GENERAL IMPACT: 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.
GENERAL IMPACT
Largest movements
- Cash -€223,888
down €223,888 (-30.3%), from €739,268 to €515,380
mainly Trade debts (-€295,141) and Current investments (-€54,929)
- Current investments +€54,929
up €54,929 (+17.4%), from €316,573 to €371,502
- Tangible fixed assets -€37,209
down €37,209 (-4.4%), from €839,327 to €802,118
of which Furniture and vehicles: -€22,588
- Receivables within one year +€31,371
up €31,371 (+8.1%), from €388,766 to €420,137
of which Trade receivables: +€24,706
- Trade debts -€295,141
down €295,141 (-98.8%), from €298,691 to €3,550
- Reserves +€143,614
up €143,614 (+9.7%), from €1.5m to €1.6m
of which Distributable reserves: +€146,786
- Other operating charges +€75,780
up €75,780 (+847%), from €8,942 to €84,722
- Gross operating margin +€46,192
up €46,192 (+16.8%), from €275,659 to €321,851
- Taxes -€19,126
down €19,126 (-22.4%), from €85,536 to €66,410
- Financial charges +€11,391
up €11,391 (+365%), from €3,119 to €14,510
of which Financial charges: +€11,770
- Provisions +€7,078
new in 2025: €7,078
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 | €2,283,934 | €2,109,136 | -€174,798 | -7.7% |
| Fixed assets | 21/28 | €839,327 | €802,118 | -€37,209 | -4.4% |
| Tangible fixed assets | 22/27 | €839,327 | €802,118 | -€37,209 | -4.4% |
| Land and buildings | 22 | €814,734 | €799,633 | -€15,101 | -1.9% |
| Plant, machinery and equipment | 23 | - | €480 | +€480 | |
| Furniture and vehicles | 24 | €24,593 | €2,005 | -€22,588 | -91.8% |
| Current assets | 29/58 | €1,444,607 | €1,307,018 | -€137,589 | -9.5% |
| Amounts receivable within one year | 40/41 | €388,766 | €420,137 | +€31,371 | +8.1% |
| Trade receivables | 40 | €62,921 | €87,627 | +€24,706 | +39.3% |
| Other amounts receivable | 41 | €325,845 | €332,510 | +€6,665 | +2.0% |
| Current investments | 50/53 | €316,573 | €371,502 | +€54,929 | +17.4% |
| Cash at bank and in hand | 54/58 | €739,268 | €515,380 | -€223,888 | -30.3% |
| Total equity and liabilities | 10/49 | €2,283,934 | €2,109,136 | -€174,798 | -7.7% |
| Equity | 10/15 | €1,753,569 | €1,897,184 | +€143,615 | +8.2% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €1,475,729 | €1,619,343 | +€143,614 | +9.7% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Legal reserve | 130 | €6,197 | €6,197 | = | 0.0% |
| Tax-exempt reserves | 132 | €435,990 | €432,818 | -€3,172 | -0.7% |
| Distributable reserves | 133 | €1,033,542 | €1,180,328 | +€146,786 | +14.2% |
| Profit (loss) carried forward | 14 | €215,867 | €215,868 | +€1 | 0.0% |
| Provisions and deferred taxes | 16 | €165,331 | €170,775 | +€5,444 | +3.3% |
| Provisions for liabilities and charges | 160/5 | €2,574 | €9,689 | +€7,115 | +276% |
| Other liabilities and charges | 164/5 | €2,574 | €9,689 | +€7,115 | +276% |
| Deferred taxes | 168 | €162,757 | €161,086 | -€1,671 | -1.0% |
| Amounts payable | 17/49 | €365,034 | €41,178 | -€323,856 | -88.7% |
| Amounts payable within one year | 42/48 | €365,034 | €41,178 | -€323,856 | -88.7% |
| Trade debts | 44 | €298,691 | €3,550 | -€295,141 | -98.8% |
| Suppliers | 440/4 | €298,691 | €3,550 | -€295,141 | -98.8% |
| Taxes, remuneration and social security | 45 | €42,695 | €27,856 | -€14,839 | -34.8% |
| Taxes | 450/3 | €42,695 | €27,856 | -€14,839 | -34.8% |
| Other amounts payable | 47/48 | €23,648 | €9,772 | -€13,876 | -58.7% |
| Non-recurring operating income | 76A | €727 | - | -€727 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,123 | €39,691 | -€432 | -1.1% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €7,078 | +€7,078 | |
| Other operating charges | 640/8 | €8,942 | €84,722 | +€75,780 | +847% |
| Gross operating margin | 9900 | €275,659 | €321,851 | +€46,192 | +16.8% |
| Operating profit (loss) | 9901 | €226,594 | €190,361 | -€36,233 | -16.0% |
| Financial income | 75/76B | €31,351 | €32,505 | +€1,154 | +3.7% |
| Recurring financial income | 75 | €31,351 | €32,505 | +€1,154 | +3.7% |
| Financial charges | 65/66B | €3,119 | €14,510 | +€11,391 | +365% |
| Recurring financial charges | 65 | €2,740 | €14,510 | +€11,770 | +430% |
| Non-recurring financial charges | 66B | €379 | - | -€379 | |
| Profit (loss) for the period before taxes | 9903 | €254,826 | €208,355 | -€46,471 | -18.2% |
| Transfer from deferred taxes | 780 | €1,670 | €1,670 | = | 0.0% |
| Income taxes | 67/77 | €85,536 | €66,410 | -€19,126 | -22.4% |
| Profit (loss) for the period | 9904 | €170,960 | €143,615 | -€27,345 | -16.0% |
| Transfer from tax-exempt reserves | 789 | €3,171 | €3,172 | +€1 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €174,131 | €146,787 | -€27,344 | -15.7% |
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 24 October 2026 via checked.be.