ISABEL BOURDEAU: 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.
ISABEL BOURDEAU
Largest movements
- Current investments +€20,243
up €20,243 (+37.7%), from €53,651 to €73,894
- Tangible fixed assets -€18,484
down €18,484 (-4.7%), from €389,878 to €371,394
of which Land and buildings: -€12,652
- Receivables within one year +€7,609
up €7,609 (+35.4%), from €21,521 to €29,130
- Debts after one year -€17,500
down €17,500 (-9.8%), from €178,334 to €160,834
- Reserves +€16,473
up €16,473 (+6.9%), from €237,277 to €253,749
of which Distributable reserves: +€16,473
- Other debts +€5,502
up €5,502 (+18.7%), from €29,426 to €34,928
- Gross operating margin -€14,244
down €14,244 (-19.6%), from €72,530 to €58,286
- Depreciation -€1,619
down €1,619 (-6.8%), from €23,942 to €22,323
- Taxes -€1,467
down €1,467 (-13.2%), from €11,084 to €9,617
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 | €490,939 | €495,408 | +€4,469 | +0.9% |
| Fixed assets | 21/28 | €389,878 | €371,394 | -€18,484 | -4.7% |
| Tangible fixed assets | 22/27 | €389,878 | €371,394 | -€18,484 | -4.7% |
| Land and buildings | 22 | €355,958 | €343,306 | -€12,652 | -3.6% |
| Plant, machinery and equipment | 23 | €2,055 | €1,370 | -€685 | -33.3% |
| Furniture and vehicles | 24 | €31,866 | €26,719 | -€5,147 | -16.2% |
| Current assets | 29/58 | €101,061 | €124,014 | +€22,954 | +22.7% |
| Amounts receivable within one year | 40/41 | €21,521 | €29,130 | +€7,609 | +35.4% |
| Trade receivables | 40 | €21,521 | €29,130 | +€7,609 | +35.4% |
| Current investments | 50/53 | €53,651 | €73,894 | +€20,243 | +37.7% |
| Cash at bank and in hand | 54/58 | €24,852 | €19,920 | -€4,932 | -19.8% |
| Deferred charges and accrued income | 490/1 | €1,037 | €1,070 | +€33 | +3.1% |
| Total equity and liabilities | 10/49 | €490,939 | €495,408 | +€4,469 | +0.9% |
| Equity | 10/15 | €255,877 | €272,349 | +€16,473 | +6.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €237,277 | €253,749 | +€16,473 | +6.9% |
| Tax-exempt reserves | 132 | €3,937 | €3,937 | = | 0.0% |
| Distributable reserves | 133 | €233,340 | €249,813 | +€16,473 | +7.1% |
| Amounts payable | 17/49 | €235,062 | €223,059 | -€12,003 | -5.1% |
| Amounts payable after more than one year | 17 | €178,334 | €160,834 | -€17,500 | -9.8% |
| Financial debts | 170/4 | €178,334 | €160,834 | -€17,500 | -9.8% |
| Amounts payable within one year | 42/48 | €55,679 | €61,175 | +€5,497 | +9.9% |
| Current portion of amounts payable after more than one year | 42 | €17,500 | €17,500 | = | 0.0% |
| Trade debts | 44 | €283 | €285 | +€2 | +0.8% |
| Suppliers | 440/4 | €283 | €285 | +€2 | +0.8% |
| Taxes, remuneration and social security | 45 | €8,470 | €8,462 | -€8 | -0.1% |
| Taxes | 450/3 | €7,470 | €7,462 | -€8 | -0.1% |
| Remuneration and social security | 454/9 | €1,000 | €1,000 | = | 0.0% |
| Other amounts payable | 47/48 | €29,426 | €34,928 | +€5,502 | +18.7% |
| Accrued charges and deferred income | 492/3 | €1,050 | €1,050 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,942 | €22,323 | -€1,619 | -6.8% |
| Other operating charges | 640/8 | €3,189 | €3,036 | -€153 | -4.8% |
| Gross operating margin | 9900 | €72,530 | €58,286 | -€14,244 | -19.6% |
| Operating profit (loss) | 9901 | €45,399 | €32,928 | -€12,471 | -27.5% |
| Financial income | 75/76B | €212 | €349 | +€136 | +64.2% |
| Recurring financial income | 75 | €212 | €349 | +€136 | +64.2% |
| Financial charges | 65/66B | €7,905 | €7,187 | -€718 | -9.1% |
| Recurring financial charges | 65 | €7,905 | €7,187 | -€718 | -9.1% |
| Profit (loss) for the period before taxes | 9903 | €37,706 | €26,089 | -€11,617 | -30.8% |
| Income taxes | 67/77 | €11,084 | €9,617 | -€1,467 | -13.2% |
| Profit (loss) for the period | 9904 | €26,622 | €16,473 | -€10,150 | -38.1% |
| Profit (loss) for the period to be appropriated | 9905 | €26,622 | €16,473 | -€10,150 | -38.1% |
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.