KEY WAY: 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.
KEY WAY
Largest movements
No asset line moved by more than 1% of the balance sheet total.
- Reserves +€93,643
up €93,643 (+22.7%), from €412,903 to €506,546
of which Distributable reserves: +€93,643
- Debts after one year -€73,961
down €73,961 (-8.1%), from €914,693 to €840,731
of which Financial debts: -€50,230
- Other debts -€44,656
down €44,656 (-100.0%), from €44,656 to €0
- Gross operating margin -€64,923
down €64,923 (-36.1%), from €179,933 to €115,010
- Financial income +€60,000
up €60,000, from €0 to €60,000
- Taxes -€13,262
down €13,262 (-50.3%), from €26,357 to €13,095
- Depreciation -€7,900
down €7,900 (-32.2%), from €24,523 to €16,623
- Financial charges -€4,113
down €4,113 (-8.1%), from €50,719 to €46,605
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 | €2,260,647 | €2,242,912 | -€17,735 | -0.8% |
| Fixed assets | 21/28 | €2,166,064 | €2,149,441 | -€16,623 | -0.8% |
| Tangible fixed assets | 22/27 | €432,904 | €416,281 | -€16,623 | -3.8% |
| Land and buildings | 22 | €430,867 | €415,744 | -€15,123 | -3.5% |
| Furniture and vehicles | 24 | €2,037 | €537 | -€1,500 | -73.6% |
| Financial fixed assets | 28 | €1,733,160 | €1,733,160 | = | 0.0% |
| Current assets | 29/58 | €94,583 | €93,471 | -€1,112 | -1.2% |
| Amounts receivable within one year | 40/41 | €28,527 | €37,165 | +€8,639 | +30.3% |
| Trade receivables | 40 | €24,351 | €30,260 | +€5,909 | +24.3% |
| Other amounts receivable | 41 | €4,175 | €6,905 | +€2,729 | +65.4% |
| Cash at bank and in hand | 54/58 | €63,898 | €54,889 | -€9,009 | -14.1% |
| Deferred charges and accrued income | 490/1 | €2,159 | €1,417 | -€742 | -34.4% |
| Total equity and liabilities | 10/49 | €2,260,647 | €2,242,912 | -€17,735 | -0.8% |
| Equity | 10/15 | €1,250,303 | €1,343,946 | +€93,643 | +7.5% |
| Contributions | 10/11 | €837,400 | €837,400 | = | 0.0% |
| Reserves | 13 | €412,903 | €506,546 | +€93,643 | +22.7% |
| Tax-exempt reserves | 132 | €0 | - | = | |
| Distributable reserves | 133 | €412,903 | €506,546 | +€93,643 | +22.7% |
| Amounts payable | 17/49 | €1,010,345 | €898,966 | -€111,378 | -11.0% |
| Amounts payable after more than one year | 17 | €914,693 | €840,731 | -€73,961 | -8.1% |
| Financial debts | 170/4 | €321,499 | €271,270 | -€50,230 | -15.6% |
| Other amounts payable | 178/9 | €593,193 | €569,462 | -€23,732 | -4.0% |
| Amounts payable within one year | 42/48 | €94,617 | €57,181 | -€37,436 | -39.6% |
| Current portion of amounts payable after more than one year | 42 | €48,957 | €50,230 | +€1,272 | +2.6% |
| Trade debts | 44 | €1,004 | €4,633 | +€3,628 | +361.3% |
| Suppliers | 440/4 | €1,004 | €4,633 | +€3,628 | +361.3% |
| Taxes, remuneration and social security | 45 | €0 | €2,319 | +€2,319 | |
| Taxes | 450/3 | €0 | €2,319 | +€2,319 | |
| Other amounts payable | 47/48 | €44,656 | €0 | -€44,656 | -100.0% |
| Accrued charges and deferred income | 492/3 | €1,034 | €1,054 | +€19 | +1.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,523 | €16,623 | -€7,900 | -32.2% |
| Other operating charges | 640/8 | €4,957 | €5,043 | +€86 | +1.7% |
| Gross operating margin | 9900 | €179,933 | €115,010 | -€64,923 | -36.1% |
| Operating profit (loss) | 9901 | €150,453 | €93,344 | -€57,109 | -38.0% |
| Financial income | 75/76B | €0 | €60,000 | +€60,000 | |
| Recurring financial income | 75 | €0 | €60,000 | +€60,000 | |
| Financial charges | 65/66B | €50,719 | €46,605 | -€4,113 | -8.1% |
| Recurring financial charges | 65 | €50,719 | €46,605 | -€4,113 | -8.1% |
| Profit (loss) for the period before taxes | 9903 | €99,734 | €106,738 | +€7,004 | +7.0% |
| Income taxes | 67/77 | €26,357 | €13,095 | -€13,262 | -50.3% |
| Profit (loss) for the period | 9904 | €73,377 | €93,643 | +€20,266 | +27.6% |
| Transfer from tax-exempt reserves | 789 | €21,050 | €0 | -€21,050 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €94,427 | €93,643 | -€784 | -0.8% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.