NO BETA: 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.
NO BETA
Largest movements
- Receivables within one year +€17,780
up €17,780 (+15.5%), from €114,652 to €132,432
of which Other amounts receivable: +€19,740
- Cash +€15,328
up €15,328 (+34.1%), from €44,961 to €60,288
mainly Net result for the year (+€44,208) and Trade debts (+€2,490)
- Reserves +€44,208
up €44,208 (+40.0%), from €110,474 to €154,682
of which Distributable reserves: +€44,208
- Debts after one year -€8,396
no longer reported in 2025 (was €8,396)
- Current portion of long-term debt -€5,522
down €5,522 (-20.9%), from €26,468 to €20,946
- Gross operating margin +€4,907
up €4,907 (+8.6%), from €56,947 to €61,853
- Taxes +€1,436
up €1,436 (+8.2%), from €17,462 to €18,898
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.
Cash bridge derived
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 | €221,983 | €255,796 | +€33,814 | +15.2% |
| Fixed assets | 21/28 | €3,681 | €3,703 | +€22 | +0.6% |
| Tangible fixed assets | 22/27 | €3,681 | €3,703 | +€22 | +0.6% |
| Furniture and vehicles | 24 | €3,681 | €3,703 | +€22 | +0.6% |
| Current assets | 29/58 | €218,302 | €252,094 | +€33,792 | +15.5% |
| Amounts receivable after more than one year | 29 | €56,300 | €56,300 | = | 0.0% |
| Other amounts receivable | 291 | €56,300 | €56,300 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €114,652 | €132,432 | +€17,780 | +15.5% |
| Trade receivables | 40 | €16,662 | €14,702 | -€1,960 | -11.8% |
| Other amounts receivable | 41 | €97,991 | €117,730 | +€19,740 | +20.1% |
| Cash at bank and in hand | 54/58 | €44,961 | €60,288 | +€15,328 | +34.1% |
| Deferred charges and accrued income | 490/1 | €2,389 | €3,074 | +€685 | +28.7% |
| Total equity and liabilities | 10/49 | €221,983 | €255,796 | +€33,814 | +15.2% |
| Equity | 10/15 | €177,555 | €221,763 | +€44,208 | +24.9% |
| Contributions | 10/11 | €6,197 | €6,197 | = | 0.0% |
| Reserves | 13 | €110,474 | €154,682 | +€44,208 | +40.0% |
| Tax-exempt reserves | 132 | €22,666 | €22,666 | = | 0.0% |
| Distributable reserves | 133 | €87,808 | €132,016 | +€44,208 | +50.3% |
| Profit (loss) carried forward | 14 | €60,884 | €60,884 | = | 0.0% |
| Amounts payable | 17/49 | €44,428 | €34,034 | -€10,394 | -23.4% |
| Amounts payable after more than one year | 17 | €8,396 | - | -€8,396 | |
| Financial debts | 170/4 | €8,396 | - | -€8,396 | |
| Amounts payable within one year | 42/48 | €36,032 | €34,034 | -€1,998 | -5.5% |
| Current portion of amounts payable after more than one year | 42 | €26,468 | €20,946 | -€5,522 | -20.9% |
| Trade debts | 44 | €708 | €3,198 | +€2,490 | +351.7% |
| Suppliers | 440/4 | €708 | €3,198 | +€2,490 | +351.7% |
| Taxes, remuneration and social security | 45 | €8,856 | €9,889 | +€1,034 | +11.7% |
| Taxes | 450/3 | €8,856 | €9,889 | +€1,034 | +11.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,338 | €1,779 | +€441 | +33.0% |
| Other operating charges | 640/8 | €724 | €509 | -€215 | -29.7% |
| Gross operating margin | 9900 | €56,947 | €61,853 | +€4,907 | +8.6% |
| Operating profit (loss) | 9901 | €54,885 | €59,566 | +€4,681 | +8.5% |
| Financial income | 75/76B | €4,715 | €4,977 | +€262 | +5.6% |
| Recurring financial income | 75 | €4,715 | €4,977 | +€262 | +5.6% |
| Financial charges | 65/66B | €1,188 | €1,436 | +€247 | +20.8% |
| Recurring financial charges | 65 | €1,188 | €1,436 | +€247 | +20.8% |
| Profit (loss) for the period before taxes | 9903 | €58,411 | €63,106 | +€4,695 | +8.0% |
| Income taxes | 67/77 | €17,462 | €18,898 | +€1,436 | +8.2% |
| Profit (loss) for the period | 9904 | €40,949 | €44,208 | +€3,259 | +8.0% |
| Profit (loss) for the period to be appropriated | 9905 | €40,949 | €44,208 | +€3,259 | +8.0% |
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 7 October 2026 via checked.be.