NEW S: 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 S
Largest movements
- Current investments -€408,994
no longer reported in 2025 (was €408,994)
- Tangible fixed assets +€391,267
up €391,267 (+488%), from €80,127 to €471,394
- Cash +€226,084
up €226,084 (+707%), from €31,991 to €258,075
mainly Current investments (+€408,994) and Debts after one year (+€142,176)
- Reserves +€386,102
up €386,102 (+549%), from €70,353 to €456,455
of which Distributable reserves: +€390,000
- Profit (loss) carried forward -€305,760
down €305,760 (-85.7%), from €356,622 to €50,862
- Debts after one year +€142,176
new in 2025: €142,176
- Other debts -€20,657
no longer reported in 2025 (was €20,657)
- Current portion of long-term debt +€7,824
new in 2025: €7,824
- Financial income +€78,464
up €78,464 (+241%), from €32,550 to €111,014
- Taxes +€17,012
up €17,012 (+1,021%), from €1,667 to €18,679
- Gross operating margin -€9,308
down €9,308, from €7,608 to -€1,700
- Other operating charges +€3,791
up €3,791 (+331%), from €1,147 to €4,938
- Financial charges +€710
up €710 (+1,225%), from €58 to €768
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 | €529,210 | €737,951 | +€208,741 | +39.4% |
| Fixed assets | 21/28 | €80,127 | €471,394 | +€391,267 | +488% |
| Tangible fixed assets | 22/27 | €80,127 | €471,394 | +€391,267 | +488% |
| Land and buildings | 22 | €80,127 | €471,394 | +€391,267 | +488% |
| Current assets | 29/58 | €449,083 | €266,557 | -€182,526 | -40.6% |
| Amounts receivable within one year | 40/41 | €8,098 | €8,214 | +€116 | +1.4% |
| Other amounts receivable | 41 | €8,098 | €8,214 | +€116 | +1.4% |
| Current investments | 50/53 | €408,994 | - | -€408,994 | |
| Cash at bank and in hand | 54/58 | €31,991 | €258,075 | +€226,084 | +707% |
| Deferred charges and accrued income | 490/1 | - | €268 | +€268 | |
| Total equity and liabilities | 10/49 | €529,210 | €737,951 | +€208,741 | +39.4% |
| Equity | 10/15 | €507,540 | €587,882 | +€80,342 | +15.8% |
| Contributions | 10/11 | €80,565 | €80,565 | = | 0.0% |
| Capital | 10 | €80,565 | €80,565 | = | 0.0% |
| Issued capital | 100 | €123,947 | €123,947 | = | 0.0% |
| Uncalled capital | 101 | €43,381 | €43,381 | = | 0.0% |
| Reserves | 13 | €70,353 | €456,455 | +€386,102 | +549% |
| Non-distributable reserves | 130/1 | €12,395 | €12,395 | = | 0.0% |
| Legal reserve | 130 | €12,395 | €12,395 | = | 0.0% |
| Tax-exempt reserves | 132 | €47,958 | €44,060 | -€3,898 | -8.1% |
| Distributable reserves | 133 | €10,000 | €400,000 | +€390,000 | +3,900% |
| Profit (loss) carried forward | 14 | €356,622 | €50,862 | -€305,760 | -85.7% |
| Amounts payable | 17/49 | €21,670 | €150,069 | +€128,400 | +593% |
| Amounts payable after more than one year | 17 | - | €142,176 | +€142,176 | |
| Financial debts | 170/4 | - | €142,176 | +€142,176 | |
| Amounts payable within one year | 42/48 | €20,657 | €7,894 | -€12,764 | -61.8% |
| Current portion of amounts payable after more than one year | 42 | - | €7,824 | +€7,824 | |
| Trade debts | 44 | - | €69 | +€69 | |
| Suppliers | 440/4 | - | €69 | +€69 | |
| Other amounts payable | 47/48 | €20,657 | - | -€20,657 | |
| Accrued charges and deferred income | 492/3 | €1,013 | - | -€1,013 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,991 | €4,586 | +€595 | +14.9% |
| Other operating charges | 640/8 | €1,147 | €4,938 | +€3,791 | +331% |
| Gross operating margin | 9900 | €7,608 | -€1,700 | -€9,308 | |
| Operating profit (loss) | 9901 | €2,470 | -€11,225 | -€13,694 | |
| Financial income | 75/76B | €32,550 | €111,014 | +€78,464 | +241% |
| Recurring financial income | 75 | €32,550 | €111,014 | +€78,464 | +241% |
| Financial charges | 65/66B | €58 | €768 | +€710 | +1,225% |
| Recurring financial charges | 65 | €58 | €768 | +€710 | +1,225% |
| Profit (loss) for the period before taxes | 9903 | €34,961 | €99,021 | +€64,059 | +183% |
| Income taxes | 67/77 | €1,667 | €18,679 | +€17,012 | +1,021% |
| Profit (loss) for the period | 9904 | €33,294 | €80,342 | +€47,047 | +141% |
| Transfer from tax-exempt reserves | 789 | €3,898 | €3,898 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €37,192 | €84,240 | +€47,047 | +126% |
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.