FRAME: 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.
FRAME
Largest movements
- Cash +€25,131
up €25,131 (+30.3%), from €83,063 to €108,195
mainly Net result for the year (+€20,593) and Depreciation (+€13,023)
- Tangible fixed assets -€11,524
down €11,524 (-11.1%), from €103,550 to €92,025
- Current investments -€11,476
down €11,476 (-33.3%), from €34,428 to €22,952
- Receivables within one year -€2,703
down €2,703 (-37.8%), from €7,152 to €4,449
of which Trade receivables: -€2,285
- Reserves +€20,593
up €20,593 (+27.1%), from €76,031 to €96,624
of which Distributable reserves: +€20,593
- Debts after one year -€12,483
down €12,483 (-51.0%), from €24,481 to €11,998
- Other debts -€7,347
down €7,347 (-24.0%), from €30,636 to €23,289
- Tax, wage and social debts -€2,690
down €2,690 (-17.9%), from €15,044 to €12,354
of which Taxes: -€3,682
- Gross operating margin -€29,532
down €29,532 (-37.1%), from €79,533 to €50,001
- Financial income +€15,873
up €15,873 (+2179.6%), from €728 to €16,601
- Depreciation -€4,879
down €4,879 (-27.3%), from €17,903 to €13,023
- Staff costs -€856
down €856 (-3.1%), from €27,349 to €26,492
- Other operating charges -€828
down €828 (-15.6%), from €5,304 to €4,477
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 | €238,243 | €236,341 | -€1,902 | -0.8% |
| Fixed assets | 21/28 | €103,550 | €92,025 | -€11,524 | -11.1% |
| Tangible fixed assets | 22/27 | €103,550 | €92,025 | -€11,524 | -11.1% |
| Land and buildings | 22 | €22,772 | €17,209 | -€5,563 | -24.4% |
| Plant, machinery and equipment | 23 | €79,839 | €74,817 | -€5,022 | -6.3% |
| Furniture and vehicles | 24 | €939 | €0 | -€939 | -100.0% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Current assets | 29/58 | €134,693 | €144,316 | +€9,623 | +7.1% |
| Stocks and contracts in progress | 3 | €8,119 | €8,433 | +€313 | +3.9% |
| Stocks | 30/36 | €8,119 | €8,433 | +€313 | +3.9% |
| Amounts receivable within one year | 40/41 | €7,152 | €4,449 | -€2,703 | -37.8% |
| Trade receivables | 40 | €6,474 | €4,189 | -€2,285 | -35.3% |
| Other amounts receivable | 41 | €678 | €260 | -€419 | -61.7% |
| Current investments | 50/53 | €34,428 | €22,952 | -€11,476 | -33.3% |
| Cash at bank and in hand | 54/58 | €83,063 | €108,195 | +€25,131 | +30.3% |
| Deferred charges and accrued income | 490/1 | €1,930 | €288 | -€1,643 | -85.1% |
| Total equity and liabilities | 10/49 | €238,243 | €236,341 | -€1,902 | -0.8% |
| Equity | 10/15 | €150,431 | €171,024 | +€20,593 | +13.7% |
| Contributions | 10/11 | €74,400 | €74,400 | = | 0.0% |
| Capital | 10 | €74,400 | €74,400 | = | 0.0% |
| Issued capital | 100 | €74,400 | €74,400 | = | 0.0% |
| Reserves | 13 | €76,031 | €96,624 | +€20,593 | +27.1% |
| Non-distributable reserves | 130/1 | €7,440 | €7,440 | = | 0.0% |
| Legal reserve | 130 | €7,440 | €7,440 | = | 0.0% |
| Tax-exempt reserves | 132 | €11,662 | €11,662 | = | 0.0% |
| Distributable reserves | 133 | €56,929 | €77,522 | +€20,593 | +36.2% |
| Amounts payable | 17/49 | €87,812 | €65,317 | -€22,495 | -25.6% |
| Amounts payable after more than one year | 17 | €24,481 | €11,998 | -€12,483 | -51.0% |
| Financial debts | 170/4 | €24,481 | €11,998 | -€12,483 | -51.0% |
| Amounts payable within one year | 42/48 | €62,211 | €51,804 | -€10,407 | -16.7% |
| Current portion of amounts payable after more than one year | 42 | €12,319 | €12,483 | +€164 | +1.3% |
| Trade debts | 44 | €4,212 | €3,467 | -€745 | -17.7% |
| Suppliers | 440/4 | €4,212 | €3,467 | -€745 | -17.7% |
| Advances received on contracts in progress | 46 | €0 | €210 | +€210 | |
| Taxes, remuneration and social security | 45 | €15,044 | €12,354 | -€2,690 | -17.9% |
| Taxes | 450/3 | €10,344 | €6,662 | -€3,682 | -35.6% |
| Remuneration and social security | 454/9 | €4,699 | €5,692 | +€993 | +21.1% |
| Other amounts payable | 47/48 | €30,636 | €23,289 | -€7,347 | -24.0% |
| Accrued charges and deferred income | 492/3 | €1,120 | €1,515 | +€395 | +35.3% |
| Remuneration, social security and pensions | 62 | €27,349 | €26,492 | -€856 | -3.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,903 | €13,023 | -€4,879 | -27.3% |
| Other operating charges | 640/8 | €5,304 | €4,477 | -€828 | -15.6% |
| Gross operating margin | 9900 | €79,533 | €50,001 | -€29,532 | -37.1% |
| Operating profit (loss) | 9901 | €28,978 | €6,009 | -€22,969 | -79.3% |
| Financial income | 75/76B | €728 | €16,601 | +€15,873 | +2179.6% |
| Recurring financial income | 75 | €728 | €16,601 | +€15,873 | +2179.6% |
| Financial charges | 65/66B | €2,944 | €2,129 | -€815 | -27.7% |
| Recurring financial charges | 65 | €2,944 | €2,129 | -€815 | -27.7% |
| Profit (loss) for the period before taxes | 9903 | €26,762 | €20,481 | -€6,281 | -23.5% |
| Income taxes | 67/77 | €485 | -€112 | -€597 | |
| Profit (loss) for the period | 9904 | €26,277 | €20,593 | -€5,684 | -21.6% |
| Profit (loss) for the period to be appropriated | 9905 | €26,277 | €20,593 | -€5,684 | -21.6% |
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 6 October 2026 via checked.be.