G EN D: 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.
G EN D
Largest movements
- Cash +€267,788
up €267,788 (+1,787%), from €14,984 to €282,773
mainly Investment in fixed assets (net) (+€183,218) and Net result for the year (+€78,602)
- Tangible fixed assets -€183,218
no longer reported in 2025 (was €183,218)
- Reserves +€78,602
up €78,602 (+59.2%), from €132,745 to €211,347
of which Distributable reserves: +€78,602
- Other debts +€3,101
up €3,101 (+5.6%), from €55,047 to €58,148
- Gross operating margin +€106,246
up €106,246 (+752%), from €14,119 to €120,366
- Taxes +€34,360
up €34,360 (+1,434%), from €2,396 to €36,756
- Depreciation -€4,701
no longer reported in 2025 (was €4,701)
- Financial charges +€3,087
up €3,087 (+561%), from €550 to €3,637
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 | €210,600 | €291,357 | +€80,757 | +38.3% |
| Fixed assets | 21/28 | €183,218 | - | -€183,218 | |
| Tangible fixed assets | 22/27 | €183,218 | - | -€183,218 | |
| Land and buildings | 22 | €183,218 | - | -€183,218 | |
| Current assets | 29/58 | €27,382 | €291,357 | +€263,975 | +964% |
| Stocks and contracts in progress | 3 | €1,500 | - | -€1,500 | |
| Stocks | 30/36 | €1,500 | - | -€1,500 | |
| Amounts receivable within one year | 40/41 | €10,079 | €7,759 | -€2,319 | -23.0% |
| Trade receivables | 40 | €9,649 | €121 | -€9,528 | -98.7% |
| Other amounts receivable | 41 | €430 | €7,638 | +€7,208 | +1,676% |
| Current investments | 50/53 | €818 | €824 | +€6 | +0.7% |
| Cash at bank and in hand | 54/58 | €14,984 | €282,773 | +€267,788 | +1,787% |
| Total equity and liabilities | 10/49 | €210,600 | €291,357 | +€80,757 | +38.3% |
| Equity | 10/15 | €151,745 | €230,347 | +€78,602 | +51.8% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €132,745 | €211,347 | +€78,602 | +59.2% |
| Non-distributable reserves | 130/1 | €1,900 | €1,900 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,900 | €1,900 | = | 0.0% |
| Distributable reserves | 133 | €130,845 | €209,447 | +€78,602 | +60.1% |
| Amounts payable | 17/49 | €58,855 | €61,010 | +€2,155 | +3.7% |
| Amounts payable within one year | 42/48 | €58,855 | €61,010 | +€2,155 | +3.7% |
| Trade debts | 44 | €3,808 | €1,914 | -€1,894 | -49.7% |
| Suppliers | 440/4 | €3,808 | €1,914 | -€1,894 | -49.7% |
| Taxes, remuneration and social security | 45 | - | €948 | +€948 | |
| Taxes | 450/3 | - | €948 | +€948 | |
| Other amounts payable | 47/48 | €55,047 | €58,148 | +€3,101 | +5.6% |
| Non-recurring operating income | 76A | - | €136,782 | +€136,782 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,701 | - | -€4,701 | |
| Other operating charges | 640/8 | €1,339 | €1,379 | +€40 | +3.0% |
| Gross operating margin | 9900 | €14,119 | €120,366 | +€106,246 | +752% |
| Operating profit (loss) | 9901 | €8,079 | €118,987 | +€110,907 | +1,373% |
| Financial income | 75/76B | €3 | €8 | +€5 | +164% |
| Recurring financial income | 75 | €3 | €8 | +€5 | +164% |
| Financial charges | 65/66B | €550 | €3,637 | +€3,087 | +561% |
| Recurring financial charges | 65 | €550 | €3,637 | +€3,087 | +561% |
| Profit (loss) for the period before taxes | 9903 | €7,532 | €115,358 | +€107,825 | +1,432% |
| Income taxes | 67/77 | €2,396 | €36,756 | +€34,360 | +1,434% |
| Profit (loss) for the period | 9904 | €5,136 | €78,602 | +€73,465 | +1,430% |
| Profit (loss) for the period to be appropriated | 9905 | €5,136 | €78,602 | +€73,465 | +1,430% |
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.