F12: 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.
F12
Largest movements
- Cash +€74,754
up €74,754 (+30.9%), from €241,647 to €316,400
mainly Depreciation (+€84,029) and Net result for the year (+€46,860)
- Tangible fixed assets -€73,561
down €73,561 (-8.5%), from €870,392 to €796,831
of which Land and buildings: -€47,912
- Receivables within one year -€41,769
down €41,769 (-80.2%), from €52,054 to €10,285
- Receivables after one year -€41,005
down €41,005 (-26.0%), from €157,509 to €116,504
of which Other amounts receivable: -€71,005
- Reserves -€103,140
down €103,140 (-29.6%), from €348,931 to €245,791
- Debts after one year -€38,329
down €38,329 (-4.9%), from €781,909 to €743,579
- Other debts +€25,374
up €25,374 (+20.1%), from €126,080 to €151,454
- Current portion of long-term debt +€18,026
up €18,026 (+72.0%), from €25,049 to €43,075
- Trade debts +€13,839
up €13,839 (+123.4%), from €11,212 to €25,052
- Financial charges +€27,651
up €27,651 (+197.1%), from €14,027 to €41,678
- Gross operating margin -€18,388
down €18,388 (-6.2%), from €295,710 to €277,322
- Depreciation -€16,134
down €16,134 (-16.1%), from €100,163 to €84,029
- Taxes -€13,953
down €13,953 (-57.2%), from €24,394 to €10,441
- Staff costs +€13,220
up €13,220 (+17.7%), from €74,687 to €87,907
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 | €1,336,989 | €1,254,934 | -€82,056 | -6.1% |
| Fixed assets | 21/28 | €885,306 | €811,745 | -€73,561 | -8.3% |
| Tangible fixed assets | 22/27 | €870,392 | €796,831 | -€73,561 | -8.5% |
| Land and buildings | 22 | €816,030 | €768,118 | -€47,912 | -5.9% |
| Furniture and vehicles | 24 | €54,362 | €28,713 | -€25,649 | -47.2% |
| Financial fixed assets | 28 | €14,914 | €14,914 | = | 0.0% |
| Current assets | 29/58 | €451,683 | €443,189 | -€8,494 | -1.9% |
| Amounts receivable after more than one year | 29 | €157,509 | €116,504 | -€41,005 | -26.0% |
| Trade receivables | 290 | - | €30,000 | +€30,000 | |
| Other amounts receivable | 291 | €157,509 | €86,504 | -€71,005 | -45.1% |
| Amounts receivable within one year | 40/41 | €52,054 | €10,285 | -€41,769 | -80.2% |
| Trade receivables | 40 | €52,054 | €10,285 | -€41,769 | -80.2% |
| Cash at bank and in hand | 54/58 | €241,647 | €316,400 | +€74,754 | +30.9% |
| Deferred charges and accrued income | 490/1 | €474 | - | -€474 | |
| Total equity and liabilities | 10/49 | €1,336,989 | €1,254,934 | -€82,056 | -6.1% |
| Equity | 10/15 | €350,931 | €247,791 | -€103,140 | -29.4% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €348,931 | €245,791 | -€103,140 | -29.6% |
| Distributable reserves | 133 | €348,931 | €245,791 | -€103,140 | -29.6% |
| Amounts payable | 17/49 | €986,058 | €1,007,143 | +€21,085 | +2.1% |
| Amounts payable after more than one year | 17 | €781,909 | €743,579 | -€38,329 | -4.9% |
| Financial debts | 170/4 | €781,909 | €743,579 | -€38,329 | -4.9% |
| Amounts payable within one year | 42/48 | €204,150 | €263,564 | +€59,414 | +29.1% |
| Current portion of amounts payable after more than one year | 42 | €25,049 | €43,075 | +€18,026 | +72.0% |
| Trade debts | 44 | €11,212 | €25,052 | +€13,839 | +123.4% |
| Suppliers | 440/4 | €11,212 | €25,052 | +€13,839 | +123.4% |
| Taxes, remuneration and social security | 45 | €41,808 | €43,983 | +€2,175 | +5.2% |
| Taxes | 450/3 | €26,490 | €9,800 | -€16,690 | -63.0% |
| Remuneration and social security | 454/9 | €15,318 | €34,183 | +€18,865 | +123.2% |
| Other amounts payable | 47/48 | €126,080 | €151,454 | +€25,374 | +20.1% |
| Remuneration, social security and pensions | 62 | €74,687 | €87,907 | +€13,220 | +17.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €100,163 | €84,029 | -€16,134 | -16.1% |
| Other operating charges | 640/8 | €8,054 | €8,079 | +€26 | +0.3% |
| Gross operating margin | 9900 | €295,710 | €277,322 | -€18,388 | -6.2% |
| Operating profit (loss) | 9901 | €112,807 | €97,307 | -€15,500 | -13.7% |
| Financial income | 75/76B | €3,520 | €1,671 | -€1,849 | -52.5% |
| Recurring financial income | 75 | €3,520 | €1,671 | -€1,849 | -52.5% |
| Financial charges | 65/66B | €14,027 | €41,678 | +€27,651 | +197.1% |
| Recurring financial charges | 65 | €14,027 | €41,678 | +€27,651 | +197.1% |
| Profit (loss) for the period before taxes | 9903 | €102,300 | €57,300 | -€44,999 | -44.0% |
| Income taxes | 67/77 | €24,394 | €10,441 | -€13,953 | -57.2% |
| Profit (loss) for the period | 9904 | €77,906 | €46,860 | -€31,046 | -39.9% |
| Profit (loss) for the period to be appropriated | 9905 | €77,906 | €46,860 | -€31,046 | -39.9% |
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 6 October 2026 via checked.be.