NEW LOOK: 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 LOOK
Largest movements
- Cash -€71,553
down €71,553 (-39.3%), from €182,174 to €110,621
mainly Debts after one year (-€114,060) and Contributions, distributions and other (-€35,000)
- Tangible fixed assets -€23,295
down €23,295 (-18.2%), from €128,181 to €104,885
- Stocks and contracts -€5,245
down €5,245 (-11.4%), from €45,849 to €40,604
- Debts after one year -€114,060
down €114,060 (-96.1%), from €118,654 to €4,593
- Trade debts +€7,046
up €7,046 (+67.3%), from €10,466 to €17,513
- Other debts +€4,951
up €4,951 (+16.4%), from €30,200 to €35,151
- Financial charges -€11,405
down €11,405 (-93.8%), from €12,164 to €759
- Gross operating margin -€6,835
down €6,835 (-8.1%), from €84,757 to €77,922
- Financial income -€2,369
down €2,369 (-99.3%), from €2,387 to €18
- Staff costs -€1,337
down €1,337 (-8.9%), from €15,091 to €13,755
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 | €359,894 | €259,324 | -€100,570 | -27.9% |
| Fixed assets | 21/28 | €128,181 | €104,885 | -€23,295 | -18.2% |
| Tangible fixed assets | 22/27 | €128,181 | €104,885 | -€23,295 | -18.2% |
| Land and buildings | 22 | €128,181 | €104,885 | -€23,295 | -18.2% |
| Current assets | 29/58 | €231,713 | €154,438 | -€77,275 | -33.3% |
| Stocks and contracts in progress | 3 | €45,849 | €40,604 | -€5,245 | -11.4% |
| Stocks | 30/36 | €45,849 | €40,604 | -€5,245 | -11.4% |
| Amounts receivable within one year | 40/41 | €2,362 | €1,844 | -€519 | -22.0% |
| Trade receivables | 40 | €1,468 | €1,030 | -€438 | -29.8% |
| Other amounts receivable | 41 | €894 | €814 | -€81 | -9.0% |
| Cash at bank and in hand | 54/58 | €182,174 | €110,621 | -€71,553 | -39.3% |
| Deferred charges and accrued income | 490/1 | €1,328 | €1,370 | +€42 | +3.2% |
| Total equity and liabilities | 10/49 | €359,894 | €259,324 | -€100,570 | -27.9% |
| Equity | 10/15 | €182,805 | €183,906 | +€1,100 | +0.6% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €163,805 | €164,906 | +€1,100 | +0.7% |
| Distributable reserves | 133 | €163,805 | €164,906 | +€1,100 | +0.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €177,088 | €75,418 | -€101,670 | -57.4% |
| Amounts payable after more than one year | 17 | €118,654 | €4,593 | -€114,060 | -96.1% |
| Other amounts payable | 178/9 | €118,654 | €4,593 | -€114,060 | -96.1% |
| Amounts payable within one year | 42/48 | €58,374 | €70,825 | +€12,451 | +21.3% |
| Trade debts | 44 | €10,466 | €17,513 | +€7,046 | +67.3% |
| Suppliers | 440/4 | €10,466 | €17,513 | +€7,046 | +67.3% |
| Taxes, remuneration and social security | 45 | €17,707 | €18,161 | +€454 | +2.6% |
| Taxes | 450/3 | €16,440 | €17,064 | +€624 | +3.8% |
| Remuneration and social security | 454/9 | €1,268 | €1,097 | -€170 | -13.4% |
| Other amounts payable | 47/48 | €30,200 | €35,151 | +€4,951 | +16.4% |
| Accrued charges and deferred income | 492/3 | €61 | €0 | -€61 | -100% |
| Non-recurring operating income | 76A | €9,050 | €0 | -€9,050 | -100% |
| Remuneration, social security and pensions | 62 | €15,091 | €13,755 | -€1,337 | -8.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,295 | €23,295 | = | 0.0% |
| Other operating charges | 640/8 | €3,710 | €3,630 | -€81 | -2.2% |
| Gross operating margin | 9900 | €84,757 | €77,922 | -€6,835 | -8.1% |
| Operating profit (loss) | 9901 | €42,660 | €37,243 | -€5,418 | -12.7% |
| Financial income | 75/76B | €2,387 | €18 | -€2,369 | -99.3% |
| Recurring financial income | 75 | €2,387 | €18 | -€2,369 | -99.3% |
| Financial charges | 65/66B | €12,164 | €759 | -€11,405 | -93.8% |
| Recurring financial charges | 65 | €12,164 | €759 | -€11,405 | -93.8% |
| Profit (loss) for the period before taxes | 9903 | €32,883 | €36,501 | +€3,618 | +11.0% |
| Income taxes | 67/77 | €507 | €401 | -€106 | -20.9% |
| Profit (loss) for the period | 9904 | €32,376 | €36,100 | +€3,724 | +11.5% |
| Profit (loss) for the period to be appropriated | 9905 | €32,376 | €36,100 | +€3,724 | +11.5% |
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 24 October 2026 via checked.be.