EXPLOITS: 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.
EXPLOITS
Largest movements
- Current investments +€1.3m
new in 2025: €1.3m
- Cash -€585,439
down €585,439 (-87.0%), from €673,133 to €87,694
mainly Current investments (-€1.3m) and Contributions, distributions and other (-€106,665)
- Receivables after one year -€108,000
down €108,000 (-48.0%), from €225,000 to €117,000
- Reserves +€592,659
up €592,659 (+48.0%), from €1.2m to €1.8m
of which Distributable reserves: +€592,659
- Debts after one year -€55,342
down €55,342 (-21.5%), from €257,055 to €201,714
- Short-term financial debts +€34,930
up €34,930 (+257.8%), from €13,547 to €48,476
- Gross operating margin +€236,360
up €236,360, from -€208,496 to €27,864
- Financial income +€164,269
up €164,269 (+28.2%), from €582,816 to €747,084
- Provisions +€156,161
no longer reported in 2025 (was -€156,161)
- Taxes -€12,788
down €12,788 (-19.5%), from €65,588 to €52,800
- Financial charges -€3,164
down €3,164 (-20.2%), from €15,666 to €12,502
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 | €2,720,067 | €3,274,874 | +€554,807 | +20.4% |
| Fixed assets | 21/28 | €1,690,384 | €1,684,881 | -€5,502 | -0.3% |
| Tangible fixed assets | 22/27 | €100,836 | €95,333 | -€5,502 | -5.5% |
| Land and buildings | 22 | €97,422 | €92,022 | -€5,400 | -5.5% |
| Furniture and vehicles | 24 | €2,458 | €1,417 | -€1,040 | -42.3% |
| Other tangible fixed assets | 26 | €956 | €1,894 | +€938 | +98.1% |
| Financial fixed assets | 28 | €1,589,548 | €1,589,548 | = | 0.0% |
| Current assets | 29/58 | €1,029,683 | €1,589,993 | +€560,310 | +54.4% |
| Amounts receivable after more than one year | 29 | €225,000 | €117,000 | -€108,000 | -48.0% |
| Trade receivables | 290 | €225,000 | €117,000 | -€108,000 | -48.0% |
| Amounts receivable within one year | 40/41 | €128,632 | €129,704 | +€1,072 | +0.8% |
| Trade receivables | 40 | €18,628 | €21,704 | +€3,076 | +16.5% |
| Other amounts receivable | 41 | €110,004 | €108,000 | -€2,004 | -1.8% |
| Current investments | 50/53 | - | €1,250,000 | +€1.3m | |
| Cash at bank and in hand | 54/58 | €673,133 | €87,694 | -€585,439 | -87.0% |
| Deferred charges and accrued income | 490/1 | €2,918 | €5,595 | +€2,677 | +91.7% |
| Total equity and liabilities | 10/49 | €2,720,067 | €3,274,874 | +€554,807 | +20.4% |
| Equity | 10/15 | €2,073,119 | €2,665,778 | +€592,659 | +28.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,234,281 | €1,826,940 | +€592,659 | +48.0% |
| Non-distributable reserves | 130/1 | €17,860 | €17,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €17,860 | €17,860 | = | 0.0% |
| Distributable reserves | 133 | €1,216,421 | €1,809,080 | +€592,659 | +48.7% |
| Profit (loss) carried forward | 14 | €826,438 | €826,438 | = | 0.0% |
| Amounts payable | 17/49 | €646,948 | €609,096 | -€37,852 | -5.9% |
| Amounts payable after more than one year | 17 | €257,055 | €201,714 | -€55,342 | -21.5% |
| Financial debts | 170/4 | €257,055 | €201,714 | -€55,342 | -21.5% |
| Amounts payable within one year | 42/48 | €388,893 | €407,382 | +€18,490 | +4.8% |
| Current portion of amounts payable after more than one year | 42 | €63,846 | €60,269 | -€3,576 | -5.6% |
| Financial debts | 43 | €13,547 | €48,476 | +€34,930 | +257.8% |
| Credit institutions | 430/8 | €13,547 | €48,476 | +€34,930 | +257.8% |
| Trade debts | 44 | €1,750 | €2,076 | +€326 | +18.6% |
| Suppliers | 440/4 | €1,750 | €2,076 | +€326 | +18.6% |
| Taxes, remuneration and social security | 45 | €44,615 | €19,006 | -€25,610 | -57.4% |
| Taxes | 450/3 | €44,560 | €19,006 | -€25,555 | -57.3% |
| Remuneration and social security | 454/9 | €55 | - | -€55 | |
| Other amounts payable | 47/48 | €265,135 | €277,555 | +€12,420 | +4.7% |
| Accrued charges and deferred income | 492/3 | €1,000 | - | -€1,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,644 | €7,505 | -€1,138 | -13.2% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€156,161 | - | +€156,161 | |
| Other operating charges | 640/8 | €2,821 | €2,816 | -€5 | -0.2% |
| Gross operating margin | 9900 | -€208,496 | €27,864 | +€236,360 | |
| Operating profit (loss) | 9901 | -€63,799 | €17,542 | +€81,342 | |
| Financial income | 75/76B | €582,816 | €747,084 | +€164,269 | +28.2% |
| Recurring financial income | 75 | €582,816 | €747,084 | +€164,269 | +28.2% |
| Financial charges | 65/66B | €15,666 | €12,502 | -€3,164 | -20.2% |
| Recurring financial charges | 65 | €15,666 | €12,502 | -€3,164 | -20.2% |
| Profit (loss) for the period before taxes | 9903 | €503,350 | €752,124 | +€248,774 | +49.4% |
| Income taxes | 67/77 | €65,588 | €52,800 | -€12,788 | -19.5% |
| Profit (loss) for the period | 9904 | €437,762 | €699,325 | +€261,563 | +59.8% |
| Profit (loss) for the period to be appropriated | 9905 | €437,762 | €699,325 | +€261,563 | +59.8% |
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 30 September 2026 via checked.be.