NOTABENE: 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.
NOTABENE
Largest movements
- Tangible fixed assets -€54,556
down €54,556 (-2.7%), from €2.0m to €2.0m
of which Land and buildings: -€50,504
- Debts after one year -€117,312
down €117,312 (-7.9%), from €1.5m to €1.4m
- Reserves +€83,952
up €83,952 (+17.4%), from €482,669 to €566,621
of which Distributable reserves: +€83,952
- Gross operating margin -€35,658
down €35,658 (-13.7%), from €260,854 to €225,197
- Taxes -€20,073
down €20,073 (-34.9%), from €57,470 to €37,397
- Other operating charges +€7,402
up €7,402 (+63.4%), from €11,673 to €19,075
- Financial income -€4,665
down €4,665 (-39.3%), from €11,862 to €7,197
- Financial charges -€3,993
down €3,993 (-10.2%), from €39,006 to €35,013
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 | €2,314,010 | €2,260,538 | -€53,472 | -2.3% |
| Fixed assets | 21/28 | €2,036,085 | €1,981,529 | -€54,556 | -2.7% |
| Tangible fixed assets | 22/27 | €2,036,085 | €1,981,529 | -€54,556 | -2.7% |
| Land and buildings | 22 | €2,015,562 | €1,965,058 | -€50,504 | -2.5% |
| Furniture and vehicles | 24 | €20,523 | €16,470 | -€4,053 | -19.7% |
| Current assets | 29/58 | €277,925 | €279,009 | +€1,085 | +0.4% |
| Amounts receivable after more than one year | 29 | €99,984 | €86,451 | -€13,533 | -13.5% |
| Other amounts receivable | 291 | €99,984 | €86,451 | -€13,533 | -13.5% |
| Amounts receivable within one year | 40/41 | €161,932 | €184,531 | +€22,598 | +14.0% |
| Trade receivables | 40 | €28,223 | €124,614 | +€96,391 | +341.5% |
| Other amounts receivable | 41 | €133,709 | €59,917 | -€73,793 | -55.2% |
| Cash at bank and in hand | 54/58 | €5,859 | €1,198 | -€4,661 | -79.6% |
| Deferred charges and accrued income | 490/1 | €10,150 | €6,830 | -€3,320 | -32.7% |
| Total equity and liabilities | 10/49 | €2,314,010 | €2,260,538 | -€53,472 | -2.3% |
| Equity | 10/15 | €551,269 | €635,221 | +€83,952 | +15.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Revaluation surpluses | 12 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €482,669 | €566,621 | +€83,952 | +17.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €480,809 | €564,761 | +€83,952 | +17.5% |
| Amounts payable | 17/49 | €1,762,741 | €1,625,317 | -€137,424 | -7.8% |
| Amounts payable after more than one year | 17 | €1,492,259 | €1,374,948 | -€117,312 | -7.9% |
| Financial debts | 170/4 | €1,492,259 | €1,374,948 | -€117,312 | -7.9% |
| Amounts payable within one year | 42/48 | €270,482 | €250,369 | -€20,113 | -7.4% |
| Current portion of amounts payable after more than one year | 42 | €115,341 | €117,312 | +€1,971 | +1.7% |
| Financial debts | 43 | €1,977 | €1,574 | -€403 | -20.4% |
| Credit institutions | 430/8 | €1,977 | €1,574 | -€403 | -20.4% |
| Trade debts | 44 | €17,051 | €16,682 | -€369 | -2.2% |
| Suppliers | 440/4 | €17,051 | €16,682 | -€369 | -2.2% |
| Taxes, remuneration and social security | 45 | €136,113 | €114,802 | -€21,311 | -15.7% |
| Taxes | 450/3 | €136,113 | €114,802 | -€21,311 | -15.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55,039 | €56,956 | +€1,918 | +3.5% |
| Other operating charges | 640/8 | €11,673 | €19,075 | +€7,402 | +63.4% |
| Gross operating margin | 9900 | €260,854 | €225,197 | -€35,658 | -13.7% |
| Operating profit (loss) | 9901 | €194,143 | €149,166 | -€44,977 | -23.2% |
| Financial income | 75/76B | €11,862 | €7,197 | -€4,665 | -39.3% |
| Recurring financial income | 75 | €11,862 | €7,197 | -€4,665 | -39.3% |
| Financial charges | 65/66B | €39,006 | €35,013 | -€3,993 | -10.2% |
| Recurring financial charges | 65 | €39,006 | €35,013 | -€3,993 | -10.2% |
| Profit (loss) for the period before taxes | 9903 | €166,998 | €121,350 | -€45,649 | -27.3% |
| Income taxes | 67/77 | €57,470 | €37,397 | -€20,073 | -34.9% |
| Profit (loss) for the period | 9904 | €109,528 | €83,952 | -€25,576 | -23.4% |
| Profit (loss) for the period to be appropriated | 9905 | €109,528 | €83,952 | -€25,576 | -23.4% |
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 3 October 2026 via checked.be.