Finance Observatory: 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.
Finance Observatory
Largest movements
- Tangible fixed assets +€926,704
up €926,704 (+920.0%), from €100,724 to €1.0m
of which Land and buildings: +€842,399
- Cash -€124,218
down €124,218 (-62.6%), from €198,588 to €74,370
mainly Investment in fixed assets (net) (-€961,537) and Contributions, distributions and other (-€250,000)
- Receivables within one year +€22,610
up €22,610 (+69.0%), from €32,775 to €55,385
of which Other amounts receivable: +€29,776
- Debts after one year +€452,315
new in 2025: €452,315
- Other debts +€414,630
up €414,630 (+341.2%), from €121,507 to €536,137
- Reserves -€119,710
down €119,710 (-83.5%), from €143,372 to €23,662
- Current portion of long-term debt +€79,269
new in 2025: €79,269
- Tax, wage and social debts +€37,475
up €37,475 (+3225.0%), from €1,162 to €38,637
- Gross operating margin -€106,971
down €106,971 (-32.8%), from €326,366 to €219,396
- Taxes -€40,121
down €40,121 (-53.7%), from €74,737 to €34,615
- Depreciation +€23,310
up €23,310 (+206.8%), from €11,273 to €34,583
- Financial income +€18,843
up €18,843 (+1627.9%), from €1,157 to €20,000
of which Financial income: +€18,843
- Financial charges +€6,182
up €6,182 (+241.4%), from €2,561 to €8,743
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 | €336,504 | €1,164,598 | +€828,094 | +246.1% |
| Fixed assets | 21/28 | €104,474 | €1,031,428 | +€926,954 | +887.3% |
| Tangible fixed assets | 22/27 | €100,724 | €1,027,428 | +€926,704 | +920.0% |
| Land and buildings | 22 | - | €842,399 | +€842,399 | |
| Plant, machinery and equipment | 23 | - | €2,997 | +€2,997 | |
| Furniture and vehicles | 24 | €33,972 | €103,362 | +€69,389 | +204.3% |
| Other tangible fixed assets | 26 | €66,752 | €78,671 | +€11,919 | +17.9% |
| Financial fixed assets | 28 | €3,750 | €4,000 | +€250 | +6.7% |
| Current assets | 29/58 | €232,030 | €133,171 | -€98,859 | -42.6% |
| Amounts receivable within one year | 40/41 | €32,775 | €55,385 | +€22,610 | +69.0% |
| Trade receivables | 40 | €27,166 | €20,000 | -€7,166 | -26.4% |
| Other amounts receivable | 41 | €5,609 | €35,385 | +€29,776 | +530.9% |
| Cash at bank and in hand | 54/58 | €198,588 | €74,370 | -€124,218 | -62.6% |
| Deferred charges and accrued income | 490/1 | €667 | €3,416 | +€2,749 | +412.0% |
| Total equity and liabilities | 10/49 | €336,504 | €1,164,598 | +€828,094 | +246.1% |
| Equity | 10/15 | €158,372 | €38,662 | -€119,710 | -75.6% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €143,372 | €23,662 | -€119,710 | -83.5% |
| Distributable reserves | 133 | €143,372 | €23,662 | -€119,710 | -83.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €178,132 | €1,125,937 | +€947,805 | +532.1% |
| Amounts payable after more than one year | 17 | - | €452,315 | +€452,315 | |
| Financial debts | 170/4 | - | €452,315 | +€452,315 | |
| Amounts payable within one year | 42/48 | €178,132 | €673,622 | +€495,490 | +278.2% |
| Current portion of amounts payable after more than one year | 42 | - | €79,269 | +€79,269 | |
| Financial debts | 43 | €26,978 | €16,919 | -€10,059 | -37.3% |
| Credit institutions | 430/8 | €26,837 | €16,919 | -€9,918 | -37.0% |
| Other loans | 439 | €141 | €0 | -€141 | -100.0% |
| Trade debts | 44 | €28,485 | €2,659 | -€25,826 | -90.7% |
| Suppliers | 440/4 | €28,485 | €2,659 | -€25,826 | -90.7% |
| Taxes, remuneration and social security | 45 | €1,162 | €38,637 | +€37,475 | +3225.0% |
| Taxes | 450/3 | €1,162 | €38,637 | +€37,475 | +3225.0% |
| Other amounts payable | 47/48 | €121,507 | €536,137 | +€414,630 | +341.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,273 | €34,583 | +€23,310 | +206.8% |
| Other operating charges | 640/8 | €549 | €691 | +€142 | +25.8% |
| Non-recurring operating charges | 66A | - | €30,473 | +€30,473 | |
| Gross operating margin | 9900 | €326,366 | €219,396 | -€106,971 | -32.8% |
| Operating profit (loss) | 9901 | €314,544 | €153,648 | -€160,896 | -51.2% |
| Financial income | 75/76B | €1,157 | €20,000 | +€18,843 | +1627.9% |
| Recurring financial income | 75 | €1,157 | €20,000 | +€18,843 | +1627.9% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €2,561 | €8,743 | +€6,182 | +241.4% |
| Recurring financial charges | 65 | €2,561 | €8,743 | +€6,182 | +241.4% |
| Profit (loss) for the period before taxes | 9903 | €313,141 | €164,905 | -€148,235 | -47.3% |
| Income taxes | 67/77 | €74,737 | €34,615 | -€40,121 | -53.7% |
| Profit (loss) for the period | 9904 | €238,404 | €130,290 | -€108,114 | -45.3% |
| Profit (loss) for the period to be appropriated | 9905 | €238,404 | €130,290 | -€108,114 | -45.3% |
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.