G & R: 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 & R
Largest movements
- Current investments +€125,000
new in 2025: €125,000
- Tangible fixed assets -€123,331
down €123,331 (-9.7%), from €1.3m to €1.2m
of which Land and buildings: -€174,606
- Cash +€51,186
up €51,186 (+740%), from €6,914 to €58,101
mainly Trade debts (+€73,857) and Investment in fixed assets (net) (+€67,064)
- Receivables after one year -€36,965
no longer reported in 2025 (was €36,965)
- Profit (loss) carried forward +€79,794
up €79,794 (+221%), from €36,026 to €115,820
- Trade debts +€73,857
up €73,857 (+90.8%), from €81,375 to €155,233
- Reserves -€73,014
down €73,014 (-33.4%), from €218,885 to €145,871
of which Tax-exempt reserves: -€73,014
- Provisions -€32,097
down €32,097 (-10.8%), from €298,517 to €266,420
of which Deferred taxes: -€24,390
- Debts after one year -€30,127
down €30,127 (-5.2%), from €577,666 to €547,539
- Taxes +€23,194
new in 2025: €23,194
- Gross operating margin +€13,435
up €13,435 (+16.0%), from €84,080 to €97,515
- Financial charges -€3,105
down €3,105 (-10.2%), from €30,468 to €27,363
- Financial income -€1,580
down €1,580 (-56.5%), from €2,796 to €1,216
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 | €1,512,807 | €1,544,600 | +€31,792 | +2.1% |
| Fixed assets | 21/28 | €1,434,705 | €1,311,374 | -€123,331 | -8.6% |
| Tangible fixed assets | 22/27 | €1,274,241 | €1,150,910 | -€123,331 | -9.7% |
| Land and buildings | 22 | €174,606 | - | -€174,606 | |
| Furniture and vehicles | 24 | €254 | €93 | -€161 | -63.5% |
| Leasing and similar rights | 25 | €45,790 | €43,799 | -€1,991 | -4.3% |
| Other tangible fixed assets | 26 | €1,053,591 | €1,107,018 | +€53,427 | +5.1% |
| Financial fixed assets | 28 | €160,464 | €160,464 | = | 0.0% |
| Current assets | 29/58 | €78,102 | €233,226 | +€155,124 | +199% |
| Amounts receivable after more than one year | 29 | €36,965 | - | -€36,965 | |
| Other amounts receivable | 291 | €36,965 | - | -€36,965 | |
| Amounts receivable within one year | 40/41 | €33,479 | €48,235 | +€14,756 | +44.1% |
| Trade receivables | 40 | €21,231 | €30,258 | +€9,027 | +42.5% |
| Other amounts receivable | 41 | €12,248 | €17,977 | +€5,729 | +46.8% |
| Current investments | 50/53 | - | €125,000 | +€125,000 | |
| Cash at bank and in hand | 54/58 | €6,914 | €58,101 | +€51,186 | +740% |
| Deferred charges and accrued income | 490/1 | €745 | €1,890 | +€1,146 | +154% |
| Total equity and liabilities | 10/49 | €1,512,807 | €1,544,600 | +€31,792 | +2.1% |
| Equity | 10/15 | €501,471 | €508,128 | +€6,657 | +1.3% |
| Contributions | 10/11 | €243,750 | €243,750 | = | 0.0% |
| Reserves | 13 | €218,885 | €145,871 | -€73,014 | -33.4% |
| Tax-exempt reserves | 132 | €217,010 | €143,996 | -€73,014 | -33.6% |
| Distributable reserves | 133 | €1,875 | €1,875 | = | 0.0% |
| Profit (loss) carried forward | 14 | €36,026 | €115,820 | +€79,794 | +221% |
| Investment grants | 15 | €2,811 | €2,687 | -€124 | -4.4% |
| Provisions and deferred taxes | 16 | €298,517 | €266,420 | -€32,097 | -10.8% |
| Provisions for liabilities and charges | 160/5 | €225,000 | €217,293 | -€7,707 | -3.4% |
| Other liabilities and charges | 164/5 | €225,000 | €217,293 | -€7,707 | -3.4% |
| Deferred taxes | 168 | €73,517 | €49,127 | -€24,390 | -33.2% |
| Amounts payable | 17/49 | €712,819 | €770,052 | +€57,233 | +8.0% |
| Amounts payable after more than one year | 17 | €577,666 | €547,539 | -€30,127 | -5.2% |
| Financial debts | 170/4 | €577,666 | €547,539 | -€30,127 | -5.2% |
| Amounts payable within one year | 42/48 | €115,640 | €218,810 | +€103,171 | +89.2% |
| Current portion of amounts payable after more than one year | 42 | €32,994 | €62,347 | +€29,353 | +89.0% |
| Trade debts | 44 | €81,375 | €155,233 | +€73,857 | +90.8% |
| Suppliers | 440/4 | €81,375 | €155,233 | +€73,857 | +90.8% |
| Other amounts payable | 47/48 | €1,270 | €1,231 | -€40 | -3.1% |
| Accrued charges and deferred income | 492/3 | €19,514 | €3,703 | -€15,811 | -81.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,384 | €56,267 | -€117 | -0.2% |
| Other operating charges | 640/8 | €7,459 | €7,790 | +€331 | +4.4% |
| Non-recurring operating charges | 66A | €1,646 | €1,727 | +€81 | +4.9% |
| Gross operating margin | 9900 | €84,080 | €97,515 | +€13,435 | +16.0% |
| Operating profit (loss) | 9901 | €18,591 | €31,732 | +€13,141 | +70.7% |
| Financial income | 75/76B | €2,796 | €1,216 | -€1,580 | -56.5% |
| Recurring financial income | 75 | €2,796 | €1,216 | -€1,580 | -56.5% |
| Financial charges | 65/66B | €30,468 | €27,363 | -€3,105 | -10.2% |
| Recurring financial charges | 65 | €30,468 | €27,363 | -€3,105 | -10.2% |
| Profit (loss) for the period before taxes | 9903 | -€9,081 | €5,585 | +€14,666 | |
| Transfer from deferred taxes | 780 | €4,842 | €24,390 | +€19,548 | +404% |
| Income taxes | 67/77 | - | €23,194 | +€23,194 | |
| Profit (loss) for the period | 9904 | -€4,239 | €6,780 | +€11,019 | |
| Transfer from tax-exempt reserves | 789 | €14,371 | €73,014 | +€58,643 | +408% |
| Profit (loss) for the period to be appropriated | 9905 | €10,132 | €79,794 | +€69,662 | +688% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.