MORE BUSINESS: 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.
MORE BUSINESS
Largest movements
- Tangible fixed assets -€26,333
down €26,333 (-5.0%), from €524,664 to €498,332
of which Land and buildings: -€24,893
- Debts after one year -€34,109
down €34,109 (-15.4%), from €221,510 to €187,400
- Reserves +€17,476
up €17,476 (+10.6%), from €165,258 to €182,734
of which Distributable reserves: +€32,531
- Tax, wage and social debts -€9,185
down €9,185 (-15.5%), from €59,127 to €49,942
- Provisions -€6,452
down €6,452 (-39.5%), from €16,331 to €9,879
- Current portion of long-term debt +€5,651
up €5,651 (+16.7%), from €33,870 to €39,522
- Gross operating margin -€38,921
down €38,921 (-30.5%), from €127,767 to €88,846
- Taxes -€11,754
down €11,754 (-42.7%), from €27,553 to €15,799
- Other operating charges -€6,054
down €6,054 (-60.1%), from €10,070 to €4,016
- Depreciation -€1,773
down €1,773 (-6.3%), from €28,106 to €26,333
- Financial charges -€1,616
down €1,616 (-14.3%), from €11,291 to €9,674
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 | €564,643 | €535,489 | -€29,154 | -5.2% |
| Fixed assets | 21/28 | €524,664 | €498,332 | -€26,333 | -5.0% |
| Tangible fixed assets | 22/27 | €524,664 | €498,332 | -€26,333 | -5.0% |
| Land and buildings | 22 | €523,224 | €498,332 | -€24,893 | -4.8% |
| Furniture and vehicles | 24 | €1,440 | - | -€1,440 | |
| Current assets | 29/58 | €39,979 | €37,158 | -€2,821 | -7.1% |
| Amounts receivable within one year | 40/41 | €36,383 | €35,477 | -€906 | -2.5% |
| Trade receivables | 40 | €36,077 | €35,171 | -€906 | -2.5% |
| Other amounts receivable | 41 | €306 | €306 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €3,596 | €1,681 | -€1,915 | -53.3% |
| Total equity and liabilities | 10/49 | €564,643 | €535,489 | -€29,154 | -5.2% |
| Equity | 10/15 | €189,935 | €207,411 | +€17,476 | +9.2% |
| Contributions | 10/11 | €4,592 | €4,592 | = | 0.0% |
| Reserves | 13 | €165,258 | €182,734 | +€17,476 | +10.6% |
| Tax-exempt reserves | 132 | €38,105 | €23,050 | -€15,055 | -39.5% |
| Distributable reserves | 133 | €127,153 | €159,683 | +€32,531 | +25.6% |
| Profit (loss) carried forward | 14 | €20,085 | €20,085 | = | 0.0% |
| Provisions and deferred taxes | 16 | €16,331 | €9,879 | -€6,452 | -39.5% |
| Deferred taxes | 168 | €16,331 | €9,879 | -€6,452 | -39.5% |
| Amounts payable | 17/49 | €358,377 | €318,200 | -€40,178 | -11.2% |
| Amounts payable after more than one year | 17 | €221,510 | €187,400 | -€34,109 | -15.4% |
| Financial debts | 170/4 | €221,510 | €187,400 | -€34,109 | -15.4% |
| Amounts payable within one year | 42/48 | €136,868 | €130,799 | -€6,068 | -4.4% |
| Current portion of amounts payable after more than one year | 42 | €33,870 | €39,522 | +€5,651 | +16.7% |
| Financial debts | 43 | €7,953 | €2,773 | -€5,180 | -65.1% |
| Credit institutions | 430/8 | €7,953 | €2,773 | -€5,180 | -65.1% |
| Trade debts | 44 | €2,746 | €7,348 | +€4,601 | +168% |
| Suppliers | 440/4 | €2,746 | €7,348 | +€4,601 | +168% |
| Taxes, remuneration and social security | 45 | €59,127 | €49,942 | -€9,185 | -15.5% |
| Taxes | 450/3 | €59,127 | €49,942 | -€9,185 | -15.5% |
| Other amounts payable | 47/48 | €33,170 | €31,214 | -€1,956 | -5.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,106 | €26,333 | -€1,773 | -6.3% |
| Other operating charges | 640/8 | €10,070 | €4,016 | -€6,054 | -60.1% |
| Gross operating margin | 9900 | €127,767 | €88,846 | -€38,921 | -30.5% |
| Operating profit (loss) | 9901 | €89,592 | €58,497 | -€31,094 | -34.7% |
| Financial charges | 65/66B | €11,291 | €9,674 | -€1,616 | -14.3% |
| Recurring financial charges | 65 | €11,291 | €9,674 | -€1,616 | -14.3% |
| Profit (loss) for the period before taxes | 9903 | €78,301 | €48,823 | -€29,478 | -37.6% |
| Transfer from deferred taxes | 780 | €6,452 | €6,452 | = | 0.0% |
| Income taxes | 67/77 | €27,553 | €15,799 | -€11,754 | -42.7% |
| Profit (loss) for the period | 9904 | €57,200 | €39,476 | -€17,724 | -31.0% |
| Transfer from tax-exempt reserves | 789 | €15,055 | €15,055 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €72,255 | €54,531 | -€17,724 | -24.5% |
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 25 October 2026 via checked.be.