Finance Management: 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.
Finance Management
Largest movements
- Tangible fixed assets +€375,920
up €375,920 (+73.6%), from €511,096 to €887,016
of which Land and buildings: +€375,291
- Receivables within one year -€81,958
down €81,958 (-90.9%), from €90,170 to €8,212
of which Other amounts receivable: -€90,170
- Deferred charges and accrued income +€68,459
up €68,459 (+2,792%), from €2,452 to €70,911
- Debts after one year +€679,308
up €679,308 (+152%), from €447,184 to €1.1m
- Other debts -€361,652
down €361,652 (-90.4%), from €400,000 to €38,348
- Reserves +€86,982
up €86,982 (+57.9%), from €150,154 to €237,136
- Profit (loss) carried forward -€75,494
down €75,494 (-86.8%), from €86,982 to €11,489
- Current portion of long-term debt +€48,089
up €48,089 (+115%), from €41,911 to €90,000
- Depreciation +€75,117
up €75,117 (+474%), from €15,832 to €90,949
- Gross operating margin -€50,197
down €50,197 (-32.2%), from €155,923 to €105,725
- Financial income +€40,091
up €40,091 (+86,682%), from €46 to €40,137
- Taxes -€37,649
down €37,649 (-98.5%), from €38,234 to €586
- Financial charges +€24,829
up €24,829 (+230%), from €10,782 to €35,611
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 | €1,203,440 | €1,568,196 | +€364,755 | +30.3% |
| Fixed assets | 21/28 | €1,068,500 | €1,444,433 | +€375,933 | +35.2% |
| Tangible fixed assets | 22/27 | €511,096 | €887,016 | +€375,920 | +73.6% |
| Land and buildings | 22 | €509,491 | €884,781 | +€375,291 | +73.7% |
| Furniture and vehicles | 24 | €1,605 | €2,235 | +€630 | +39.2% |
| Financial fixed assets | 28 | €557,404 | €557,417 | +€13 | 0.0% |
| Current assets | 29/58 | €134,941 | €123,763 | -€11,178 | -8.3% |
| Amounts receivable within one year | 40/41 | €90,170 | €8,212 | -€81,958 | -90.9% |
| Trade receivables | 40 | - | €8,212 | +€8,212 | |
| Other amounts receivable | 41 | €90,170 | - | -€90,170 | |
| Cash at bank and in hand | 54/58 | €42,319 | €44,640 | +€2,321 | +5.5% |
| Deferred charges and accrued income | 490/1 | €2,452 | €70,911 | +€68,459 | +2,792% |
| Total equity and liabilities | 10/49 | €1,203,440 | €1,568,196 | +€364,755 | +30.3% |
| Equity | 10/15 | €246,136 | €257,625 | +€11,489 | +4.7% |
| Contributions | 10/11 | €9,000 | €9,000 | = | 0.0% |
| Reserves | 13 | €150,154 | €237,136 | +€86,982 | +57.9% |
| Distributable reserves | 133 | €150,154 | €237,136 | +€86,982 | +57.9% |
| Profit (loss) carried forward | 14 | €86,982 | €11,489 | -€75,494 | -86.8% |
| Amounts payable | 17/49 | €957,304 | €1,310,571 | +€353,267 | +36.9% |
| Amounts payable after more than one year | 17 | €447,184 | €1,126,493 | +€679,308 | +152% |
| Financial debts | 170/4 | €447,184 | €1,126,493 | +€679,308 | +152% |
| Amounts payable within one year | 42/48 | €508,879 | €178,773 | -€330,106 | -64.9% |
| Current portion of amounts payable after more than one year | 42 | €41,911 | €90,000 | +€48,089 | +115% |
| Trade debts | 44 | €821 | €7,768 | +€6,948 | +847% |
| Suppliers | 440/4 | €821 | €7,768 | +€6,948 | +847% |
| Taxes, remuneration and social security | 45 | €66,148 | €42,657 | -€23,491 | -35.5% |
| Taxes | 450/3 | €65,981 | €41,795 | -€24,185 | -36.7% |
| Remuneration and social security | 454/9 | €167 | €862 | +€694 | +415% |
| Other amounts payable | 47/48 | €400,000 | €38,348 | -€361,652 | -90.4% |
| Accrued charges and deferred income | 492/3 | €1,240 | €5,305 | +€4,065 | +328% |
| Remuneration, social security and pensions | 62 | - | €3,640 | +€3,640 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,832 | €90,949 | +€75,117 | +474% |
| Other operating charges | 640/8 | €4,138 | €3,588 | -€550 | -13.3% |
| Gross operating margin | 9900 | €155,923 | €105,725 | -€50,197 | -32.2% |
| Operating profit (loss) | 9901 | €135,952 | €7,548 | -€128,404 | -94.4% |
| Financial income | 75/76B | €46 | €40,137 | +€40,091 | +86,682% |
| Recurring financial income | 75 | €46 | €40,137 | +€40,091 | +86,682% |
| Financial charges | 65/66B | €10,782 | €35,611 | +€24,829 | +230% |
| Recurring financial charges | 65 | €10,782 | €35,611 | +€24,829 | +230% |
| Profit (loss) for the period before taxes | 9903 | €125,216 | €12,074 | -€113,142 | -90.4% |
| Income taxes | 67/77 | €38,234 | €586 | -€37,649 | -98.5% |
| Profit (loss) for the period | 9904 | €86,982 | €11,489 | -€75,494 | -86.8% |
| Profit (loss) for the period to be appropriated | 9905 | €86,982 | €11,489 | -€75,494 | -86.8% |
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 31 October 2026 via checked.be.