FUNDAMENTAL SUPPORT: 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.
FUNDAMENTAL SUPPORT
Largest movements
- Cash -€17,626
down €17,626 (-33.2%), from €53,107 to €35,481
mainly Contributions, distributions and other (-€70,000) and Investment in fixed assets (net) (-€1,767)
- Current investments -€14,460
down €14,460 (-26.1%), from €55,500 to €41,040
- Tangible fixed assets -€14,021
down €14,021 (-19.6%), from €71,636 to €57,615
of which Land and buildings: -€13,142
- Reserves -€65,821
down €65,821 (-47.7%), from €138,062 to €72,241
- Other debts +€16,834
up €16,834 (+79.1%), from €21,293 to €38,127
- Tax, wage and social debts +€2,809
up €2,809 (+80.2%), from €3,501 to €6,311
- Financial income -€23,734
down €23,734 (-96.6%), from €24,579 to €845
- Gross operating margin +€7,678
up €7,678 (+43.6%), from €17,606 to €25,284
- Financial charges +€1,217
up €1,217 (+83.0%), from €1,466 to €2,683
- Taxes +€614
up €614 (+28.3%), from €2,169 to €2,783
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 | €183,376 | €136,702 | -€46,673 | -25.5% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €71,636 | €57,615 | -€14,021 | -19.6% |
| Tangible fixed assets | 22/27 | €71,636 | €57,615 | -€14,021 | -19.6% |
| Land and buildings | 22 | €65,610 | €52,468 | -€13,142 | -20.0% |
| Plant, machinery and equipment | 23 | €5,211 | €3,407 | -€1,805 | -34.6% |
| Furniture and vehicles | 24 | €814 | €1,740 | +€926 | +114% |
| Current assets | 29/58 | €111,739 | €79,087 | -€32,652 | -29.2% |
| Amounts receivable within one year | 40/41 | €3,076 | €2,510 | -€566 | -18.4% |
| Trade receivables | 40 | €2,500 | €1,463 | -€1,037 | -41.5% |
| Other amounts receivable | 41 | €576 | €1,047 | +€471 | +81.8% |
| Current investments | 50/53 | €55,500 | €41,040 | -€14,460 | -26.1% |
| Cash at bank and in hand | 54/58 | €53,107 | €35,481 | -€17,626 | -33.2% |
| Deferred charges and accrued income | 490/1 | €56 | €56 | = | 0.0% |
| Total equity and liabilities | 10/49 | €183,376 | €136,702 | -€46,673 | -25.5% |
| Equity | 10/15 | €156,662 | €90,841 | -€65,821 | -42.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €138,062 | €72,241 | -€65,821 | -47.7% |
| Distributable reserves | 133 | €138,062 | €72,241 | -€65,821 | -47.7% |
| Amounts payable | 17/49 | €26,713 | €45,861 | +€19,148 | +71.7% |
| Amounts payable within one year | 42/48 | €26,713 | €45,861 | +€19,148 | +71.7% |
| Trade debts | 44 | €1,919 | €1,423 | -€496 | -25.8% |
| Suppliers | 440/4 | €1,919 | €1,423 | -€496 | -25.8% |
| Taxes, remuneration and social security | 45 | €3,501 | €6,311 | +€2,809 | +80.2% |
| Taxes | 450/3 | €3,501 | €6,311 | +€2,809 | +80.2% |
| Other amounts payable | 47/48 | €21,293 | €38,127 | +€16,834 | +79.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,557 | €15,788 | +€231 | +1.5% |
| Other operating charges | 640/8 | €677 | €697 | +€20 | +3.0% |
| Gross operating margin | 9900 | €17,606 | €25,284 | +€7,678 | +43.6% |
| Operating profit (loss) | 9901 | €1,373 | €8,799 | +€7,426 | +541% |
| Financial income | 75/76B | €24,579 | €845 | -€23,734 | -96.6% |
| Recurring financial income | 75 | €24,579 | €845 | -€23,734 | -96.6% |
| Financial charges | 65/66B | €1,466 | €2,683 | +€1,217 | +83.0% |
| Recurring financial charges | 65 | €1,466 | €2,683 | +€1,217 | +83.0% |
| Profit (loss) for the period before taxes | 9903 | €24,485 | €6,961 | -€17,524 | -71.6% |
| Income taxes | 67/77 | €2,169 | €2,783 | +€614 | +28.3% |
| Profit (loss) for the period | 9904 | €22,317 | €4,179 | -€18,138 | -81.3% |
| Profit (loss) for the period to be appropriated | 9905 | €22,317 | €4,179 | -€18,138 | -81.3% |
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 23 October 2026 via checked.be.