MASTER ADVICE: 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.
MASTER ADVICE
Largest movements
- Tangible fixed assets +€689,875
up €689,875 (+613.7%), from €112,414 to €802,289
of which Land and buildings: +€688,770
- Current investments +€368,891
up €368,891 (+368.9%), from €100,000 to €468,891
- Reserves +€678,419
new in 2025: €678,419
of which Tax-exempt reserves: +€498,887
- Debts after one year +€242,571
new in 2025: €242,571
- Provisions +€166,296
new in 2025: €166,296
- Other debts -€94,028
down €94,028 (-58.0%), from €162,028 to €68,000
- Profit (loss) carried forward +€34,294
no longer reported in 2025 (was -€34,294)
- Gross operating margin +€720,421
up €720,421 (+22078.8%), from €3,263 to €723,684
- Financial income +€152,639
up €152,639 (+254.4%), from €60,000 to €212,639
- Other operating charges +€21,465
up €21,465 (+997.5%), from €2,152 to €23,617
- Taxes +€17,953
new in 2025: €17,953
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 | €1,291,401 | €2,384,320 | +€1.1m | +84.6% |
| Fixed assets | 21/28 | €1,179,081 | €1,868,956 | +€689,875 | +58.5% |
| Tangible fixed assets | 22/27 | €112,414 | €802,289 | +€689,875 | +613.7% |
| Land and buildings | 22 | €112,414 | €801,184 | +€688,770 | +612.7% |
| Plant, machinery and equipment | 23 | - | €1,105 | +€1,105 | |
| Financial fixed assets | 28 | €1,066,667 | €1,066,667 | = | 0.0% |
| Current assets | 29/58 | €112,320 | €515,364 | +€403,044 | +358.8% |
| Amounts receivable within one year | 40/41 | €4,251 | €27,290 | +€23,040 | +542.0% |
| Trade receivables | 40 | €4,251 | €14,992 | +€10,741 | +252.7% |
| Other amounts receivable | 41 | - | €12,298 | +€12,298 | |
| Current investments | 50/53 | €100,000 | €468,891 | +€368,891 | +368.9% |
| Cash at bank and in hand | 54/58 | €7,049 | €19,182 | +€12,134 | +172.1% |
| Deferred charges and accrued income | 490/1 | €1,021 | - | -€1,021 | |
| Total equity and liabilities | 10/49 | €1,291,401 | €2,384,320 | +€1.1m | +84.6% |
| Equity | 10/15 | €1,129,373 | €1,842,086 | +€712,714 | +63.1% |
| Contributions | 10/11 | €1,163,667 | €1,163,667 | = | 0.0% |
| Reserves | 13 | - | €678,419 | +€678,419 | |
| Tax-exempt reserves | 132 | - | €498,887 | +€498,887 | |
| Distributable reserves | 133 | - | €179,532 | +€179,532 | |
| Profit (loss) carried forward | 14 | -€34,294 | - | +€34,294 | |
| Provisions and deferred taxes | 16 | - | €166,296 | +€166,296 | |
| Deferred taxes | 168 | - | €166,296 | +€166,296 | |
| Amounts payable | 17/49 | €162,028 | €375,938 | +€213,910 | +132.0% |
| Amounts payable after more than one year | 17 | - | €242,571 | +€242,571 | |
| Financial debts | 170/4 | - | €242,571 | +€242,571 | |
| Amounts payable within one year | 42/48 | €162,028 | €132,669 | -€29,359 | -18.1% |
| Current portion of amounts payable after more than one year | 42 | - | €24,461 | +€24,461 | |
| Trade debts | 44 | - | €13,725 | +€13,725 | |
| Suppliers | 440/4 | - | €13,725 | +€13,725 | |
| Taxes, remuneration and social security | 45 | - | €26,482 | +€26,482 | |
| Taxes | 450/3 | - | €26,482 | +€26,482 | |
| Other amounts payable | 47/48 | €162,028 | €68,000 | -€94,028 | -58.0% |
| Accrued charges and deferred income | 492/3 | - | €698 | +€698 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,955 | €8,761 | +€2,806 | +47.1% |
| Other operating charges | 640/8 | €2,152 | €23,617 | +€21,465 | +997.5% |
| Gross operating margin | 9900 | €3,263 | €723,684 | +€720,421 | +22078.8% |
| Operating profit (loss) | 9901 | -€4,844 | €691,306 | +€696,150 | |
| Financial income | 75/76B | €60,000 | €212,639 | +€152,639 | +254.4% |
| Recurring financial income | 75 | €60,000 | €212,639 | +€152,639 | +254.4% |
| Financial charges | 65/66B | €18 | €6,983 | +€6,965 | +38692.7% |
| Recurring financial charges | 65 | €18 | €6,983 | +€6,965 | +38692.7% |
| Profit (loss) for the period before taxes | 9903 | €55,138 | €896,962 | +€841,825 | +1526.8% |
| Transfer from deferred taxes | 780 | - | €1,905 | +€1,905 | |
| Transfer to deferred taxes | 680 | - | €168,201 | +€168,201 | |
| Income taxes | 67/77 | - | €17,953 | +€17,953 | |
| Profit (loss) for the period | 9904 | €55,138 | €712,714 | +€657,576 | +1192.6% |
| Transfer from tax-exempt reserves | 789 | - | €5,715 | +€5,715 | |
| Transfer to tax-exempt reserves | 689 | - | €504,602 | +€504,602 | |
| Profit (loss) for the period to be appropriated | 9905 | €55,138 | €213,826 | +€158,689 | +287.8% |
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 12 October 2026 via checked.be.