N.: what changed
Two fiscal 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.
N.
Largest movements
- Tangible fixed assets +€12,762
up €12,762 (+21.7%), from €58,887 to €71,649
of which Land and buildings: +€12,820
- Deferred charges and accrued income +€8,254
up €8,254 (+1051.7%), from €785 to €9,039
- Cash -€3,897
no longer reported in 2025 (was €3,897)
mainly Investment in fixed assets (net) (-€21,310) and Debts after one year (-€17,046)
- Debts after one year -€17,046
down €17,046 (-65.9%), from €25,870 to €8,824
- Short-term financial debts +€13,737
up €13,737 (+3017.3%), from €455 to €14,193
of which Other loans: +€13,274
- Other debts +€12,425
new in 2025: €12,425
- Reserves +€5,412
up €5,412 (+20.9%), from €25,852 to €31,265
- Tax, wage and social debts +€3,993
up €3,993 (+389.2%), from €1,026 to €5,020
- Gross operating margin +€13,622
up €13,622 (+151.4%), from €8,997 to €22,619
- Depreciation +€6,505
up €6,505 (+318.6%), from €2,042 to €8,547
- Financial charges +€4,042
up €4,042 (+440.7%), from €917 to €4,959
- Taxes +€1,216
up €1,216 (+152.5%), from €797 to €2,013
- Other operating charges +€432
up €432 (+365.9%), from €118 to €550
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 | €76,291 | €93,033 | +€16,742 | +21.9% |
| Fixed assets | 21/28 | €58,887 | €71,649 | +€12,762 | +21.7% |
| Tangible fixed assets | 22/27 | €58,887 | €71,649 | +€12,762 | +21.7% |
| Land and buildings | 22 | €47,586 | €60,406 | +€12,820 | +26.9% |
| Plant, machinery and equipment | 23 | €11,301 | €11,244 | -€57 | -0.5% |
| Current assets | 29/58 | €17,404 | €21,384 | +€3,980 | +22.9% |
| Amounts receivable within one year | 40/41 | €12,722 | €12,345 | -€377 | -3.0% |
| Trade receivables | 40 | €8,504 | €11,858 | +€3,354 | +39.4% |
| Other amounts receivable | 41 | €4,218 | €487 | -€3,731 | -88.5% |
| Cash at bank and in hand | 54/58 | €3,897 | - | -€3,897 | |
| Deferred charges and accrued income | 490/1 | €785 | €9,039 | +€8,254 | +1051.7% |
| Total equity and liabilities | 10/49 | €76,291 | €93,033 | +€16,742 | +21.9% |
| Equity | 10/15 | €28,352 | €33,765 | +€5,412 | +19.1% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €25,852 | €31,265 | +€5,412 | +20.9% |
| Distributable reserves | 133 | €25,852 | €31,265 | +€5,412 | +20.9% |
| Amounts payable | 17/49 | €47,938 | €59,269 | +€11,330 | +23.6% |
| Amounts payable after more than one year | 17 | €25,870 | €8,824 | -€17,046 | -65.9% |
| Financial debts | 170/4 | €25,870 | €8,824 | -€17,046 | -65.9% |
| Amounts payable within one year | 42/48 | €22,069 | €50,445 | +€28,376 | +128.6% |
| Current portion of amounts payable after more than one year | 42 | €16,275 | €17,046 | +€771 | +4.7% |
| Financial debts | 43 | €455 | €14,193 | +€13,737 | +3017.3% |
| Credit institutions | 430/8 | €455 | €919 | +€463 | +101.8% |
| Other loans | 439 | - | €13,274 | +€13,274 | |
| Trade debts | 44 | €4,313 | €1,762 | -€2,551 | -59.2% |
| Suppliers | 440/4 | €4,313 | €1,762 | -€2,551 | -59.2% |
| Taxes, remuneration and social security | 45 | €1,026 | €5,020 | +€3,993 | +389.2% |
| Taxes | 450/3 | €1,026 | €5,020 | +€3,993 | +389.2% |
| Other amounts payable | 47/48 | - | €12,425 | +€12,425 | |
| Remuneration, social security and pensions | 62 | €1,249 | €1,154 | -€95 | -7.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,042 | €8,547 | +€6,505 | +318.6% |
| Other operating charges | 640/8 | €118 | €550 | +€432 | +365.9% |
| Gross operating margin | 9900 | €8,997 | €22,619 | +€13,622 | +151.4% |
| Operating profit (loss) | 9901 | €5,588 | €12,368 | +€6,780 | +121.3% |
| Financial income | 75/76B | €23 | €17 | -€7 | -28.3% |
| Recurring financial income | 75 | €23 | €17 | -€7 | -28.3% |
| Financial charges | 65/66B | €917 | €4,959 | +€4,042 | +440.7% |
| Recurring financial charges | 65 | €917 | €4,959 | +€4,042 | +440.7% |
| Profit (loss) for the period before taxes | 9903 | €4,693 | €7,425 | +€2,732 | +58.2% |
| Income taxes | 67/77 | €797 | €2,013 | +€1,216 | +152.5% |
| Profit (loss) for the period | 9904 | €3,896 | €5,412 | +€1,516 | +38.9% |
| Profit (loss) for the period to be appropriated | 9905 | €3,896 | €5,412 | +€1,516 | +38.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.