FACTOR: 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.
FACTOR
Largest movements
- Tangible fixed assets -€47,838
down €47,838 (-7.4%), from €647,307 to €599,469
of which Land and buildings: -€39,040
- Cash -€29,682
down €29,682 (-17.6%), from €168,506 to €138,824
mainly Contributions, distributions and other (-€150,999) and Debts after one year (-€31,474)
- Receivables after one year +€26,700
up €26,700 (+809.1%), from €3,300 to €30,000
- Current investments +€15,856
up €15,856 (+7.9%), from €201,546 to €217,402
- Receivables within one year +€12,010
up €12,010 (+24.8%), from €48,355 to €60,365
of which Trade receivables: +€12,010
- Reserves -€91,334
down €91,334 (-17.6%), from €518,231 to €426,897
- Other debts +€87,685
up €87,685 (+58.6%), from €149,613 to €237,298
- Debts after one year -€31,474
down €31,474 (-9.3%), from €336,823 to €305,349
- Gross operating margin +€27,603
up €27,603 (+24.3%), from €113,735 to €141,338
- Financial charges -€6,616
down €6,616 (-42.2%), from €15,677 to €9,061
- Other operating charges -€5,270
down €5,270 (-61.8%), from €8,534 to €3,264
- Depreciation +€4,124
up €4,124 (+10.3%), from €40,189 to €44,313
- Taxes +€3,555
up €3,555 (+15.6%), from €22,845 to €26,400
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 | €1,069,014 | €1,046,060 | -€22,954 | -2.1% |
| Fixed assets | 21/28 | €647,307 | €599,469 | -€47,838 | -7.4% |
| Tangible fixed assets | 22/27 | €647,307 | €599,469 | -€47,838 | -7.4% |
| Land and buildings | 22 | €616,750 | €577,710 | -€39,040 | -6.3% |
| Plant, machinery and equipment | 23 | €4,891 | €3,525 | -€1,366 | -27.9% |
| Furniture and vehicles | 24 | €25,666 | €18,234 | -€7,432 | -29.0% |
| Current assets | 29/58 | €421,707 | €446,591 | +€24,884 | +5.9% |
| Amounts receivable after more than one year | 29 | €3,300 | €30,000 | +€26,700 | +809.1% |
| Other amounts receivable | 291 | €3,300 | €30,000 | +€26,700 | +809.1% |
| Amounts receivable within one year | 40/41 | €48,355 | €60,365 | +€12,010 | +24.8% |
| Trade receivables | 40 | €42,755 | €54,765 | +€12,010 | +28.1% |
| Other amounts receivable | 41 | €5,600 | €5,600 | = | 0.0% |
| Current investments | 50/53 | €201,546 | €217,402 | +€15,856 | +7.9% |
| Cash at bank and in hand | 54/58 | €168,506 | €138,824 | -€29,682 | -17.6% |
| Total equity and liabilities | 10/49 | €1,069,014 | €1,046,060 | -€22,954 | -2.1% |
| Equity | 10/15 | €538,231 | €446,897 | -€91,334 | -17.0% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €518,231 | €426,897 | -€91,334 | -17.6% |
| Distributable reserves | 133 | €518,231 | €426,897 | -€91,334 | -17.6% |
| Amounts payable | 17/49 | €530,783 | €599,163 | +€68,380 | +12.9% |
| Amounts payable after more than one year | 17 | €336,823 | €305,349 | -€31,474 | -9.3% |
| Financial debts | 170/4 | €336,823 | €305,349 | -€31,474 | -9.3% |
| Amounts payable within one year | 42/48 | €193,960 | €293,814 | +€99,854 | +51.5% |
| Current portion of amounts payable after more than one year | 42 | €31,125 | €31,474 | +€349 | +1.1% |
| Trade debts | 44 | €78 | €2,408 | +€2,330 | +2987.2% |
| Suppliers | 440/4 | €78 | €2,408 | +€2,330 | +2987.2% |
| Taxes, remuneration and social security | 45 | €13,144 | €22,634 | +€9,490 | +72.2% |
| Taxes | 450/3 | €13,144 | €22,634 | +€9,490 | +72.2% |
| Other amounts payable | 47/48 | €149,613 | €237,298 | +€87,685 | +58.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,189 | €44,313 | +€4,124 | +10.3% |
| Other operating charges | 640/8 | €8,534 | €3,264 | -€5,270 | -61.8% |
| Gross operating margin | 9900 | €113,735 | €141,338 | +€27,603 | +24.3% |
| Operating profit (loss) | 9901 | €65,012 | €93,761 | +€28,749 | +44.2% |
| Financial income | 75/76B | €899 | €1,365 | +€466 | +51.8% |
| Recurring financial income | 75 | €899 | €1,365 | +€466 | +51.8% |
| Financial charges | 65/66B | €15,677 | €9,061 | -€6,616 | -42.2% |
| Recurring financial charges | 65 | €15,677 | €9,061 | -€6,616 | -42.2% |
| Profit (loss) for the period before taxes | 9903 | €50,234 | €86,065 | +€35,831 | +71.3% |
| Income taxes | 67/77 | €22,845 | €26,400 | +€3,555 | +15.6% |
| Profit (loss) for the period | 9904 | €27,389 | €59,665 | +€32,276 | +117.8% |
| Profit (loss) for the period to be appropriated | 9905 | €27,389 | €59,665 | +€32,276 | +117.8% |
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 2 October 2026 via checked.be.