GREEN: 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.
GREEN
Largest movements
- Tangible fixed assets +€328,431
up €328,431 (+93.3%), from €352,134 to €680,565
of which Land and buildings: +€346,451
- Receivables within one year -€18,460
down €18,460 (-23.5%), from €78,422 to €59,962
of which Other amounts receivable: -€38,075
- Debts after one year +€303,591
up €303,591 (+1,422%), from €21,352 to €324,943
- Other debts +€18,727
up €18,727 (+12.0%), from €156,597 to €175,324
- Profit (loss) carried forward -€16,053
down €16,053 (-128%), from -€12,524 to -€28,577
- Current portion of long-term debt +€10,547
up €10,547 (+273%), from €3,862 to €14,409
- Trade debts +€7,491
up €7,491 (+132%), from €5,654 to €13,145
- Depreciation +€21,863
up €21,863 (+66.9%), from €32,656 to €54,519
- Gross operating margin +€14,379
up €14,379 (+39.5%), from €36,397 to €50,776
- Financial charges -€6,694
down €6,694 (-86.6%), from €7,733 to €1,040
- Financial income -€2,699
down €2,699 (-68.6%), from €3,935 to €1,236
- Taxes -€1,440
down €1,440 (-24.0%), from €5,996 to €4,556
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 | €441,652 | €745,847 | +€304,195 | +68.9% |
| Fixed assets | 21/28 | €352,134 | €680,565 | +€328,431 | +93.3% |
| Tangible fixed assets | 22/27 | €352,134 | €680,565 | +€328,431 | +93.3% |
| Land and buildings | 22 | €260,861 | €607,312 | +€346,451 | +133% |
| Plant, machinery and equipment | 23 | €890 | €7,191 | +€6,301 | +708% |
| Furniture and vehicles | 24 | €90,383 | €66,062 | -€24,321 | -26.9% |
| Current assets | 29/58 | €89,518 | €65,282 | -€24,235 | -27.1% |
| Amounts receivable within one year | 40/41 | €78,422 | €59,962 | -€18,460 | -23.5% |
| Trade receivables | 40 | €33,900 | €53,515 | +€19,615 | +57.9% |
| Other amounts receivable | 41 | €44,522 | €6,447 | -€38,075 | -85.5% |
| Cash at bank and in hand | 54/58 | €5,436 | €1,572 | -€3,864 | -71.1% |
| Deferred charges and accrued income | 490/1 | €5,659 | €3,748 | -€1,911 | -33.8% |
| Total equity and liabilities | 10/49 | €441,652 | €745,847 | +€304,195 | +68.9% |
| Equity | 10/15 | €201,016 | €178,462 | -€22,554 | -11.2% |
| Contributions | 10/11 | €105,000 | €105,000 | = | 0.0% |
| Reserves | 13 | €108,540 | €102,039 | -€6,501 | -6.0% |
| Tax-exempt reserves | 132 | €108,540 | €102,039 | -€6,501 | -6.0% |
| Profit (loss) carried forward | 14 | -€12,524 | -€28,577 | -€16,053 | -128% |
| Provisions and deferred taxes | 16 | €36,180 | €34,013 | -€2,167 | -6.0% |
| Deferred taxes | 168 | €36,180 | €34,013 | -€2,167 | -6.0% |
| Amounts payable | 17/49 | €204,457 | €533,373 | +€328,916 | +161% |
| Amounts payable after more than one year | 17 | €21,352 | €324,943 | +€303,591 | +1,422% |
| Financial debts | 170/4 | €21,352 | €324,943 | +€303,591 | +1,422% |
| Amounts payable within one year | 42/48 | €175,913 | €208,430 | +€32,516 | +18.5% |
| Current portion of amounts payable after more than one year | 42 | €3,862 | €14,409 | +€10,547 | +273% |
| Trade debts | 44 | €5,654 | €13,145 | +€7,491 | +132% |
| Suppliers | 440/4 | €5,654 | €13,145 | +€7,491 | +132% |
| Taxes, remuneration and social security | 45 | €9,801 | €5,552 | -€4,249 | -43.4% |
| Taxes | 450/3 | €9,801 | €5,552 | -€4,249 | -43.4% |
| Other amounts payable | 47/48 | €156,597 | €175,324 | +€18,727 | +12.0% |
| Accrued charges and deferred income | 492/3 | €7,191 | - | -€7,191 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,656 | €54,519 | +€21,863 | +66.9% |
| Other operating charges | 640/8 | €3,629 | €3,880 | +€251 | +6.9% |
| Non-recurring operating charges | 66A | €290 | €12,739 | +€12,449 | +4,293% |
| Gross operating margin | 9900 | €36,397 | €50,776 | +€14,379 | +39.5% |
| Operating profit (loss) | 9901 | -€178 | -€20,361 | -€20,183 | -11,337% |
| Financial income | 75/76B | €3,935 | €1,236 | -€2,699 | -68.6% |
| Recurring financial income | 75 | €3,935 | €1,236 | -€2,699 | -68.6% |
| Financial charges | 65/66B | €7,733 | €1,040 | -€6,694 | -86.6% |
| Recurring financial charges | 65 | €7,733 | €1,040 | -€6,694 | -86.6% |
| Profit (loss) for the period before taxes | 9903 | -€3,977 | -€20,165 | -€16,189 | -407% |
| Transfer from deferred taxes | 780 | €1,904 | €2,167 | +€263 | +13.8% |
| Income taxes | 67/77 | €5,996 | €4,556 | -€1,440 | -24.0% |
| Profit (loss) for the period | 9904 | -€8,068 | -€22,554 | -€14,486 | -180% |
| Transfer from tax-exempt reserves | 789 | €5,713 | €6,501 | +€788 | +13.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,355 | -€16,053 | -€13,698 | -582% |
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 25 October 2026 via checked.be.