Lustrum: 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.
Lustrum
Largest movements
- Tangible fixed assets +€263,625
up €263,625 (+45.1%), from €584,000 to €847,625
of which Land and buildings: +€264,690
- Receivables within one year +€23,630
up €23,630 (+53.8%), from €43,888 to €67,519
- Deferred charges and accrued income +€21,979
up €21,979 (+2,130%), from €1,032 to €23,011
- Debts after one year +€216,141
up €216,141 (+49.0%), from €441,109 to €657,251
- Other debts +€99,164
up €99,164 (+2,976%), from €3,332 to €102,496
- Reserves -€29,579
down €29,579 (-29.4%), from €100,662 to €71,083
of which Distributable reserves: -€19,977
- Current portion of long-term debt +€28,269
up €28,269 (+49.3%), from €57,308 to €85,577
- Gross operating margin +€20,020
up €20,020 (+29.8%), from €67,082 to €87,102
- Depreciation +€10,327
up €10,327 (+24.6%), from €42,000 to €52,327
- Financial charges +€7,890
up €7,890 (+85.4%), from €9,237 to €17,128
- Taxes -€4,915
no longer reported in 2025 (was €4,915)
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 | €671,287 | €982,972 | +€311,685 | +46.4% |
| Fixed assets | 21/28 | €584,000 | €847,625 | +€263,625 | +45.1% |
| Tangible fixed assets | 22/27 | €584,000 | €847,625 | +€263,625 | +45.1% |
| Land and buildings | 22 | €560,000 | €824,690 | +€264,690 | +47.3% |
| Plant, machinery and equipment | 23 | €24,000 | €22,935 | -€1,065 | -4.4% |
| Current assets | 29/58 | €87,287 | €135,347 | +€48,060 | +55.1% |
| Amounts receivable within one year | 40/41 | €43,888 | €67,519 | +€23,630 | +53.8% |
| Other amounts receivable | 41 | €43,888 | €67,519 | +€23,630 | +53.8% |
| Cash at bank and in hand | 54/58 | €42,367 | €44,817 | +€2,450 | +5.8% |
| Deferred charges and accrued income | 490/1 | €1,032 | €23,011 | +€21,979 | +2,130% |
| Total equity and liabilities | 10/49 | €671,287 | €982,972 | +€311,685 | +46.4% |
| Equity | 10/15 | €140,662 | €111,083 | -€29,579 | -21.0% |
| Contributions | 10/11 | €40,000 | €40,000 | = | 0.0% |
| Reserves | 13 | €100,662 | €71,083 | -€29,579 | -29.4% |
| Non-distributable reserves | 130/1 | €4,000 | - | -€4,000 | |
| Reserves not available under the articles | 1311 | €4,000 | - | -€4,000 | |
| Tax-exempt reserves | 132 | €67,227 | €61,625 | -€5,602 | -8.3% |
| Distributable reserves | 133 | €29,435 | €9,458 | -€19,977 | -67.9% |
| Provisions and deferred taxes | 16 | €28,239 | €25,886 | -€2,353 | -8.3% |
| Deferred taxes | 168 | €28,239 | €25,886 | -€2,353 | -8.3% |
| Amounts payable | 17/49 | €502,386 | €846,003 | +€343,617 | +68.4% |
| Amounts payable after more than one year | 17 | €441,109 | €657,251 | +€216,141 | +49.0% |
| Financial debts | 170/4 | €441,109 | €657,251 | +€216,141 | +49.0% |
| Amounts payable within one year | 42/48 | €61,277 | €188,752 | +€127,475 | +208% |
| Current portion of amounts payable after more than one year | 42 | €57,308 | €85,577 | +€28,269 | +49.3% |
| Trade debts | 44 | €475 | €485 | +€10 | +2.1% |
| Suppliers | 440/4 | €475 | €485 | +€10 | +2.1% |
| Taxes, remuneration and social security | 45 | €162 | €194 | +€32 | +19.9% |
| Taxes | 450/3 | €162 | €194 | +€32 | +19.9% |
| Other amounts payable | 47/48 | €3,332 | €102,496 | +€99,164 | +2,976% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,000 | €52,327 | +€10,327 | +24.6% |
| Other operating charges | 640/8 | €4,441 | €4,580 | +€138 | +3.1% |
| Gross operating margin | 9900 | €67,082 | €87,102 | +€20,020 | +29.8% |
| Operating profit (loss) | 9901 | €20,641 | €30,195 | +€9,555 | +46.3% |
| Financial charges | 65/66B | €9,237 | €17,128 | +€7,890 | +85.4% |
| Recurring financial charges | 65 | €9,237 | €17,128 | +€7,890 | +85.4% |
| Profit (loss) for the period before taxes | 9903 | €11,403 | €13,068 | +€1,664 | +14.6% |
| Transfer from deferred taxes | 780 | €2,353 | €2,353 | = | 0.0% |
| Income taxes | 67/77 | €4,915 | - | -€4,915 | |
| Profit (loss) for the period | 9904 | €8,841 | €15,421 | +€6,580 | +74.4% |
| Transfer from tax-exempt reserves | 789 | €5,602 | €5,602 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €14,444 | €21,023 | +€6,580 | +45.6% |
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 21 October 2026 via checked.be.