FROM: 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.
FROM
Largest movements
- Current investments +€50,000
up €50,000 (+14.3%), from €350,000 to €400,000
- Receivables within one year -€43,162
down €43,162 (-70.6%), from €61,175 to €18,012
of which Other amounts receivable: -€38,175
- Deferred charges and accrued income -€36,250
down €36,250 (-32.7%), from €110,874 to €74,624
- Tangible fixed assets +€27,223
up €27,223 (+7.3%), from €373,815 to €401,038
of which Furniture and vehicles: +€48,306
- Other debts +€331,272
up €331,272 (+382.6%), from €86,594 to €417,866
- Reserves -€286,016
down €286,016 (-31.8%), from €898,545 to €612,529
of which Distributable reserves: -€286,016
- Debts after one year -€23,100
down €23,100 (-85.7%), from €26,950 to €3,850
- Trade debts -€17,702
down €17,702 (-58.5%), from €30,260 to €12,558
- Tax, wage and social debts -€13,609
down €13,609 (-35.6%), from €38,261 to €24,652
of which Taxes: -€13,609
- Gross operating margin -€50,299
down €50,299 (-16.2%), from €310,324 to €260,025
- Other operating charges +€38,017
up €38,017 (+528.5%), from €7,193 to €45,210
- Taxes -€16,723
down €16,723 (-22.6%), from €74,131 to €57,408
- Depreciation +€7,668
up €7,668 (+30.5%), from €25,109 to €32,777
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 | €1,280,174 | €1,270,975 | -€9,198 | -0.7% |
| Fixed assets | 21/28 | €373,815 | €401,038 | +€27,223 | +7.3% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €373,815 | €401,038 | +€27,223 | +7.3% |
| Land and buildings | 22 | €350,541 | €329,458 | -€21,083 | -6.0% |
| Furniture and vehicles | 24 | €8,570 | €56,876 | +€48,306 | +563.6% |
| Other tangible fixed assets | 26 | €14,704 | €14,704 | = | 0.0% |
| Current assets | 29/58 | €906,358 | €869,937 | -€36,421 | -4.0% |
| Amounts receivable within one year | 40/41 | €61,175 | €18,012 | -€43,162 | -70.6% |
| Trade receivables | 40 | €5,000 | €12 | -€4,988 | -99.8% |
| Other amounts receivable | 41 | €56,175 | €18,000 | -€38,175 | -68.0% |
| Current investments | 50/53 | €350,000 | €400,000 | +€50,000 | +14.3% |
| Cash at bank and in hand | 54/58 | €384,309 | €377,300 | -€7,009 | -1.8% |
| Deferred charges and accrued income | 490/1 | €110,874 | €74,624 | -€36,250 | -32.7% |
| Total equity and liabilities | 10/49 | €1,280,174 | €1,270,975 | -€9,198 | -0.7% |
| Equity | 10/15 | €917,145 | €631,129 | -€286,016 | -31.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €898,545 | €612,529 | -€286,016 | -31.8% |
| Tax-exempt reserves | 132 | €147,561 | €147,561 | = | 0.0% |
| Distributable reserves | 133 | €750,984 | €464,967 | -€286,016 | -38.1% |
| Provisions and deferred taxes | 16 | €157,820 | €157,820 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €157,820 | €157,820 | = | 0.0% |
| Pensions and similar obligations | 160 | €157,820 | €157,820 | = | 0.0% |
| Amounts payable | 17/49 | €205,209 | €482,027 | +€276,818 | +134.9% |
| Amounts payable after more than one year | 17 | €26,950 | €3,850 | -€23,100 | -85.7% |
| Financial debts | 170/4 | €26,950 | €3,850 | -€23,100 | -85.7% |
| Amounts payable within one year | 42/48 | €178,259 | €478,177 | +€299,918 | +168.2% |
| Current portion of amounts payable after more than one year | 42 | €23,100 | €23,100 | = | 0.0% |
| Financial debts | 43 | €44 | €0 | -€44 | -100.0% |
| Credit institutions | 430/8 | €44 | €0 | -€44 | -100.0% |
| Trade debts | 44 | €30,260 | €12,558 | -€17,702 | -58.5% |
| Suppliers | 440/4 | €30,260 | €12,558 | -€17,702 | -58.5% |
| Taxes, remuneration and social security | 45 | €38,261 | €24,652 | -€13,609 | -35.6% |
| Taxes | 450/3 | €38,261 | €24,652 | -€13,609 | -35.6% |
| Remuneration and social security | 454/9 | €0 | €0 | = | |
| Other amounts payable | 47/48 | €86,594 | €417,866 | +€331,272 | +382.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,109 | €32,777 | +€7,668 | +30.5% |
| Other operating charges | 640/8 | €7,193 | €45,210 | +€38,017 | +528.5% |
| Gross operating margin | 9900 | €310,324 | €260,025 | -€50,299 | -16.2% |
| Operating profit (loss) | 9901 | €278,021 | €182,038 | -€95,984 | -34.5% |
| Financial income | 75/76B | €4,316 | €6,242 | +€1,926 | +44.6% |
| Recurring financial income | 75 | €4,316 | €6,242 | +€1,926 | +44.6% |
| Financial charges | 65/66B | €2,350 | €1,470 | -€880 | -37.5% |
| Recurring financial charges | 65 | €2,350 | €1,470 | -€880 | -37.5% |
| Profit (loss) for the period before taxes | 9903 | €279,987 | €186,810 | -€93,177 | -33.3% |
| Transfer to deferred taxes | 680 | €101,040 | - | -€101,040 | |
| Income taxes | 67/77 | €74,131 | €57,408 | -€16,723 | -22.6% |
| Profit (loss) for the period | 9904 | €104,816 | €129,402 | +€24,586 | +23.5% |
| Profit (loss) for the period to be appropriated | 9905 | €104,816 | €129,402 | +€24,586 | +23.5% |
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 4 October 2026 via checked.be.