GESTION & PARTICIPATIONS: 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.
GESTION & PARTICIPATIONS
Largest movements
No asset line moved by more than 1% of the balance sheet total.
No liability line moved by more than 1% of the balance sheet total.
- Financial income +€20,763
up €20,763 (+48.2%), from €43,045 to €63,808
- Staff costs +€6,239
up €6,239 (+3.5%), from €179,717 to €185,956
- Financial charges +€5,321
up €5,321 (+38.5%), from €13,837 to €19,159
- Taxes -€3,541
down €3,541 (-66.3%), from €5,342 to €1,801
- Other operating charges +€2,303
up €2,303 (+1,983%), from €116 to €2,419
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 | €1,457,628 | €1,459,555 | +€1,927 | +0.1% |
| Fixed assets | 21/28 | €1,278,510 | €1,279,107 | +€598 | 0.0% |
| Tangible fixed assets | 22/27 | €3,424 | €1,521 | -€1,902 | -55.6% |
| Furniture and vehicles | 24 | €3,424 | €1,521 | -€1,902 | -55.6% |
| Financial fixed assets | 28 | €1,275,086 | €1,277,586 | +€2,500 | +0.2% |
| Current assets | 29/58 | €179,118 | €180,447 | +€1,329 | +0.7% |
| Amounts receivable within one year | 40/41 | €159,751 | €155,432 | -€4,318 | -2.7% |
| Trade receivables | 40 | €68,022 | €50,704 | -€17,318 | -25.5% |
| Other amounts receivable | 41 | €91,729 | €104,729 | +€13,000 | +14.2% |
| Cash at bank and in hand | 54/58 | €14,805 | €14,847 | +€42 | +0.3% |
| Deferred charges and accrued income | 490/1 | €4,563 | €10,168 | +€5,605 | +123% |
| Total equity and liabilities | 10/49 | €1,457,628 | €1,459,555 | +€1,927 | +0.1% |
| Equity | 10/15 | €978,742 | €988,071 | +€9,330 | +1.0% |
| Contributions | 10/11 | €124,000 | €124,000 | = | 0.0% |
| Capital | 10 | €124,000 | €124,000 | = | 0.0% |
| Issued capital | 100 | €124,000 | €124,000 | = | 0.0% |
| Reserves | 13 | €12,400 | €12,400 | = | 0.0% |
| Non-distributable reserves | 130/1 | €12,400 | €12,400 | = | 0.0% |
| Legal reserve | 130 | €12,400 | €12,400 | = | 0.0% |
| Profit (loss) carried forward | 14 | €842,342 | €851,671 | +€9,330 | +1.1% |
| Amounts payable | 17/49 | €478,886 | €471,483 | -€7,403 | -1.5% |
| Amounts payable within one year | 42/48 | €478,886 | €469,424 | -€9,463 | -2.0% |
| Trade debts | 44 | €30,733 | €18,964 | -€11,769 | -38.3% |
| Suppliers | 440/4 | €30,733 | €18,964 | -€11,769 | -38.3% |
| Taxes, remuneration and social security | 45 | €80,203 | €82,509 | +€2,306 | +2.9% |
| Taxes | 450/3 | €39,221 | €39,227 | +€6 | 0.0% |
| Remuneration and social security | 454/9 | €40,983 | €43,283 | +€2,300 | +5.6% |
| Other amounts payable | 47/48 | €367,950 | €367,950 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | - | €2,060 | +€2,060 | |
| Remuneration, social security and pensions | 62 | €179,717 | €185,956 | +€6,239 | +3.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,808 | €1,902 | +€95 | +5.2% |
| Other operating charges | 640/8 | €116 | €2,419 | +€2,303 | +1,983% |
| Gross operating margin | 9900 | €208,535 | €206,759 | -€1,775 | -0.9% |
| Operating profit (loss) | 9901 | €26,894 | €16,482 | -€10,412 | -38.7% |
| Financial income | 75/76B | €43,045 | €63,808 | +€20,763 | +48.2% |
| Recurring financial income | 75 | €43,045 | €63,808 | +€20,763 | +48.2% |
| Financial charges | 65/66B | €13,837 | €19,159 | +€5,321 | +38.5% |
| Recurring financial charges | 65 | €13,837 | €19,159 | +€5,321 | +38.5% |
| Profit (loss) for the period before taxes | 9903 | €56,102 | €61,131 | +€5,029 | +9.0% |
| Income taxes | 67/77 | €5,342 | €1,801 | -€3,541 | -66.3% |
| Profit (loss) for the period | 9904 | €50,760 | €59,330 | +€8,570 | +16.9% |
| Profit (loss) for the period to be appropriated | 9905 | €50,760 | €59,330 | +€8,570 | +16.9% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.