Het Vlaggenschip: 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.
Het Vlaggenschip
Largest movements
- Receivables within one year -€75,436
down €75,436 (-52.6%), from €143,371 to €67,934
of which Other amounts receivable: -€94,691
- Cash -€11,918
down €11,918 (-14.3%), from €83,229 to €71,312
mainly Contributions, distributions and other (-€432,705) and Investment in fixed assets (net) (-€10,823)
- Tangible fixed assets -€7,217
down €7,217 (-6.1%), from €118,124 to €110,908
of which Land and buildings: -€12,550
- Profit (loss) carried forward -€232,335
down €232,335 (-99.7%), from €232,958 to €622
- Other debts +€111,878
up €111,878 (+407.4%), from €27,458 to €139,336
- Tax, wage and social debts +€26,554
up €26,554 (+36.3%), from €73,104 to €99,657
of which Taxes: +€26,339
- Gross operating margin +€36,321
up €36,321 (+12.0%), from €302,141 to €338,462
- Taxes +€13,244
up €13,244 (+22.7%), from €58,228 to €71,472
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 | €344,974 | €250,404 | -€94,571 | -27.4% |
| Fixed assets | 21/28 | €118,374 | €111,158 | -€7,217 | -6.1% |
| Tangible fixed assets | 22/27 | €118,124 | €110,908 | -€7,217 | -6.1% |
| Land and buildings | 22 | €105,247 | €92,697 | -€12,550 | -11.9% |
| Plant, machinery and equipment | 23 | €9,474 | €10,083 | +€610 | +6.4% |
| Furniture and vehicles | 24 | €3,404 | €2,827 | -€577 | -16.9% |
| Other tangible fixed assets | 26 | - | €5,300 | +€5,300 | |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €226,600 | €139,246 | -€87,354 | -38.5% |
| Amounts receivable within one year | 40/41 | €143,371 | €67,934 | -€75,436 | -52.6% |
| Trade receivables | 40 | €37,300 | €56,554 | +€19,255 | +51.6% |
| Other amounts receivable | 41 | €106,071 | €11,380 | -€94,691 | -89.3% |
| Cash at bank and in hand | 54/58 | €83,229 | €71,312 | -€11,918 | -14.3% |
| Total equity and liabilities | 10/49 | €344,974 | €250,404 | -€94,571 | -27.4% |
| Equity | 10/15 | €237,958 | €5,622 | -€232,335 | -97.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €232,958 | €622 | -€232,335 | -99.7% |
| Amounts payable | 17/49 | €107,017 | €244,781 | +€137,765 | +128.7% |
| Amounts payable within one year | 42/48 | €107,017 | €244,781 | +€137,765 | +128.7% |
| Trade debts | 44 | €6,455 | €5,788 | -€666 | -10.3% |
| Suppliers | 440/4 | €6,455 | €5,788 | -€666 | -10.3% |
| Taxes, remuneration and social security | 45 | €73,104 | €99,657 | +€26,554 | +36.3% |
| Taxes | 450/3 | €65,982 | €92,321 | +€26,339 | +39.9% |
| Remuneration and social security | 454/9 | €7,122 | €7,336 | +€214 | +3.0% |
| Other amounts payable | 47/48 | €27,458 | €139,336 | +€111,878 | +407.4% |
| Remuneration, social security and pensions | 62 | €53,355 | €50,299 | -€3,056 | -5.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,057 | €18,039 | +€2,982 | +19.8% |
| Other operating charges | 640/8 | €659 | €2,191 | +€1,532 | +232.4% |
| Gross operating margin | 9900 | €302,141 | €338,462 | +€36,321 | +12.0% |
| Operating profit (loss) | 9901 | €233,069 | €267,932 | +€34,863 | +15.0% |
| Financial income | 75/76B | €5,331 | €5,058 | -€273 | -5.1% |
| Recurring financial income | 75 | €5,331 | €5,058 | -€273 | -5.1% |
| Financial charges | 65/66B | €723 | €1,148 | +€425 | +58.7% |
| Recurring financial charges | 65 | €723 | €1,148 | +€425 | +58.7% |
| Profit (loss) for the period before taxes | 9903 | €237,677 | €271,842 | +€34,165 | +14.4% |
| Income taxes | 67/77 | €58,228 | €71,472 | +€13,244 | +22.7% |
| Profit (loss) for the period | 9904 | €179,449 | €200,370 | +€20,921 | +11.7% |
| Profit (loss) for the period to be appropriated | 9905 | €179,449 | €200,370 | +€20,921 | +11.7% |
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 9 October 2026 via checked.be.