +€1,703 | |
| Trade debts | 44 | €9,427 | €5,408 | -€4,019 | -42.6% |
| Suppliers | 440/4 | €9,427 | €5,408 | -€4,019 | -42.6% |
| Taxes, remuneration and social security | 45 | €31,009 | €27,235 | -€3,774 | -12.2% |
| Taxes | 450/3 | €30,956 | €27,194 | -€3,762 | -12.2% |
| Remuneration and social security | 454/9 | €53 | €41 | -€12 | -22.6% |
| Other amounts payable | 47/48 | €775 | €321 | -€454 | -58.6% |
| Remuneration, social security and pensions | 62 | €92,673 | €81,927 | -€10,746 | -11.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,404 | €12,300 | +€896 | +7.9% |
| Other operating charges | 640/8 | €2,509 | €3,484 | +€975 | +38.9% |
| Gross operating margin | 9900 | €265,123 | €283,653 | +€18,530 | +7.0% |
| Operating profit (loss) | 9901 | €158,537 | €185,942 | +€27,405 | +17.3% |
| Financial income | 75/76B | €2,863 | €2,426 | -€437 | -15.3% |
| Recurring financial income | 75 | €2,863 | €2,426 | -€437 | -15.3% |
| Financial charges | 65/66B | €320 | €1,604 | +€1,284 | +401.3% |
| Recurring financial charges | 65 | €83 | €1,604 | +€1,521 | +1832.5% |
| Non-recurring financial charges | 66B | €237 | - | -€237 | |
| Profit (loss) for the period before taxes | 9903 | €161,080 | €186,764 | +€25,684 | +15.9% |
| Income taxes | 67/77 | €43,836 | €65,922 | +€22,086 | +50.4% |
| Profit (loss) for the period | 9904 | €117,244 | €120,842 | +€3,598 | +3.1% |
| Profit (loss) for the period to be appropriated | 9905 | €117,244 | €120,842 | +€3,598 | +3.1% |
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 7 October 2026 via checked.be.