Iceburg: 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.
Iceburg
Largest movements
- Tangible fixed assets +€313,436
up €313,436 (+46.8%), from €670,000 to €983,436
of which Assets under construction and advance payments: +€683,749
- Receivables within one year +€15,895
up €15,895 (+224%), from €7,105 to €23,000
of which Trade receivables: +€16,950
- Contributions +€314,315
up €314,315 (+74.1%), from €424,000 to €738,315
- Debts after one year -€92,995
down €92,995 (-13.5%), from €688,708 to €595,713
- Trade debts +€89,445
up €89,445 (+969%), from €9,233 to €98,678
- Profit (loss) carried forward +€79,698
up €79,698 (+15.6%), from -€509,807 to -€430,109
- Other debts -€61,159
down €61,159 (-94.1%), from €65,000 to €3,842
- Gross operating margin +€103,399
up €103,399, from -€6,760 to €96,639
- Financial charges +€15,881
up €15,881 (+6,491%), from €245 to €16,126
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 | €677,134 | €1,006,663 | +€329,528 | +48.7% |
| Fixed assets | 21/28 | €670,000 | €983,436 | +€313,436 | +46.8% |
| Tangible fixed assets | 22/27 | €670,000 | €983,436 | +€313,436 | +46.8% |
| Land and buildings | 22 | €670,000 | €299,687 | -€370,313 | -55.3% |
| Assets under construction and advance payments | 27 | - | €683,749 | +€683,749 | |
| Current assets | 29/58 | €7,134 | €23,227 | +€16,093 | +226% |
| Amounts receivable within one year | 40/41 | €7,105 | €23,000 | +€15,895 | +224% |
| Trade receivables | 40 | €6,050 | €23,000 | +€16,950 | +280% |
| Other amounts receivable | 41 | €1,055 | €0 | -€1,055 | -100% |
| Cash at bank and in hand | 54/58 | €30 | €227 | +€197 | +668% |
| Total equity and liabilities | 10/49 | €677,134 | €1,006,663 | +€329,528 | +48.7% |
| Equity | 10/15 | -€85,807 | €308,206 | +€394,013 | |
| Contributions | 10/11 | €424,000 | €738,315 | +€314,315 | +74.1% |
| Capital | 10 | €424,000 | €738,315 | +€314,315 | +74.1% |
| Issued capital | 100 | €424,000 | €738,315 | +€314,315 | +74.1% |
| Profit (loss) carried forward | 14 | -€509,807 | -€430,109 | +€79,698 | +15.6% |
| Amounts payable | 17/49 | €762,941 | €698,457 | -€64,484 | -8.5% |
| Amounts payable after more than one year | 17 | €688,708 | €595,713 | -€92,995 | -13.5% |
| Financial debts | 170/4 | €688,708 | €595,713 | -€92,995 | -13.5% |
| Amounts payable within one year | 42/48 | €74,233 | €102,744 | +€28,511 | +38.4% |
| Trade debts | 44 | €9,233 | €98,678 | +€89,445 | +969% |
| Suppliers | 440/4 | €9,233 | €98,678 | +€89,445 | +969% |
| Taxes, remuneration and social security | 45 | €0 | €225 | +€225 | |
| Taxes | 450/3 | €0 | €225 | +€225 | |
| Other amounts payable | 47/48 | €65,000 | €3,842 | -€61,159 | -94.1% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | - | €30,160 | +€30,160 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €0 | - | = | |
| Other operating charges | 640/8 | €531 | €815 | +€284 | +53.4% |
| Non-recurring operating charges | 66A | €1,028 | €0 | -€1,028 | -100% |
| Gross operating margin | 9900 | -€6,760 | €96,639 | +€103,399 | |
| Operating profit (loss) | 9901 | -€8,319 | €95,824 | +€104,143 | |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €245 | €16,126 | +€15,881 | +6,491% |
| Recurring financial charges | 65 | €245 | €16,126 | +€15,881 | +6,491% |
| Profit (loss) for the period before taxes | 9903 | -€8,564 | €79,698 | +€88,262 | |
| Profit (loss) for the period | 9904 | -€8,564 | €79,698 | +€88,262 | |
| Profit (loss) for the period to be appropriated | 9905 | -€8,564 | €79,698 | +€88,262 |
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 19 October 2026 via checked.be.