FINANCE VERTE: what changed
FINANCE VERTE
Largest movements
- Financial fixed assets -€454,053
down €454,053 (-100.0%), from €454,103 to €50
- Receivables within one year -€30,292
down €30,292 (-100%), from €30,292 to €0
of which Trade receivables: -€29,058
- Cash -€18,185
down €18,185 (-71.8%), from €25,310 to €7,126
mainly Current portion of long-term debt (-€383,339) and Net result for the year (-€89,765)
- Tangible fixed assets -€8,548
down €8,548 (-9.6%), from €88,754 to €80,206
of which Land and buildings: -€5,748
- Current portion of long-term debt -€383,339
down €383,339 (-95.2%), from €402,529 to €19,190
- Profit (loss) carried forward -€89,765
down €89,765, from €12,784 to -€76,981
- Trade debts -€33,801
down €33,801 (-85.3%), from €39,617 to €5,816
- Debts after one year -€19,190
down €19,190 (-20.5%), from €93,789 to €74,600
- Other debts +€8,681
up €8,681 (+125%), from €6,926 to €15,607
- Staff costs +€44,155
up €44,155 (+275%), from €16,075 to €60,230
- Gross operating margin -€35,604
down €35,604 (-31.6%), from €112,795 to €77,191
- Taxes -€14,653
down €14,653 (-90.5%), from €16,186 to €1,533
- Depreciation -€10,404
down €10,404 (-54.9%), from €18,952 to €8,548
- Other operating charges -€4,896
down €4,896 (-71.0%), from €6,900 to €2,003
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €604,374 | €92,129 | -€512,245 | -84.8% |
| Fixed assets | 21/28 | €542,857 | €80,256 | -€462,601 | -85.2% |
| Intangible fixed assets | 21 | - | €0 | = | |
| Tangible fixed assets | 22/27 | €88,754 | €80,206 | -€8,548 | -9.6% |
| Land and buildings | 22 | €82,056 | €76,307 | -€5,748 | -7.0% |
| Plant, machinery and equipment | 23 | €6,662 | €3,899 | -€2,764 | -41.5% |
| Furniture and vehicles | 24 | €36 | €0 | -€36 | -100% |
| Financial fixed assets | 28 | €454,103 | €50 | -€454,053 | -100.0% |
| Current assets | 29/58 | €61,517 | €11,873 | -€49,644 | -80.7% |
| Amounts receivable within one year | 40/41 | €30,292 | €0 | -€30,292 | -100% |
| Trade receivables | 40 | €29,058 | €0 | -€29,058 | -100% |
| Other amounts receivable | 41 | €1,234 | €0 | -€1,234 | -100% |
| Current investments | 50/53 | - | €0 | = | |
| Cash at bank and in hand | 54/58 | €25,310 | €7,126 | -€18,185 | -71.8% |
| Deferred charges and accrued income | 490/1 | €5,915 | €4,747 | -€1,168 | -19.7% |
| Total equity and liabilities | 10/49 | €604,374 | €92,129 | -€512,245 | -84.8% |
| Equity | 10/15 | €41,773 | -€47,992 | -€89,765 | |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €3,989 | €3,989 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,500 | €2,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,500 | €2,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,489 | €1,489 | = | 0.0% |
| Profit (loss) carried forward | 14 | €12,784 | -€76,981 | -€89,765 | |
| Amounts payable | 17/49 | €562,602 | €140,122 | -€422,480 | -75.1% |
| Amounts payable after more than one year | 17 | €93,789 | €74,600 | -€19,190 | -20.5% |
| Financial debts | 170/4 | €93,789 | €74,600 | -€19,190 | -20.5% |
| Amounts payable within one year | 42/48 | €468,813 | €65,522 | -€403,291 | -86.0% |
| Current portion of amounts payable after more than one year | 42 | €402,529 | €19,190 | -€383,339 | -95.2% |
| Trade debts | 44 | €39,617 | €5,816 | -€33,801 | -85.3% |
| Suppliers | 440/4 | €39,617 | €5,816 | -€33,801 | -85.3% |
| Taxes, remuneration and social security | 45 | €19,741 | €24,909 | +€5,168 | +26.2% |
| Taxes | 450/3 | €16,517 | €18,051 | +€1,533 | +9.3% |
| Remuneration and social security | 454/9 | €3,224 | €6,859 | +€3,635 | +113% |
| Other amounts payable | 47/48 | €6,926 | €15,607 | +€8,681 | +125% |
| Remuneration, social security and pensions | 62 | €16,075 | €60,230 | +€44,155 | +275% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,952 | €8,548 | -€10,404 | -54.9% |
| Other operating charges | 640/8 | €6,900 | €2,003 | -€4,896 | -71.0% |
| Non-recurring operating charges | 66A | - | €79,053 | +€79,053 | |
| Gross operating margin | 9900 | €112,795 | €77,191 | -€35,604 | -31.6% |
| Operating profit (loss) | 9901 | €70,868 | -€72,644 | -€143,512 | |
| Financial income | 75/76B | €282 | €698 | +€416 | +147% |
| Recurring financial income | 75 | €282 | €698 | +€416 | +147% |
| Financial charges | 65/66B | €15,762 | €16,286 | +€525 | +3.3% |
| Recurring financial charges | 65 | €15,762 | €16,286 | +€525 | +3.3% |
| Profit (loss) for the period before taxes | 9903 | €55,388 | -€88,232 | -€143,620 | |
| Income taxes | 67/77 | €16,186 | €1,533 | -€14,653 | -90.5% |
| Profit (loss) for the period | 9904 | €39,202 | -€89,765 | -€128,967 | |
| Profit (loss) for the period to be appropriated | 9905 | €39,202 | -€89,765 | -€128,967 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.