FUNCTION: 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.
FUNCTION
Largest movements
- Tangible fixed assets +€126,566
up €126,566 (+15.4%), from €822,267 to €948,833
of which Land and buildings: +€138,826
- Deferred charges and accrued income -€24,273
down €24,273 (-97.1%), from €25,008 to €735
- Cash +€23,369
up €23,369 (+155%), from €15,098 to €38,468
mainly Short-term financial debts (+€154,628) and Depreciation (+€42,845)
- Short-term financial debts +€154,628
up €154,628 (+1,515%), from €10,208 to €164,837
- Debts after one year -€88,729
down €88,729 (-19.9%), from €446,309 to €357,580
- Trade debts +€27,299
up €27,299 (+644%), from €4,240 to €31,540
- Reserves +€20,514
up €20,514 (+13.4%), from €153,241 to €173,755
- Gross operating margin -€30,965
down €30,965 (-21.4%), from €144,839 to €113,874
- Taxes -€13,565
down €13,565 (-58.6%), from €23,148 to €9,583
- Other operating charges +€11,111
up €11,111 (+114%), from €9,737 to €20,847
- Depreciation +€3,559
up €3,559 (+9.1%), from €39,286 to €42,845
- Financial charges -€3,006
down €3,006 (-13.0%), from €23,090 to €20,084
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 | €947,551 | €1,063,827 | +€116,276 | +12.3% |
| Fixed assets | 21/28 | €822,267 | €948,833 | +€126,566 | +15.4% |
| Tangible fixed assets | 22/27 | €822,267 | €948,833 | +€126,566 | +15.4% |
| Land and buildings | 22 | €787,347 | €926,173 | +€138,826 | +17.6% |
| Furniture and vehicles | 24 | €5,999 | €1,562 | -€4,438 | -74.0% |
| Other tangible fixed assets | 26 | €28,920 | €21,099 | -€7,822 | -27.0% |
| Current assets | 29/58 | €125,284 | €114,994 | -€10,291 | -8.2% |
| Amounts receivable within one year | 40/41 | €85,178 | €75,791 | -€9,387 | -11.0% |
| Trade receivables | 40 | €85,003 | €67,813 | -€17,190 | -20.2% |
| Other amounts receivable | 41 | €175 | €7,978 | +€7,802 | +4,453% |
| Cash at bank and in hand | 54/58 | €15,098 | €38,468 | +€23,369 | +155% |
| Deferred charges and accrued income | 490/1 | €25,008 | €735 | -€24,273 | -97.1% |
| Total equity and liabilities | 10/49 | €947,551 | €1,063,827 | +€116,276 | +12.3% |
| Equity | 10/15 | €165,731 | €186,245 | +€20,514 | +12.4% |
| Contributions | 10/11 | €12,490 | €12,490 | = | 0.0% |
| Reserves | 13 | €153,241 | €173,755 | +€20,514 | +13.4% |
| Distributable reserves | 133 | €153,241 | €173,755 | +€20,514 | +13.4% |
| Amounts payable | 17/49 | €781,820 | €877,581 | +€95,762 | +12.2% |
| Amounts payable after more than one year | 17 | €446,309 | €357,580 | -€88,729 | -19.9% |
| Financial debts | 170/4 | €446,309 | €357,580 | -€88,729 | -19.9% |
| Amounts payable within one year | 42/48 | €328,786 | €514,133 | +€185,348 | +56.4% |
| Current portion of amounts payable after more than one year | 42 | €87,211 | €88,729 | +€1,518 | +1.7% |
| Financial debts | 43 | €10,208 | €164,837 | +€154,628 | +1,515% |
| Credit institutions | 430/8 | €10,208 | €164,837 | +€154,628 | +1,515% |
| Trade debts | 44 | €4,240 | €31,540 | +€27,299 | +644% |
| Suppliers | 440/4 | €4,240 | €31,540 | +€27,299 | +644% |
| Taxes, remuneration and social security | 45 | €16,106 | €12,179 | -€3,927 | -24.4% |
| Taxes | 450/3 | €16,106 | €12,179 | -€3,927 | -24.4% |
| Other amounts payable | 47/48 | €211,019 | €216,849 | +€5,830 | +2.8% |
| Accrued charges and deferred income | 492/3 | €6,725 | €5,868 | -€857 | -12.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,286 | €42,845 | +€3,559 | +9.1% |
| Other operating charges | 640/8 | €9,737 | €20,847 | +€11,111 | +114% |
| Gross operating margin | 9900 | €144,839 | €113,874 | -€30,965 | -21.4% |
| Operating profit (loss) | 9901 | €95,816 | €50,181 | -€45,635 | -47.6% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €23,090 | €20,084 | -€3,006 | -13.0% |
| Recurring financial charges | 65 | €23,090 | €20,084 | -€3,006 | -13.0% |
| Profit (loss) for the period before taxes | 9903 | €72,726 | €30,097 | -€42,629 | -58.6% |
| Income taxes | 67/77 | €23,148 | €9,583 | -€13,565 | -58.6% |
| Profit (loss) for the period | 9904 | €49,578 | €20,514 | -€29,064 | -58.6% |
| Profit (loss) for the period to be appropriated | 9905 | €49,578 | €20,514 | -€29,064 | -58.6% |
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 14 October 2026 via checked.be.