M D S: 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.
M D S
Largest movements
- Cash +€25,500
up €25,500 (+30.8%), from €82,822 to €108,322
mainly Net result for the year (+€21,164) and Receivables within one year (+€8,839)
- Receivables within one year -€8,839
down €8,839 (-67.9%), from €13,011 to €4,172
of which Other amounts receivable: -€5,077
- Reserves +€15,610
up €15,610 (+20.6%), from €75,745 to €91,355
- Other debts +€2,598
new in 2025: €2,598
- Gross operating margin +€13,361
up €13,361 (+79.6%), from €16,786 to €30,147
- Taxes +€3,053
up €3,053 (+61.9%), from €4,928 to €7,980
- Financial charges -€357
down €357 (-65.9%), from €542 to €185
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 | €95,833 | €113,026 | +€17,193 | +17.9% |
| Current assets | 29/58 | €95,833 | €113,026 | +€17,193 | +17.9% |
| Amounts receivable within one year | 40/41 | €13,011 | €4,172 | -€8,839 | -67.9% |
| Trade receivables | 40 | €4,800 | €1,038 | -€3,762 | -78.4% |
| Other amounts receivable | 41 | €8,211 | €3,134 | -€5,077 | -61.8% |
| Cash at bank and in hand | 54/58 | €82,822 | €108,322 | +€25,500 | +30.8% |
| Deferred charges and accrued income | 490/1 | - | €532 | +€532 | |
| Total equity and liabilities | 10/49 | €95,833 | €113,026 | +€17,193 | +17.9% |
| Equity | 10/15 | €94,337 | €109,947 | +€15,610 | +16.5% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €75,745 | €91,355 | +€15,610 | +20.6% |
| Distributable reserves | 133 | €75,745 | €91,355 | +€15,610 | +20.6% |
| Amounts payable | 17/49 | €1,496 | €3,079 | +€1,583 | +106% |
| Amounts payable within one year | 42/48 | €520 | €3,079 | +€2,558 | +492% |
| Trade debts | 44 | €520 | €481 | -€39 | -7.6% |
| Suppliers | 440/4 | €520 | €481 | -€39 | -7.6% |
| Other amounts payable | 47/48 | - | €2,598 | +€2,598 | |
| Accrued charges and deferred income | 492/3 | €976 | €0 | -€976 | -100% |
| Other operating charges | 640/8 | €813 | €834 | +€21 | +2.5% |
| Gross operating margin | 9900 | €16,786 | €30,147 | +€13,361 | +79.6% |
| Operating profit (loss) | 9901 | €15,973 | €29,314 | +€13,340 | +83.5% |
| Financial income | 75/76B | - | €16 | +€16 | |
| Recurring financial income | 75 | - | €16 | +€16 | |
| Financial charges | 65/66B | €542 | €185 | -€357 | -65.9% |
| Recurring financial charges | 65 | €542 | €185 | -€357 | -65.9% |
| Profit (loss) for the period before taxes | 9903 | €15,431 | €29,144 | +€13,714 | +88.9% |
| Income taxes | 67/77 | €4,928 | €7,980 | +€3,053 | +61.9% |
| Profit (loss) for the period | 9904 | €10,503 | €21,164 | +€10,661 | +102% |
| Profit (loss) for the period to be appropriated | 9905 | €10,503 | €21,164 | +€10,661 | +102% |
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 20 October 2026 via checked.be.