GRADIENTS: what changed
Two fiscal 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.
GRADIENTS
Largest movements
- Financial fixed assets +€342,500
up €342,500 (+76111.1%), from €450 to €342,950
- Cash -€167,407
down €167,407 (-84.7%), from €197,561 to €30,153
mainly Investment in fixed assets (net) (-€342,500) and Debts after one year (-€22,885)
- Tangible fixed assets -€14,430
down €14,430 (-17.1%), from €84,161 to €69,731
- Other debts +€175,450
new in 2025: €175,450
- Debts after one year -€22,885
down €22,885 (-31.5%), from €72,727 to €49,842
- Reserves +€7,034
up €7,034 (+9.8%), from €72,073 to €79,106
of which Distributable reserves: +€7,034
- Gross operating margin -€2,042
down €2,042 (-5.9%), from €34,829 to €32,787
- Financial charges -€1,154
down €1,154 (-18.0%), from €6,391 to €5,238
- Depreciation -€613
down €613 (-4.1%), from €15,043 to €14,430
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 | €285,051 | €445,767 | +€160,717 | +56.4% |
| Fixed assets | 21/28 | €84,611 | €412,681 | +€328,070 | +387.7% |
| Tangible fixed assets | 22/27 | €84,161 | €69,731 | -€14,430 | -17.1% |
| Land and buildings | 22 | €84,161 | €69,731 | -€14,430 | -17.1% |
| Financial fixed assets | 28 | €450 | €342,950 | +€342,500 | +76111.1% |
| Current assets | 29/58 | €200,440 | €33,086 | -€167,353 | -83.5% |
| Amounts receivable within one year | 40/41 | €1,521 | €1,521 | = | 0.0% |
| Other amounts receivable | 41 | €1,521 | €1,521 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €197,561 | €30,153 | -€167,407 | -84.7% |
| Deferred charges and accrued income | 490/1 | €1,358 | €1,412 | +€54 | +4.0% |
| Total equity and liabilities | 10/49 | €285,051 | €445,767 | +€160,717 | +56.4% |
| Equity | 10/15 | €186,970 | €194,004 | +€7,034 | +3.8% |
| Contributions | 10/11 | €7,437 | €7,437 | = | 0.0% |
| Reserves | 13 | €72,073 | €79,106 | +€7,034 | +9.8% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €70,213 | €77,247 | +€7,034 | +10.0% |
| Profit (loss) carried forward | 14 | €107,461 | €107,461 | = | 0.0% |
| Amounts payable | 17/49 | €98,081 | €251,764 | +€153,683 | +156.7% |
| Amounts payable after more than one year | 17 | €72,727 | €49,842 | -€22,885 | -31.5% |
| Financial debts | 170/4 | €72,727 | €49,842 | -€22,885 | -31.5% |
| Amounts payable within one year | 42/48 | €25,353 | €201,921 | +€176,568 | +696.4% |
| Current portion of amounts payable after more than one year | 42 | €21,627 | €22,885 | +€1,258 | +5.8% |
| Trade debts | 44 | - | €67 | +€67 | |
| Suppliers | 440/4 | - | €67 | +€67 | |
| Taxes, remuneration and social security | 45 | €3,726 | €3,520 | -€207 | -5.5% |
| Taxes | 450/3 | €3,726 | €3,520 | -€207 | -5.5% |
| Other amounts payable | 47/48 | - | €175,450 | +€175,450 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,043 | €14,430 | -€613 | -4.1% |
| Other operating charges | 640/8 | €2,391 | €2,566 | +€175 | +7.3% |
| Gross operating margin | 9900 | €34,829 | €32,787 | -€2,042 | -5.9% |
| Operating profit (loss) | 9901 | €17,395 | €15,791 | -€1,604 | -9.2% |
| Financial charges | 65/66B | €6,391 | €5,238 | -€1,154 | -18.0% |
| Recurring financial charges | 65 | €6,391 | €5,238 | -€1,154 | -18.0% |
| Profit (loss) for the period before taxes | 9903 | €11,004 | €10,554 | -€451 | -4.1% |
| Income taxes | 67/77 | €3,726 | €3,520 | -€207 | -5.5% |
| Profit (loss) for the period | 9904 | €7,278 | €7,034 | -€244 | -3.4% |
| Profit (loss) for the period to be appropriated | 9905 | €7,278 | €7,034 | -€244 | -3.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.