MD: 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.
MD
Largest movements
- Cash -€69,615
down €69,615 (-35.7%), from €194,991 to €125,376
mainly Debts after one year (-€155,000) and Provisions (-€8,710)
- Receivables within one year -€45,249
down €45,249 (-67.4%), from €67,151 to €21,902
of which Other amounts receivable: -€42,639
- Tangible fixed assets -€43,088
down €43,088 (-2.5%), from €1.7m to €1.7m
of which Land and buildings: -€38,410
- Debts after one year -€155,000
down €155,000 (-33.3%), from €465,000 to €310,000
- Gross operating margin -€12,512
down €12,512 (-16.2%), from €77,014 to €64,501
- Other operating charges -€10,929
down €10,929 (-65.2%), from €16,764 to €5,835
- Depreciation +€7,141
up €7,141 (+19.9%), from €35,947 to €43,088
- Taxes -€5,255
down €5,255 (-33.4%), from €15,740 to €10,485
- Financial income -€3,224
down €3,224 (-42.3%), from €7,619 to €4,395
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 | €2,349,524 | €2,188,844 | -€160,680 | -6.8% |
| Fixed assets | 21/28 | €1,741,533 | €1,698,445 | -€43,088 | -2.5% |
| Tangible fixed assets | 22/27 | €1,741,533 | €1,698,445 | -€43,088 | -2.5% |
| Land and buildings | 22 | €1,733,336 | €1,694,925 | -€38,410 | -2.2% |
| Furniture and vehicles | 24 | €4,511 | €3,519 | -€992 | -22.0% |
| Other tangible fixed assets | 26 | €3,686 | - | -€3,686 | |
| Current assets | 29/58 | €607,991 | €490,399 | -€117,591 | -19.3% |
| Amounts receivable after more than one year | 29 | €173,405 | €173,405 | = | 0.0% |
| Other amounts receivable | 291 | €173,405 | €173,405 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €67,151 | €21,902 | -€45,249 | -67.4% |
| Trade receivables | 40 | €13,639 | €11,029 | -€2,610 | -19.1% |
| Other amounts receivable | 41 | €53,513 | €10,874 | -€42,639 | -79.7% |
| Current investments | 50/53 | €150,000 | €150,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €194,991 | €125,376 | -€69,615 | -35.7% |
| Deferred charges and accrued income | 490/1 | €22,443 | €19,716 | -€2,727 | -12.2% |
| Total equity and liabilities | 10/49 | €2,349,524 | €2,188,844 | -€160,680 | -6.8% |
| Equity | 10/15 | €1,559,039 | €1,561,593 | +€2,554 | +0.2% |
| Contributions | 10/11 | €263,000 | €263,000 | = | 0.0% |
| Reserves | 13 | €1,291,759 | €1,294,229 | +€2,469 | +0.2% |
| Tax-exempt reserves | 132 | €841,359 | €815,229 | -€26,131 | -3.1% |
| Distributable reserves | 133 | €450,400 | €479,000 | +€28,600 | +6.3% |
| Profit (loss) carried forward | 14 | €4,280 | €4,365 | +€85 | +2.0% |
| Provisions and deferred taxes | 16 | €280,453 | €271,743 | -€8,710 | -3.1% |
| Deferred taxes | 168 | €280,453 | €271,743 | -€8,710 | -3.1% |
| Amounts payable | 17/49 | €510,032 | €355,508 | -€154,524 | -30.3% |
| Amounts payable after more than one year | 17 | €465,000 | €310,000 | -€155,000 | -33.3% |
| Financial debts | 170/4 | €465,000 | €310,000 | -€155,000 | -33.3% |
| Amounts payable within one year | 42/48 | €34,894 | €29,908 | -€4,986 | -14.3% |
| Trade debts | 44 | €9,634 | €10,639 | +€1,005 | +10.4% |
| Suppliers | 440/4 | €9,634 | €10,639 | +€1,005 | +10.4% |
| Taxes, remuneration and social security | 45 | €15,162 | €14,976 | -€186 | -1.2% |
| Taxes | 450/3 | €15,162 | €14,976 | -€186 | -1.2% |
| Other amounts payable | 47/48 | €10,097 | €4,293 | -€5,805 | -57.5% |
| Accrued charges and deferred income | 492/3 | €10,138 | €15,600 | +€5,462 | +53.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,947 | €43,088 | +€7,141 | +19.9% |
| Other operating charges | 640/8 | €16,764 | €5,835 | -€10,929 | -65.2% |
| Gross operating margin | 9900 | €77,014 | €64,501 | -€12,512 | -16.2% |
| Operating profit (loss) | 9901 | €24,302 | €15,578 | -€8,725 | -35.9% |
| Financial income | 75/76B | €7,619 | €4,395 | -€3,224 | -42.3% |
| Recurring financial income | 75 | €7,619 | €4,395 | -€3,224 | -42.3% |
| Financial charges | 65/66B | €14,413 | €15,643 | +€1,231 | +8.5% |
| Recurring financial charges | 65 | €14,413 | €15,643 | +€1,231 | +8.5% |
| Profit (loss) for the period before taxes | 9903 | €17,509 | €4,329 | -€13,179 | -75.3% |
| Transfer from deferred taxes | 780 | €8,354 | €8,710 | +€356 | +4.3% |
| Income taxes | 67/77 | €15,740 | €10,485 | -€5,255 | -33.4% |
| Profit (loss) for the period | 9904 | €10,122 | €2,554 | -€7,568 | -74.8% |
| Transfer from tax-exempt reserves | 789 | €25,062 | €26,131 | +€1,069 | +4.3% |
| Profit (loss) for the period to be appropriated | 9905 | €35,184 | €28,685 | -€6,499 | -18.5% |
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 13 October 2026 via checked.be.