inclusion: 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.
inclusion
Largest movements
- Current investments -€1.0m
no longer reported in 2025 (was €1.0m)
- Deferred charges and accrued income +€999,437
up €999,437 (+5090.7%), from €19,632 to €1.0m
- Cash -€420,909
down €420,909 (-49.2%), from €855,200 to €434,291
mainly Deferred charges and accrued income (-€999,437) and Net result for the year (-€420,518)
- Profit (loss) carried forward -€420,518
down €420,518 (-46.7%), from €900,328 to €479,810
- Other operating charges +€313,604
up €313,604 (+3980.6%), from €7,878 to €321,482
- Staff costs +€76,775
up €76,775 (+8.3%), from €922,723 to €999,498
- Financial charges +€43,240
up €43,240, from -€39,312 to €3,928
of which Financial charges: +€47,758
- Gross operating margin -€31,562
down €31,562 (-3.3%), from €946,680 to €915,117
- Financial income +€9,682
up €9,682 (+332.0%), from €2,916 to €12,598
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 | €2,466,814 | €2,020,038 | -€446,776 | -18.1% |
| Fixed assets | 21/28 | €500,029 | €488,499 | -€11,530 | -2.3% |
| Tangible fixed assets | 22/27 | €460,029 | €448,499 | -€11,530 | -2.5% |
| Land and buildings | 22 | €452,842 | €434,273 | -€18,569 | -4.1% |
| Furniture and vehicles | 24 | €7,187 | €6,209 | -€977 | -13.6% |
| Assets under construction and advance payments | 27 | - | €8,017 | +€8,017 | |
| Financial fixed assets | 28 | €40,000 | €40,000 | = | 0.0% |
| Current assets | 29/58 | €1,966,785 | €1,531,538 | -€435,246 | -22.1% |
| Amounts receivable within one year | 40/41 | €91,953 | €78,178 | -€13,775 | -15.0% |
| Trade receivables | 40 | €21,740 | €27,126 | +€5,386 | +24.8% |
| Other amounts receivable | 41 | €70,213 | €51,052 | -€19,161 | -27.3% |
| Current investments | 50/53 | €1,000,000 | - | -€1.0m | |
| Cash at bank and in hand | 54/58 | €855,200 | €434,291 | -€420,909 | -49.2% |
| Deferred charges and accrued income | 490/1 | €19,632 | €1,019,070 | +€999,437 | +5090.7% |
| Total equity and liabilities | 10/49 | €2,466,814 | €2,020,038 | -€446,776 | -18.1% |
| Equity | 10/15 | €2,277,088 | €1,837,347 | -€439,742 | -19.3% |
| Contributions | 10/11 | €824,765 | €824,765 | = | 0.0% |
| Capital | 10 | €824,765 | €824,765 | = | 0.0% |
| Reserves | 13 | €122,117 | €122,117 | = | 0.0% |
| Profit (loss) carried forward | 14 | €900,328 | €479,810 | -€420,518 | -46.7% |
| Investment grants | 15 | €429,878 | €410,654 | -€19,224 | -4.5% |
| Amounts payable | 17/49 | €189,726 | €182,691 | -€7,035 | -3.7% |
| Amounts payable within one year | 42/48 | €148,168 | €141,497 | -€6,671 | -4.5% |
| Trade debts | 44 | €42,609 | €21,123 | -€21,486 | -50.4% |
| Suppliers | 440/4 | €42,609 | €21,123 | -€21,486 | -50.4% |
| Taxes, remuneration and social security | 45 | €100,499 | €115,330 | +€14,831 | +14.8% |
| Remuneration and social security | 454/9 | €100,499 | €115,330 | +€14,831 | +14.8% |
| Accrued charges and deferred income | 492/3 | €41,558 | €41,194 | -€364 | -0.9% |
| Non-recurring operating income | 76A | €2,051 | €2,234 | +€184 | +9.0% |
| Remuneration, social security and pensions | 62 | €922,723 | €999,498 | +€76,775 | +8.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,750 | €22,822 | +€72 | +0.3% |
| Other operating charges | 640/8 | €7,878 | €321,482 | +€313,604 | +3980.6% |
| Gross operating margin | 9900 | €946,680 | €915,117 | -€31,562 | -3.3% |
| Operating profit (loss) | 9901 | -€6,672 | -€428,685 | -€422,013 | -6325.3% |
| Financial income | 75/76B | €2,916 | €12,598 | +€9,682 | +332.0% |
| Recurring financial income | 75 | €2,916 | €12,598 | +€9,682 | +332.0% |
| Financial charges | 65/66B | -€39,312 | €3,928 | +€43,240 | |
| Recurring financial charges | 65 | -€46,873 | €885 | +€47,758 | |
| Non-recurring financial charges | 66B | €7,560 | €3,043 | -€4,517 | -59.8% |
| Profit (loss) for the period before taxes | 9903 | €35,557 | -€420,015 | -€455,572 | |
| Income taxes | 67/77 | €874 | €503 | -€372 | -42.5% |
| Profit (loss) for the period | 9904 | €34,682 | -€420,518 | -€455,200 | |
| Profit (loss) for the period to be appropriated | 9905 | €34,682 | -€420,518 | -€455,200 |
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.