LISTEN: 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.
LISTEN
Largest movements
- Tangible fixed assets -€589,881
down €589,881 (-95.2%), from €619,701 to €29,820
of which Land and buildings: -€581,138
- Receivables within one year -€96,661
down €96,661 (-22.5%), from €428,972 to €332,311
of which Trade receivables: -€111,795
- Current investments +€75,697
up €75,697 (+20.4%), from €371,165 to €446,863
- Profit (loss) carried forward -€503,053
down €503,053 (-60.2%), from €835,925 to €332,871
- Other debts +€74,600
up €74,600 (+252.4%), from €29,558 to €104,159
- Reserves -€70,280
down €70,280 (-50.3%), from €139,854 to €69,575
of which Tax-exempt reserves: -€70,230
- Tax, wage and social debts -€61,511
down €61,511 (-38.0%), from €162,084 to €100,573
of which Taxes: -€43,585
- Investment grants -€39,978
no longer reported in 2025 (was €39,978)
- Gross operating margin -€159,159
down €159,159 (-18.5%), from €859,094 to €699,935
- Taxes -€40,800
down €40,800 (-57.0%), from €71,640 to €30,840
- Depreciation -€17,887
down €17,887 (-27.9%), from €64,003 to €46,116
- Staff costs +€13,788
up €13,788 (+2.6%), from €527,524 to €541,313
- Financial charges -€12,955
down €12,955 (-31.3%), from €41,344 to €28,389
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 | €1,527,378 | €920,018 | -€607,360 | -39.8% |
| Fixed assets | 21/28 | €635,947 | €39,187 | -€596,760 | -93.8% |
| Intangible fixed assets | 21 | €9,507 | €2,628 | -€6,879 | -72.4% |
| Tangible fixed assets | 22/27 | €619,701 | €29,820 | -€589,881 | -95.2% |
| Land and buildings | 22 | €581,138 | - | -€581,138 | |
| Plant, machinery and equipment | 23 | €9,463 | €5,719 | -€3,744 | -39.6% |
| Furniture and vehicles | 24 | €28,560 | €23,995 | -€4,565 | -16.0% |
| Other tangible fixed assets | 26 | €540 | €106 | -€434 | -80.4% |
| Financial fixed assets | 28 | €6,739 | €6,739 | = | 0.0% |
| Current assets | 29/58 | €891,431 | €880,831 | -€10,599 | -1.2% |
| Amounts receivable within one year | 40/41 | €428,972 | €332,311 | -€96,661 | -22.5% |
| Trade receivables | 40 | €399,763 | €287,968 | -€111,795 | -28.0% |
| Other amounts receivable | 41 | €29,209 | €44,343 | +€15,134 | +51.8% |
| Current investments | 50/53 | €371,165 | €446,863 | +€75,697 | +20.4% |
| Cash at bank and in hand | 54/58 | €75,531 | €89,989 | +€14,458 | +19.1% |
| Deferred charges and accrued income | 490/1 | €15,762 | €11,668 | -€4,094 | -26.0% |
| Total equity and liabilities | 10/49 | €1,527,378 | €920,018 | -€607,360 | -39.8% |
| Equity | 10/15 | €1,077,757 | €463,946 | -€613,811 | -57.0% |
| Contributions | 10/11 | €62,000 | €61,500 | -€500 | -0.8% |
| Capital | 10 | €62,000 | €61,500 | -€500 | -0.8% |
| Issued capital | 100 | €62,000 | €61,500 | -€500 | -0.8% |
| Reserves | 13 | €139,854 | €69,575 | -€70,280 | -50.3% |
| Non-distributable reserves | 130/1 | €6,200 | €6,150 | -€50 | -0.8% |
| Legal reserve | 130 | €6,200 | €6,150 | -€50 | -0.8% |
| Tax-exempt reserves | 132 | €133,654 | €63,425 | -€70,230 | -52.5% |
| Profit (loss) carried forward | 14 | €835,925 | €332,871 | -€503,053 | -60.2% |
| Investment grants | 15 | €39,978 | - | -€39,978 | |
| Amounts payable | 17/49 | €449,621 | €456,072 | +€6,452 | +1.4% |
| Amounts payable after more than one year | 17 | €2,853 | - | -€2,853 | |
| Financial debts | 170/4 | €2,853 | - | -€2,853 | |
| Amounts payable within one year | 42/48 | €446,767 | €456,072 | +€9,305 | +2.1% |
| Current portion of amounts payable after more than one year | 42 | €6,670 | €2,853 | -€3,816 | -57.2% |
| Financial debts | 43 | €22,125 | €23,650 | +€1,525 | +6.9% |
| Credit institutions | 430/8 | €22,125 | €23,650 | +€1,525 | +6.9% |
| Trade debts | 44 | €226,330 | €224,837 | -€1,493 | -0.7% |
| Suppliers | 440/4 | €226,330 | €224,837 | -€1,493 | -0.7% |
| Taxes, remuneration and social security | 45 | €162,084 | €100,573 | -€61,511 | -38.0% |
| Taxes | 450/3 | €74,194 | €30,609 | -€43,585 | -58.7% |
| Remuneration and social security | 454/9 | €87,890 | €69,964 | -€17,926 | -20.4% |
| Other amounts payable | 47/48 | €29,558 | €104,159 | +€74,600 | +252.4% |
| Non-recurring operating income | 76A | €3,770 | €5,785 | +€2,015 | +53.4% |
| Remuneration, social security and pensions | 62 | €527,524 | €541,313 | +€13,788 | +2.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €64,003 | €46,116 | -€17,887 | -27.9% |
| Other operating charges | 640/8 | €14,573 | €12,833 | -€1,741 | -11.9% |
| Gross operating margin | 9900 | €859,094 | €699,935 | -€159,159 | -18.5% |
| Operating profit (loss) | 9901 | €252,993 | €99,673 | -€153,320 | -60.6% |
| Financial income | 75/76B | €26,829 | €29,859 | +€3,030 | +11.3% |
| Recurring financial income | 75 | €26,829 | €29,859 | +€3,030 | +11.3% |
| Financial charges | 65/66B | €41,344 | €28,389 | -€12,955 | -31.3% |
| Recurring financial charges | 65 | €41,344 | €28,389 | -€12,955 | -31.3% |
| Profit (loss) for the period before taxes | 9903 | €238,479 | €101,143 | -€137,335 | -57.6% |
| Income taxes | 67/77 | €71,640 | €30,840 | -€40,800 | -57.0% |
| Profit (loss) for the period | 9904 | €166,839 | €70,303 | -€96,535 | -57.9% |
| Transfer from tax-exempt reserves | 789 | €42,100 | - | -€42,100 | |
| Transfer to tax-exempt reserves | 689 | €104,469 | €781 | -€103,689 | -99.3% |
| Profit (loss) for the period to be appropriated | 9905 | €104,469 | €69,522 | -€34,947 | -33.5% |
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 4 October 2026 via checked.be.