Fund+: 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.
Fund+
Largest movements
- Financial fixed assets +€19.3m
up €19.3m (+21.4%), from €90.2m to €109.5m
- Current investments -€14.2m
down €14.2m (-58.0%), from €24.4m to €10.3m
- Cash -€4.1m
down €4.1m (-49.7%), from €8.3m to €4.2m
mainly Investment in fixed assets (net) (-€19.3m) and Net result for the year (-€1.8m)
- Contributions +€4.5m
up €4.5m (+4.4%), from €102.4m to €106.9m
of which Capital: +€4.5m
- Profit (loss) carried forward -€1.8m
down €1.8m (-13.3%), from €13.3m to €11.5m
- Other debts -€1.4m
no longer reported in 2025 (was €1.4m)
- Financial income -€20.5m
down €20.5m (-96.2%), from €21.3m to €814,173
of which Non-recurring financial income: -€20.5m
- Financial charges -€15.9m
down €15.9m (-94.0%), from €16.9m to €1.0m
of which Non-recurring financial charges: -€16.1m
- Purchases and services -€614,727
down €614,727 (-31.9%), from €1.9m to €1.3m
- Gross operating margin +€613,601
up €613,601 (+31.8%), from -€1.9m to -€1.3m
- Staff costs +€65,841
up €65,841 (+33.9%), from €194,231 to €260,072
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 | €123,011,267 | €124,104,807 | +€1.1m | +0.9% |
| Fixed assets | 21/28 | €90,222,483 | €109,534,172 | +€19.3m | +21.4% |
| Tangible fixed assets | 22/27 | €8,272 | €6,475 | -€1,797 | -21.7% |
| Furniture and vehicles | 24 | €8,272 | €6,475 | -€1,797 | -21.7% |
| Financial fixed assets | 28 | €90,214,211 | €109,527,697 | +€19.3m | +21.4% |
| Current assets | 29/58 | €32,788,784 | €14,570,635 | -€18.2m | -55.6% |
| Amounts receivable within one year | 40/41 | €7,428 | €136,318 | +€128,890 | +1735.2% |
| Trade receivables | 40 | €1,503 | - | -€1,503 | |
| Other amounts receivable | 41 | €5,925 | €136,318 | +€130,393 | +2200.7% |
| Current investments | 50/53 | €24,448,392 | €10,276,160 | -€14.2m | -58.0% |
| Cash at bank and in hand | 54/58 | €8,258,827 | €4,158,157 | -€4.1m | -49.7% |
| Deferred charges and accrued income | 490/1 | €74,137 | - | -€74,137 | |
| Total equity and liabilities | 10/49 | €123,011,267 | €124,104,807 | +€1.1m | +0.9% |
| Equity | 10/15 | €121,274,995 | €124,005,976 | +€2.7m | +2.3% |
| Contributions | 10/11 | €102,439,618 | €106,938,618 | +€4.5m | +4.4% |
| Capital | 10 | €101,238,718 | €105,737,718 | +€4.5m | +4.4% |
| Issued capital | 100 | €101,238,718 | €105,737,718 | +€4.5m | +4.4% |
| Contributions outside capital | 11 | €1,200,900 | €1,200,900 | = | 0.0% |
| Share premium | 1100/10 | €1,200,900 | €1,200,900 | = | 0.0% |
| Revaluation surpluses | 12 | - | €0 | = | |
| Reserves | 13 | €5,574,839 | €5,574,839 | -€0 | 0.0% |
| Non-distributable reserves | 130/1 | €5,574,839 | €5,574,839 | -€0 | 0.0% |
| Legal reserve | 130 | €5,574,839 | €5,574,839 | -€0 | 0.0% |
| Profit (loss) carried forward | 14 | €13,260,538 | €11,492,519 | -€1.8m | -13.3% |
| Investment grants | 15 | - | €0 | = | |
| Advance to shareholders on the distribution of net assets | 19 | - | €0 | = | |
| Amounts payable | 17/49 | €1,736,272 | €98,832 | -€1.6m | -94.3% |
| Amounts payable after more than one year | 17 | - | €0 | = | |
| Amounts payable within one year | 42/48 | €1,708,927 | €43,818 | -€1.7m | -97.4% |
| Current portion of amounts payable after more than one year | 42 | - | €0 | = | |
| Financial debts | 43 | - | €0 | = | |
| Trade debts | 44 | €295,265 | €20,257 | -€275,008 | -93.1% |
| Suppliers | 440/4 | €295,265 | €20,257 | -€275,008 | -93.1% |
| Taxes, remuneration and social security | 45 | €19,951 | €23,561 | +€3,610 | +18.1% |
| Remuneration and social security | 454/9 | €19,951 | €23,561 | +€3,610 | +18.1% |
| Other amounts payable | 47/48 | €1,393,711 | - | -€1.4m | |
| Accrued charges and deferred income | 492/3 | €27,345 | €55,014 | +€27,669 | +101.2% |
| Turnover | 70 | €1,695 | - | -€1,695 | |
| Goods, raw materials, services and sundry goods | 60/61 | €1,928,865 | €1,314,138 | -€614,727 | -31.9% |
| Remuneration, social security and pensions | 62 | €194,231 | €260,072 | +€65,841 | +33.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,963 | €3,054 | -€909 | -22.9% |
| Other operating charges | 640/8 | €394 | €7 | -€387 | -98.2% |
| Non-recurring operating charges | 66A | €3,225 | €1,820 | -€1,405 | -43.6% |
| Gross operating margin | 9900 | -€1,927,170 | -€1,313,569 | +€613,601 | +31.8% |
| Operating profit (loss) | 9901 | -€2,128,983 | -€1,578,522 | +€550,461 | +25.9% |
| Financial income | 75/76B | €21,318,960 | €814,173 | -€20.5m | -96.2% |
| Recurring financial income | 75 | €853,227 | €814,173 | -€39,054 | -4.6% |
| Non-recurring financial income | 76B | €20,465,733 | - | -€20.5m | |
| Financial charges | 65/66B | €16,900,897 | €1,009,436 | -€15.9m | -94.0% |
| Recurring financial charges | 65 | €834,974 | €1,009,436 | +€174,462 | +20.9% |
| Non-recurring financial charges | 66B | €16,065,923 | - | -€16.1m | |
| Profit (loss) for the period before taxes | 9903 | €2,289,080 | -€1,773,786 | -€4.1m | |
| Income taxes | 67/77 | -€159 | -€5,766 | -€5,607 | -3526.6% |
| Profit (loss) for the period | 9904 | €2,289,239 | -€1,768,019 | -€4.1m | |
| Profit (loss) for the period to be appropriated | 9905 | €2,289,239 | -€1,768,019 | -€4.1m |
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 9 October 2026 via checked.be.