New chapter: 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.
New chapter
Largest movements
- Current investments +€456,771
up €456,771 (+36.8%), from €1.2m to €1.7m
- Financial fixed assets +€209,920
up €209,920 (+23.5%), from €894,592 to €1.1m
- Cash -€86,806
down €86,806 (-17.3%), from €501,427 to €414,620
mainly Current investments (-€456,771) and Investment in fixed assets (net) (-€209,920)
- Profit (loss) carried forward +€752,151
up €752,151, from -€167,009 to €585,143
- Other debts -€163,003
down €163,003 (-84.4%), from €193,130 to €30,128
- Financial income +€717,006
up €717,006 (+663%), from €108,145 to €825,150
- Financial charges -€47,805
down €47,805 (-53.9%), from €88,668 to €40,863
- Taxes -€14,643
down €14,643 (-78.5%), from €18,661 to €4,018
- Gross operating margin +€2,528
up €2,528 (+9.1%), from -€27,737 to -€25,210
- Depreciation -€521
down €521 (-25.3%), from €2,061 to €1,540
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,639,448 | €3,222,195 | +€582,747 | +22.1% |
| Fixed assets | 21/28 | €896,199 | €1,104,580 | +€208,380 | +23.3% |
| Tangible fixed assets | 22/27 | €1,607 | €67 | -€1,540 | -95.8% |
| Furniture and vehicles | 24 | €1,607 | €67 | -€1,540 | -95.8% |
| Financial fixed assets | 28 | €894,592 | €1,104,513 | +€209,920 | +23.5% |
| Current assets | 29/58 | €1,743,248 | €2,117,615 | +€374,367 | +21.5% |
| Amounts receivable within one year | 40/41 | €1,314 | €5,982 | +€4,668 | +355% |
| Other amounts receivable | 41 | €1,314 | €5,982 | +€4,668 | +355% |
| Current investments | 50/53 | €1,240,241 | €1,697,012 | +€456,771 | +36.8% |
| Cash at bank and in hand | 54/58 | €501,427 | €414,620 | -€86,806 | -17.3% |
| Deferred charges and accrued income | 490/1 | €267 | - | -€267 | |
| Total equity and liabilities | 10/49 | €2,639,448 | €3,222,195 | +€582,747 | +22.1% |
| Equity | 10/15 | €2,437,657 | €3,189,808 | +€752,151 | +30.9% |
| Contributions | 10/11 | €2,595,871 | €2,595,871 | = | 0.0% |
| Reserves | 13 | €8,794 | €8,794 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,828 | €2,828 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,828 | €2,828 | = | 0.0% |
| Distributable reserves | 133 | €5,967 | €5,967 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€167,009 | €585,143 | +€752,151 | |
| Amounts payable | 17/49 | €201,791 | €32,387 | -€169,404 | -84.0% |
| Amounts payable within one year | 42/48 | €201,791 | €32,387 | -€169,404 | -84.0% |
| Trade debts | 44 | - | €2,259 | +€2,259 | |
| Suppliers | 440/4 | - | €2,259 | +€2,259 | |
| Taxes, remuneration and social security | 45 | €8,661 | - | -€8,661 | |
| Taxes | 450/3 | €8,661 | - | -€8,661 | |
| Other amounts payable | 47/48 | €193,130 | €30,128 | -€163,003 | -84.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,061 | €1,540 | -€521 | -25.3% |
| Other operating charges | 640/8 | €968 | €1,368 | +€401 | +41.4% |
| Gross operating margin | 9900 | -€27,737 | -€25,210 | +€2,528 | +9.1% |
| Operating profit (loss) | 9901 | -€30,766 | -€28,118 | +€2,648 | +8.6% |
| Financial income | 75/76B | €108,145 | €825,150 | +€717,006 | +663% |
| Recurring financial income | 75 | €108,145 | €825,150 | +€717,006 | +663% |
| Financial charges | 65/66B | €88,668 | €40,863 | -€47,805 | -53.9% |
| Recurring financial charges | 65 | €88,668 | €40,863 | -€47,805 | -53.9% |
| Profit (loss) for the period before taxes | 9903 | -€11,289 | €756,169 | +€767,458 | |
| Income taxes | 67/77 | €18,661 | €4,018 | -€14,643 | -78.5% |
| Profit (loss) for the period | 9904 | -€29,950 | €752,151 | +€782,102 | |
| Profit (loss) for the period to be appropriated | 9905 | -€29,950 | €752,151 | +€782,102 |
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 13 October 2026 via checked.be.