KEEP IT SIMPLE: 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.
KEEP IT SIMPLE
Largest movements
- Current investments +€1.4m
up €1.4m (+69.0%), from €2.0m to €3.4m
- Cash -€902,320
down €902,320 (-95.5%), from €945,237 to €42,917
mainly Contributions, distributions and other (-€3.0m) and Current investments (-€1.4m)
- Tangible fixed assets -€85,850
down €85,850 (-5.9%), from €1.5m to €1.4m
of which Land and buildings: -€76,883
- Other debts +€3.0m
new in 2025: €3.0m
- Profit (loss) carried forward -€2.4m
no longer reported in 2025 (was €2.4m)
- Reserves -€252,620
down €252,620 (-13.1%), from €1.9m to €1.7m
of which Distributable reserves: -€252,620
- Tax, wage and social debts +€79,178
up €79,178 (+193.7%), from €40,877 to €120,056
- Gross operating margin -€82,593
down €82,593 (-12.3%), from €673,387 to €590,794
- Financial income -€79,982
down €79,982 (-58.7%), from €136,141 to €56,159
- Financial charges -€47,979
down €47,979 (-97.5%), from €49,231 to €1,253
- Depreciation -€32,318
down €32,318 (-21.6%), from €149,790 to €117,472
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 | €4,436,303 | €4,880,974 | +€444,671 | +10.0% |
| Fixed assets | 21/28 | €1,466,590 | €1,380,739 | -€85,850 | -5.9% |
| Tangible fixed assets | 22/27 | €1,466,590 | €1,380,739 | -€85,850 | -5.9% |
| Land and buildings | 22 | €1,400,417 | €1,323,534 | -€76,883 | -5.5% |
| Plant, machinery and equipment | 23 | €66,173 | €57,206 | -€8,967 | -13.6% |
| Current assets | 29/58 | €2,969,714 | €3,500,235 | +€530,521 | +17.9% |
| Amounts receivable within one year | 40/41 | €937 | €47,739 | +€46,803 | +4997.5% |
| Trade receivables | 40 | €491 | €47,716 | +€47,225 | +9626.2% |
| Other amounts receivable | 41 | €446 | €23 | -€423 | -94.8% |
| Current investments | 50/53 | €2,012,002 | €3,400,686 | +€1.4m | +69.0% |
| Cash at bank and in hand | 54/58 | €945,237 | €42,917 | -€902,320 | -95.5% |
| Deferred charges and accrued income | 490/1 | €11,538 | €8,893 | -€2,645 | -22.9% |
| Total equity and liabilities | 10/49 | €4,436,303 | €4,880,974 | +€444,671 | +10.0% |
| Equity | 10/15 | €4,379,207 | €1,743,849 | -€2.6m | -60.2% |
| Contributions | 10/11 | €64,083 | €64,083 | = | 0.0% |
| Capital | 10 | €64,083 | €64,083 | = | 0.0% |
| Issued capital | 100 | €64,083 | €64,083 | = | 0.0% |
| Reserves | 13 | €1,932,386 | €1,679,767 | -€252,620 | -13.1% |
| Non-distributable reserves | 130/1 | €25,408 | €25,408 | = | 0.0% |
| Legal reserve | 130 | €25,408 | €25,408 | = | 0.0% |
| Distributable reserves | 133 | €1,906,978 | €1,654,358 | -€252,620 | -13.2% |
| Profit (loss) carried forward | 14 | €2,382,738 | - | -€2.4m | |
| Amounts payable | 17/49 | €57,096 | €3,137,125 | +€3.1m | +5394.5% |
| Amounts payable within one year | 42/48 | €50,374 | €3,137,125 | +€3.1m | +6127.7% |
| Trade debts | 44 | €9,496 | €17,069 | +€7,573 | +79.8% |
| Suppliers | 440/4 | €9,496 | €17,069 | +€7,573 | +79.8% |
| Taxes, remuneration and social security | 45 | €40,877 | €120,056 | +€79,178 | +193.7% |
| Taxes | 450/3 | €40,877 | €120,056 | +€79,178 | +193.7% |
| Other amounts payable | 47/48 | - | €3,000,000 | +€3.0m | |
| Accrued charges and deferred income | 492/3 | €6,722 | - | -€6,722 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €149,790 | €117,472 | -€32,318 | -21.6% |
| Other operating charges | 640/8 | €19,628 | €20,267 | +€638 | +3.3% |
| Gross operating margin | 9900 | €673,387 | €590,794 | -€82,593 | -12.3% |
| Operating profit (loss) | 9901 | €503,969 | €453,056 | -€50,913 | -10.1% |
| Financial income | 75/76B | €136,141 | €56,159 | -€79,982 | -58.7% |
| Recurring financial income | 75 | €136,141 | €56,159 | -€79,982 | -58.7% |
| Financial charges | 65/66B | €49,231 | €1,253 | -€47,979 | -97.5% |
| Recurring financial charges | 65 | €49,231 | €1,253 | -€47,979 | -97.5% |
| Profit (loss) for the period before taxes | 9903 | €590,879 | €507,962 | -€82,917 | -14.0% |
| Income taxes | 67/77 | €148,338 | €143,320 | -€5,018 | -3.4% |
| Profit (loss) for the period | 9904 | €442,541 | €364,642 | -€77,899 | -17.6% |
| Profit (loss) for the period to be appropriated | 9905 | €442,541 | €364,642 | -€77,899 | -17.6% |
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 8 October 2026 via checked.be.