INDEX: 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.
INDEX
Largest movements
- Tangible fixed assets -€68,732
down €68,732 (-6.5%), from €1.1m to €988,920
of which Land and buildings: -€51,313
- Deferred charges and accrued income +€23,555
up €23,555 (+601.4%), from €3,916 to €27,472
- Cash -€18,587
down €18,587 (-65.6%), from €28,345 to €9,758
mainly Other debts (-€40,111) and Deferred charges and accrued income (-€23,555)
- Other debts -€40,111
down €40,111 (-36.3%), from €110,514 to €70,403
- Debts after one year -€19,886
down €19,886 (-1.2%), from €1.7m to €1.7m
of which Financial debts: -€19,886
- Profit (loss) carried forward -€11,808
down €11,808 (-1.0%), from -€1.1m to -€1.1m
- Gross operating margin +€119,532
up €119,532, from -€43,277 to €76,255
- Financial charges +€11,330
up €11,330, from -€8,744 to €2,586
- Depreciation +€6,497
up €6,497 (+9.0%), from €72,542 to €79,039
- Financial income -€4,625
down €4,625 (-100.0%), from €4,625 to €0
of which Non-recurring financial income: -€4,625
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 | €1,176,407 | €1,102,785 | -€73,622 | -6.3% |
| Fixed assets | 21/28 | €1,107,515 | €1,036,184 | -€71,332 | -6.4% |
| Tangible fixed assets | 22/27 | €1,057,651 | €988,920 | -€68,732 | -6.5% |
| Land and buildings | 22 | €977,462 | €926,149 | -€51,313 | -5.2% |
| Plant, machinery and equipment | 23 | €2,411 | €3,043 | +€633 | +26.3% |
| Furniture and vehicles | 24 | €77,779 | €59,727 | -€18,051 | -23.2% |
| Financial fixed assets | 28 | €49,864 | €47,264 | -€2,600 | -5.2% |
| Current assets | 29/58 | €68,892 | €66,602 | -€2,290 | -3.3% |
| Amounts receivable within one year | 40/41 | €36,630 | €29,372 | -€7,258 | -19.8% |
| Trade receivables | 40 | €24,589 | €20,557 | -€4,032 | -16.4% |
| Other amounts receivable | 41 | €12,041 | €8,815 | -€3,226 | -26.8% |
| Cash at bank and in hand | 54/58 | €28,345 | €9,758 | -€18,587 | -65.6% |
| Deferred charges and accrued income | 490/1 | €3,916 | €27,472 | +€23,555 | +601.4% |
| Total equity and liabilities | 10/49 | €1,176,407 | €1,102,785 | -€73,622 | -6.3% |
| Equity | 10/15 | -€634,051 | -€645,860 | -€11,808 | -1.9% |
| Contributions | 10/11 | €495,787 | €495,787 | = | 0.0% |
| Capital | 10 | €495,787 | €495,787 | = | 0.0% |
| Issued capital | 100 | €495,787 | €495,787 | = | 0.0% |
| Reserves | 13 | €27 | €27 | = | 0.0% |
| Tax-exempt reserves | 132 | €27 | €27 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,129,865 | -€1,141,674 | -€11,808 | -1.0% |
| Amounts payable | 17/49 | €1,810,458 | €1,748,645 | -€61,813 | -3.4% |
| Amounts payable after more than one year | 17 | €1,672,144 | €1,652,258 | -€19,886 | -1.2% |
| Financial debts | 170/4 | €119,311 | €99,425 | -€19,886 | -16.7% |
| Other amounts payable | 178/9 | €1,552,833 | €1,552,833 | = | 0.0% |
| Amounts payable within one year | 42/48 | €138,314 | €96,261 | -€42,053 | -30.4% |
| Current portion of amounts payable after more than one year | 42 | €19,536 | €19,886 | +€349 | +1.8% |
| Trade debts | 44 | €7,958 | €2,420 | -€5,537 | -69.6% |
| Suppliers | 440/4 | €7,958 | €2,420 | -€5,537 | -69.6% |
| Taxes, remuneration and social security | 45 | €306 | €3,552 | +€3,246 | +1061.5% |
| Taxes | 450/3 | €306 | €3,552 | +€3,246 | +1061.5% |
| Other amounts payable | 47/48 | €110,514 | €70,403 | -€40,111 | -36.3% |
| Accrued charges and deferred income | 492/3 | €0 | €126 | +€126 | +83973.3% |
| Non-recurring operating income | 76A | €3,000 | €0 | -€3,000 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €72,542 | €79,039 | +€6,497 | +9.0% |
| Other operating charges | 640/8 | €6,792 | €6,154 | -€638 | -9.4% |
| Non-recurring operating charges | 66A | €11,665 | €0 | -€11,665 | -100.0% |
| Gross operating margin | 9900 | -€43,277 | €76,255 | +€119,532 | |
| Operating profit (loss) | 9901 | -€134,276 | -€8,938 | +€125,338 | +93.3% |
| Financial income | 75/76B | €4,625 | €0 | -€4,625 | -100.0% |
| Recurring financial income | 75 | €1 | €0 | -€1 | -100.0% |
| Non-recurring financial income | 76B | €4,625 | €0 | -€4,625 | -100.0% |
| Financial charges | 65/66B | -€8,744 | €2,586 | +€11,330 | |
| Recurring financial charges | 65 | -€8,744 | €2,586 | +€11,330 | |
| Profit (loss) for the period before taxes | 9903 | -€120,907 | -€11,525 | +€109,382 | +90.5% |
| Income taxes | 67/77 | €306 | €284 | -€22 | -7.2% |
| Profit (loss) for the period | 9904 | -€121,213 | -€11,808 | +€109,404 | +90.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€121,213 | -€11,808 | +€109,404 | +90.3% |
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 2 October 2026 via checked.be.