Mindset: 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.
Mindset
Largest movements
- Cash +€106,698
up €106,698 (+85.6%), from €124,597 to €231,295
mainly Net result for the year (+€110,999) and Depreciation (+€51,845)
- Tangible fixed assets -€33,591
down €33,591 (-2.6%), from €1.3m to €1.2m
of which Land and buildings: -€40,658
- Receivables within one year -€24,846
down €24,846 (-40.1%), from €61,977 to €37,131
of which Trade receivables: -€17,468
- Reserves +€110,140
up €110,140 (+17.8%), from €619,567 to €729,707
- Debts after one year -€42,490
down €42,490 (-12.0%), from €353,043 to €310,553
- Depreciation -€24,642
down €24,642 (-32.2%), from €76,487 to €51,845
- Financial charges -€5,137
down €5,137 (-13.6%), from €37,654 to €32,517
- Other operating charges +€3,899
up €3,899 (+72.2%), from €5,401 to €9,300
- Gross operating margin -€2,703
down €2,703 (-1.2%), from €223,403 to €220,699
- Taxes +€2,451
up €2,451 (+18.0%), from €13,588 to €16,039
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 | €1,465,014 | €1,513,186 | +€48,172 | +3.3% |
| Fixed assets | 21/28 | €1,276,570 | €1,242,979 | -€33,591 | -2.6% |
| Tangible fixed assets | 22/27 | €1,276,570 | €1,242,979 | -€33,591 | -2.6% |
| Land and buildings | 22 | €1,274,444 | €1,233,786 | -€40,658 | -3.2% |
| Plant, machinery and equipment | 23 | €2,126 | €1,564 | -€562 | -26.4% |
| Furniture and vehicles | 24 | - | €7,630 | +€7,630 | |
| Current assets | 29/58 | €188,444 | €270,207 | +€81,763 | +43.4% |
| Stocks and contracts in progress | 3 | €1,306 | €1,196 | -€111 | -8.5% |
| Stocks | 30/36 | €1,306 | €1,196 | -€111 | -8.5% |
| Amounts receivable within one year | 40/41 | €61,977 | €37,131 | -€24,846 | -40.1% |
| Trade receivables | 40 | €45,707 | €28,238 | -€17,468 | -38.2% |
| Other amounts receivable | 41 | €16,271 | €8,893 | -€7,378 | -45.3% |
| Cash at bank and in hand | 54/58 | €124,597 | €231,295 | +€106,698 | +85.6% |
| Deferred charges and accrued income | 490/1 | €563 | €585 | +€21 | +3.8% |
| Total equity and liabilities | 10/49 | €1,465,014 | €1,513,186 | +€48,172 | +3.3% |
| Equity | 10/15 | €631,967 | €742,107 | +€110,140 | +17.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €619,567 | €729,707 | +€110,140 | +17.8% |
| Distributable reserves | 133 | €619,567 | €729,707 | +€110,140 | +17.8% |
| Amounts payable | 17/49 | €833,047 | €771,079 | -€61,968 | -7.4% |
| Amounts payable after more than one year | 17 | €353,043 | €310,553 | -€42,490 | -12.0% |
| Financial debts | 170/4 | €353,043 | €310,553 | -€42,490 | -12.0% |
| Amounts payable within one year | 42/48 | €479,343 | €458,872 | -€20,471 | -4.3% |
| Current portion of amounts payable after more than one year | 42 | €41,750 | €42,490 | +€740 | +1.8% |
| Trade debts | 44 | €22,350 | €14,134 | -€8,215 | -36.8% |
| Suppliers | 440/4 | €22,350 | €14,134 | -€8,215 | -36.8% |
| Taxes, remuneration and social security | 45 | €23,692 | €16,492 | -€7,200 | -30.4% |
| Taxes | 450/3 | €23,692 | €16,492 | -€7,200 | -30.4% |
| Other amounts payable | 47/48 | €391,551 | €385,755 | -€5,796 | -1.5% |
| Accrued charges and deferred income | 492/3 | €660 | €1,653 | +€993 | +150.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €76,487 | €51,845 | -€24,642 | -32.2% |
| Other operating charges | 640/8 | €5,401 | €9,300 | +€3,899 | +72.2% |
| Gross operating margin | 9900 | €223,403 | €220,699 | -€2,703 | -1.2% |
| Operating profit (loss) | 9901 | €141,514 | €159,555 | +€18,041 | +12.7% |
| Financial income | 75/76B | €1 | €0 | -€0 | -54.7% |
| Recurring financial income | 75 | €1 | €0 | -€0 | -54.7% |
| Financial charges | 65/66B | €37,654 | €32,517 | -€5,137 | -13.6% |
| Recurring financial charges | 65 | €37,654 | €32,517 | -€5,137 | -13.6% |
| Profit (loss) for the period before taxes | 9903 | €103,861 | €127,038 | +€23,177 | +22.3% |
| Income taxes | 67/77 | €13,588 | €16,039 | +€2,451 | +18.0% |
| Profit (loss) for the period | 9904 | €90,273 | €110,999 | +€20,726 | +23.0% |
| Profit (loss) for the period to be appropriated | 9905 | €90,273 | €110,999 | +€20,726 | +23.0% |
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 10 October 2026 via checked.be.