IMHO: 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.
IMHO
Largest movements
- Cash +€584,491
up €584,491 (+5,367%), from €10,891 to €595,382
mainly Current investments (+€575,500) and Net result for the year (+€14,816)
- Current investments -€575,500
down €575,500 (-53.3%), from €1.1m to €504,500
- Reserves +€14,816
up €14,816 (+1.5%), from €970,683 to €985,498
of which Distributable reserves: +€14,816
- Gross operating margin -€9,774
down €9,774, from €3,074 to -€6,700
- Financial income -€9,500
down €9,500 (-25.9%), from €36,670 to €27,170
- Other operating charges +€2,703
up €2,703 (+98.6%), from €2,742 to €5,444
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 | €1,262,657 | €1,277,378 | +€14,721 | +1.2% |
| Fixed assets | 21/28 | €139,784 | €139,784 | = | 0.0% |
| Tangible fixed assets | 22/27 | €139,784 | €139,784 | = | 0.0% |
| Land and buildings | 22 | €139,190 | €139,190 | = | 0.0% |
| Other tangible fixed assets | 26 | €594 | €594 | = | 0.0% |
| Current assets | 29/58 | €1,122,873 | €1,137,594 | +€14,721 | +1.3% |
| Amounts receivable within one year | 40/41 | €27,244 | €35,541 | +€8,297 | +30.5% |
| Other amounts receivable | 41 | €27,244 | €35,541 | +€8,297 | +30.5% |
| Current investments | 50/53 | €1,080,000 | €504,500 | -€575,500 | -53.3% |
| Cash at bank and in hand | 54/58 | €10,891 | €595,382 | +€584,491 | +5,367% |
| Deferred charges and accrued income | 490/1 | €4,738 | €2,171 | -€2,567 | -54.2% |
| Total equity and liabilities | 10/49 | €1,262,657 | €1,277,378 | +€14,721 | +1.2% |
| Equity | 10/15 | €1,261,957 | €1,276,773 | +€14,816 | +1.2% |
| Contributions | 10/11 | €291,275 | €291,275 | = | 0.0% |
| Capital | 10 | €291,275 | €291,275 | = | 0.0% |
| Issued capital | 100 | €291,275 | €291,275 | = | 0.0% |
| Reserves | 13 | €970,683 | €985,498 | +€14,816 | +1.5% |
| Non-distributable reserves | 130/1 | €29,127 | €29,127 | = | 0.0% |
| Legal reserve | 130 | €29,127 | €29,127 | = | 0.0% |
| Distributable reserves | 133 | €941,555 | €956,371 | +€14,816 | +1.6% |
| Amounts payable | 17/49 | €700 | €605 | -€95 | -13.5% |
| Amounts payable after more than one year | 17 | €600 | €0 | -€600 | -100% |
| Other amounts payable | 178/9 | €600 | €0 | -€600 | -100% |
| Amounts payable within one year | 42/48 | €100 | €605 | +€505 | +507% |
| Trade debts | 44 | €100 | €605 | +€505 | +507% |
| Suppliers | 440/4 | €100 | €605 | +€505 | +507% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Other operating charges | 640/8 | €2,742 | €5,444 | +€2,703 | +98.6% |
| Gross operating margin | 9900 | €3,074 | -€6,700 | -€9,774 | |
| Operating profit (loss) | 9901 | €332 | -€12,144 | -€12,476 | |
| Financial income | 75/76B | €36,670 | €27,170 | -€9,500 | -25.9% |
| Recurring financial income | 75 | €36,670 | €27,170 | -€9,500 | -25.9% |
| Financial charges | 65/66B | €181 | €210 | +€29 | +16.3% |
| Recurring financial charges | 65 | €181 | €210 | +€29 | +16.3% |
| Profit (loss) for the period before taxes | 9903 | €36,822 | €14,816 | -€22,006 | -59.8% |
| Profit (loss) for the period | 9904 | €36,822 | €14,816 | -€22,006 | -59.8% |
| Profit (loss) for the period to be appropriated | 9905 | €36,822 | €14,816 | -€22,006 | -59.8% |
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 18 October 2026 via checked.be.