FOCUS: 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.
FOCUS
Largest movements
- Tangible fixed assets -€37,198
down €37,198 (-15.9%), from €233,264 to €196,066
of which Land and buildings: -€25,052
- Cash +€12,095
up €12,095 (+37.2%), from €32,472 to €44,567
mainly Depreciation (+€37,198) and Other debts (+€9,926)
- Receivables within one year -€9,864
down €9,864 (-30.7%), from €32,097 to €22,234
of which Trade receivables: -€10,189
- Profit (loss) carried forward -€44,975
down €44,975 (-21.5%), from €208,814 to €163,838
- Other debts +€9,926
up €9,926 (+10.5%), from €94,635 to €104,562
- Gross operating margin -€20,116
down €20,116, from €14,226 to -€5,890
- Financial income -€16,768
down €16,768 (-87.4%), from €19,196 to €2,427
- Other operating charges -€570
down €570 (-14.0%), from €4,065 to €3,496
- Depreciation +€395
up €395 (+1.1%), from €36,803 to €37,198
- Taxes -€359
down €359 (-99.8%), from €360 to €1
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 | €447,608 | €412,832 | -€34,777 | -7.8% |
| Fixed assets | 21/28 | €233,264 | €196,066 | -€37,198 | -15.9% |
| Tangible fixed assets | 22/27 | €233,264 | €196,066 | -€37,198 | -15.9% |
| Land and buildings | 22 | €185,380 | €160,327 | -€25,052 | -13.5% |
| Furniture and vehicles | 24 | €47,885 | €35,739 | -€12,145 | -25.4% |
| Current assets | 29/58 | €214,344 | €216,766 | +€2,421 | +1.1% |
| Amounts receivable within one year | 40/41 | €32,097 | €22,234 | -€9,864 | -30.7% |
| Trade receivables | 40 | €10,189 | €0 | -€10,189 | -100.0% |
| Other amounts receivable | 41 | €21,908 | €22,234 | +€325 | +1.5% |
| Current investments | 50/53 | €149,775 | €149,775 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €32,472 | €44,567 | +€12,095 | +37.2% |
| Deferred charges and accrued income | 490/1 | €0 | €190 | +€190 | |
| Total equity and liabilities | 10/49 | €447,608 | €412,832 | -€34,777 | -7.8% |
| Equity | 10/15 | €352,263 | €307,288 | -€44,975 | -12.8% |
| Contributions | 10/11 | €70,000 | €70,000 | = | 0.0% |
| Reserves | 13 | €73,450 | €73,450 | = | 0.0% |
| Distributable reserves | 133 | €73,450 | €73,450 | = | 0.0% |
| Profit (loss) carried forward | 14 | €208,814 | €163,838 | -€44,975 | -21.5% |
| Amounts payable | 17/49 | €95,345 | €105,544 | +€10,199 | +10.7% |
| Amounts payable within one year | 42/48 | €95,345 | €105,544 | +€10,199 | +10.7% |
| Trade debts | 44 | €112 | €251 | +€139 | +124.4% |
| Suppliers | 440/4 | €112 | €251 | +€139 | +124.4% |
| Taxes, remuneration and social security | 45 | €598 | €731 | +€133 | +22.3% |
| Taxes | 450/3 | €598 | €731 | +€133 | +22.3% |
| Other amounts payable | 47/48 | €94,635 | €104,562 | +€9,926 | +10.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,803 | €37,198 | +€395 | +1.1% |
| Other operating charges | 640/8 | €4,065 | €3,496 | -€570 | -14.0% |
| Non-recurring operating charges | 66A | €5,208 | €0 | -€5,208 | -100.0% |
| Gross operating margin | 9900 | €14,226 | -€5,890 | -€20,116 | |
| Operating profit (loss) | 9901 | -€31,850 | -€46,583 | -€14,733 | -46.3% |
| Financial income | 75/76B | €19,196 | €2,427 | -€16,768 | -87.4% |
| Recurring financial income | 75 | €19,196 | €2,427 | -€16,768 | -87.4% |
| Financial charges | 65/66B | €1,088 | €818 | -€270 | -24.8% |
| Recurring financial charges | 65 | €1,088 | €818 | -€270 | -24.8% |
| Profit (loss) for the period before taxes | 9903 | -€13,743 | -€44,975 | -€31,232 | -227.3% |
| Income taxes | 67/77 | €360 | €1 | -€359 | -99.8% |
| Profit (loss) for the period | 9904 | -€14,103 | -€44,975 | -€30,872 | -218.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€14,103 | -€44,975 | -€30,872 | -218.9% |
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 3 October 2026 via checked.be.