INTO THE TREES: 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.
INTO THE TREES
Largest movements
- Cash +€32,988
up €32,988 (+401%), from €8,234 to €41,222
mainly Current portion of long-term debt (+€240,000) and Net result for the year (+€34,339)
- Receivables after one year -€13,045
down €13,045 (-34.6%), from €37,693 to €24,649
- Receivables within one year -€6,586
down €6,586 (-39.8%), from €16,540 to €9,954
of which Other amounts receivable: -€5,922
- Tangible fixed assets -€6,557
down €6,557 (-20.1%), from €32,632 to €26,075
of which Other tangible fixed assets: -€3,647
- Debts after one year -€240,000
down €240,000 (-100%), from €240,000 to €0
- Current portion of long-term debt +€240,000
new in 2025: €240,000
- Reserves +€34,350
up €34,350 (+19.7%), from €174,536 to €208,886
- Other debts -€24,845
down €24,845 (-98.7%), from €25,168 to €324
- Financial charges -€1,953
down €1,953 (-23.7%), from €8,238 to €6,285
- Financial income +€1,105
up €1,105 (+37.4%), from €2,952 to €4,057
- Depreciation -€987
down €987 (-13.4%), from €7,375 to €6,388
- Gross operating margin -€912
down €912 (-1.6%), from €57,307 to €56,395
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 | €458,599 | €466,062 | +€7,463 | +1.6% |
| Fixed assets | 21/28 | €325,932 | €319,375 | -€6,557 | -2.0% |
| Tangible fixed assets | 22/27 | €32,632 | €26,075 | -€6,557 | -20.1% |
| Furniture and vehicles | 24 | €6,330 | €3,420 | -€2,910 | -46.0% |
| Other tangible fixed assets | 26 | €26,302 | €22,655 | -€3,647 | -13.9% |
| Financial fixed assets | 28 | €293,300 | €293,300 | = | 0.0% |
| Current assets | 29/58 | €132,667 | €146,687 | +€14,020 | +10.6% |
| Amounts receivable after more than one year | 29 | €37,693 | €24,649 | -€13,045 | -34.6% |
| Other amounts receivable | 291 | €37,693 | €24,649 | -€13,045 | -34.6% |
| Amounts receivable within one year | 40/41 | €16,540 | €9,954 | -€6,586 | -39.8% |
| Trade receivables | 40 | €10,614 | €9,951 | -€663 | -6.2% |
| Other amounts receivable | 41 | €5,926 | €4 | -€5,922 | -99.9% |
| Current investments | 50/53 | €70,000 | €70,594 | +€594 | +0.8% |
| Cash at bank and in hand | 54/58 | €8,234 | €41,222 | +€32,988 | +401% |
| Deferred charges and accrued income | 490/1 | €200 | €268 | +€68 | +34.1% |
| Total equity and liabilities | 10/49 | €458,599 | €466,062 | +€7,463 | +1.6% |
| Equity | 10/15 | €184,548 | €218,888 | +€34,339 | +18.6% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €174,536 | €208,886 | +€34,350 | +19.7% |
| Distributable reserves | 133 | €174,536 | €208,886 | +€34,350 | +19.7% |
| Profit (loss) carried forward | 14 | €12 | €2 | -€11 | -85.2% |
| Amounts payable | 17/49 | €274,050 | €247,174 | -€26,877 | -9.8% |
| Amounts payable after more than one year | 17 | €240,000 | €0 | -€240,000 | -100% |
| Financial debts | 170/4 | €240,000 | €0 | -€240,000 | -100% |
| Amounts payable within one year | 42/48 | €34,050 | €247,174 | +€213,123 | +626% |
| Current portion of amounts payable after more than one year | 42 | - | €240,000 | +€240,000 | |
| Financial debts | 43 | €14 | €0 | -€14 | -100% |
| Credit institutions | 430/8 | €14 | €0 | -€14 | -100% |
| Trade debts | 44 | €382 | €654 | +€272 | +71.2% |
| Suppliers | 440/4 | €382 | €654 | +€272 | +71.2% |
| Taxes, remuneration and social security | 45 | €8,486 | €6,196 | -€2,290 | -27.0% |
| Taxes | 450/3 | €8,486 | €6,196 | -€2,290 | -27.0% |
| Other amounts payable | 47/48 | €25,168 | €324 | -€24,845 | -98.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,375 | €6,388 | -€987 | -13.4% |
| Other operating charges | 640/8 | €532 | €544 | +€12 | +2.2% |
| Non-recurring operating charges | 66A | - | €170 | +€170 | |
| Gross operating margin | 9900 | €57,307 | €56,395 | -€912 | -1.6% |
| Operating profit (loss) | 9901 | €49,400 | €49,294 | -€106 | -0.2% |
| Financial income | 75/76B | €2,952 | €4,057 | +€1,105 | +37.4% |
| Recurring financial income | 75 | €2,952 | €4,057 | +€1,105 | +37.4% |
| Financial charges | 65/66B | €8,238 | €6,285 | -€1,953 | -23.7% |
| Recurring financial charges | 65 | €8,238 | €6,285 | -€1,953 | -23.7% |
| Profit (loss) for the period before taxes | 9903 | €44,114 | €47,066 | +€2,952 | +6.7% |
| Income taxes | 67/77 | €12,204 | €12,727 | +€523 | +4.3% |
| Profit (loss) for the period | 9904 | €31,910 | €34,339 | +€2,429 | +7.6% |
| Profit (loss) for the period to be appropriated | 9905 | €31,910 | €34,339 | +€2,429 | +7.6% |
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 19 October 2026 via checked.be.