FORUM: what changed
Two financial 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.
FORUM
Largest movements
- Receivables within one year +€329,554
up €329,554 (+5.9%), from €5.6m to €5.9m
of which Other amounts receivable: +€197,869
- Cash -€262,720
down €262,720 (-62.2%), from €422,555 to €159,835
mainly Receivables within one year (-€329,554) and Trade debts (-€20,515)
- Reserves +€71,327
up €71,327 (+1.6%), from €4.5m to €4.6m
of which Distributable reserves: +€71,327
- Gross operating margin +€182,233
up €182,233 (+17.4%), from €1.0m to €1.2m
- Staff costs +€68,274
up €68,274 (+5.3%), from €1.3m to €1.4m
- Financial income -€66,124
down €66,124 (-24.7%), from €267,328 to €201,204
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.
Derived cash bridge
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 | €6,043,294 | €6,109,188 | +€65,894 | +1.1% |
| Fixed assets | 21/28 | €11,633 | €10,451 | -€1,182 | -10.2% |
| Intangible fixed assets | 21 | €839 | - | -€839 | |
| Tangible fixed assets | 22/27 | €8,793 | €8,451 | -€343 | -3.9% |
| Plant, machinery and equipment | 23 | €1,692 | €1,603 | -€90 | -5.3% |
| Furniture and vehicles | 24 | €7,101 | €6,848 | -€253 | -3.6% |
| Financial fixed assets | 28 | €2,000 | €2,000 | = | 0.0% |
| Current assets | 29/58 | €6,031,661 | €6,098,737 | +€67,075 | +1.1% |
| Amounts receivable within one year | 40/41 | €5,609,106 | €5,938,660 | +€329,554 | +5.9% |
| Trade receivables | 40 | €276,363 | €408,048 | +€131,685 | +47.6% |
| Other amounts receivable | 41 | €5,332,743 | €5,530,612 | +€197,869 | +3.7% |
| Cash at bank and in hand | 54/58 | €422,555 | €159,835 | -€262,720 | -62.2% |
| Deferred charges and accrued income | 490/1 | - | €242 | +€242 | |
| Total equity and liabilities | 10/49 | €6,043,294 | €6,109,188 | +€65,894 | +1.1% |
| Equity | 10/15 | €5,144,404 | €5,215,731 | +€71,327 | +1.4% |
| Contributions | 10/11 | €600,000 | €600,000 | = | 0.0% |
| Capital | 10 | €600,000 | €600,000 | = | 0.0% |
| Issued capital | 100 | €600,000 | €600,000 | = | 0.0% |
| Reserves | 13 | €4,544,404 | €4,615,731 | +€71,327 | +1.6% |
| Non-distributable reserves | 130/1 | €60,000 | €60,000 | = | 0.0% |
| Legal reserve | 130 | €60,000 | €60,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €29,205 | €29,205 | = | 0.0% |
| Distributable reserves | 133 | €4,455,199 | €4,526,526 | +€71,327 | +1.6% |
| Amounts payable | 17/49 | €898,890 | €893,456 | -€5,433 | -0.6% |
| Amounts payable within one year | 42/48 | €898,845 | €893,381 | -€5,463 | -0.6% |
| Trade debts | 44 | €619,246 | €598,731 | -€20,515 | -3.3% |
| Suppliers | 440/4 | €619,246 | €598,731 | -€20,515 | -3.3% |
| Taxes, remuneration and social security | 45 | €263,221 | €279,236 | +€16,014 | +6.1% |
| Taxes | 450/3 | €40,267 | €40,068 | -€199 | -0.5% |
| Remuneration and social security | 454/9 | €222,955 | €239,168 | +€16,213 | +7.3% |
| Other amounts payable | 47/48 | €16,377 | €15,414 | -€963 | -5.9% |
| Accrued charges and deferred income | 492/3 | €45 | €75 | +€30 | +66.7% |
| Remuneration, social security and pensions | 62 | €1,281,988 | €1,350,262 | +€68,274 | +5.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,893 | €2,908 | +€15 | +0.5% |
| Other operating charges | 640/8 | €3,546 | €3,106 | -€440 | -12.4% |
| Non-recurring operating charges | 66A | €53 | - | -€53 | |
| Gross operating margin | 9900 | €1,045,045 | €1,227,278 | +€182,233 | +17.4% |
| Operating profit (loss) | 9901 | -€243,434 | -€128,997 | +€114,437 | +47.0% |
| Financial income | 75/76B | €267,328 | €201,204 | -€66,124 | -24.7% |
| Recurring financial income | 75 | €267,328 | €201,204 | -€66,124 | -24.7% |
| Financial charges | 65/66B | €1,075 | €880 | -€195 | -18.2% |
| Recurring financial charges | 65 | €1,075 | €880 | -€195 | -18.2% |
| Profit (loss) for the period before taxes | 9903 | €22,819 | €71,327 | +€48,508 | +213% |
| Profit (loss) for the period | 9904 | €22,819 | €71,327 | +€48,508 | +213% |
| Profit (loss) for the period to be appropriated | 9905 | €22,819 | €71,327 | +€48,508 | +213% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.