Exploration: 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.
Exploration
Largest movements
- Cash -€211,332
down €211,332 (-42.0%), from €503,022 to €291,690
mainly Contributions, distributions and other (-€84,815) and Other debts (-€65,573)
- Receivables within one year +€22,104
up €22,104 (+164.8%), from €13,411 to €35,515
of which Other amounts receivable: +€27,229
- Reserves -€84,815
down €84,815 (-19.8%), from €428,467 to €343,652
- Other debts -€65,573
down €65,573 (-85.4%), from €76,790 to €11,218
- Tax, wage and social debts -€29,588
down €29,588 (-83.4%), from €35,486 to €5,898
of which Taxes: -€29,477
- Profit (loss) carried forward -€10,143
down €10,143, from €0 to -€10,143
- Gross operating margin -€88,722
down €88,722, from €82,204 to -€6,518
- Taxes -€25,859
down €25,859 (-98.4%), from €26,268 to €409
- Financial income +€916
up €916 (+39.5%), from €2,320 to €3,235
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 | €565,117 | €374,391 | -€190,726 | -33.7% |
| Fixed assets | 21/28 | €4,422 | €2,304 | -€2,118 | -47.9% |
| Tangible fixed assets | 22/27 | €4,422 | €2,304 | -€2,118 | -47.9% |
| Land and buildings | 22 | €1,653 | €1,053 | -€601 | -36.3% |
| Furniture and vehicles | 24 | €2,769 | €1,251 | -€1,518 | -54.8% |
| Current assets | 29/58 | €560,695 | €372,087 | -€188,608 | -33.6% |
| Amounts receivable within one year | 40/41 | €13,411 | €35,515 | +€22,104 | +164.8% |
| Trade receivables | 40 | €13,404 | €8,279 | -€5,125 | -38.2% |
| Other amounts receivable | 41 | €7 | €27,236 | +€27,229 | +392346.1% |
| Current investments | 50/53 | €43,834 | €44,357 | +€523 | +1.2% |
| Cash at bank and in hand | 54/58 | €503,022 | €291,690 | -€211,332 | -42.0% |
| Deferred charges and accrued income | 490/1 | €428 | €524 | +€97 | +22.7% |
| Total equity and liabilities | 10/49 | €565,117 | €374,391 | -€190,726 | -33.7% |
| Equity | 10/15 | €447,067 | €352,109 | -€94,958 | -21.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €428,467 | €343,652 | -€84,815 | -19.8% |
| Distributable reserves | 133 | €428,467 | €343,652 | -€84,815 | -19.8% |
| Profit (loss) carried forward | 14 | €0 | -€10,143 | -€10,143 | |
| Amounts payable | 17/49 | €118,050 | €22,282 | -€95,769 | -81.1% |
| Amounts payable within one year | 42/48 | €114,892 | €19,445 | -€95,447 | -83.1% |
| Financial debts | 43 | €295 | €0 | -€295 | -100.0% |
| Credit institutions | 430/8 | €295 | €0 | -€295 | -100.0% |
| Trade debts | 44 | €2,320 | €2,329 | +€9 | +0.4% |
| Suppliers | 440/4 | €2,320 | €2,329 | +€9 | +0.4% |
| Taxes, remuneration and social security | 45 | €35,486 | €5,898 | -€29,588 | -83.4% |
| Taxes | 450/3 | €29,477 | €0 | -€29,477 | -100.0% |
| Remuneration and social security | 454/9 | €6,009 | €5,898 | -€111 | -1.9% |
| Other amounts payable | 47/48 | €76,790 | €11,218 | -€65,573 | -85.4% |
| Accrued charges and deferred income | 492/3 | €3,159 | €2,837 | -€322 | -10.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,967 | €2,118 | +€151 | +7.7% |
| Other operating charges | 640/8 | €1,011 | €1,153 | +€142 | +14.0% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €82,204 | -€6,518 | -€88,722 | |
| Operating profit (loss) | 9901 | €79,226 | -€9,789 | -€89,015 | |
| Financial income | 75/76B | €2,320 | €3,235 | +€916 | +39.5% |
| Recurring financial income | 75 | €2,320 | €3,235 | +€916 | +39.5% |
| Financial charges | 65/66B | €3,392 | €3,181 | -€212 | -6.2% |
| Recurring financial charges | 65 | €3,392 | €3,181 | -€212 | -6.2% |
| Profit (loss) for the period before taxes | 9903 | €78,154 | -€9,734 | -€87,888 | |
| Income taxes | 67/77 | €26,268 | €409 | -€25,859 | -98.4% |
| Profit (loss) for the period | 9904 | €51,886 | -€10,143 | -€62,028 | |
| Profit (loss) for the period to be appropriated | 9905 | €51,886 | -€10,143 | -€62,028 |
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 8 October 2026 via checked.be.