LINK CONCEPT: 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.
LINK CONCEPT
Largest movements
- Cash -€155,917
down €155,917 (-21.4%), from €728,150 to €572,233
mainly Other debts (-€240,292) and Investment in fixed assets (net) (-€100,592)
- Receivables after one year -€72,254
down €72,254 (-17.3%), from €417,010 to €344,756
- Receivables within one year -€53,029
down €53,029 (-33.3%), from €159,414 to €106,385
of which Other amounts receivable: -€28,719
- Tangible fixed assets +€30,837
up €30,837 (+2.9%), from €1.1m to €1.1m
of which Furniture and vehicles: +€74,262
- Other debts -€240,292
no longer reported in 2025 (was €240,292)
- Financial income -€254,225
down €254,225 (-97.5%), from €260,685 to €6,460
- Gross operating margin -€180,998
down €180,998 (-68.6%), from €263,681 to €82,683
- Financial charges -€112,098
down €112,098 (-98.1%), from €114,213 to €2,115
- Taxes -€50,537
down €50,537 (-79.3%), from €63,700 to €13,162
- Other operating charges +€12,183
up €12,183 (+97.4%), from €12,509 to €24,692
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 | €2,429,640 | €2,180,906 | -€248,734 | -10.2% |
| Fixed assets | 21/28 | €1,093,813 | €1,124,649 | +€30,837 | +2.8% |
| Tangible fixed assets | 22/27 | €1,059,163 | €1,089,999 | +€30,837 | +2.9% |
| Land and buildings | 22 | €995,309 | €952,177 | -€43,132 | -4.3% |
| Plant, machinery and equipment | 23 | €519 | €225 | -€294 | -56.7% |
| Furniture and vehicles | 24 | €44,884 | €119,146 | +€74,262 | +165% |
| Other tangible fixed assets | 26 | €18,451 | €18,451 | = | 0.0% |
| Financial fixed assets | 28 | €34,650 | €34,650 | = | 0.0% |
| Current assets | 29/58 | €1,335,827 | €1,056,257 | -€279,570 | -20.9% |
| Amounts receivable after more than one year | 29 | €417,010 | €344,756 | -€72,254 | -17.3% |
| Other amounts receivable | 291 | €417,010 | €344,756 | -€72,254 | -17.3% |
| Amounts receivable within one year | 40/41 | €159,414 | €106,385 | -€53,029 | -33.3% |
| Trade receivables | 40 | €24,310 | - | -€24,310 | |
| Other amounts receivable | 41 | €135,104 | €106,385 | -€28,719 | -21.3% |
| Current investments | 50/53 | €30,000 | €30,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €728,150 | €572,233 | -€155,917 | -21.4% |
| Deferred charges and accrued income | 490/1 | €1,254 | €2,883 | +€1,630 | +130% |
| Total equity and liabilities | 10/49 | €2,429,640 | €2,180,906 | -€248,734 | -10.2% |
| Equity | 10/15 | €2,126,219 | €2,105,638 | -€20,581 | -1.0% |
| Contributions | 10/11 | €111,200 | €111,200 | = | 0.0% |
| Reserves | 13 | €2,015,019 | €2,015,019 | = | 0.0% |
| Tax-exempt reserves | 132 | €75,000 | €75,000 | = | 0.0% |
| Distributable reserves | 133 | €1,940,019 | €1,940,019 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€20,581 | -€20,581 | |
| Amounts payable | 17/49 | €303,421 | €75,268 | -€228,153 | -75.2% |
| Amounts payable within one year | 42/48 | €297,014 | €61,101 | -€235,913 | -79.4% |
| Trade debts | 44 | €8,811 | €11,167 | +€2,356 | +26.7% |
| Suppliers | 440/4 | €8,811 | €11,167 | +€2,356 | +26.7% |
| Taxes, remuneration and social security | 45 | €47,911 | €49,934 | +€2,022 | +4.2% |
| Taxes | 450/3 | €47,911 | €49,934 | +€2,022 | +4.2% |
| Other amounts payable | 47/48 | €240,292 | - | -€240,292 | |
| Accrued charges and deferred income | 492/3 | €6,407 | €14,168 | +€7,760 | +121% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €58,584 | €69,755 | +€11,171 | +19.1% |
| Other operating charges | 640/8 | €12,509 | €24,692 | +€12,183 | +97.4% |
| Gross operating margin | 9900 | €263,681 | €82,683 | -€180,998 | -68.6% |
| Operating profit (loss) | 9901 | €192,588 | -€11,764 | -€204,352 | |
| Financial income | 75/76B | €260,685 | €6,460 | -€254,225 | -97.5% |
| Recurring financial income | 75 | €260,685 | €6,460 | -€254,225 | -97.5% |
| Financial charges | 65/66B | €114,213 | €2,115 | -€112,098 | -98.1% |
| Recurring financial charges | 65 | €114,213 | €2,115 | -€112,098 | -98.1% |
| Profit (loss) for the period before taxes | 9903 | €339,061 | -€7,419 | -€346,479 | |
| Income taxes | 67/77 | €63,700 | €13,162 | -€50,537 | -79.3% |
| Profit (loss) for the period | 9904 | €275,361 | -€20,581 | -€295,942 | |
| Transfer from tax-exempt reserves | 789 | €147,350 | - | -€147,350 | |
| Profit (loss) for the period to be appropriated | 9905 | €422,711 | -€20,581 | -€443,292 |
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.