INVESTIGATE: 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.
INVESTIGATE
Largest movements
- Cash -€1.6m
down €1.6m (-71.8%), from €2.2m to €630,877
mainly Other debts (-€1.1m) and Current investments (-€420,864)
- Current investments +€420,864
up €420,864 (+16.8%), from €2.5m to €2.9m
- Receivables within one year +€75,687
up €75,687 (+38.1%), from €198,527 to €274,215
of which Other amounts receivable: +€52,522
- Other debts -€1.1m
down €1.1m (-88.3%), from €1.2m to €139,175
- Tax, wage and social debts -€62,674
down €62,674 (-87.9%), from €71,309 to €8,636
- Financial income -€647,506
down €647,506 (-82.7%), from €782,782 to €135,277
of which Non-recurring financial income: -€675,718
- Financial charges +€121,692
up €121,692, from -€19,729 to €101,963
- Gross operating margin +€105,319
up €105,319, from -€34,407 to €70,913
- Taxes -€67,793
down €67,793 (-85.0%), from €79,717 to €11,924
- Depreciation +€3,850
up €3,850 (+20.5%), from €18,774 to €22,624
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 | €5,499,103 | €4,411,661 | -€1.1m | -19.8% |
| Fixed assets | 21/28 | €428,108 | €441,358 | +€13,249 | +3.1% |
| Tangible fixed assets | 22/27 | €92,808 | €70,184 | -€22,624 | -24.4% |
| Furniture and vehicles | 24 | €92,808 | €70,184 | -€22,624 | -24.4% |
| Financial fixed assets | 28 | €335,300 | €371,173 | +€35,873 | +10.7% |
| Current assets | 29/58 | €5,070,995 | €3,970,303 | -€1.1m | -21.7% |
| Amounts receivable after more than one year | 29 | €135,112 | €135,112 | = | 0.0% |
| Trade receivables | 290 | €50,000 | €50,000 | = | 0.0% |
| Other amounts receivable | 291 | €85,112 | €85,112 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €198,527 | €274,215 | +€75,687 | +38.1% |
| Trade receivables | 40 | €5,445 | €28,610 | +€23,165 | +425% |
| Other amounts receivable | 41 | €193,082 | €245,604 | +€52,522 | +27.2% |
| Current investments | 50/53 | €2,501,123 | €2,921,987 | +€420,864 | +16.8% |
| Cash at bank and in hand | 54/58 | €2,235,636 | €630,877 | -€1.6m | -71.8% |
| Deferred charges and accrued income | 490/1 | €596 | €8,112 | +€7,516 | +1,260% |
| Total equity and liabilities | 10/49 | €5,499,103 | €4,411,661 | -€1.1m | -19.8% |
| Equity | 10/15 | €4,004,986 | €4,049,360 | +€44,374 | +1.1% |
| Contributions | 10/11 | €1,822,500 | €1,822,500 | = | 0.0% |
| Reserves | 13 | €2,182,486 | €2,226,860 | +€44,374 | +2.0% |
| Distributable reserves | 133 | €2,182,486 | €2,226,860 | +€44,374 | +2.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,494,117 | €362,300 | -€1.1m | -75.8% |
| Amounts payable after more than one year | 17 | €210,000 | €210,000 | = | 0.0% |
| Financial debts | 170/4 | €210,000 | €210,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,284,117 | €152,300 | -€1.1m | -88.1% |
| Financial debts | 43 | €3,320 | €0 | -€3,320 | -100% |
| Credit institutions | 430/8 | €339 | €0 | -€339 | -100% |
| Other loans | 439 | €2,981 | €0 | -€2,981 | -100% |
| Trade debts | 44 | €18,908 | €4,490 | -€14,418 | -76.3% |
| Suppliers | 440/4 | €18,908 | €4,490 | -€14,418 | -76.3% |
| Taxes, remuneration and social security | 45 | €71,309 | €8,636 | -€62,674 | -87.9% |
| Taxes | 450/3 | €71,309 | €8,636 | -€62,674 | -87.9% |
| Other amounts payable | 47/48 | €1,190,580 | €139,175 | -€1.1m | -88.3% |
| Non-recurring operating income | 76A | €0 | €31,000 | +€31,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,774 | €22,624 | +€3,850 | +20.5% |
| Other operating charges | 640/8 | €1,627 | €1,641 | +€15 | +0.9% |
| Gross operating margin | 9900 | -€34,407 | €70,913 | +€105,319 | |
| Operating profit (loss) | 9901 | -€54,808 | €46,647 | +€101,455 | |
| Financial income | 75/76B | €782,782 | €135,277 | -€647,506 | -82.7% |
| Recurring financial income | 75 | €107,064 | €135,277 | +€28,213 | +26.4% |
| Non-recurring financial income | 76B | €675,718 | €0 | -€675,718 | -100% |
| Financial charges | 65/66B | -€19,729 | €101,963 | +€121,692 | |
| Recurring financial charges | 65 | -€19,729 | €101,963 | +€121,692 | |
| Profit (loss) for the period before taxes | 9903 | €747,703 | €79,961 | -€667,743 | -89.3% |
| Income taxes | 67/77 | €79,717 | €11,924 | -€67,793 | -85.0% |
| Profit (loss) for the period | 9904 | €667,986 | €68,037 | -€599,949 | -89.8% |
| Profit (loss) for the period to be appropriated | 9905 | €667,986 | €68,037 | -€599,949 | -89.8% |
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 21 October 2026 via checked.be.