If not now: 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.
If not now
Largest movements
- Current investments -€678,545
down €678,545 (-21.6%), from €3.1m to €2.5m
- Cash +€396,890
up €396,890 (+657.3%), from €60,381 to €457,271
mainly Current investments (+€678,545) and Net result for the year (+€38,952)
- Receivables after one year +€53,497
up €53,497 (+409.7%), from €13,058 to €66,556
- Financial fixed assets +€50,000
new in 2025: €50,000
- Reserves -€95,600
down €95,600 (-26.6%), from €359,550 to €263,950
- Contributions -€90,000
down €90,000 (-2.6%), from €3.5m to €3.4m
- Financial income +€50,269
up €50,269 (+71.6%), from €70,164 to €120,432
- Financial charges -€25,504
down €25,504 (-82.4%), from €30,942 to €5,438
- Gross operating margin -€6,696
down €6,696 (-16.1%), from -€41,540 to -€48,236
- Other operating charges +€5,701
up €5,701 (+425.4%), from €1,340 to €7,041
- Taxes +€3,912
up €3,912 (+398.1%), from €983 to €4,895
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 | €3,283,498 | €3,105,005 | -€178,493 | -5.4% |
| Fixed assets | 21/28 | €26,791 | €60,921 | +€34,130 | +127.4% |
| Tangible fixed assets | 22/27 | €26,791 | €10,921 | -€15,870 | -59.2% |
| Plant, machinery and equipment | 23 | €2,632 | €1,710 | -€921 | -35.0% |
| Furniture and vehicles | 24 | €22,697 | €8,047 | -€14,650 | -64.5% |
| Other tangible fixed assets | 26 | €1,462 | €1,163 | -€299 | -20.4% |
| Financial fixed assets | 28 | - | €50,000 | +€50,000 | |
| Current assets | 29/58 | €3,256,707 | €3,044,085 | -€212,623 | -6.5% |
| Amounts receivable after more than one year | 29 | €13,058 | €66,556 | +€53,497 | +409.7% |
| Other amounts receivable | 291 | €13,058 | €66,556 | +€53,497 | +409.7% |
| Amounts receivable within one year | 40/41 | €32,355 | €45,231 | +€12,876 | +39.8% |
| Trade receivables | 40 | €726 | €1,752 | +€1,026 | +141.3% |
| Other amounts receivable | 41 | €31,629 | €43,479 | +€11,850 | +37.5% |
| Current investments | 50/53 | €3,148,698 | €2,470,153 | -€678,545 | -21.6% |
| Cash at bank and in hand | 54/58 | €60,381 | €457,271 | +€396,890 | +657.3% |
| Deferred charges and accrued income | 490/1 | €2,214 | €4,874 | +€2,660 | +120.1% |
| Total equity and liabilities | 10/49 | €3,283,498 | €3,105,005 | -€178,493 | -5.4% |
| Equity | 10/15 | €3,280,889 | €3,095,341 | -€185,548 | -5.7% |
| Contributions | 10/11 | €3,460,189 | €3,370,189 | -€90,000 | -2.6% |
| Reserves | 13 | €359,550 | €263,950 | -€95,600 | -26.6% |
| Distributable reserves | 133 | €359,550 | €263,950 | -€95,600 | -26.6% |
| Profit (loss) carried forward | 14 | -€538,849 | -€538,798 | +€52 | 0.0% |
| Amounts payable | 17/49 | €2,609 | €9,664 | +€7,055 | +270.4% |
| Amounts payable within one year | 42/48 | €2,009 | €4,164 | +€2,155 | +107.3% |
| Trade debts | 44 | €998 | €2,618 | +€1,620 | +162.3% |
| Suppliers | 440/4 | €998 | €2,618 | +€1,620 | +162.3% |
| Taxes, remuneration and social security | 45 | €0 | €68 | +€68 | |
| Taxes | 450/3 | €0 | €68 | +€68 | |
| Other amounts payable | 47/48 | €1,011 | €1,478 | +€467 | +46.2% |
| Accrued charges and deferred income | 492/3 | €600 | €5,500 | +€4,900 | +816.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,143 | €15,870 | +€728 | +4.8% |
| Other operating charges | 640/8 | €1,340 | €7,041 | +€5,701 | +425.4% |
| Gross operating margin | 9900 | -€41,540 | -€48,236 | -€6,696 | -16.1% |
| Operating profit (loss) | 9901 | -€58,022 | -€71,147 | -€13,125 | -22.6% |
| Financial income | 75/76B | €70,164 | €120,432 | +€50,269 | +71.6% |
| Recurring financial income | 75 | €70,164 | €120,432 | +€50,269 | +71.6% |
| Financial charges | 65/66B | €30,942 | €5,438 | -€25,504 | -82.4% |
| Recurring financial charges | 65 | €30,942 | €5,438 | -€25,504 | -82.4% |
| Profit (loss) for the period before taxes | 9903 | -€18,801 | €43,847 | +€62,648 | |
| Income taxes | 67/77 | €983 | €4,895 | +€3,912 | +398.1% |
| Profit (loss) for the period | 9904 | -€19,784 | €38,952 | +€58,735 | |
| Profit (loss) for the period to be appropriated | 9905 | -€19,784 | €38,952 | +€58,735 |
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.