KEY FORCE: 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.
KEY FORCE
Largest movements
- Cash -€104,032
down €104,032 (-21.4%), from €487,221 to €383,189
mainly Contributions, distributions and other (-€350,000) and Receivables after one year (-€97,216)
- Receivables after one year +€97,216
up €97,216 (+59.3%), from €164,048 to €261,264
- Tangible fixed assets +€75,809
up €75,809 (+87.8%), from €86,391 to €162,199
of which Other tangible fixed assets: +€70,181
- Receivables within one year +€10,568
up €10,568 (+31.1%), from €33,977 to €44,544
of which Trade receivables: +€8,216
- Other debts +€105,514
up €105,514 (+152.3%), from €69,292 to €174,806
- Reserves -€60,550
down €60,550 (-10.5%), from €576,763 to €516,213
of which Distributable reserves: -€250,000
- Tax, wage and social debts +€49,154
up €49,154 (+131.1%), from €37,489 to €86,643
of which Taxes: +€46,892
- Trade debts -€15,729
down €15,729 (-42.5%), from €36,977 to €21,248
- Gross operating margin +€111,621
up €111,621 (+39.3%), from €283,711 to €395,332
- Taxes +€17,891
up €17,891 (+23.8%), from €75,180 to €93,071
- Depreciation +€9,303
up €9,303 (+247.6%), from €3,757 to €13,060
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 | €777,383 | €860,638 | +€83,255 | +10.7% |
| Fixed assets | 21/28 | €86,981 | €162,789 | +€75,809 | +87.2% |
| Tangible fixed assets | 22/27 | €86,391 | €162,199 | +€75,809 | +87.8% |
| Furniture and vehicles | 24 | €12,675 | €18,303 | +€5,627 | +44.4% |
| Other tangible fixed assets | 26 | €73,715 | €143,897 | +€70,181 | +95.2% |
| Financial fixed assets | 28 | €590 | €590 | = | 0.0% |
| Current assets | 29/58 | €690,403 | €697,849 | +€7,446 | +1.1% |
| Amounts receivable after more than one year | 29 | €164,048 | €261,264 | +€97,216 | +59.3% |
| Trade receivables | 290 | €164,048 | €261,264 | +€97,216 | +59.3% |
| Amounts receivable within one year | 40/41 | €33,977 | €44,544 | +€10,568 | +31.1% |
| Trade receivables | 40 | €20,824 | €29,040 | +€8,216 | +39.5% |
| Other amounts receivable | 41 | €13,152 | €15,504 | +€2,352 | +17.9% |
| Cash at bank and in hand | 54/58 | €487,221 | €383,189 | -€104,032 | -21.4% |
| Deferred charges and accrued income | 490/1 | €5,157 | €8,852 | +€3,695 | +71.6% |
| Total equity and liabilities | 10/49 | €777,383 | €860,638 | +€83,255 | +10.7% |
| Equity | 10/15 | €632,664 | €577,942 | -€54,723 | -8.6% |
| Contributions | 10/11 | €17,071 | €17,071 | = | 0.0% |
| Reserves | 13 | €576,763 | €516,213 | -€60,550 | -10.5% |
| Tax-exempt reserves | 132 | €286,280 | €475,730 | +€189,450 | +66.2% |
| Distributable reserves | 133 | €290,483 | €40,483 | -€250,000 | -86.1% |
| Profit (loss) carried forward | 14 | €38,830 | €44,657 | +€5,827 | +15.0% |
| Amounts payable | 17/49 | €144,719 | €282,697 | +€137,977 | +95.3% |
| Amounts payable within one year | 42/48 | €143,757 | €282,697 | +€138,940 | +96.6% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €36,977 | €21,248 | -€15,729 | -42.5% |
| Suppliers | 440/4 | €36,977 | €21,248 | -€15,729 | -42.5% |
| Taxes, remuneration and social security | 45 | €37,489 | €86,643 | +€49,154 | +131.1% |
| Taxes | 450/3 | €37,489 | €84,380 | +€46,892 | +125.1% |
| Remuneration and social security | 454/9 | - | €2,263 | +€2,263 | |
| Other amounts payable | 47/48 | €69,292 | €174,806 | +€105,514 | +152.3% |
| Accrued charges and deferred income | 492/3 | €962 | €0 | -€962 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,757 | €13,060 | +€9,303 | +247.6% |
| Other operating charges | 640/8 | €968 | €400 | -€568 | -58.7% |
| Gross operating margin | 9900 | €283,711 | €395,332 | +€111,621 | +39.3% |
| Operating profit (loss) | 9901 | €278,987 | €381,872 | +€102,885 | +36.9% |
| Financial income | 75/76B | €7,619 | €7,352 | -€267 | -3.5% |
| Recurring financial income | 75 | €7,619 | €7,352 | -€267 | -3.5% |
| Financial charges | 65/66B | €592 | €875 | +€283 | +47.8% |
| Recurring financial charges | 65 | €592 | €875 | +€283 | +47.8% |
| Profit (loss) for the period before taxes | 9903 | €286,014 | €388,348 | +€102,334 | +35.8% |
| Income taxes | 67/77 | €75,180 | €93,071 | +€17,891 | +23.8% |
| Profit (loss) for the period | 9904 | €210,834 | €295,277 | +€84,443 | +40.1% |
| Transfer from tax-exempt reserves | 789 | €33,108 | €0 | -€33,108 | -100.0% |
| Transfer to tax-exempt reserves | 689 | €105,250 | €189,450 | +€84,200 | +80.0% |
| Profit (loss) for the period to be appropriated | 9905 | €138,692 | €105,827 | -€32,865 | -23.7% |
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 10 October 2026 via checked.be.