Grondslag: 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.
Grondslag
Largest movements
- Stocks and contracts +€185,841
up €185,841 (+4.8%), from €3.9m to €4.1m
- Accrued charges and deferred income +€187,290
up €187,290 (+78.4%), from €238,875 to €426,165
- Financial income -€7,694
down €7,694 (-86.6%), from €8,886 to €1,192
- Gross operating margin +€5,565
up €5,565 (+88.6%), from -€6,283 to -€718
- Financial charges +€1,907
up €1,907 (+11.1%), from €17,182 to €19,089
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 | €4,294,429 | €4,501,100 | +€206,671 | +4.8% |
| Current assets | 29/58 | €4,294,429 | €4,501,100 | +€206,671 | +4.8% |
| Stocks and contracts in progress | 3 | €3,896,485 | €4,082,326 | +€185,841 | +4.8% |
| Stocks | 30/36 | €3,896,485 | €4,082,326 | +€185,841 | +4.8% |
| Amounts receivable within one year | 40/41 | €359,388 | €351,492 | -€7,896 | -2.2% |
| Other amounts receivable | 41 | €359,388 | €351,492 | -€7,896 | -2.2% |
| Cash at bank and in hand | 54/58 | €38,556 | €67,282 | +€28,726 | +74.5% |
| Total equity and liabilities | 10/49 | €4,294,429 | €4,501,100 | +€206,671 | +4.8% |
| Equity | 10/15 | €28,366 | €9,608 | -€18,758 | -66.1% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €25,866 | €7,108 | -€18,758 | -72.5% |
| Distributable reserves | 133 | €25,866 | €7,108 | -€18,758 | -72.5% |
| Amounts payable | 17/49 | €4,266,063 | €4,491,493 | +€225,429 | +5.3% |
| Amounts payable after more than one year | 17 | €4,021,638 | €4,062,828 | +€41,190 | +1.0% |
| Financial debts | 170/4 | €4,021,638 | €4,062,828 | +€41,190 | +1.0% |
| Amounts payable within one year | 42/48 | €5,550 | €2,500 | -€3,050 | -55.0% |
| Trade debts | 44 | €5,550 | €2,500 | -€3,050 | -55.0% |
| Suppliers | 440/4 | €5,550 | €2,500 | -€3,050 | -55.0% |
| Accrued charges and deferred income | 492/3 | €238,875 | €426,165 | +€187,290 | +78.4% |
| Other operating charges | 640/8 | €118 | €120 | +€2 | +1.7% |
| Gross operating margin | 9900 | -€6,283 | -€718 | +€5,565 | +88.6% |
| Operating profit (loss) | 9901 | -€6,401 | -€838 | +€5,563 | +86.9% |
| Financial income | 75/76B | €8,886 | €1,192 | -€7,694 | -86.6% |
| Recurring financial income | 75 | €8,886 | €1,192 | -€7,694 | -86.6% |
| Financial charges | 65/66B | €17,182 | €19,089 | +€1,907 | +11.1% |
| Recurring financial charges | 65 | €17,182 | €19,089 | +€1,907 | +11.1% |
| Profit (loss) for the period before taxes | 9903 | -€14,698 | -€18,735 | -€4,038 | -27.5% |
| Income taxes | 67/77 | €38 | €23 | -€15 | -39.0% |
| Profit (loss) for the period | 9904 | -€14,736 | -€18,758 | -€4,023 | -27.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€14,736 | -€18,758 | -€4,023 | -27.3% |
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 5 October 2026 via checked.be.