FA: 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.
FA
Largest movements
- Cash +€56,612
up €56,612 (+1173.9%), from €4,823 to €61,434
mainly Receivables within one year (+€51,050) and Current investments (+€50,000)
- Receivables within one year -€51,050
down €51,050 (-39.6%), from €128,943 to €77,892
of which Other amounts receivable: -€50,824
- Current investments -€50,000
down €50,000 (-20.0%), from €250,000 to €200,000
- Tangible fixed assets -€35,415
down €35,415 (-3.1%), from €1.1m to €1.1m
of which Land and buildings: -€35,505
- Debts after one year -€42,833
down €42,833 (-4.2%), from €1.0m to €977,707
of which Financial debts: -€44,583
- Other debts -€30,407
down €30,407 (-5.5%), from €556,814 to €526,407
- Gross operating margin +€31,095
up €31,095 (+94.3%), from €32,977 to €64,072
- Depreciation -€14,753
down €14,753 (-28.8%), from €51,166 to €36,413
- Financial income -€3,621
down €3,621 (-52.1%), from €6,944 to €3,323
- Financial charges -€1,191
down €1,191 (-7.5%), from €15,776 to €14,585
- Other operating charges +€969
up €969 (+8.7%), from €11,135 to €12,105
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 | €1,527,474 | €1,449,479 | -€77,995 | -5.1% |
| Fixed assets | 21/28 | €1,140,261 | €1,104,846 | -€35,415 | -3.1% |
| Tangible fixed assets | 22/27 | €1,140,261 | €1,104,846 | -€35,415 | -3.1% |
| Land and buildings | 22 | €1,106,852 | €1,071,347 | -€35,505 | -3.2% |
| Plant, machinery and equipment | 23 | - | €801 | +€801 | |
| Furniture and vehicles | 24 | €711 | €0 | -€711 | -100.0% |
| Assets under construction and advance payments | 27 | €32,698 | €32,698 | = | 0.0% |
| Current assets | 29/58 | €387,212 | €344,633 | -€42,580 | -11.0% |
| Amounts receivable within one year | 40/41 | €128,943 | €77,892 | -€51,050 | -39.6% |
| Trade receivables | 40 | €226 | €0 | -€226 | -100.0% |
| Other amounts receivable | 41 | €128,716 | €77,892 | -€50,824 | -39.5% |
| Current investments | 50/53 | €250,000 | €200,000 | -€50,000 | -20.0% |
| Cash at bank and in hand | 54/58 | €4,823 | €61,434 | +€56,612 | +1173.9% |
| Deferred charges and accrued income | 490/1 | €3,447 | €5,306 | +€1,859 | +53.9% |
| Total equity and liabilities | 10/49 | €1,527,474 | €1,449,479 | -€77,995 | -5.1% |
| Equity | 10/15 | -€112,295 | -€108,244 | +€4,051 | +3.6% |
| Contributions | 10/11 | €14,260 | €14,260 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€126,555 | -€122,504 | +€4,051 | +3.2% |
| Amounts payable | 17/49 | €1,639,768 | €1,557,723 | -€82,045 | -5.0% |
| Amounts payable after more than one year | 17 | €1,020,540 | €977,707 | -€42,833 | -4.2% |
| Financial debts | 170/4 | €1,020,540 | €975,957 | -€44,583 | -4.4% |
| Other amounts payable | 178/9 | - | €1,750 | +€1,750 | |
| Amounts payable within one year | 42/48 | €619,228 | €580,016 | -€39,212 | -6.3% |
| Current portion of amounts payable after more than one year | 42 | €43,586 | €44,583 | +€997 | +2.3% |
| Trade debts | 44 | €18,828 | €9,026 | -€9,802 | -52.1% |
| Suppliers | 440/4 | €18,828 | €9,026 | -€9,802 | -52.1% |
| Taxes, remuneration and social security | 45 | €0 | €0 | = | |
| Taxes | 450/3 | €0 | €0 | = | |
| Other amounts payable | 47/48 | €556,814 | €526,407 | -€30,407 | -5.5% |
| Accrued charges and deferred income | 492/3 | - | €0 | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,166 | €36,413 | -€14,753 | -28.8% |
| Other operating charges | 640/8 | €11,135 | €12,105 | +€969 | +8.7% |
| Gross operating margin | 9900 | €32,977 | €64,072 | +€31,095 | +94.3% |
| Operating profit (loss) | 9901 | -€29,325 | €15,554 | +€44,879 | |
| Financial income | 75/76B | €6,944 | €3,323 | -€3,621 | -52.1% |
| Recurring financial income | 75 | €6,944 | €3,323 | -€3,621 | -52.1% |
| Financial charges | 65/66B | €15,776 | €14,585 | -€1,191 | -7.5% |
| Recurring financial charges | 65 | €15,776 | €14,585 | -€1,191 | -7.5% |
| Profit (loss) for the period before taxes | 9903 | -€38,157 | €4,292 | +€42,448 | |
| Income taxes | 67/77 | €45 | €241 | +€196 | +432.6% |
| Profit (loss) for the period | 9904 | -€38,202 | €4,051 | +€42,252 | |
| Profit (loss) for the period to be appropriated | 9905 | -€38,202 | €4,051 | +€42,252 |
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.