L'ACTION: 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.
L'ACTION
Largest movements
- Receivables within one year +€54,365
up €54,365 (+32.7%), from €166,175 to €220,540
of which Other amounts receivable: +€34,290
- Tangible fixed assets -€50,152
down €50,152 (-7.6%), from €655,790 to €605,638
of which Land and buildings: -€47,133
- Reserves +€74,206
up €74,206 (+36.3%), from €204,223 to €278,429
- Debts after one year -€65,624
down €65,624 (-22.3%), from €294,408 to €228,784
- Other debts +€12,007
up €12,007 (+68.8%), from €17,448 to €29,455
- Trade debts -€11,791
down €11,791 (-68.0%), from €17,333 to €5,542
- Gross operating margin -€60,050
down €60,050 (-27.3%), from €219,984 to €159,935
- Other operating charges -€25,592
down €25,592 (-73.9%), from €34,639 to €9,047
- Provisions +€18,038
no longer reported in 2025 (was -€18,038)
- Taxes -€17,341
down €17,341 (-38.8%), from €44,683 to €27,342
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 | €824,883 | €832,887 | +€8,004 | +1.0% |
| Fixed assets | 21/28 | €655,790 | €605,638 | -€50,152 | -7.6% |
| Tangible fixed assets | 22/27 | €655,790 | €605,638 | -€50,152 | -7.6% |
| Land and buildings | 22 | €652,771 | €605,638 | -€47,133 | -7.2% |
| Furniture and vehicles | 24 | €3,019 | - | -€3,019 | |
| Current assets | 29/58 | €169,093 | €227,249 | +€58,156 | +34.4% |
| Amounts receivable within one year | 40/41 | €166,175 | €220,540 | +€54,365 | +32.7% |
| Trade receivables | 40 | - | €20,075 | +€20,075 | |
| Other amounts receivable | 41 | €166,175 | €200,465 | +€34,290 | +20.6% |
| Cash at bank and in hand | 54/58 | €1,060 | €5,915 | +€4,855 | +458.1% |
| Deferred charges and accrued income | 490/1 | €1,858 | €794 | -€1,063 | -57.2% |
| Total equity and liabilities | 10/49 | €824,883 | €832,887 | +€8,004 | +1.0% |
| Equity | 10/15 | €368,541 | €438,151 | +€69,610 | +18.9% |
| Contributions | 10/11 | €98,174 | €98,174 | = | 0.0% |
| Reserves | 13 | €204,223 | €278,429 | +€74,206 | +36.3% |
| Distributable reserves | 133 | €204,223 | €278,429 | +€74,206 | +36.3% |
| Investment grants | 15 | €66,144 | €61,548 | -€4,596 | -6.9% |
| Amounts payable | 17/49 | €456,342 | €394,736 | -€61,606 | -13.5% |
| Amounts payable after more than one year | 17 | €294,408 | €228,784 | -€65,624 | -22.3% |
| Financial debts | 170/4 | €294,408 | €228,784 | -€65,624 | -22.3% |
| Amounts payable within one year | 42/48 | €161,933 | €158,452 | -€3,482 | -2.2% |
| Current portion of amounts payable after more than one year | 42 | €90,029 | €90,624 | +€596 | +0.7% |
| Trade debts | 44 | €17,333 | €5,542 | -€11,791 | -68.0% |
| Suppliers | 440/4 | €17,333 | €5,542 | -€11,791 | -68.0% |
| Taxes, remuneration and social security | 45 | €37,124 | €32,830 | -€4,294 | -11.6% |
| Taxes | 450/3 | €37,124 | €32,830 | -€4,294 | -11.6% |
| Other amounts payable | 47/48 | €17,448 | €29,455 | +€12,007 | +68.8% |
| Accrued charges and deferred income | 492/3 | - | €7,500 | +€7,500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,323 | €50,152 | -€1,171 | -2.3% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€18,038 | - | +€18,038 | |
| Other operating charges | 640/8 | €34,639 | €9,047 | -€25,592 | -73.9% |
| Gross operating margin | 9900 | €219,984 | €159,935 | -€60,050 | -27.3% |
| Operating profit (loss) | 9901 | €152,060 | €100,735 | -€51,325 | -33.8% |
| Financial income | 75/76B | €5,727 | €5,079 | -€648 | -11.3% |
| Recurring financial income | 75 | €5,727 | €5,079 | -€648 | -11.3% |
| Financial charges | 65/66B | €3,964 | €4,266 | +€302 | +7.6% |
| Recurring financial charges | 65 | €3,964 | €4,266 | +€302 | +7.6% |
| Profit (loss) for the period before taxes | 9903 | €153,823 | €101,548 | -€52,275 | -34.0% |
| Income taxes | 67/77 | €44,683 | €27,342 | -€17,341 | -38.8% |
| Profit (loss) for the period | 9904 | €109,140 | €74,206 | -€34,934 | -32.0% |
| Profit (loss) for the period to be appropriated | 9905 | €109,140 | €74,206 | -€34,934 | -32.0% |
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 30 September 2026 via checked.be.