Forecast: 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.
Forecast
Largest movements
- Tangible fixed assets -€48,639
down €48,639 (-3.9%), from €1.3m to €1.2m
of which Land and buildings: -€44,512
- Receivables within one year -€22,296
down €22,296 (-15.9%), from €140,245 to €117,949
of which Trade receivables: -€22,278
- Debts after one year -€50,434
down €50,434 (-8.2%), from €613,169 to €562,735
- Profit (loss) carried forward -€19,328
down €19,328 (-9.6%), from -€200,988 to -€220,316
- Staff costs -€31,217
no longer reported in 2025 (was €31,217)
- Gross operating margin -€11,662
down €11,662 (-19.6%), from €59,478 to €47,816
- Other operating charges -€2,242
down €2,242 (-18.0%), from €12,443 to €10,201
- Depreciation -€2,219
down €2,219 (-4.2%), from €52,580 to €50,361
- Financial charges -€1,003
down €1,003 (-13.1%), from €7,675 to €6,672
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 | €1,435,430 | €1,366,307 | -€69,123 | -4.8% |
| Fixed assets | 21/28 | €1,258,604 | €1,209,965 | -€48,639 | -3.9% |
| Tangible fixed assets | 22/27 | €1,258,474 | €1,209,835 | -€48,639 | -3.9% |
| Land and buildings | 22 | €1,229,548 | €1,185,036 | -€44,512 | -3.6% |
| Plant, machinery and equipment | 23 | €18,349 | €17,826 | -€523 | -2.8% |
| Furniture and vehicles | 24 | €1,643 | €1,301 | -€342 | -20.8% |
| Other tangible fixed assets | 26 | €8,935 | €5,671 | -€3,263 | -36.5% |
| Financial fixed assets | 28 | €130 | €130 | = | 0.0% |
| Current assets | 29/58 | €176,825 | €156,342 | -€20,483 | -11.6% |
| Stocks and contracts in progress | 3 | €28,569 | €26,475 | -€2,095 | -7.3% |
| Stocks | 30/36 | €28,569 | €26,475 | -€2,095 | -7.3% |
| Amounts receivable within one year | 40/41 | €140,245 | €117,949 | -€22,296 | -15.9% |
| Trade receivables | 40 | €139,306 | €117,027 | -€22,278 | -16.0% |
| Other amounts receivable | 41 | €939 | €922 | -€17 | -1.9% |
| Cash at bank and in hand | 54/58 | €6,174 | €10,028 | +€3,854 | +62.4% |
| Deferred charges and accrued income | 490/1 | €1,838 | €1,891 | +€53 | +2.9% |
| Total equity and liabilities | 10/49 | €1,435,430 | €1,366,307 | -€69,123 | -4.8% |
| Equity | 10/15 | €777,212 | €757,884 | -€19,328 | -2.5% |
| Contributions | 10/11 | €972,000 | €972,000 | = | 0.0% |
| Capital | 10 | €972,000 | €972,000 | = | 0.0% |
| Issued capital | 100 | €972,000 | €972,000 | = | 0.0% |
| Reserves | 13 | €6,200 | €6,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€200,988 | -€220,316 | -€19,328 | -9.6% |
| Amounts payable | 17/49 | €658,217 | €608,423 | -€49,795 | -7.6% |
| Amounts payable after more than one year | 17 | €613,169 | €562,735 | -€50,434 | -8.2% |
| Financial debts | 170/4 | €613,169 | €562,735 | -€50,434 | -8.2% |
| Amounts payable within one year | 42/48 | €45,048 | €45,687 | +€639 | +1.4% |
| Current portion of amounts payable after more than one year | 42 | €39,166 | €41,497 | +€2,331 | +6.0% |
| Trade debts | 44 | €5,559 | €3,867 | -€1,692 | -30.4% |
| Suppliers | 440/4 | €5,559 | €3,867 | -€1,692 | -30.4% |
| Taxes, remuneration and social security | 45 | €323 | €323 | = | 0.0% |
| Remuneration and social security | 454/9 | €323 | €323 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €31,217 | - | -€31,217 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,580 | €50,361 | -€2,219 | -4.2% |
| Other operating charges | 640/8 | €12,443 | €10,201 | -€2,242 | -18.0% |
| Gross operating margin | 9900 | €59,478 | €47,816 | -€11,662 | -19.6% |
| Operating profit (loss) | 9901 | -€36,762 | -€12,746 | +€24,016 | +65.3% |
| Financial income | 75/76B | €6 | €75 | +€69 | +1141.6% |
| Recurring financial income | 75 | €6 | €75 | +€69 | +1141.6% |
| Financial charges | 65/66B | €7,675 | €6,672 | -€1,003 | -13.1% |
| Recurring financial charges | 65 | €7,675 | €6,672 | -€1,003 | -13.1% |
| Profit (loss) for the period before taxes | 9903 | -€44,432 | -€19,343 | +€25,088 | +56.5% |
| Income taxes | 67/77 | - | -€15 | -€15 | |
| Profit (loss) for the period | 9904 | -€44,432 | -€19,328 | +€25,104 | +56.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€44,432 | -€19,328 | +€25,104 | +56.5% |
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 7 October 2026 via checked.be.