LEFT FIELD: 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.
LEFT FIELD
Largest movements
- Receivables after one year -€450,000
down €450,000 (-60.0%), from €750,000 to €300,000
- Current investments +€398,862
up €398,862, from €0 to €398,862
- Cash -€95,160
down €95,160 (-41.2%), from €231,130 to €135,970
mainly Contributions, distributions and other (-€482,116) and Current investments (-€398,862)
- Reserves -€164,915
down €164,915 (-17.0%), from €967,653 to €802,738
- Tax, wage and social debts +€14,061
up €14,061 (+78.1%), from €18,011 to €32,072
- Financial income +€148,103
up €148,103 (+66.0%), from €224,281 to €372,384
- Taxes +€14,061
up €14,061 (+78.1%), from €18,011 to €32,072
- Gross operating margin +€5,440
up €5,440 (+22.3%), from -€24,419 to -€18,979
- Other operating charges -€1,202
down €1,202 (-41.3%), from €2,913 to €1,711
- Financial charges +€867
up €867 (+904%), from €96 to €962
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 | €989,191 | €836,426 | -€152,766 | -15.4% |
| Fixed assets | 21/28 | €2,130 | €670 | -€1,461 | -68.6% |
| Intangible fixed assets | 21 | €1,225 | €225 | -€1,000 | -81.7% |
| Tangible fixed assets | 22/27 | €904 | €445 | -€459 | -50.8% |
| Furniture and vehicles | 24 | €904 | €445 | -€459 | -50.8% |
| Financial fixed assets | 28 | €2 | €0 | -€2 | -100% |
| Current assets | 29/58 | €987,061 | €835,756 | -€151,305 | -15.3% |
| Amounts receivable after more than one year | 29 | €750,000 | €300,000 | -€450,000 | -60.0% |
| Other amounts receivable | 291 | €750,000 | €300,000 | -€450,000 | -60.0% |
| Amounts receivable within one year | 40/41 | €0 | €91 | +€91 | |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €0 | €91 | +€91 | |
| Current investments | 50/53 | €0 | €398,862 | +€398,862 | |
| Cash at bank and in hand | 54/58 | €231,130 | €135,970 | -€95,160 | -41.2% |
| Deferred charges and accrued income | 490/1 | €5,931 | €833 | -€5,098 | -86.0% |
| Total equity and liabilities | 10/49 | €989,191 | €836,426 | -€152,766 | -15.4% |
| Equity | 10/15 | €968,653 | €803,738 | -€164,915 | -17.0% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €967,653 | €802,738 | -€164,915 | -17.0% |
| Distributable reserves | 133 | €967,653 | €802,738 | -€164,915 | -17.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €20,539 | €32,688 | +€12,149 | +59.2% |
| Amounts payable within one year | 42/48 | €20,539 | €32,688 | +€12,149 | +59.2% |
| Trade debts | 44 | €308 | €0 | -€308 | -100% |
| Suppliers | 440/4 | €308 | €0 | -€308 | -100% |
| Taxes, remuneration and social security | 45 | €18,011 | €32,072 | +€14,061 | +78.1% |
| Taxes | 450/3 | €18,011 | €32,072 | +€14,061 | +78.1% |
| Other amounts payable | 47/48 | €2,220 | €616 | -€1,603 | -72.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,459 | €1,459 | = | 0.0% |
| Other operating charges | 640/8 | €2,913 | €1,711 | -€1,202 | -41.3% |
| Gross operating margin | 9900 | -€24,419 | -€18,979 | +€5,440 | +22.3% |
| Operating profit (loss) | 9901 | -€28,791 | -€22,149 | +€6,642 | +23.1% |
| Financial income | 75/76B | €224,281 | €372,384 | +€148,103 | +66.0% |
| Recurring financial income | 75 | €224,281 | €372,384 | +€148,103 | +66.0% |
| Financial charges | 65/66B | €96 | €962 | +€867 | +904% |
| Recurring financial charges | 65 | €96 | €962 | +€867 | +904% |
| Profit (loss) for the period before taxes | 9903 | €195,394 | €349,272 | +€153,878 | +78.8% |
| Income taxes | 67/77 | €18,011 | €32,072 | +€14,061 | +78.1% |
| Profit (loss) for the period | 9904 | €177,384 | €317,201 | +€139,817 | +78.8% |
| Profit (loss) for the period to be appropriated | 9905 | €177,384 | €317,201 | +€139,817 | +78.8% |
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 15 October 2026 via checked.be.