FIVE TREES: 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.
FIVE TREES
Largest movements
- Financial fixed assets +€819,167
up €819,167 (+12.9%), from €6.4m to €7.2m
- Profit (loss) carried forward -€5.2m
down €5.2m (-100.0%), from €5.2m to €0
- Reserves +€5.1m
up €5.1m (+273816.7%), from €1,860 to €5.1m
- Other debts +€1.2m
up €1.2m (+201.3%), from €616,630 to €1.9m
- Tax, wage and social debts -€242,627
down €242,627 (-100.0%), from €242,627 to €0
- Financial income -€140,533
down €140,533 (-58.9%), from €238,726 to €98,192
- Gross operating margin +€17,464
up €17,464 (+23.0%), from -€75,870 to -€58,406
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 | €8,408,068 | €9,294,892 | +€886,824 | +10.5% |
| Fixed assets | 21/28 | €6,371,025 | €7,190,193 | +€819,167 | +12.9% |
| Financial fixed assets | 28 | €6,371,025 | €7,190,193 | +€819,167 | +12.9% |
| Current assets | 29/58 | €2,037,042 | €2,104,699 | +€67,657 | +3.3% |
| Amounts receivable within one year | 40/41 | €2,029,439 | €2,099,710 | +€70,270 | +3.5% |
| Trade receivables | 40 | €15,891 | €16,633 | +€742 | +4.7% |
| Other amounts receivable | 41 | €2,013,548 | €2,083,077 | +€69,529 | +3.5% |
| Cash at bank and in hand | 54/58 | €7,603 | €4,990 | -€2,613 | -34.4% |
| Total equity and liabilities | 10/49 | €8,408,068 | €9,294,892 | +€886,824 | +10.5% |
| Equity | 10/15 | €5,226,663 | €5,101,056 | -€125,607 | -2.4% |
| Contributions | 10/11 | €6,205 | €6,205 | = | 0.0% |
| Reserves | 13 | €1,860 | €5,094,850 | +€5.1m | +273816.7% |
| Distributable reserves | 133 | €1,860 | €5,094,850 | +€5.1m | +273816.7% |
| Profit (loss) carried forward | 14 | €5,218,598 | €0 | -€5.2m | -100.0% |
| Amounts payable | 17/49 | €3,181,405 | €4,193,836 | +€1.0m | +31.8% |
| Amounts payable after more than one year | 17 | €2,297,000 | €2,313,674 | +€16,674 | +0.7% |
| Financial debts | 170/4 | €2,297,000 | €2,313,674 | +€16,674 | +0.7% |
| Amounts payable within one year | 42/48 | €859,257 | €1,858,292 | +€999,035 | +116.3% |
| Trade debts | 44 | €0 | €216 | +€216 | |
| Suppliers | 440/4 | €0 | €216 | +€216 | |
| Taxes, remuneration and social security | 45 | €242,627 | €0 | -€242,627 | -100.0% |
| Taxes | 450/3 | €242,627 | €0 | -€242,627 | -100.0% |
| Other amounts payable | 47/48 | €616,630 | €1,858,076 | +€1.2m | +201.3% |
| Accrued charges and deferred income | 492/3 | €25,148 | €21,870 | -€3,277 | -13.0% |
| Other operating charges | 640/8 | €1,186 | €1,236 | +€50 | +4.2% |
| Gross operating margin | 9900 | -€75,870 | -€58,406 | +€17,464 | +23.0% |
| Operating profit (loss) | 9901 | -€77,056 | -€59,642 | +€17,414 | +22.6% |
| Financial income | 75/76B | €238,726 | €98,192 | -€140,533 | -58.9% |
| Recurring financial income | 75 | €238,726 | €98,192 | -€140,533 | -58.9% |
| Financial charges | 65/66B | €163,744 | €164,157 | +€413 | +0.3% |
| Recurring financial charges | 65 | €163,744 | €164,157 | +€413 | +0.3% |
| Profit (loss) for the period before taxes | 9903 | -€2,075 | -€125,607 | -€123,532 | -5953.3% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€2,075 | -€125,607 | -€123,532 | -5953.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,075 | -€125,607 | -€123,532 | -5953.3% |
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 5 October 2026 via checked.be.