MOST: 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.
MOST
Largest movements
- Receivables within one year +€50,294
up €50,294 (+272%), from €18,515 to €68,810
of which Other amounts receivable: +€48,735
- Tangible fixed assets -€33,528
down €33,528 (-24.3%), from €137,711 to €104,184
of which Land and buildings: -€24,425
- Receivables after one year -€15,000
down €15,000 (-10.0%), from €150,000 to €135,000
- Current investments +€13,537
up €13,537 (+16.8%), from €80,629 to €94,166
- Cash +€12,663
up €12,663 (+59.1%), from €21,420 to €34,083
mainly Net result for the year (+€69,301) and Depreciation (+€33,528)
- Reserves +€69,301
up €69,301 (+30.0%), from €231,011 to €300,312
- Debts after one year -€35,484
down €35,484 (-43.0%), from €82,475 to €46,991
- Tax, wage and social debts -€6,753
down €6,753 (-13.4%), from €50,550 to €43,797
- Gross operating margin -€17,466
down €17,466 (-11.0%), from €158,893 to €141,427
- Taxes -€6,712
down €6,712 (-15.9%), from €42,282 to €35,570
- Depreciation +€3,403
up €3,403 (+11.3%), from €30,124 to €33,528
- Financial income -€3,185
down €3,185 (-35.8%), from €8,892 to €5,706
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 | €412,335 | €440,103 | +€27,768 | +6.7% |
| Fixed assets | 21/28 | €137,738 | €104,211 | -€33,528 | -24.3% |
| Tangible fixed assets | 22/27 | €137,711 | €104,184 | -€33,528 | -24.3% |
| Land and buildings | 22 | €84,636 | €60,211 | -€24,425 | -28.9% |
| Plant, machinery and equipment | 23 | €49 | - | -€49 | |
| Furniture and vehicles | 24 | €12,835 | €12,622 | -€213 | -1.7% |
| Leasing and similar rights | 25 | €40,191 | €31,351 | -€8,840 | -22.0% |
| Financial fixed assets | 28 | €27 | €27 | = | 0.0% |
| Current assets | 29/58 | €274,597 | €335,892 | +€61,296 | +22.3% |
| Amounts receivable after more than one year | 29 | €150,000 | €135,000 | -€15,000 | -10.0% |
| Other amounts receivable | 291 | €150,000 | €135,000 | -€15,000 | -10.0% |
| Amounts receivable within one year | 40/41 | €18,515 | €68,810 | +€50,294 | +272% |
| Trade receivables | 40 | €15,855 | €17,414 | +€1,560 | +9.8% |
| Other amounts receivable | 41 | €2,660 | €51,395 | +€48,735 | +1,832% |
| Current investments | 50/53 | €80,629 | €94,166 | +€13,537 | +16.8% |
| Cash at bank and in hand | 54/58 | €21,420 | €34,083 | +€12,663 | +59.1% |
| Deferred charges and accrued income | 490/1 | €4,033 | €3,834 | -€199 | -4.9% |
| Total equity and liabilities | 10/49 | €412,335 | €440,103 | +€27,768 | +6.7% |
| Equity | 10/15 | €243,411 | €312,712 | +€69,301 | +28.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €231,011 | €300,312 | +€69,301 | +30.0% |
| Distributable reserves | 133 | €231,011 | €300,312 | +€69,301 | +30.0% |
| Amounts payable | 17/49 | €168,924 | €127,392 | -€41,532 | -24.6% |
| Amounts payable after more than one year | 17 | €82,475 | €46,991 | -€35,484 | -43.0% |
| Financial debts | 170/4 | €82,475 | €46,991 | -€35,484 | -43.0% |
| Amounts payable within one year | 42/48 | €86,449 | €80,401 | -€6,048 | -7.0% |
| Current portion of amounts payable after more than one year | 42 | €33,808 | €35,484 | +€1,677 | +5.0% |
| Financial debts | 43 | - | €84 | +€84 | |
| Credit institutions | 430/8 | - | €84 | +€84 | |
| Trade debts | 44 | €2,091 | €1,035 | -€1,056 | -50.5% |
| Suppliers | 440/4 | €2,091 | €1,035 | -€1,056 | -50.5% |
| Taxes, remuneration and social security | 45 | €50,550 | €43,797 | -€6,753 | -13.4% |
| Taxes | 450/3 | €50,550 | €43,797 | -€6,753 | -13.4% |
| Non-recurring operating income | 76A | €17,256 | - | -€17,256 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,124 | €33,528 | +€3,403 | +11.3% |
| Other operating charges | 640/8 | €2,356 | €3,429 | +€1,073 | +45.5% |
| Gross operating margin | 9900 | €158,893 | €141,427 | -€17,466 | -11.0% |
| Operating profit (loss) | 9901 | €126,413 | €104,470 | -€21,943 | -17.4% |
| Financial income | 75/76B | €8,892 | €5,706 | -€3,185 | -35.8% |
| Recurring financial income | 75 | €8,892 | €5,706 | -€3,185 | -35.8% |
| Financial charges | 65/66B | €6,164 | €5,306 | -€858 | -13.9% |
| Recurring financial charges | 65 | €6,164 | €5,306 | -€858 | -13.9% |
| Profit (loss) for the period before taxes | 9903 | €129,141 | €104,870 | -€24,270 | -18.8% |
| Income taxes | 67/77 | €42,282 | €35,570 | -€6,712 | -15.9% |
| Profit (loss) for the period | 9904 | €86,859 | €69,301 | -€17,558 | -20.2% |
| Profit (loss) for the period to be appropriated | 9905 | €86,859 | €69,301 | -€17,558 | -20.2% |
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 15 October 2026 via checked.be.