LEVELS: 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.
LEVELS
Largest movements
- Tangible fixed assets -€31,489
down €31,489 (-8.7%), from €362,183 to €330,694
of which Land and buildings: -€20,859
- Cash +€29,381
up €29,381 (+54.4%), from €53,965 to €83,346
mainly Net result for the year (+€568,881) and Other debts (+€47,240)
- Receivables within one year -€23,377
down €23,377 (-98.3%), from €23,780 to €403
of which Other amounts receivable: -€23,377
- Current investments +€18,000
new in 2025: €18,000
- Other debts +€47,240
up €47,240 (+302.6%), from €15,609 to €62,849
- Profit (loss) carried forward -€31,119
down €31,119 (-2.7%), from €1.2m to €1.1m
- Debts after one year -€23,478
down €23,478 (-7.9%), from €298,175 to €274,697
- Financial income +€275,041
up €275,041 (+124.9%), from €220,213 to €495,254
- Gross operating margin +€1,428
up €1,428 (+1.0%), from €139,279 to €140,707
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 | €1,506,187 | €1,498,576 | -€7,611 | -0.5% |
| Fixed assets | 21/28 | €1,427,183 | €1,395,694 | -€31,489 | -2.2% |
| Tangible fixed assets | 22/27 | €362,183 | €330,694 | -€31,489 | -8.7% |
| Land and buildings | 22 | €320,771 | €299,912 | -€20,859 | -6.5% |
| Furniture and vehicles | 24 | €41,412 | €30,782 | -€10,630 | -25.7% |
| Financial fixed assets | 28 | €1,065,000 | €1,065,000 | = | 0.0% |
| Current assets | 29/58 | €79,004 | €102,882 | +€23,878 | +30.2% |
| Amounts receivable within one year | 40/41 | €23,780 | €403 | -€23,377 | -98.3% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €23,780 | €403 | -€23,377 | -98.3% |
| Current investments | 50/53 | - | €18,000 | +€18,000 | |
| Cash at bank and in hand | 54/58 | €53,965 | €83,346 | +€29,381 | +54.4% |
| Deferred charges and accrued income | 490/1 | €1,260 | €1,134 | -€126 | -10.0% |
| Total equity and liabilities | 10/49 | €1,506,187 | €1,498,576 | -€7,611 | -0.5% |
| Equity | 10/15 | €1,165,774 | €1,134,654 | -€31,119 | -2.7% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,163,774 | €1,132,654 | -€31,119 | -2.7% |
| Amounts payable | 17/49 | €340,413 | €363,922 | +€23,509 | +6.9% |
| Amounts payable after more than one year | 17 | €298,175 | €274,697 | -€23,478 | -7.9% |
| Financial debts | 170/4 | €298,175 | €274,697 | -€23,478 | -7.9% |
| Amounts payable within one year | 42/48 | €42,238 | €89,225 | +€46,987 | +111.2% |
| Current portion of amounts payable after more than one year | 42 | €23,012 | €23,478 | +€466 | +2.0% |
| Trade debts | 44 | €3,618 | €2,544 | -€1,074 | -29.7% |
| Suppliers | 440/4 | €3,618 | €2,544 | -€1,074 | -29.7% |
| Taxes, remuneration and social security | 45 | €0 | €355 | +€355 | |
| Taxes | 450/3 | €0 | €355 | +€355 | |
| Other amounts payable | 47/48 | €15,609 | €62,849 | +€47,240 | +302.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,489 | €31,489 | = | 0.0% |
| Other operating charges | 640/8 | €2,673 | €1,755 | -€918 | -34.3% |
| Gross operating margin | 9900 | €139,279 | €140,707 | +€1,428 | +1.0% |
| Operating profit (loss) | 9901 | €105,117 | €107,463 | +€2,346 | +2.2% |
| Financial income | 75/76B | €220,213 | €495,254 | +€275,041 | +124.9% |
| Recurring financial income | 75 | €220,213 | €495,254 | +€275,041 | +124.9% |
| Financial charges | 65/66B | €7,076 | €6,578 | -€499 | -7.0% |
| Recurring financial charges | 65 | €7,076 | €6,578 | -€499 | -7.0% |
| Profit (loss) for the period before taxes | 9903 | €318,254 | €596,140 | +€277,886 | +87.3% |
| Income taxes | 67/77 | €26,474 | €27,259 | +€785 | +3.0% |
| Profit (loss) for the period | 9904 | €291,779 | €568,881 | +€277,101 | +95.0% |
| Profit (loss) for the period to be appropriated | 9905 | €291,779 | €568,881 | +€277,101 | +95.0% |
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 29 September 2026 via checked.be.