het verbond: 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.
het verbond
Largest movements
- Tangible fixed assets -€38,001
down €38,001 (-5.4%), from €697,520 to €659,519
of which Land and buildings: -€36,357
- Cash -€11,657
down €11,657 (-94.8%), from €12,299 to €642
mainly Current portion of long-term debt (-€31,578) and Debts after one year (-€27,427)
- Current portion of long-term debt -€31,578
down €31,578 (-53.5%), from €59,005 to €27,427
- Other debts +€29,071
up €29,071 (+63.5%), from €45,769 to €74,840
- Debts after one year -€27,427
down €27,427 (-28.6%), from €96,024 to €68,598
- Reserves -€12,728
down €12,728 (-3.9%), from €322,408 to €309,680
of which Tax-exempt reserves: -€6,931
- Gross operating margin -€66,941
down €66,941 (-66.0%), from €101,446 to €34,506
- Taxes -€15,856
down €15,856 (-99.8%), from €15,884 to €28
- Financial charges -€2,409
down €2,409 (-39.3%), from €6,132 to €3,722
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 | €709,819 | €661,663 | -€48,156 | -6.8% |
| Fixed assets | 21/28 | €697,520 | €659,519 | -€38,001 | -5.4% |
| Tangible fixed assets | 22/27 | €697,520 | €659,519 | -€38,001 | -5.4% |
| Land and buildings | 22 | €691,046 | €654,689 | -€36,357 | -5.3% |
| Plant, machinery and equipment | 23 | €6,475 | €4,830 | -€1,644 | -25.4% |
| Current assets | 29/58 | €12,299 | €2,144 | -€10,155 | -82.6% |
| Amounts receivable within one year | 40/41 | - | €1,502 | +€1,502 | |
| Trade receivables | 40 | - | €750 | +€750 | |
| Other amounts receivable | 41 | - | €752 | +€752 | |
| Cash at bank and in hand | 54/58 | €12,299 | €642 | -€11,657 | -94.8% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €709,819 | €661,663 | -€48,156 | -6.8% |
| Equity | 10/15 | €438,608 | €425,880 | -€12,728 | -2.9% |
| Contributions | 10/11 | €116,200 | €116,200 | = | 0.0% |
| Reserves | 13 | €322,408 | €309,680 | -€12,728 | -3.9% |
| Tax-exempt reserves | 132 | €99,338 | €92,407 | -€6,931 | -7.0% |
| Distributable reserves | 133 | €223,070 | €217,272 | -€5,798 | -2.6% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Provisions and deferred taxes | 16 | €52,324 | €48,673 | -€3,650 | -7.0% |
| Deferred taxes | 168 | €52,324 | €48,673 | -€3,650 | -7.0% |
| Amounts payable | 17/49 | €218,888 | €187,110 | -€31,777 | -14.5% |
| Amounts payable after more than one year | 17 | €96,024 | €68,598 | -€27,427 | -28.6% |
| Financial debts | 170/4 | €96,024 | €68,598 | -€27,427 | -28.6% |
| Amounts payable within one year | 42/48 | €122,863 | €118,513 | -€4,351 | -3.5% |
| Current portion of amounts payable after more than one year | 42 | €59,005 | €27,427 | -€31,578 | -53.5% |
| Trade debts | 44 | €2,428 | €296 | -€2,132 | -87.8% |
| Suppliers | 440/4 | €2,428 | €296 | -€2,132 | -87.8% |
| Taxes, remuneration and social security | 45 | €15,662 | €15,950 | +€288 | +1.8% |
| Taxes | 450/3 | €15,662 | €15,950 | +€288 | +1.8% |
| Other amounts payable | 47/48 | €45,769 | €74,840 | +€29,071 | +63.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,463 | €38,001 | -€462 | -1.2% |
| Other operating charges | 640/8 | €9,147 | €9,226 | +€79 | +0.9% |
| Gross operating margin | 9900 | €101,446 | €34,506 | -€66,941 | -66.0% |
| Operating profit (loss) | 9901 | €53,837 | -€12,721 | -€66,558 | |
| Financial income | 75/76B | €61 | €93 | +€32 | +53.0% |
| Recurring financial income | 75 | €61 | €93 | +€32 | +53.0% |
| Financial charges | 65/66B | €6,132 | €3,722 | -€2,409 | -39.3% |
| Recurring financial charges | 65 | €6,132 | €3,722 | -€2,409 | -39.3% |
| Profit (loss) for the period before taxes | 9903 | €47,766 | -€16,351 | -€64,117 | |
| Transfer from deferred taxes | 780 | €3,650 | €3,650 | = | 0.0% |
| Income taxes | 67/77 | €15,884 | €28 | -€15,856 | -99.8% |
| Profit (loss) for the period | 9904 | €35,532 | -€12,728 | -€48,260 | |
| Transfer from tax-exempt reserves | 789 | €6,931 | €6,931 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €42,463 | -€5,798 | -€48,260 |
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.