NOTA BENE: 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.
NOTA BENE
Largest movements
- Current investments +€85,575
new in 2025: €85,575
- Cash -€23,589
down €23,589 (-13.5%), from €174,688 to €151,099
mainly Current investments (-€85,575) and Investment in fixed assets (net) (-€9,334)
- Intangible fixed assets -€10,000
down €10,000 (-25.0%), from €40,000 to €30,000
- Deferred charges and accrued income -€5,387
down €5,387 (-95.5%), from €5,640 to €253
- Tangible fixed assets +€4,728
up €4,728 (+36.5%), from €12,939 to €17,667
of which Plant, machinery and equipment: +€3,926
- Reserves +€48,737
up €48,737 (+31.2%), from €156,204 to €204,941
of which Distributable reserves: +€48,737
- Gross operating margin +€5,542
up €5,542 (+6.4%), from €87,044 to €92,586
- Financial charges +€1,379
up €1,379 (+30.6%), from €4,505 to €5,883
- Taxes +€1,078
up €1,078 (+4.9%), from €22,137 to €23,215
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 | €237,683 | €286,674 | +€48,991 | +20.6% |
| Fixed assets | 21/28 | €53,361 | €48,088 | -€5,272 | -9.9% |
| Intangible fixed assets | 21 | €40,000 | €30,000 | -€10,000 | -25.0% |
| Tangible fixed assets | 22/27 | €12,939 | €17,667 | +€4,728 | +36.5% |
| Plant, machinery and equipment | 23 | €12,939 | €16,865 | +€3,926 | +30.3% |
| Furniture and vehicles | 24 | - | €802 | +€802 | |
| Financial fixed assets | 28 | €422 | €422 | = | 0.0% |
| Current assets | 29/58 | €184,322 | €238,586 | +€54,264 | +29.4% |
| Amounts receivable within one year | 40/41 | €3,994 | €1,659 | -€2,335 | -58.5% |
| Other amounts receivable | 41 | €3,994 | €1,659 | -€2,335 | -58.5% |
| Current investments | 50/53 | - | €85,575 | +€85,575 | |
| Cash at bank and in hand | 54/58 | €174,688 | €151,099 | -€23,589 | -13.5% |
| Deferred charges and accrued income | 490/1 | €5,640 | €253 | -€5,387 | -95.5% |
| Total equity and liabilities | 10/49 | €237,683 | €286,674 | +€48,991 | +20.6% |
| Equity | 10/15 | €174,796 | €223,533 | +€48,737 | +27.9% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €156,204 | €204,941 | +€48,737 | +31.2% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €154,345 | €203,082 | +€48,737 | +31.6% |
| Amounts payable | 17/49 | €62,887 | €63,141 | +€254 | +0.4% |
| Amounts payable within one year | 42/48 | €62,685 | €63,038 | +€353 | +0.6% |
| Trade debts | 44 | €45 | €439 | +€394 | +884.4% |
| Suppliers | 440/4 | €45 | €439 | +€394 | +884.4% |
| Taxes, remuneration and social security | 45 | €5,947 | €6,047 | +€101 | +1.7% |
| Taxes | 450/3 | €5,947 | €6,047 | +€101 | +1.7% |
| Other amounts payable | 47/48 | €56,694 | €56,552 | -€142 | -0.2% |
| Accrued charges and deferred income | 492/3 | €202 | €103 | -€99 | -49.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,949 | €14,607 | +€657 | +4.7% |
| Other operating charges | 640/8 | €141 | €144 | +€4 | +2.6% |
| Gross operating margin | 9900 | €87,044 | €92,586 | +€5,542 | +6.4% |
| Operating profit (loss) | 9901 | €72,954 | €77,835 | +€4,881 | +6.7% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €4,505 | €5,883 | +€1,379 | +30.6% |
| Recurring financial charges | 65 | €4,505 | €5,883 | +€1,379 | +30.6% |
| Profit (loss) for the period before taxes | 9903 | €68,449 | €71,952 | +€3,503 | +5.1% |
| Income taxes | 67/77 | €22,137 | €23,215 | +€1,078 | +4.9% |
| Profit (loss) for the period | 9904 | €46,312 | €48,737 | +€2,425 | +5.2% |
| Profit (loss) for the period to be appropriated | 9905 | €46,312 | €48,737 | +€2,425 | +5.2% |
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 4 October 2026 via checked.be.