@law: 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.
@law
Largest movements
- Cash +€128,812
up €128,812 (+134%), from €96,285 to €225,097
mainly Net result for the year (+€161,864) and Receivables within one year (+€8,325)
- Current investments +€46,689
up €46,689 (+14.9%), from €313,763 to €360,451
- Receivables within one year -€8,325
down €8,325 (-55.7%), from €14,941 to €6,616
of which Other amounts receivable: -€4,881
- Reserves +€161,864
up €161,864 (+41.4%), from €390,677 to €552,541
of which Distributable reserves: +€94,504
- Gross operating margin +€39,181
up €39,181 (+22.1%), from €177,417 to €216,598
- Financial charges +€11,799
up €11,799 (+1,021%), from €1,156 to €12,955
- Financial income -€9,095
down €9,095 (-45.2%), from €20,134 to €11,039
- Taxes +€5,572
up €5,572 (+12.8%), from €43,581 to €49,153
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 | €437,713 | €608,489 | +€170,776 | +39.0% |
| Fixed assets | 21/28 | €9,615 | €10,558 | +€944 | +9.8% |
| Tangible fixed assets | 22/27 | €9,615 | €10,558 | +€944 | +9.8% |
| Furniture and vehicles | 24 | €5,869 | €5,652 | -€217 | -3.7% |
| Other tangible fixed assets | 26 | €3,746 | €4,906 | +€1,160 | +31.0% |
| Current assets | 29/58 | €428,099 | €597,931 | +€169,832 | +39.7% |
| Amounts receivable within one year | 40/41 | €14,941 | €6,616 | -€8,325 | -55.7% |
| Trade receivables | 40 | €9,869 | €6,425 | -€3,444 | -34.9% |
| Other amounts receivable | 41 | €5,072 | €191 | -€4,881 | -96.2% |
| Current investments | 50/53 | €313,763 | €360,451 | +€46,689 | +14.9% |
| Cash at bank and in hand | 54/58 | €96,285 | €225,097 | +€128,812 | +134% |
| Deferred charges and accrued income | 490/1 | €3,111 | €5,767 | +€2,656 | +85.4% |
| Total equity and liabilities | 10/49 | €437,713 | €608,489 | +€170,776 | +39.0% |
| Equity | 10/15 | €409,277 | €571,141 | +€161,864 | +39.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €390,677 | €552,541 | +€161,864 | +41.4% |
| Tax-exempt reserves | 132 | €63,150 | €130,510 | +€67,360 | +107% |
| Distributable reserves | 133 | €327,527 | €422,031 | +€94,504 | +28.9% |
| Amounts payable | 17/49 | €28,436 | €37,348 | +€8,912 | +31.3% |
| Amounts payable within one year | 42/48 | €28,436 | €37,348 | +€8,912 | +31.3% |
| Trade debts | 44 | €2,561 | €3,112 | +€551 | +21.5% |
| Suppliers | 440/4 | €2,561 | €3,112 | +€551 | +21.5% |
| Advances received on contracts in progress | 46 | €1,815 | - | -€1,815 | |
| Taxes, remuneration and social security | 45 | €8,129 | €13,113 | +€4,984 | +61.3% |
| Taxes | 450/3 | €5,267 | €10,169 | +€4,901 | +93.0% |
| Remuneration and social security | 454/9 | €2,862 | €2,945 | +€83 | +2.9% |
| Other amounts payable | 47/48 | €15,931 | €21,123 | +€5,192 | +32.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,799 | €2,813 | +€14 | +0.5% |
| Other operating charges | 640/8 | €874 | €852 | -€22 | -2.5% |
| Gross operating margin | 9900 | €177,417 | €216,598 | +€39,181 | +22.1% |
| Operating profit (loss) | 9901 | €173,744 | €212,932 | +€39,189 | +22.6% |
| Financial income | 75/76B | €20,134 | €11,039 | -€9,095 | -45.2% |
| Recurring financial income | 75 | €20,134 | €11,039 | -€9,095 | -45.2% |
| Financial charges | 65/66B | €1,156 | €12,955 | +€11,799 | +1,021% |
| Recurring financial charges | 65 | €1,156 | €12,955 | +€11,799 | +1,021% |
| Profit (loss) for the period before taxes | 9903 | €192,722 | €211,017 | +€18,294 | +9.5% |
| Income taxes | 67/77 | €43,581 | €49,153 | +€5,572 | +12.8% |
| Profit (loss) for the period | 9904 | €149,142 | €161,864 | +€12,722 | +8.5% |
| Transfer to tax-exempt reserves | 689 | €63,150 | €67,360 | +€4,210 | +6.7% |
| Profit (loss) for the period to be appropriated | 9905 | €85,992 | €94,504 | +€8,512 | +9.9% |
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 13 October 2026 via checked.be.