ISABELLE BAINES: 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.
ISABELLE BAINES
Largest movements
- Cash +€21,933
up €21,933 (+62.4%), from €35,122 to €57,054
mainly Depreciation (+€16,171) and Net result for the year (+€8,512)
- Tangible fixed assets -€12,646
down €12,646 (-25.1%), from €50,457 to €37,810
of which Land and buildings: -€12,474
- Reserves +€6,995
up €6,995 (+376%), from €1,860 to €8,854
- Other debts -€6,179
down €6,179 (-8.2%), from €75,611 to €69,432
- Accrued charges and deferred income +€5,379
up €5,379 (+134%), from €4,004 to €9,383
- Profit (loss) carried forward +€1,518
no longer reported in 2025 (was -€1,518)
- Gross operating margin -€6,763
down €6,763 (-16.9%), from €39,987 to €33,225
- Taxes -€840
down €840 (-16.4%), from €5,118 to €4,278
- Other operating charges +€600
up €600 (+16.6%), from €3,619 to €4,219
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 | €98,752 | €106,471 | +€7,720 | +7.8% |
| Fixed assets | 21/28 | €56,481 | €43,310 | -€13,171 | -23.3% |
| Intangible fixed assets | 21 | €6,025 | €5,500 | -€525 | -8.7% |
| Tangible fixed assets | 22/27 | €50,457 | €37,810 | -€12,646 | -25.1% |
| Land and buildings | 22 | €49,895 | €37,421 | -€12,474 | -25.0% |
| Plant, machinery and equipment | 23 | €562 | €389 | -€172 | -30.7% |
| Current assets | 29/58 | €42,270 | €63,161 | +€20,891 | +49.4% |
| Stocks and contracts in progress | 3 | €4,910 | €4,555 | -€354 | -7.2% |
| Stocks | 30/36 | €4,910 | €4,555 | -€354 | -7.2% |
| Amounts receivable within one year | 40/41 | €2,239 | €1,551 | -€688 | -30.7% |
| Trade receivables | 40 | €1,343 | - | -€1,343 | |
| Other amounts receivable | 41 | €896 | €1,551 | +€655 | +73.2% |
| Cash at bank and in hand | 54/58 | €35,122 | €57,054 | +€21,933 | +62.4% |
| Total equity and liabilities | 10/49 | €98,752 | €106,471 | +€7,720 | +7.8% |
| Equity | 10/15 | €18,938 | €27,450 | +€8,512 | +44.9% |
| Contributions | 10/11 | €18,596 | €18,596 | = | 0.0% |
| Reserves | 13 | €1,860 | €8,854 | +€6,995 | +376% |
| Distributable reserves | 133 | €1,860 | €8,854 | +€6,995 | +376% |
| Profit (loss) carried forward | 14 | -€1,518 | - | +€1,518 | |
| Amounts payable | 17/49 | €79,814 | €79,022 | -€793 | -1.0% |
| Amounts payable within one year | 42/48 | €75,810 | €69,639 | -€6,171 | -8.1% |
| Trade debts | 44 | €1 | €207 | +€206 | +20,770% |
| Suppliers | 440/4 | €1 | €207 | +€206 | +20,770% |
| Taxes, remuneration and social security | 45 | €198 | - | -€198 | |
| Taxes | 450/3 | €198 | - | -€198 | |
| Other amounts payable | 47/48 | €75,611 | €69,432 | -€6,179 | -8.2% |
| Accrued charges and deferred income | 492/3 | €4,004 | €9,383 | +€5,379 | +134% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,775 | €16,171 | +€396 | +2.5% |
| Other operating charges | 640/8 | €3,619 | €4,219 | +€600 | +16.6% |
| Gross operating margin | 9900 | €39,987 | €33,225 | -€6,763 | -16.9% |
| Operating profit (loss) | 9901 | €20,593 | €12,835 | -€7,759 | -37.7% |
| Financial charges | 65/66B | €313 | €44 | -€269 | -86.0% |
| Recurring financial charges | 65 | €313 | €44 | -€269 | -86.0% |
| Profit (loss) for the period before taxes | 9903 | €20,280 | €12,791 | -€7,490 | -36.9% |
| Income taxes | 67/77 | €5,118 | €4,278 | -€840 | -16.4% |
| Profit (loss) for the period | 9904 | €15,162 | €8,512 | -€6,650 | -43.9% |
| Profit (loss) for the period to be appropriated | 9905 | €15,162 | €8,512 | -€6,650 | -43.9% |
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.