METAGINATION: 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.
METAGINATION
Largest movements
- Current investments +€92,836
up €92,836 (+203%), from €45,783 to €138,618
- Cash -€62,919
down €62,919 (-13.4%), from €469,654 to €406,735
mainly Current investments (-€92,836) and Investment in fixed assets (net) (-€55,481)
- Tangible fixed assets +€38,657
up €38,657 (+69.3%), from €55,807 to €94,463
of which Furniture and vehicles: +€41,891
- Reserves +€62,237
up €62,237 (+11.5%), from €539,666 to €601,903
of which Distributable reserves: +€62,237
- Financial income +€40,823
up €40,823 (+2,024%), from €2,017 to €42,841
of which Financial income: +€35,437
- Taxes +€9,106
up €9,106 (+44.5%), from €20,463 to €29,569
- Gross operating margin -€6,992
down €6,992 (-9.3%), from €75,370 to €68,378
- Depreciation +€4,536
up €4,536 (+36.9%), from €12,288 to €16,824
- Financial charges +€1,300
up €1,300 (+446%), from €291 to €1,591
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 | €584,923 | €654,312 | +€69,389 | +11.9% |
| Fixed assets | 21/28 | €55,807 | €94,463 | +€38,657 | +69.3% |
| Tangible fixed assets | 22/27 | €55,807 | €94,463 | +€38,657 | +69.3% |
| Plant, machinery and equipment | 23 | €9,922 | €6,688 | -€3,234 | -32.6% |
| Furniture and vehicles | 24 | €45,885 | €87,776 | +€41,891 | +91.3% |
| Current assets | 29/58 | €529,116 | €559,849 | +€30,732 | +5.8% |
| Amounts receivable within one year | 40/41 | €9,680 | €11,616 | +€1,936 | +20.0% |
| Trade receivables | 40 | €9,680 | €11,616 | +€1,936 | +20.0% |
| Current investments | 50/53 | €45,783 | €138,618 | +€92,836 | +203% |
| Cash at bank and in hand | 54/58 | €469,654 | €406,735 | -€62,919 | -13.4% |
| Deferred charges and accrued income | 490/1 | €4,000 | €2,880 | -€1,120 | -28.0% |
| Total equity and liabilities | 10/49 | €584,923 | €654,312 | +€69,389 | +11.9% |
| Equity | 10/15 | €558,266 | €620,503 | +€62,237 | +11.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €539,666 | €601,903 | +€62,237 | +11.5% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €537,806 | €600,043 | +€62,237 | +11.6% |
| Amounts payable | 17/49 | €26,657 | €33,810 | +€7,152 | +26.8% |
| Amounts payable within one year | 42/48 | €23,733 | €32,853 | +€9,120 | +38.4% |
| Trade debts | 44 | €1,800 | €6,036 | +€4,237 | +235% |
| Suppliers | 440/4 | €1,800 | €6,036 | +€4,237 | +235% |
| Taxes, remuneration and social security | 45 | €21,934 | €26,817 | +€4,883 | +22.3% |
| Taxes | 450/3 | €21,934 | €13,987 | -€7,947 | -36.2% |
| Remuneration and social security | 454/9 | - | €12,830 | +€12,830 | |
| Accrued charges and deferred income | 492/3 | €2,924 | €956 | -€1,968 | -67.3% |
| Non-recurring operating income | 76A | €4,002 | - | -€4,002 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,288 | €16,824 | +€4,536 | +36.9% |
| Other operating charges | 640/8 | €1,197 | €928 | -€269 | -22.4% |
| Non-recurring operating charges | 66A | - | €69 | +€69 | |
| Gross operating margin | 9900 | €75,370 | €68,378 | -€6,992 | -9.3% |
| Operating profit (loss) | 9901 | €61,885 | €50,557 | -€11,328 | -18.3% |
| Financial income | 75/76B | €2,017 | €42,841 | +€40,823 | +2,024% |
| Recurring financial income | 75 | €2,017 | €37,454 | +€35,437 | +1,757% |
| Non-recurring financial income | 76B | - | €5,386 | +€5,386 | |
| Financial charges | 65/66B | €291 | €1,591 | +€1,300 | +446% |
| Recurring financial charges | 65 | €291 | €1,591 | +€1,300 | +446% |
| Profit (loss) for the period before taxes | 9903 | €63,611 | €91,806 | +€28,195 | +44.3% |
| Income taxes | 67/77 | €20,463 | €29,569 | +€9,106 | +44.5% |
| Profit (loss) for the period | 9904 | €43,148 | €62,237 | +€19,089 | +44.2% |
| Profit (loss) for the period to be appropriated | 9905 | €43,148 | €62,237 | +€19,089 | +44.2% |
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.