INTELLECTUAL MATTERS: 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.
INTELLECTUAL MATTERS
Largest movements
- Receivables within one year +€120,081
up €120,081 (+391%), from €30,721 to €150,802
of which Other amounts receivable: +€120,978
- Tangible fixed assets +€112,805
up €112,805 (+285%), from €39,623 to €152,428
of which Land and buildings: +€106,775
- Current investments -€75,000
down €75,000 (-100%), from €75,000 to €0
- Cash -€11,293
down €11,293 (-22.1%), from €51,210 to €39,917
mainly Receivables within one year (-€120,081) and Investment in fixed assets (net) (-€119,084)
- Debts after one year +€135,221
new in 2025: €135,221
- Reserves +€9,650
up €9,650 (+6.5%), from €148,516 to €158,166
- Current portion of long-term debt +€5,187
new in 2025: €5,187
- Trade debts -€4,359
down €4,359 (-76.9%), from €5,665 to €1,306
- Tax, wage and social debts +€4,095
up €4,095 (+17.2%), from €23,838 to €27,934
- Gross operating margin -€6,080
down €6,080 (-8.4%), from €72,205 to €66,125
- Financial charges +€5,769
up €5,769 (+664%), from €868 to €6,638
- Financial income +€5,373
up €5,373 (+4,452%), from €121 to €5,494
- Depreciation +€5,217
up €5,217 (+491%), from €1,062 to €6,279
- Taxes -€2,088
down €2,088 (-12.7%), from €16,466 to €14,378
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 | €202,195 | €349,030 | +€146,835 | +72.6% |
| Fixed assets | 21/28 | €39,623 | €152,428 | +€112,805 | +285% |
| Tangible fixed assets | 22/27 | €39,623 | €152,428 | +€112,805 | +285% |
| Land and buildings | 22 | €38,605 | €145,380 | +€106,775 | +277% |
| Furniture and vehicles | 24 | €1,018 | €7,048 | +€6,030 | +592% |
| Current assets | 29/58 | €162,572 | €196,602 | +€34,030 | +20.9% |
| Amounts receivable within one year | 40/41 | €30,721 | €150,802 | +€120,081 | +391% |
| Trade receivables | 40 | €30,481 | €29,584 | -€898 | -2.9% |
| Other amounts receivable | 41 | €240 | €121,218 | +€120,978 | +50,408% |
| Current investments | 50/53 | €75,000 | €0 | -€75,000 | -100% |
| Cash at bank and in hand | 54/58 | €51,210 | €39,917 | -€11,293 | -22.1% |
| Deferred charges and accrued income | 490/1 | €5,641 | €5,883 | +€243 | +4.3% |
| Total equity and liabilities | 10/49 | €202,195 | €349,030 | +€146,835 | +72.6% |
| Equity | 10/15 | €167,066 | €176,716 | +€9,650 | +5.8% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €148,516 | €158,166 | +€9,650 | +6.5% |
| Distributable reserves | 133 | €148,516 | €158,166 | +€9,650 | +6.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €35,129 | €172,314 | +€137,185 | +391% |
| Amounts payable after more than one year | 17 | - | €135,221 | +€135,221 | |
| Financial debts | 170/4 | - | €135,221 | +€135,221 | |
| Amounts payable within one year | 42/48 | €35,129 | €37,093 | +€1,964 | +5.6% |
| Current portion of amounts payable after more than one year | 42 | - | €5,187 | +€5,187 | |
| Financial debts | 43 | €2,739 | €2,667 | -€72 | -2.6% |
| Credit institutions | 430/8 | €2,739 | €2,667 | -€72 | -2.6% |
| Trade debts | 44 | €5,665 | €1,306 | -€4,359 | -76.9% |
| Suppliers | 440/4 | €5,665 | €1,306 | -€4,359 | -76.9% |
| Taxes, remuneration and social security | 45 | €23,838 | €27,934 | +€4,095 | +17.2% |
| Taxes | 450/3 | €23,838 | €27,934 | +€4,095 | +17.2% |
| Other amounts payable | 47/48 | €2,888 | €0 | -€2,888 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,062 | €6,279 | +€5,217 | +491% |
| Other operating charges | 640/8 | €1,173 | €1,342 | +€168 | +14.4% |
| Gross operating margin | 9900 | €72,205 | €66,125 | -€6,080 | -8.4% |
| Operating profit (loss) | 9901 | €69,970 | €58,505 | -€11,465 | -16.4% |
| Financial income | 75/76B | €121 | €5,494 | +€5,373 | +4,452% |
| Recurring financial income | 75 | €121 | €5,494 | +€5,373 | +4,452% |
| Financial charges | 65/66B | €868 | €6,638 | +€5,769 | +664% |
| Recurring financial charges | 65 | €868 | €6,638 | +€5,769 | +664% |
| Profit (loss) for the period before taxes | 9903 | €69,222 | €57,361 | -€11,861 | -17.1% |
| Income taxes | 67/77 | €16,466 | €14,378 | -€2,088 | -12.7% |
| Profit (loss) for the period | 9904 | €52,756 | €42,983 | -€9,773 | -18.5% |
| Profit (loss) for the period to be appropriated | 9905 | €52,756 | €42,983 | -€9,773 | -18.5% |
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 27 October 2026 via checked.be.