F & P: 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 & P
Largest movements
- Tangible fixed assets -€224,302
down €224,302 (-8.0%), from €2.8m to €2.6m
of which Land and buildings: -€287,291
- Cash +€101,164
up €101,164 (+13.0%), from €780,787 to €881,951
mainly Net result for the year (+€499,392) and Investment in fixed assets (net) (+€133,975)
- Profit (loss) carried forward +€503,258
up €503,258 (+56.9%), from -€885,150 to -€381,892
- Other debts -€470,207
down €470,207 (-20.6%), from €2.3m to €1.8m
- Debts after one year -€153,508
down €153,508 (-17.8%), from €862,931 to €709,423
- Gross operating margin +€763,481
up €763,481, from -€18,050 to €745,431
- Financial charges +€98,799
up €98,799 (+1084.6%), from €9,109 to €107,908
- Depreciation +€64,498
up €64,498 (+228.9%), from €28,182 to €92,679
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 | €3,586,809 | €3,460,690 | -€126,119 | -3.5% |
| Fixed assets | 21/28 | €2,805,393 | €2,578,739 | -€226,654 | -8.1% |
| Tangible fixed assets | 22/27 | €2,803,041 | €2,578,739 | -€224,302 | -8.0% |
| Land and buildings | 22 | €2,788,829 | €2,501,539 | -€287,291 | -10.3% |
| Plant, machinery and equipment | 23 | €14,212 | €77,200 | +€62,988 | +443.2% |
| Financial fixed assets | 28 | €2,352 | €0 | -€2,352 | -100.0% |
| Current assets | 29/58 | €781,416 | €881,951 | +€100,535 | +12.9% |
| Current investments | 50/53 | €264 | €0 | -€264 | -100.0% |
| Cash at bank and in hand | 54/58 | €780,787 | €881,951 | +€101,164 | +13.0% |
| Deferred charges and accrued income | 490/1 | €365 | - | -€365 | |
| Total equity and liabilities | 10/49 | €3,586,809 | €3,460,690 | -€126,119 | -3.5% |
| Equity | 10/15 | €359,696 | €859,087 | +€499,392 | +138.8% |
| Contributions | 10/11 | €647,000 | €647,000 | = | 0.0% |
| Capital | 10 | €647,000 | €647,000 | = | 0.0% |
| Issued capital | 100 | €647,000 | €647,000 | = | 0.0% |
| Reserves | 13 | €597,846 | €593,979 | -€3,866 | -0.6% |
| Non-distributable reserves | 130/1 | €64,700 | €64,700 | = | 0.0% |
| Legal reserve | 130 | €64,700 | €64,700 | = | 0.0% |
| Tax-exempt reserves | 132 | €33,146 | €29,279 | -€3,866 | -11.7% |
| Distributable reserves | 133 | €500,000 | €500,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€885,150 | -€381,892 | +€503,258 | +56.9% |
| Provisions and deferred taxes | 16 | €19,113 | €17,824 | -€1,289 | -6.7% |
| Deferred taxes | 168 | €19,113 | €17,824 | -€1,289 | -6.7% |
| Amounts payable | 17/49 | €3,208,000 | €2,583,778 | -€624,222 | -19.5% |
| Amounts payable after more than one year | 17 | €862,931 | €709,423 | -€153,508 | -17.8% |
| Financial debts | 170/4 | €862,931 | €709,423 | -€153,508 | -17.8% |
| Amounts payable within one year | 42/48 | €2,343,119 | €1,872,405 | -€470,714 | -20.1% |
| Current portion of amounts payable after more than one year | 42 | €31,878 | €28,215 | -€3,663 | -11.5% |
| Trade debts | 44 | €13,664 | €2,739 | -€10,925 | -80.0% |
| Suppliers | 440/4 | €13,664 | €2,739 | -€10,925 | -80.0% |
| Taxes, remuneration and social security | 45 | €14,781 | €28,862 | +€14,081 | +95.3% |
| Taxes | 450/3 | €14,781 | €28,862 | +€14,081 | +95.3% |
| Other amounts payable | 47/48 | €2,282,797 | €1,812,590 | -€470,207 | -20.6% |
| Accrued charges and deferred income | 492/3 | €1,949 | €1,949 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,182 | €92,679 | +€64,498 | +228.9% |
| Other operating charges | 640/8 | €15,376 | €12,751 | -€2,625 | -17.1% |
| Non-recurring operating charges | 66A | €129,083 | €35,747 | -€93,336 | -72.3% |
| Gross operating margin | 9900 | -€18,050 | €745,431 | +€763,481 | |
| Operating profit (loss) | 9901 | -€190,691 | €604,254 | +€794,945 | |
| Financial income | 75/76B | €98 | €2,338 | +€2,240 | +2296.0% |
| Recurring financial income | 75 | €98 | €2,338 | +€2,240 | +2296.0% |
| Financial charges | 65/66B | €9,109 | €107,908 | +€98,799 | +1084.6% |
| Recurring financial charges | 65 | €9,109 | €107,908 | +€98,799 | +1084.6% |
| Profit (loss) for the period before taxes | 9903 | -€199,702 | €498,684 | +€698,386 | |
| Transfer from deferred taxes | 780 | €1,566 | €1,289 | -€277 | -17.7% |
| Income taxes | 67/77 | €177 | €581 | +€404 | +227.8% |
| Profit (loss) for the period | 9904 | -€198,313 | €499,392 | +€697,705 | |
| Transfer from tax-exempt reserves | 789 | €4,698 | €3,866 | -€831 | -17.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€193,616 | €503,258 | +€696,874 |
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 9 October 2026 via checked.be.