Inclusief: 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.
Inclusief
Largest movements
- Current investments +€82,811
up €82,811 (+95.2%), from €86,987 to €169,798
- Tangible fixed assets +€38,875
up €38,875 (+26.8%), from €144,890 to €183,765
of which Furniture and vehicles: +€50,182
- Cash -€27,004
down €27,004 (-40.3%), from €67,055 to €40,051
mainly Current investments (-€82,811) and Investment in fixed assets (net) (-€52,063)
- Receivables within one year -€13,834
down €13,834 (-43.8%), from €31,605 to €17,771
of which Other amounts receivable: -€7,600
- Reserves +€65,373
up €65,373 (+42.3%), from €154,504 to €219,877
of which Distributable reserves: +€65,373
- Debts after one year +€15,744
up €15,744 (+13.1%), from €120,086 to €135,830
- Other debts -€9,820
down €9,820 (-50.3%), from €19,523 to €9,703
- Tax, wage and social debts +€5,880
up €5,880 (+42.1%), from €13,954 to €19,834
- Current portion of long-term debt +€5,824
up €5,824 (+69.1%), from €8,432 to €14,256
- Gross operating margin +€35,223
up €35,223 (+39.4%), from €89,330 to €124,553
- Taxes +€10,512
up €10,512 (+50.7%), from €20,729 to €31,241
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 | €332,125 | €415,545 | +€83,420 | +25.1% |
| Fixed assets | 21/28 | €144,890 | €183,765 | +€38,875 | +26.8% |
| Tangible fixed assets | 22/27 | €144,890 | €183,765 | +€38,875 | +26.8% |
| Land and buildings | 22 | €138,155 | €127,528 | -€10,627 | -7.7% |
| Plant, machinery and equipment | 23 | €3,901 | €3,221 | -€680 | -17.4% |
| Furniture and vehicles | 24 | €2,833 | €53,016 | +€50,182 | +1771.2% |
| Current assets | 29/58 | €187,235 | €231,780 | +€44,545 | +23.8% |
| Amounts receivable within one year | 40/41 | €31,605 | €17,771 | -€13,834 | -43.8% |
| Trade receivables | 40 | €20,302 | €14,068 | -€6,234 | -30.7% |
| Other amounts receivable | 41 | €11,303 | €3,703 | -€7,600 | -67.2% |
| Current investments | 50/53 | €86,987 | €169,798 | +€82,811 | +95.2% |
| Cash at bank and in hand | 54/58 | €67,055 | €40,051 | -€27,004 | -40.3% |
| Deferred charges and accrued income | 490/1 | €1,588 | €4,160 | +€2,573 | +162.1% |
| Total equity and liabilities | 10/49 | €332,125 | €415,545 | +€83,420 | +25.1% |
| Equity | 10/15 | €154,504 | €219,877 | +€65,373 | +42.3% |
| Reserves | 13 | €154,504 | €219,877 | +€65,373 | +42.3% |
| Tax-exempt reserves | 132 | €7,000 | €7,000 | = | 0.0% |
| Distributable reserves | 133 | €147,504 | €212,877 | +€65,373 | +44.3% |
| Amounts payable | 17/49 | €177,621 | €195,668 | +€18,047 | +10.2% |
| Amounts payable after more than one year | 17 | €120,086 | €135,830 | +€15,744 | +13.1% |
| Financial debts | 170/4 | €120,086 | €135,830 | +€15,744 | +13.1% |
| Amounts payable within one year | 42/48 | €57,535 | €59,837 | +€2,303 | +4.0% |
| Current portion of amounts payable after more than one year | 42 | €8,432 | €14,256 | +€5,824 | +69.1% |
| Financial debts | 43 | - | €5,042 | +€5,042 | |
| Credit institutions | 430/8 | - | €5,042 | +€5,042 | |
| Trade debts | 44 | €15,626 | €11,003 | -€4,623 | -29.6% |
| Suppliers | 440/4 | €15,626 | €11,003 | -€4,623 | -29.6% |
| Taxes, remuneration and social security | 45 | €13,954 | €19,834 | +€5,880 | +42.1% |
| Taxes | 450/3 | €13,954 | €19,834 | +€5,880 | +42.1% |
| Other amounts payable | 47/48 | €19,523 | €9,703 | -€9,820 | -50.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,693 | €13,189 | +€495 | +3.9% |
| Other operating charges | 640/8 | €1,574 | €1,963 | +€390 | +24.8% |
| Gross operating margin | 9900 | €89,330 | €124,553 | +€35,223 | +39.4% |
| Operating profit (loss) | 9901 | €75,063 | €109,401 | +€34,337 | +45.7% |
| Financial income | 75/76B | €186 | €461 | +€275 | +147.9% |
| Recurring financial income | 75 | €186 | €461 | +€275 | +147.9% |
| Financial charges | 65/66B | €2,975 | €3,034 | +€59 | +2.0% |
| Recurring financial charges | 65 | €2,975 | €3,034 | +€59 | +2.0% |
| Profit (loss) for the period before taxes | 9903 | €72,274 | €106,828 | +€34,554 | +47.8% |
| Income taxes | 67/77 | €20,729 | €31,241 | +€10,512 | +50.7% |
| Profit (loss) for the period | 9904 | €51,545 | €75,587 | +€24,042 | +46.6% |
| Profit (loss) for the period to be appropriated | 9905 | €51,545 | €75,587 | +€24,042 | +46.6% |
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 7 October 2026 via checked.be.