KEEP IT QUIET: 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.
KEEP IT QUIET
Largest movements
- Cash -€224,220
down €224,220 (-19.3%), from €1.2m to €936,493
mainly Contributions, distributions and other (-€740,645) and Trade debts (-€38,411)
- Current investments -€116,704
down €116,704 (-100.0%), from €116,704 to €0
- Reserves -€389,893
down €389,893 (-24.2%), from €1.6m to €1.2m
- Accrued charges and deferred income +€77,563
up €77,563 (+34.0%), from €228,274 to €305,838
- Trade debts -€38,411
down €38,411 (-26.7%), from €144,081 to €105,670
- Tax, wage and social debts +€25,224
up €25,224 (+24.6%), from €102,414 to €127,638
of which Taxes: +€31,911
- Gross operating margin +€153,307
up €153,307 (+20.0%), from €766,269 to €919,576
- Taxes +€54,831
up €54,831 (+50.9%), from €107,723 to €162,554
- Financial income +€21,959
up €21,959 (+318.7%), from €6,891 to €28,849
- Staff costs -€19,265
down €19,265 (-5.1%), from €377,823 to €358,558
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 | €2,303,332 | €1,943,845 | -€359,487 | -15.6% |
| Fixed assets | 21/28 | €261,949 | €241,123 | -€20,827 | -8.0% |
| Tangible fixed assets | 22/27 | €260,349 | €239,523 | -€20,827 | -8.0% |
| Land and buildings | 22 | €172,812 | €146,825 | -€25,987 | -15.0% |
| Plant, machinery and equipment | 23 | €1,817 | €5,843 | +€4,027 | +221.6% |
| Furniture and vehicles | 24 | €85,721 | €86,855 | +€1,133 | +1.3% |
| Financial fixed assets | 28 | €1,600 | €1,600 | = | 0.0% |
| Current assets | 29/58 | €2,041,383 | €1,702,723 | -€338,660 | -16.6% |
| Amounts receivable within one year | 40/41 | €746,253 | €762,124 | +€15,871 | +2.1% |
| Trade receivables | 40 | €713,946 | €743,371 | +€29,425 | +4.1% |
| Other amounts receivable | 41 | €32,307 | €18,753 | -€13,554 | -42.0% |
| Current investments | 50/53 | €116,704 | €0 | -€116,704 | -100.0% |
| Cash at bank and in hand | 54/58 | €1,160,712 | €936,493 | -€224,220 | -19.3% |
| Deferred charges and accrued income | 490/1 | €17,713 | €4,106 | -€13,608 | -76.8% |
| Total equity and liabilities | 10/49 | €2,303,332 | €1,943,845 | -€359,487 | -15.6% |
| Equity | 10/15 | €1,747,681 | €1,357,788 | -€389,893 | -22.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,611,662 | €1,221,769 | -€389,893 | -24.2% |
| Distributable reserves | 133 | €1,611,662 | €1,221,769 | -€389,893 | -24.2% |
| Profit (loss) carried forward | 14 | €117,418 | €117,418 | = | 0.0% |
| Amounts payable | 17/49 | €555,651 | €586,058 | +€30,406 | +5.5% |
| Amounts payable after more than one year | 17 | €39,014 | €18,659 | -€20,355 | -52.2% |
| Financial debts | 170/4 | €39,014 | €18,659 | -€20,355 | -52.2% |
| Amounts payable within one year | 42/48 | €288,363 | €261,561 | -€26,802 | -9.3% |
| Current portion of amounts payable after more than one year | 42 | €20,355 | €20,355 | = | 0.0% |
| Financial debts | 43 | €17,558 | €450 | -€17,108 | -97.4% |
| Credit institutions | 430/8 | €17,558 | €450 | -€17,108 | -97.4% |
| Trade debts | 44 | €144,081 | €105,670 | -€38,411 | -26.7% |
| Suppliers | 440/4 | €144,081 | €105,670 | -€38,411 | -26.7% |
| Taxes, remuneration and social security | 45 | €102,414 | €127,638 | +€25,224 | +24.6% |
| Taxes | 450/3 | €38,796 | €70,707 | +€31,911 | +82.3% |
| Remuneration and social security | 454/9 | €63,618 | €56,932 | -€6,686 | -10.5% |
| Other amounts payable | 47/48 | €3,955 | €7,448 | +€3,493 | +88.3% |
| Accrued charges and deferred income | 492/3 | €228,274 | €305,838 | +€77,563 | +34.0% |
| Non-recurring operating income | 76A | €826 | €826 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €377,823 | €358,558 | -€19,265 | -5.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,552 | €59,224 | +€6,672 | +12.7% |
| Other operating charges | 640/8 | €7,486 | €7,918 | +€432 | +5.8% |
| Gross operating margin | 9900 | €766,269 | €919,576 | +€153,307 | +20.0% |
| Operating profit (loss) | 9901 | €328,408 | €493,876 | +€165,467 | +50.4% |
| Financial income | 75/76B | €6,891 | €28,849 | +€21,959 | +318.7% |
| Recurring financial income | 75 | €6,891 | €28,849 | +€21,959 | +318.7% |
| Financial charges | 65/66B | €5,296 | €9,419 | +€4,122 | +77.8% |
| Recurring financial charges | 65 | €5,296 | €9,419 | +€4,122 | +77.8% |
| Profit (loss) for the period before taxes | 9903 | €330,003 | €513,306 | +€183,303 | +55.5% |
| Income taxes | 67/77 | €107,723 | €162,554 | +€54,831 | +50.9% |
| Profit (loss) for the period | 9904 | €222,280 | €350,752 | +€128,473 | +57.8% |
| Transfer from tax-exempt reserves | 789 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €222,280 | €350,752 | +€128,473 | +57.8% |
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 9 October 2026 via checked.be.