GREEN 2: 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 2
Largest movements
- Current investments +€300,000
new in 2025: €300,000
- Cash -€99,793
down €99,793 (-66.0%), from €151,145 to €51,352
mainly Current investments (-€300,000) and Receivables within one year (-€7,222)
- Tangible fixed assets -€29,940
down €29,940 (-3.5%), from €855,528 to €825,588
of which Land and buildings: -€23,150
- Trade debts +€119,312
up €119,312 (+76.4%), from €156,098 to €275,411
- Reserves +€40,065
up €40,065 (+4.4%), from €916,827 to €956,892
of which Distributable reserves: +€195,835
- Taxes +€31,943
up €31,943 (+467.4%), from €6,834 to €38,777
- Financial income -€29,243
down €29,243 (-99.4%), from €29,409 to €166
of which Non-recurring financial income: -€29,293
- Other operating charges +€4,309
up €4,309 (+250.7%), from €1,718 to €6,027
- Gross operating margin -€2,556
down €2,556 (-1.7%), from €149,867 to €147,310
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 | €1,832,427 | €2,008,979 | +€176,552 | +9.6% |
| Fixed assets | 21/28 | €855,528 | €825,588 | -€29,940 | -3.5% |
| Tangible fixed assets | 22/27 | €855,528 | €825,588 | -€29,940 | -3.5% |
| Land and buildings | 22 | €757,234 | €734,084 | -€23,150 | -3.1% |
| Plant, machinery and equipment | 23 | - | €1,222 | +€1,222 | |
| Furniture and vehicles | 24 | €70,702 | €62,690 | -€8,012 | -11.3% |
| Other tangible fixed assets | 26 | €27,592 | €27,592 | = | 0.0% |
| Current assets | 29/58 | €976,898 | €1,183,390 | +€206,492 | +21.1% |
| Stocks and contracts in progress | 3 | €769,156 | €768,130 | -€1,026 | -0.1% |
| Stocks | 30/36 | €769,156 | €768,130 | -€1,026 | -0.1% |
| Amounts receivable within one year | 40/41 | €56,028 | €63,250 | +€7,222 | +12.9% |
| Trade receivables | 40 | €46,587 | €46,258 | -€329 | -0.7% |
| Other amounts receivable | 41 | €9,441 | €16,992 | +€7,551 | +80.0% |
| Current investments | 50/53 | - | €300,000 | +€300,000 | |
| Cash at bank and in hand | 54/58 | €151,145 | €51,352 | -€99,793 | -66.0% |
| Deferred charges and accrued income | 490/1 | €569 | €659 | +€90 | +15.7% |
| Total equity and liabilities | 10/49 | €1,832,427 | €2,008,979 | +€176,552 | +9.6% |
| Equity | 10/15 | €935,427 | €975,492 | +€40,065 | +4.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €916,827 | €956,892 | +€40,065 | +4.4% |
| Tax-exempt reserves | 132 | €155,770 | - | -€155,770 | |
| Distributable reserves | 133 | €761,057 | €956,892 | +€195,835 | +25.7% |
| Amounts payable | 17/49 | €896,999 | €1,033,486 | +€136,487 | +15.2% |
| Amounts payable within one year | 42/48 | €896,999 | €1,032,466 | +€135,467 | +15.1% |
| Trade debts | 44 | €156,098 | €275,411 | +€119,312 | +76.4% |
| Suppliers | 440/4 | €156,098 | €275,411 | +€119,312 | +76.4% |
| Taxes, remuneration and social security | 45 | €6,971 | €14,739 | +€7,768 | +111.4% |
| Taxes | 450/3 | €4,753 | €12,447 | +€7,694 | +161.9% |
| Remuneration and social security | 454/9 | €2,217 | €2,292 | +€74 | +3.4% |
| Other amounts payable | 47/48 | €733,930 | €742,316 | +€8,386 | +1.1% |
| Accrued charges and deferred income | 492/3 | - | €1,020 | +€1,020 | |
| Remuneration, social security and pensions | 62 | €19,761 | €20,305 | +€544 | +2.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,757 | €31,993 | +€236 | +0.7% |
| Other operating charges | 640/8 | €1,718 | €6,027 | +€4,309 | +250.7% |
| Gross operating margin | 9900 | €149,867 | €147,310 | -€2,556 | -1.7% |
| Operating profit (loss) | 9901 | €96,630 | €88,985 | -€7,645 | -7.9% |
| Financial income | 75/76B | €29,409 | €166 | -€29,243 | -99.4% |
| Recurring financial income | 75 | €116 | €166 | +€50 | +42.7% |
| Non-recurring financial income | 76B | €29,293 | - | -€29,293 | |
| Financial charges | 65/66B | €9,934 | €10,309 | +€375 | +3.8% |
| Recurring financial charges | 65 | €9,934 | €10,309 | +€375 | +3.8% |
| Profit (loss) for the period before taxes | 9903 | €116,106 | €78,842 | -€37,263 | -32.1% |
| Income taxes | 67/77 | €6,834 | €38,777 | +€31,943 | +467.4% |
| Profit (loss) for the period | 9904 | €109,272 | €40,065 | -€69,207 | -63.3% |
| Transfer from tax-exempt reserves | 789 | - | €155,770 | +€155,770 | |
| Profit (loss) for the period to be appropriated | 9905 | €109,272 | €195,835 | +€86,563 | +79.2% |
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 12 October 2026 via checked.be.