K en L: 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.
K en L
Largest movements
- Tangible fixed assets +€113,495
up €113,495 (+5.3%), from €2.2m to €2.3m
of which Land and buildings: +€630,181
- Other debts +€422,067
up €422,067 (+70.2%), from €600,897 to €1.0m
- Short-term financial debts -€198,520
down €198,520 (-44.1%), from €450,000 to €251,480
- Debts after one year -€65,000
down €65,000 (-22.6%), from €287,000 to €222,000
- Reserves -€39,807
down €39,807 (-29.4%), from €135,190 to €95,383
of which Distributable reserves: -€39,807
- Financial charges -€22,755
down €22,755 (-49.1%), from €46,312 to €23,557
- Gross operating margin -€6,366
down €6,366, from €1,292 to -€5,074
- Other operating charges +€1,041
up €1,041 (+13.6%), from €7,674 to €8,714
- Financial income +€625
up €625, from €0 to €625
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 | €2,192,138 | €2,320,228 | +€128,091 | +5.8% |
| Fixed assets | 21/28 | €2,161,423 | €2,274,918 | +€113,495 | +5.3% |
| Tangible fixed assets | 22/27 | €2,161,423 | €2,274,918 | +€113,495 | +5.3% |
| Land and buildings | 22 | €1,628,429 | €2,258,609 | +€630,181 | +38.7% |
| Plant, machinery and equipment | 23 | €19,395 | €16,309 | -€3,086 | -15.9% |
| Assets under construction and advance payments | 27 | €513,600 | €0 | -€513,600 | -100% |
| Current assets | 29/58 | €30,714 | €45,310 | +€14,596 | +47.5% |
| Amounts receivable within one year | 40/41 | €28,747 | €44,899 | +€16,153 | +56.2% |
| Trade receivables | 40 | €12,391 | €15,933 | +€3,542 | +28.6% |
| Other amounts receivable | 41 | €16,356 | €28,967 | +€12,611 | +77.1% |
| Cash at bank and in hand | 54/58 | €1,587 | €0 | -€1,587 | -100% |
| Deferred charges and accrued income | 490/1 | €380 | €411 | +€31 | +8.1% |
| Total equity and liabilities | 10/49 | €2,192,138 | €2,320,228 | +€128,091 | +5.8% |
| Equity | 10/15 | €785,190 | €745,383 | -€39,807 | -5.1% |
| Contributions | 10/11 | €650,000 | €650,000 | = | 0.0% |
| Capital | 10 | €650,000 | €650,000 | = | 0.0% |
| Issued capital | 100 | €650,000 | €650,000 | = | 0.0% |
| Reserves | 13 | €135,190 | €95,383 | -€39,807 | -29.4% |
| Non-distributable reserves | 130/1 | €900 | €900 | = | 0.0% |
| Legal reserve | 130 | €900 | €900 | = | 0.0% |
| Distributable reserves | 133 | €134,290 | €94,483 | -€39,807 | -29.6% |
| Amounts payable | 17/49 | €1,406,948 | €1,574,845 | +€167,897 | +11.9% |
| Amounts payable after more than one year | 17 | €287,000 | €222,000 | -€65,000 | -22.6% |
| Financial debts | 170/4 | €287,000 | €222,000 | -€65,000 | -22.6% |
| Amounts payable within one year | 42/48 | €1,118,694 | €1,352,628 | +€233,934 | +20.9% |
| Current portion of amounts payable after more than one year | 42 | €65,000 | €65,000 | = | 0.0% |
| Financial debts | 43 | €450,000 | €251,480 | -€198,520 | -44.1% |
| Credit institutions | 430/8 | €450,000 | €251,480 | -€198,520 | -44.1% |
| Trade debts | 44 | €2,165 | €12,533 | +€10,368 | +479% |
| Suppliers | 440/4 | €2,165 | €12,533 | +€10,368 | +479% |
| Taxes, remuneration and social security | 45 | €632 | €651 | +€19 | +3.0% |
| Taxes | 450/3 | €632 | €651 | +€19 | +3.0% |
| Other amounts payable | 47/48 | €600,897 | €1,022,964 | +€422,067 | +70.2% |
| Accrued charges and deferred income | 492/3 | €1,254 | €218 | -€1,037 | -82.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,053 | €3,086 | +€33 | +1.1% |
| Other operating charges | 640/8 | €7,674 | €8,714 | +€1,041 | +13.6% |
| Gross operating margin | 9900 | €1,292 | -€5,074 | -€6,366 | |
| Operating profit (loss) | 9901 | -€9,435 | -€16,874 | -€7,440 | -78.9% |
| Financial income | 75/76B | €0 | €625 | +€625 | |
| Recurring financial income | 75 | €0 | €625 | +€625 | |
| Financial charges | 65/66B | €46,312 | €23,557 | -€22,755 | -49.1% |
| Recurring financial charges | 65 | €46,312 | €23,557 | -€22,755 | -49.1% |
| Profit (loss) for the period before taxes | 9903 | -€55,746 | -€39,807 | +€15,940 | +28.6% |
| Profit (loss) for the period | 9904 | -€55,746 | -€39,807 | +€15,940 | +28.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€55,746 | -€39,807 | +€15,940 | +28.6% |
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 29 October 2026 via checked.be.