Forme & Structure: 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.
Forme & Structure
Largest movements
- Tangible fixed assets -€53,555
down €53,555 (-5.8%), from €920,010 to €866,455
of which Land and buildings: -€67,383
- Receivables within one year +€35,899
up €35,899 (+40.2%), from €89,311 to €125,210
of which Trade receivables: +€45,275
- Reserves +€178,962
up €178,962 (+190.3%), from €94,055 to €273,017
of which Tax-exempt reserves: +€98,017
- Debts after one year -€159,485
down €159,485 (-23.7%), from €672,406 to €512,920
- Current portion of long-term debt -€31,561
down €31,561 (-36.8%), from €85,833 to €54,272
- Provisions +€24,504
new in 2025: €24,504
- Other debts -€20,198
down €20,198 (-67.1%), from €30,117 to €9,919
- Gross operating margin +€169,291
up €169,291 (+54.9%), from €308,166 to €477,457
- Financial charges +€23,250
up €23,250 (+88.4%), from €26,304 to €49,554
- Staff costs +€15,663
up €15,663 (+21.5%), from €72,973 to €88,637
- Taxes +€12,407
up €12,407 (+46.3%), from €26,794 to €39,200
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,018,695 | €993,594 | -€25,101 | -2.5% |
| Fixed assets | 21/28 | €920,010 | €866,455 | -€53,555 | -5.8% |
| Tangible fixed assets | 22/27 | €920,010 | €866,455 | -€53,555 | -5.8% |
| Land and buildings | 22 | €812,876 | €745,493 | -€67,383 | -8.3% |
| Furniture and vehicles | 24 | €87,780 | €105,789 | +€18,010 | +20.5% |
| Other tangible fixed assets | 26 | €19,355 | €15,173 | -€4,182 | -21.6% |
| Current assets | 29/58 | €98,684 | €127,138 | +€28,454 | +28.8% |
| Amounts receivable within one year | 40/41 | €89,311 | €125,210 | +€35,899 | +40.2% |
| Trade receivables | 40 | €79,671 | €124,946 | +€45,275 | +56.8% |
| Other amounts receivable | 41 | €9,640 | €264 | -€9,376 | -97.3% |
| Deferred charges and accrued income | 490/1 | €9,374 | €1,928 | -€7,445 | -79.4% |
| Total equity and liabilities | 10/49 | €1,018,695 | €993,594 | -€25,101 | -2.5% |
| Equity | 10/15 | €126,345 | €307,237 | +€180,892 | +143.2% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €94,055 | €273,017 | +€178,962 | +190.3% |
| Non-distributable reserves | 130/1 | €1,855 | €0 | -€1,855 | -100.0% |
| Reserves not available under the articles | 1311 | €1,855 | €0 | -€1,855 | -100.0% |
| Tax-exempt reserves | 132 | - | €98,017 | +€98,017 | |
| Distributable reserves | 133 | €92,200 | €175,000 | +€82,800 | +89.8% |
| Profit (loss) carried forward | 14 | €13,740 | €15,670 | +€1,930 | +14.0% |
| Provisions and deferred taxes | 16 | - | €24,504 | +€24,504 | |
| Deferred taxes | 168 | - | €24,504 | +€24,504 | |
| Amounts payable | 17/49 | €892,350 | €661,853 | -€230,497 | -25.8% |
| Amounts payable after more than one year | 17 | €672,406 | €512,920 | -€159,485 | -23.7% |
| Financial debts | 170/4 | €672,406 | €512,920 | -€159,485 | -23.7% |
| Amounts payable within one year | 42/48 | €219,944 | €148,933 | -€71,012 | -32.3% |
| Current portion of amounts payable after more than one year | 42 | €85,833 | €54,272 | -€31,561 | -36.8% |
| Financial debts | 43 | €17,959 | €10,260 | -€7,699 | -42.9% |
| Credit institutions | 430/8 | €17,959 | €10,260 | -€7,699 | -42.9% |
| Trade debts | 44 | €44,676 | €37,259 | -€7,416 | -16.6% |
| Suppliers | 440/4 | €44,676 | €37,259 | -€7,416 | -16.6% |
| Taxes, remuneration and social security | 45 | €41,358 | €37,222 | -€4,137 | -10.0% |
| Taxes | 450/3 | €32,638 | €27,326 | -€5,312 | -16.3% |
| Remuneration and social security | 454/9 | €8,721 | €9,896 | +€1,175 | +13.5% |
| Other amounts payable | 47/48 | €30,117 | €9,919 | -€20,198 | -67.1% |
| Remuneration, social security and pensions | 62 | €72,973 | €88,637 | +€15,663 | +21.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €92,448 | €92,664 | +€216 | +0.2% |
| Other operating charges | 640/8 | €3,258 | €3,540 | +€282 | +8.7% |
| Gross operating margin | 9900 | €308,166 | €477,457 | +€169,291 | +54.9% |
| Operating profit (loss) | 9901 | €139,487 | €292,616 | +€153,129 | +109.8% |
| Financial income | 75/76B | €5,934 | €1,534 | -€4,400 | -74.1% |
| Recurring financial income | 75 | €5,934 | €1,534 | -€4,400 | -74.1% |
| Financial charges | 65/66B | €26,304 | €49,554 | +€23,250 | +88.4% |
| Recurring financial charges | 65 | €26,304 | €49,554 | +€23,250 | +88.4% |
| Profit (loss) for the period before taxes | 9903 | €119,117 | €244,596 | +€125,480 | +105.3% |
| Transfer from deferred taxes | 780 | - | €1,012 | +€1,012 | |
| Transfer to deferred taxes | 680 | - | €25,516 | +€25,516 | |
| Income taxes | 67/77 | €26,794 | €39,200 | +€12,407 | +46.3% |
| Profit (loss) for the period | 9904 | €92,323 | €180,892 | +€88,569 | +95.9% |
| Transfer from tax-exempt reserves | 789 | - | €4,048 | +€4,048 | |
| Transfer to tax-exempt reserves | 689 | - | €102,064 | +€102,064 | |
| Profit (loss) for the period to be appropriated | 9905 | €92,323 | €82,875 | -€9,448 | -10.2% |
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 1 October 2026 via checked.be.