L'art D: 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.
L'art D
Largest movements
- Cash -€66,817
down €66,817 (-35.2%), from €189,766 to €122,949
mainly Stocks and contracts (-€32,562) and Net result for the year (-€27,416)
- Stocks and contracts +€32,562
new in 2025: €32,562
- Tangible fixed assets -€24,687
down €24,687 (-20.0%), from €123,176 to €98,489
of which Land and buildings: -€13,010
- Receivables within one year +€14,804
up €14,804 (+144%), from €10,311 to €25,115
of which Other amounts receivable: +€13,311
- Profit (loss) carried forward -€16,556
down €16,556, from €360 to -€16,196
- Reserves -€10,860
down €10,860 (-4.1%), from €266,969 to €256,109
of which Distributable reserves: -€10,860
- Tax, wage and social debts -€7,161
down €7,161 (-36.0%), from €19,896 to €12,735
- Current portion of long-term debt -€5,485
down €5,485 (-100%), from €5,485 to €0
- Trade debts -€4,515
down €4,515 (-18.2%), from €24,783 to €20,268
- Gross operating margin -€121,534
down €121,534 (-98.4%), from €123,505 to €1,971
- Taxes -€32,030
down €32,030 (-99.3%), from €32,258 to €227
- Depreciation -€1,579
down €1,579 (-6.0%), from €26,266 to €24,687
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.
Derived cash bridge
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 | €323,693 | €279,115 | -€44,577 | -13.8% |
| Fixed assets | 21/28 | €123,176 | €98,489 | -€24,687 | -20.0% |
| Tangible fixed assets | 22/27 | €123,176 | €98,489 | -€24,687 | -20.0% |
| Land and buildings | 22 | €104,564 | €91,554 | -€13,010 | -12.4% |
| Plant, machinery and equipment | 23 | €1,035 | €184 | -€852 | -82.3% |
| Furniture and vehicles | 24 | €13,956 | €3,744 | -€10,212 | -73.2% |
| Other tangible fixed assets | 26 | €3,621 | €3,007 | -€614 | -17.0% |
| Current assets | 29/58 | €200,517 | €180,627 | -€19,890 | -9.9% |
| Stocks and contracts in progress | 3 | - | €32,562 | +€32,562 | |
| Stocks | 30/36 | - | €32,562 | +€32,562 | |
| Amounts receivable within one year | 40/41 | €10,311 | €25,115 | +€14,804 | +144% |
| Trade receivables | 40 | €7,643 | €9,136 | +€1,493 | +19.5% |
| Other amounts receivable | 41 | €2,668 | €15,979 | +€13,311 | +499% |
| Cash at bank and in hand | 54/58 | €189,766 | €122,949 | -€66,817 | -35.2% |
| Deferred charges and accrued income | 490/1 | €439 | €0 | -€439 | -100% |
| Total equity and liabilities | 10/49 | €323,693 | €279,115 | -€44,577 | -13.8% |
| Equity | 10/15 | €273,529 | €246,113 | -€27,416 | -10.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €266,969 | €256,109 | -€10,860 | -4.1% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €248,219 | €237,359 | -€10,860 | -4.4% |
| Profit (loss) carried forward | 14 | €360 | -€16,196 | -€16,556 | |
| Amounts payable | 17/49 | €50,164 | €33,003 | -€17,161 | -34.2% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €50,164 | €33,003 | -€17,161 | -34.2% |
| Current portion of amounts payable after more than one year | 42 | €5,485 | €0 | -€5,485 | -100% |
| Trade debts | 44 | €24,783 | €20,268 | -€4,515 | -18.2% |
| Suppliers | 440/4 | €24,783 | €20,268 | -€4,515 | -18.2% |
| Taxes, remuneration and social security | 45 | €19,896 | €12,735 | -€7,161 | -36.0% |
| Taxes | 450/3 | €19,896 | €12,735 | -€7,161 | -36.0% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,266 | €24,687 | -€1,579 | -6.0% |
| Other operating charges | 640/8 | €4,014 | €4,461 | +€446 | +11.1% |
| Gross operating margin | 9900 | €123,505 | €1,971 | -€121,534 | -98.4% |
| Operating profit (loss) | 9901 | €93,224 | -€27,178 | -€120,402 | |
| Financial income | 75/76B | €177 | €74 | -€104 | -58.5% |
| Recurring financial income | 75 | €177 | €74 | -€104 | -58.5% |
| Financial charges | 65/66B | €197 | €85 | -€112 | -57.0% |
| Recurring financial charges | 65 | €197 | €85 | -€112 | -57.0% |
| Profit (loss) for the period before taxes | 9903 | €93,204 | -€27,189 | -€120,393 | |
| Income taxes | 67/77 | €32,258 | €227 | -€32,030 | -99.3% |
| Profit (loss) for the period | 9904 | €60,947 | -€27,416 | -€88,363 | |
| Profit (loss) for the period to be appropriated | 9905 | €60,947 | -€27,416 | -€88,363 |
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 26 October 2026 via checked.be.