FUNDAMENTO: 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.
FUNDAMENTO
Largest movements
- Cash -€69,590
down €69,590 (-69.4%), from €100,299 to €30,709
mainly Contributions, distributions and other (-€104,755) and Current investments (-€36,199)
- Current investments +€36,199
up €36,199 (+24.5%), from €147,944 to €184,144
- Receivables within one year +€12,423
up €12,423 (+1051.3%), from €1,182 to €13,605
of which Trade receivables: +€12,423
- Tangible fixed assets -€11,880
down €11,880 (-16.7%), from €71,275 to €59,395
of which Furniture and vehicles: -€12,767
- Receivables after one year -€8,247
down €8,247 (-100.0%), from €8,247 to €0
- Reserves -€50,010
down €50,010 (-19.9%), from €250,913 to €200,903
of which Distributable reserves: -€50,010
- Other debts +€20,997
up €20,997 (+3323.2%), from €632 to €21,629
- Debts after one year -€15,312
down €15,312 (-41.0%), from €37,331 to €22,019
- Financial income +€9,429
up €9,429 (+544.7%), from €1,731 to €11,159
- Financial charges -€6,674
down €6,674, from €3,618 to -€3,056
- Taxes +€4,705
up €4,705 (+22.4%), from €21,001 to €25,706
- Other operating charges -€1,314
down €1,314 (-28.8%), from €4,562 to €3,248
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 | €332,588 | €290,902 | -€41,686 | -12.5% |
| Fixed assets | 21/28 | €72,172 | €59,714 | -€12,458 | -17.3% |
| Intangible fixed assets | 21 | €897 | €319 | -€578 | -64.4% |
| Tangible fixed assets | 22/27 | €71,275 | €59,395 | -€11,880 | -16.7% |
| Land and buildings | 22 | €23,274 | €22,516 | -€758 | -3.3% |
| Plant, machinery and equipment | 23 | €221 | €1,865 | +€1,644 | +745.5% |
| Furniture and vehicles | 24 | €47,781 | €35,014 | -€12,767 | -26.7% |
| Current assets | 29/58 | €260,416 | €231,188 | -€29,228 | -11.2% |
| Amounts receivable after more than one year | 29 | €8,247 | €0 | -€8,247 | -100.0% |
| Other amounts receivable | 291 | €8,247 | €0 | -€8,247 | -100.0% |
| Amounts receivable within one year | 40/41 | €1,182 | €13,605 | +€12,423 | +1051.3% |
| Trade receivables | 40 | €1,182 | €13,605 | +€12,423 | +1051.3% |
| Other amounts receivable | 41 | €0 | - | = | |
| Current investments | 50/53 | €147,944 | €184,144 | +€36,199 | +24.5% |
| Cash at bank and in hand | 54/58 | €100,299 | €30,709 | -€69,590 | -69.4% |
| Deferred charges and accrued income | 490/1 | €2,744 | €2,731 | -€13 | -0.5% |
| Total equity and liabilities | 10/49 | €332,588 | €290,902 | -€41,686 | -12.5% |
| Equity | 10/15 | €257,113 | €207,103 | -€50,010 | -19.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €250,913 | €200,903 | -€50,010 | -19.9% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €249,058 | €199,048 | -€50,010 | -20.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €75,475 | €83,799 | +€8,324 | +11.0% |
| Amounts payable after more than one year | 17 | €37,331 | €22,019 | -€15,312 | -41.0% |
| Financial debts | 170/4 | €37,331 | €22,019 | -€15,312 | -41.0% |
| Amounts payable within one year | 42/48 | €38,144 | €61,548 | +€23,404 | +61.4% |
| Current portion of amounts payable after more than one year | 42 | €14,686 | €15,312 | +€626 | +4.3% |
| Trade debts | 44 | €4,671 | €4,216 | -€455 | -9.7% |
| Suppliers | 440/4 | €4,671 | €4,216 | -€455 | -9.7% |
| Taxes, remuneration and social security | 45 | €18,154 | €20,390 | +€2,236 | +12.3% |
| Taxes | 450/3 | €18,154 | €20,390 | +€2,236 | +12.3% |
| Other amounts payable | 47/48 | €632 | €21,629 | +€20,997 | +3323.2% |
| Accrued charges and deferred income | 492/3 | - | €232 | +€232 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,676 | €14,508 | +€832 | +6.1% |
| Other operating charges | 640/8 | €4,562 | €3,248 | -€1,314 | -28.8% |
| Gross operating margin | 9900 | €83,658 | €83,992 | +€334 | +0.4% |
| Operating profit (loss) | 9901 | €65,420 | €66,236 | +€816 | +1.2% |
| Financial income | 75/76B | €1,731 | €11,159 | +€9,429 | +544.7% |
| Recurring financial income | 75 | €1,731 | €11,159 | +€9,429 | +544.7% |
| Financial charges | 65/66B | €3,618 | -€3,056 | -€6,674 | |
| Recurring financial charges | 65 | €3,618 | -€3,056 | -€6,674 | |
| Profit (loss) for the period before taxes | 9903 | €63,532 | €80,451 | +€16,919 | +26.6% |
| Income taxes | 67/77 | €21,001 | €25,706 | +€4,705 | +22.4% |
| Profit (loss) for the period | 9904 | €42,531 | €54,745 | +€12,214 | +28.7% |
| Profit (loss) for the period to be appropriated | 9905 | €42,531 | €54,745 | +€12,214 | +28.7% |
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 12 October 2026 via checked.be.