LEVEL5: what changed
Two fiscal 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.
LEVEL5
Largest movements
- Cash +€79,335
up €79,335 (+24.3%), from €326,440 to €405,775
mainly Net result for the year (+€188,629) and Current investments (+€49,968)
- Current investments -€49,968
down €49,968 (-37.3%), from €134,000 to €84,032
- Tangible fixed assets -€19,780
down €19,780 (-8.0%), from €247,834 to €228,054
of which Furniture and vehicles: -€11,261
- Reserves +€130,045
up €130,045 (+28.3%), from €460,324 to €590,369
- Other debts -€97,509
down €97,509 (-45.7%), from €213,408 to €115,898
- Debts after one year -€13,785
down €13,785 (-42.3%), from €32,575 to €18,790
- Financial income +€35,717
new in 2025: €35,717
- Gross operating margin +€9,277
up €9,277 (+3.8%), from €242,707 to €251,984
- Taxes +€6,497
up €6,497 (+10.0%), from €65,020 to €71,517
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 | €740,426 | €755,545 | +€15,119 | +2.0% |
| Fixed assets | 21/28 | €247,834 | €228,054 | -€19,780 | -8.0% |
| Tangible fixed assets | 22/27 | €247,834 | €228,054 | -€19,780 | -8.0% |
| Land and buildings | 22 | €216,874 | €208,774 | -€8,100 | -3.7% |
| Plant, machinery and equipment | 23 | €3,829 | €3,411 | -€419 | -10.9% |
| Furniture and vehicles | 24 | €27,131 | €15,869 | -€11,261 | -41.5% |
| Current assets | 29/58 | €492,592 | €527,490 | +€34,899 | +7.1% |
| Amounts receivable within one year | 40/41 | €32,151 | €34,290 | +€2,139 | +6.7% |
| Trade receivables | 40 | €31,671 | €33,307 | +€1,636 | +5.2% |
| Other amounts receivable | 41 | €480 | €983 | +€503 | +104.9% |
| Current investments | 50/53 | €134,000 | €84,032 | -€49,968 | -37.3% |
| Cash at bank and in hand | 54/58 | €326,440 | €405,775 | +€79,335 | +24.3% |
| Deferred charges and accrued income | 490/1 | - | €3,392 | +€3,392 | |
| Total equity and liabilities | 10/49 | €740,426 | €755,545 | +€15,119 | +2.0% |
| Equity | 10/15 | €466,524 | €596,569 | +€130,045 | +27.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €460,324 | €590,369 | +€130,045 | +28.3% |
| Distributable reserves | 133 | €460,324 | €590,369 | +€130,045 | +28.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €273,902 | €158,976 | -€114,926 | -42.0% |
| Amounts payable after more than one year | 17 | €32,575 | €18,790 | -€13,785 | -42.3% |
| Financial debts | 170/4 | €32,575 | €18,790 | -€13,785 | -42.3% |
| Amounts payable within one year | 42/48 | €241,327 | €140,185 | -€101,142 | -41.9% |
| Current portion of amounts payable after more than one year | 42 | €13,526 | €13,785 | +€259 | +1.9% |
| Trade debts | 44 | €231 | €1,147 | +€916 | +397.2% |
| Suppliers | 440/4 | €231 | €1,147 | +€916 | +397.2% |
| Taxes, remuneration and social security | 45 | €14,163 | €9,355 | -€4,807 | -33.9% |
| Taxes | 450/3 | €14,163 | €9,355 | -€4,807 | -33.9% |
| Other amounts payable | 47/48 | €213,408 | €115,898 | -€97,509 | -45.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,890 | €19,780 | -€110 | -0.6% |
| Other operating charges | 640/8 | €2,605 | €2,276 | -€329 | -12.6% |
| Gross operating margin | 9900 | €242,707 | €251,984 | +€9,277 | +3.8% |
| Operating profit (loss) | 9901 | €220,212 | €229,928 | +€9,717 | +4.4% |
| Financial income | 75/76B | - | €35,717 | +€35,717 | |
| Recurring financial income | 75 | - | €35,717 | +€35,717 | |
| Financial charges | 65/66B | €5,325 | €5,499 | +€174 | +3.3% |
| Recurring financial charges | 65 | €5,325 | €5,499 | +€174 | +3.3% |
| Profit (loss) for the period before taxes | 9903 | €214,887 | €260,146 | +€45,259 | +21.1% |
| Income taxes | 67/77 | €65,020 | €71,517 | +€6,497 | +10.0% |
| Profit (loss) for the period | 9904 | €149,867 | €188,629 | +€38,762 | +25.9% |
| Profit (loss) for the period to be appropriated | 9905 | €149,867 | €188,629 | +€38,762 | +25.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.