F.A.Q.: 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.
F.A.Q.
Largest movements
- Current investments +€65,773
up €65,773 (+38.2%), from €172,048 to €237,820
- Cash -€35,170
down €35,170 (-23.1%), from €152,339 to €117,169
mainly Current investments (-€65,773) and Contributions, distributions and other (-€41,890)
- Tangible fixed assets -€14,221
down €14,221 (-32.8%), from €43,292 to €29,072
of which Furniture and vehicles: -€12,707
- Receivables within one year -€8,476
down €8,476 (-37.8%), from €22,397 to €13,921
of which Trade receivables: -€4,546
- Reserves +€19,472
up €19,472 (+5.5%), from €352,575 to €372,047
of which Distributable reserves: +€26,732
- Other debts -€5,214
down €5,214 (-78.5%), from €6,640 to €1,426
- Gross operating margin -€9,294
down €9,294 (-8.7%), from €106,858 to €97,565
- Financial charges -€2,514
down €2,514, from €1,532 to -€982
- Taxes -€2,420
down €2,420 (-9.2%), from €26,300 to €23,880
- Financial income -€2,346
down €2,346 (-33.6%), from €6,983 to €4,637
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 | €390,446 | €398,420 | +€7,974 | +2.0% |
| Fixed assets | 21/28 | €43,292 | €29,072 | -€14,221 | -32.8% |
| Tangible fixed assets | 22/27 | €43,292 | €29,072 | -€14,221 | -32.8% |
| Plant, machinery and equipment | 23 | €136 | €0 | -€136 | -100% |
| Furniture and vehicles | 24 | €32,783 | €20,076 | -€12,707 | -38.8% |
| Other tangible fixed assets | 26 | €10,373 | €8,996 | -€1,377 | -13.3% |
| Current assets | 29/58 | €347,154 | €369,348 | +€22,195 | +6.4% |
| Amounts receivable within one year | 40/41 | €22,397 | €13,921 | -€8,476 | -37.8% |
| Trade receivables | 40 | €18,467 | €13,921 | -€4,546 | -24.6% |
| Other amounts receivable | 41 | €3,930 | €0 | -€3,930 | -100% |
| Current investments | 50/53 | €172,048 | €237,820 | +€65,773 | +38.2% |
| Cash at bank and in hand | 54/58 | €152,339 | €117,169 | -€35,170 | -23.1% |
| Deferred charges and accrued income | 490/1 | €370 | €438 | +€68 | +18.2% |
| Total equity and liabilities | 10/49 | €390,446 | €398,420 | +€7,974 | +2.0% |
| Equity | 10/15 | €365,078 | €384,550 | +€19,472 | +5.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €352,575 | €372,047 | +€19,472 | +5.5% |
| Non-distributable reserves | 130/1 | €7,260 | €0 | -€7,260 | -100% |
| Reserves not available under the articles | 1311 | €7,260 | €0 | -€7,260 | -100% |
| Tax-exempt reserves | 132 | €607 | €607 | = | 0.0% |
| Distributable reserves | 133 | €344,707 | €371,440 | +€26,732 | +7.8% |
| Profit (loss) carried forward | 14 | €103 | €103 | = | 0.0% |
| Amounts payable | 17/49 | €25,368 | €13,870 | -€11,498 | -45.3% |
| Amounts payable within one year | 42/48 | €25,368 | €13,870 | -€11,498 | -45.3% |
| Financial debts | 43 | €1,552 | €110 | -€1,442 | -92.9% |
| Credit institutions | 430/8 | €1,552 | €110 | -€1,442 | -92.9% |
| Trade debts | 44 | €1,783 | €42 | -€1,742 | -97.6% |
| Suppliers | 440/4 | €1,783 | €42 | -€1,742 | -97.6% |
| Taxes, remuneration and social security | 45 | €15,393 | €12,292 | -€3,101 | -20.1% |
| Taxes | 450/3 | €15,393 | €12,292 | -€3,101 | -20.1% |
| Other amounts payable | 47/48 | €6,640 | €1,426 | -€5,214 | -78.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,411 | €17,224 | -€186 | -1.1% |
| Other operating charges | 640/8 | €780 | €717 | -€63 | -8.1% |
| Gross operating margin | 9900 | €106,858 | €97,565 | -€9,294 | -8.7% |
| Operating profit (loss) | 9901 | €88,667 | €79,623 | -€9,044 | -10.2% |
| Financial income | 75/76B | €6,983 | €4,637 | -€2,346 | -33.6% |
| Recurring financial income | 75 | €6,983 | €4,637 | -€2,346 | -33.6% |
| Financial charges | 65/66B | €1,532 | -€982 | -€2,514 | |
| Recurring financial charges | 65 | €1,532 | -€982 | -€2,514 | |
| Profit (loss) for the period before taxes | 9903 | €94,118 | €85,242 | -€8,876 | -9.4% |
| Income taxes | 67/77 | €26,300 | €23,880 | -€2,420 | -9.2% |
| Profit (loss) for the period | 9904 | €67,818 | €61,362 | -€6,456 | -9.5% |
| Profit (loss) for the period to be appropriated | 9905 | €67,818 | €61,362 | -€6,456 | -9.5% |
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 17 October 2026 via checked.be.