F: 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.
F
Largest movements
- Cash +€609,357
up €609,357 (+629.0%), from €96,876 to €706,233
mainly Current investments (+€299,823) and Net result for the year (+€232,949)
- Current investments -€299,823
down €299,823 (-75.0%), from €400,000 to €100,177
- Receivables within one year -€99,176
down €99,176 (-95.7%), from €103,683 to €4,507
of which Other amounts receivable: -€89,143
- Tangible fixed assets -€14,703
down €14,703 (-9.3%), from €158,339 to €143,636
of which Land and buildings: -€11,393
- Accrued charges and deferred income +€86,260
new in 2025: €86,260
- Trade debts +€62,147
up €62,147 (+439.9%), from €14,127 to €76,274
- Tax, wage and social debts +€30,235
up €30,235 (+257.4%), from €11,745 to €41,981
- Profit (loss) carried forward +€23,286
up €23,286 (+3.6%), from €646,288 to €669,574
- Debts after one year -€14,030
down €14,030 (-11.4%), from €122,968 to €108,939
- Gross operating margin +€171,980
up €171,980 (+114.0%), from €150,798 to €322,778
- Taxes +€42,332
up €42,332 (+118.9%), from €35,596 to €77,928
- Financial income -€5,156
down €5,156 (-37.6%), from €13,724 to €8,568
- Other operating charges -€5,015
down €5,015 (-64.0%), from €7,838 to €2,823
- Financial charges -€3,686
down €3,686 (-55.6%), from €6,629 to €2,943
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 | €833,430 | €1,028,947 | +€195,516 | +23.5% |
| Fixed assets | 21/28 | €158,339 | €143,636 | -€14,703 | -9.3% |
| Tangible fixed assets | 22/27 | €158,339 | €143,636 | -€14,703 | -9.3% |
| Land and buildings | 22 | €153,966 | €142,573 | -€11,393 | -7.4% |
| Plant, machinery and equipment | 23 | €1,351 | €1,062 | -€289 | -21.4% |
| Furniture and vehicles | 24 | €3,021 | €0 | -€3,021 | -100.0% |
| Current assets | 29/58 | €675,092 | €885,311 | +€210,219 | +31.1% |
| Stocks and contracts in progress | 3 | €74,395 | €74,395 | = | 0.0% |
| Stocks | 30/36 | €74,395 | €74,395 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €103,683 | €4,507 | -€99,176 | -95.7% |
| Trade receivables | 40 | €13,933 | €3,900 | -€10,033 | -72.0% |
| Other amounts receivable | 41 | €89,750 | €607 | -€89,143 | -99.3% |
| Current investments | 50/53 | €400,000 | €100,177 | -€299,823 | -75.0% |
| Cash at bank and in hand | 54/58 | €96,876 | €706,233 | +€609,357 | +629.0% |
| Deferred charges and accrued income | 490/1 | €138 | €0 | -€138 | -100.0% |
| Total equity and liabilities | 10/49 | €833,430 | €1,028,947 | +€195,516 | +23.5% |
| Equity | 10/15 | €666,748 | €690,034 | +€23,286 | +3.5% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Profit (loss) carried forward | 14 | €646,288 | €669,574 | +€23,286 | +3.6% |
| Amounts payable | 17/49 | €166,682 | €338,912 | +€172,230 | +103.3% |
| Amounts payable after more than one year | 17 | €122,968 | €108,939 | -€14,030 | -11.4% |
| Financial debts | 170/4 | €122,968 | €108,939 | -€14,030 | -11.4% |
| Amounts payable within one year | 42/48 | €43,714 | €143,713 | +€99,999 | +228.8% |
| Current portion of amounts payable after more than one year | 42 | €17,842 | €23,928 | +€6,087 | +34.1% |
| Trade debts | 44 | €14,127 | €76,274 | +€62,147 | +439.9% |
| Suppliers | 440/4 | €14,127 | €76,274 | +€62,147 | +439.9% |
| Taxes, remuneration and social security | 45 | €11,745 | €41,981 | +€30,235 | +257.4% |
| Taxes | 450/3 | €11,745 | €41,981 | +€30,235 | +257.4% |
| Other amounts payable | 47/48 | €0 | €1,531 | +€1,531 | |
| Accrued charges and deferred income | 492/3 | - | €86,260 | +€86,260 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,067 | €14,703 | -€1,364 | -8.5% |
| Other operating charges | 640/8 | €7,838 | €2,823 | -€5,015 | -64.0% |
| Gross operating margin | 9900 | €150,798 | €322,778 | +€171,980 | +114.0% |
| Operating profit (loss) | 9901 | €126,893 | €305,252 | +€178,359 | +140.6% |
| Financial income | 75/76B | €13,724 | €8,568 | -€5,156 | -37.6% |
| Recurring financial income | 75 | €13,724 | €8,568 | -€5,156 | -37.6% |
| Financial charges | 65/66B | €6,629 | €2,943 | -€3,686 | -55.6% |
| Recurring financial charges | 65 | €6,629 | €2,943 | -€3,686 | -55.6% |
| Profit (loss) for the period before taxes | 9903 | €133,989 | €310,877 | +€176,888 | +132.0% |
| Income taxes | 67/77 | €35,596 | €77,928 | +€42,332 | +118.9% |
| Profit (loss) for the period | 9904 | €98,392 | €232,949 | +€134,557 | +136.8% |
| Profit (loss) for the period to be appropriated | 9905 | €98,392 | €232,949 | +€134,557 | +136.8% |
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.