LABEL ESPACE: 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.
LABEL ESPACE
Largest movements
- Tangible fixed assets -€189,265
down €189,265 (-35.7%), from €530,013 to €340,748
of which Land and buildings: -€161,135
- Cash +€78,901
up €78,901 (+130.5%), from €60,468 to €139,369
mainly Investment in fixed assets (net) (+€118,821) and Net result for the year (+€107,545)
- Intangible fixed assets -€12,740
no longer reported in 2025 (was €12,740)
- Debts after one year -€161,080
down €161,080 (-73.3%), from €219,819 to €58,738
of which Financial debts: -€162,330
- Profit (loss) carried forward +€128,635
up €128,635 (+5598.0%), from €2,298 to €130,933
- Other debts -€55,813
down €55,813 (-93.1%), from €59,972 to €4,159
- Provisions -€23,671
no longer reported in 2025 (was €23,671)
- Reserves -€21,090
down €21,090 (-8.4%), from €249,950 to €228,860
of which Tax-exempt reserves: -€71,090
- Gross operating margin +€122,466
up €122,466 (+94.1%), from €130,169 to €252,636
- Taxes +€52,141
up €52,141 (+571.3%), from €9,127 to €61,268
- Depreciation +€28,392
up €28,392 (+51.8%), from €54,792 to €83,184
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 | €622,900 | €498,229 | -€124,671 | -20.0% |
| Fixed assets | 21/28 | €543,568 | €341,563 | -€202,005 | -37.2% |
| Intangible fixed assets | 21 | €12,740 | - | -€12,740 | |
| Tangible fixed assets | 22/27 | €530,013 | €340,748 | -€189,265 | -35.7% |
| Land and buildings | 22 | €345,191 | €184,057 | -€161,135 | -46.7% |
| Plant, machinery and equipment | 23 | €148,123 | €76,239 | -€71,884 | -48.5% |
| Furniture and vehicles | 24 | €36,698 | €80,453 | +€43,755 | +119.2% |
| Financial fixed assets | 28 | €815 | €815 | = | 0.0% |
| Current assets | 29/58 | €79,332 | €156,665 | +€77,334 | +97.5% |
| Amounts receivable within one year | 40/41 | €14,489 | €14,123 | -€365 | -2.5% |
| Trade receivables | 40 | €842 | €13,250 | +€12,409 | +1474.4% |
| Other amounts receivable | 41 | €13,647 | €873 | -€12,774 | -93.6% |
| Cash at bank and in hand | 54/58 | €60,468 | €139,369 | +€78,901 | +130.5% |
| Deferred charges and accrued income | 490/1 | €4,375 | €3,173 | -€1,202 | -27.5% |
| Total equity and liabilities | 10/49 | €622,900 | €498,229 | -€124,671 | -20.0% |
| Equity | 10/15 | €270,848 | €378,393 | +€107,545 | +39.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €249,950 | €228,860 | -€21,090 | -8.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €71,090 | - | -€71,090 | |
| Distributable reserves | 133 | €177,000 | €227,000 | +€50,000 | +28.2% |
| Profit (loss) carried forward | 14 | €2,298 | €130,933 | +€128,635 | +5598.0% |
| Provisions and deferred taxes | 16 | €23,671 | - | -€23,671 | |
| Deferred taxes | 168 | €23,671 | - | -€23,671 | |
| Amounts payable | 17/49 | €328,381 | €119,836 | -€208,545 | -63.5% |
| Amounts payable after more than one year | 17 | €219,819 | €58,738 | -€161,080 | -73.3% |
| Financial debts | 170/4 | €219,819 | €57,488 | -€162,330 | -73.8% |
| Other amounts payable | 178/9 | - | €1,250 | +€1,250 | |
| Amounts payable within one year | 42/48 | €108,562 | €61,097 | -€47,465 | -43.7% |
| Current portion of amounts payable after more than one year | 42 | €33,315 | €39,080 | +€5,765 | +17.3% |
| Trade debts | 44 | €7,055 | - | -€7,055 | |
| Suppliers | 440/4 | €7,055 | - | -€7,055 | |
| Taxes, remuneration and social security | 45 | €8,220 | €17,858 | +€9,638 | +117.2% |
| Taxes | 450/3 | €1,518 | €13,188 | +€11,670 | +768.6% |
| Remuneration and social security | 454/9 | €6,702 | €4,670 | -€2,032 | -30.3% |
| Other amounts payable | 47/48 | €59,972 | €4,159 | -€55,813 | -93.1% |
| Remuneration, social security and pensions | 62 | €12,942 | €13,060 | +€118 | +0.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,792 | €83,184 | +€28,392 | +51.8% |
| Other operating charges | 640/8 | €3,718 | €4,327 | +€609 | +16.4% |
| Non-recurring operating charges | 66A | - | €1,018 | +€1,018 | |
| Gross operating margin | 9900 | €130,169 | €252,636 | +€122,466 | +94.1% |
| Operating profit (loss) | 9901 | €58,718 | €151,046 | +€92,328 | +157.2% |
| Financial income | 75/76B | €31 | €611 | +€580 | +1858.3% |
| Recurring financial income | 75 | €31 | €611 | +€580 | +1858.3% |
| Financial charges | 65/66B | €5,172 | €6,515 | +€1,343 | +26.0% |
| Recurring financial charges | 65 | €5,172 | €6,515 | +€1,343 | +26.0% |
| Profit (loss) for the period before taxes | 9903 | €53,577 | €145,142 | +€91,566 | +170.9% |
| Transfer from deferred taxes | 780 | €934 | €23,671 | +€22,737 | +2433.3% |
| Income taxes | 67/77 | €9,127 | €61,268 | +€52,141 | +571.3% |
| Profit (loss) for the period | 9904 | €45,384 | €107,545 | +€62,161 | +137.0% |
| Transfer from tax-exempt reserves | 789 | €2,806 | €71,090 | +€68,284 | +2433.3% |
| Profit (loss) for the period to be appropriated | 9905 | €48,190 | €178,635 | +€130,445 | +270.7% |
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 12 October 2026 via checked.be.