La Clé: 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.
La Clé
Largest movements
- Current investments +€134,002
up €134,002 (+21.1%), from €633,589 to €767,591
- Tangible fixed assets -€51,116
down €51,116 (-6.9%), from €736,973 to €685,857
of which Land and buildings: -€53,003
- Cash -€48,659
down €48,659 (-61.0%), from €79,727 to €31,068
mainly Current investments (-€134,002) and Contributions, distributions and other (-€25,021)
- Profit (loss) carried forward +€68,715
up €68,715 (+76.3%), from -€90,110 to -€21,395
- Investment grants -€25,021
down €25,021 (-10.2%), from €246,111 to €221,090
- Gross operating margin +€83,571
up €83,571 (+4.6%), from €1.8m to €1.9m
- Financial income +€55,258
up €55,258 (+224.2%), from €24,644 to €79,902
- Staff costs +€45,370
up €45,370 (+2.5%), from €1.8m to €1.8m
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 | €1,860,946 | €1,899,812 | +€38,866 | +2.1% |
| Fixed assets | 21/28 | €737,975 | €686,929 | -€51,046 | -6.9% |
| Tangible fixed assets | 22/27 | €736,973 | €685,857 | -€51,116 | -6.9% |
| Land and buildings | 22 | €692,734 | €639,731 | -€53,003 | -7.7% |
| Plant, machinery and equipment | 23 | €35,144 | €20,749 | -€14,395 | -41.0% |
| Furniture and vehicles | 24 | €9,095 | €9,138 | +€43 | +0.5% |
| Other tangible fixed assets | 26 | - | €16,239 | +€16,239 | |
| Financial fixed assets | 28 | €1,002 | €1,072 | +€70 | +7.0% |
| Current assets | 29/58 | €1,122,971 | €1,212,883 | +€89,912 | +8.0% |
| Amounts receivable within one year | 40/41 | €388,597 | €398,892 | +€10,295 | +2.6% |
| Trade receivables | 40 | €370,733 | €355,969 | -€14,764 | -4.0% |
| Other amounts receivable | 41 | €17,864 | €42,923 | +€25,059 | +140.3% |
| Current investments | 50/53 | €633,589 | €767,591 | +€134,002 | +21.1% |
| Cash at bank and in hand | 54/58 | €79,727 | €31,068 | -€48,659 | -61.0% |
| Deferred charges and accrued income | 490/1 | €21,058 | €15,332 | -€5,726 | -27.2% |
| Total equity and liabilities | 10/49 | €1,860,946 | €1,899,812 | +€38,866 | +2.1% |
| Equity | 10/15 | €1,590,248 | €1,633,942 | +€43,694 | +2.7% |
| Contributions | 10/11 | €879,125 | €879,125 | = | 0.0% |
| Capital | 10 | €879,125 | €879,125 | = | 0.0% |
| Reserves | 13 | €555,122 | €555,122 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€90,110 | -€21,395 | +€68,715 | +76.3% |
| Investment grants | 15 | €246,111 | €221,090 | -€25,021 | -10.2% |
| Amounts payable | 17/49 | €270,698 | €265,870 | -€4,828 | -1.8% |
| Amounts payable within one year | 42/48 | €270,698 | €259,610 | -€11,088 | -4.1% |
| Trade debts | 44 | €729 | €7,419 | +€6,690 | +917.7% |
| Suppliers | 440/4 | €729 | €7,419 | +€6,690 | +917.7% |
| Taxes, remuneration and social security | 45 | €235,005 | €248,036 | +€13,031 | +5.5% |
| Taxes | 450/3 | €6,297 | €17,484 | +€11,187 | +177.7% |
| Remuneration and social security | 454/9 | €228,708 | €230,552 | +€1,844 | +0.8% |
| Accrued charges and deferred income | 492/3 | - | €6,260 | +€6,260 | |
| Remuneration, social security and pensions | 62 | €1,801,193 | €1,846,563 | +€45,370 | +2.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €71,892 | €72,926 | +€1,034 | +1.4% |
| Other operating charges | 640/8 | €7,104 | €4,549 | -€2,555 | -36.0% |
| Gross operating margin | 9900 | €1,830,510 | €1,914,081 | +€83,571 | +4.6% |
| Operating profit (loss) | 9901 | -€49,679 | -€9,957 | +€39,722 | +80.0% |
| Financial income | 75/76B | €24,644 | €79,902 | +€55,258 | +224.2% |
| Recurring financial income | 75 | €24,644 | €79,902 | +€55,258 | +224.2% |
| Financial charges | 65/66B | €862 | €1,230 | +€368 | +42.7% |
| Recurring financial charges | 65 | €862 | €1,230 | +€368 | +42.7% |
| Profit (loss) for the period before taxes | 9903 | -€25,897 | €68,715 | +€94,612 | |
| Profit (loss) for the period | 9904 | -€25,897 | €68,715 | +€94,612 | |
| Profit (loss) for the period to be appropriated | 9905 | -€25,897 | €68,715 | +€94,612 |
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.