Note: 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.
Note
Largest movements
- Financial fixed assets +€100,000
up €100,000 (+333.3%), from €30,000 to €130,000
- Tangible fixed assets +€77,506
up €77,506 (+75.6%), from €102,457 to €179,964
of which Land and buildings: +€70,409
- Receivables after one year -€52,500
down €52,500 (-21.0%), from €250,000 to €197,500
- Cash -€15,262
down €15,262 (-59.9%), from €25,489 to €10,227
mainly Investment in fixed assets (net) (-€195,163) and Contributions, distributions and other (-€59,000)
- Other debts +€67,004
up €67,004 (+2236.8%), from €2,996 to €70,000
- Debts after one year +€24,458
up €24,458 (+13.0%), from €188,618 to €213,076
of which Financial debts: +€148,605
- Current portion of long-term debt +€10,655
up €10,655 (+54.3%), from €19,612 to €30,267
- Tax, wage and social debts +€7,222
up €7,222 (+25.5%), from €28,325 to €35,547
- Depreciation +€7,104
up €7,104 (+67.3%), from €10,553 to €17,657
- Other operating charges +€4,120
up €4,120 (+314.2%), from €1,311 to €5,432
- Financial income +€3,714
up €3,714, from €0 to €3,714
of which Non-recurring financial income: +€2,652
- Taxes +€2,469
up €2,469 (+10.9%), from €22,730 to €25,199
- Financial charges -€1,390
down €1,390 (-18.3%), from €7,606 to €6,216
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 | €493,647 | €605,569 | +€111,921 | +22.7% |
| Fixed assets | 21/28 | €132,457 | €309,964 | +€177,506 | +134.0% |
| Tangible fixed assets | 22/27 | €102,457 | €179,964 | +€77,506 | +75.6% |
| Land and buildings | 22 | €49,157 | €119,566 | +€70,409 | +143.2% |
| Furniture and vehicles | 24 | €17,697 | €11,152 | -€6,545 | -37.0% |
| Other tangible fixed assets | 26 | €35,603 | €49,245 | +€13,642 | +38.3% |
| Financial fixed assets | 28 | €30,000 | €130,000 | +€100,000 | +333.3% |
| Current assets | 29/58 | €361,190 | €295,605 | -€65,585 | -18.2% |
| Amounts receivable after more than one year | 29 | €250,000 | €197,500 | -€52,500 | -21.0% |
| Other amounts receivable | 291 | €250,000 | €197,500 | -€52,500 | -21.0% |
| Amounts receivable within one year | 40/41 | €59,682 | €63,902 | +€4,220 | +7.1% |
| Trade receivables | 40 | €59,682 | €21,705 | -€37,977 | -63.6% |
| Other amounts receivable | 41 | €0 | €42,196 | +€42,196 | |
| Current investments | 50/53 | €25,500 | €23,461 | -€2,039 | -8.0% |
| Cash at bank and in hand | 54/58 | €25,489 | €10,227 | -€15,262 | -59.9% |
| Deferred charges and accrued income | 490/1 | €519 | €515 | -€4 | -0.8% |
| Total equity and liabilities | 10/49 | €493,647 | €605,569 | +€111,921 | +22.7% |
| Equity | 10/15 | €252,406 | €253,464 | +€1,058 | +0.4% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €242,406 | €243,464 | +€1,058 | +0.4% |
| Distributable reserves | 133 | €242,406 | €243,464 | +€1,058 | +0.4% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €241,242 | €352,104 | +€110,863 | +46.0% |
| Amounts payable after more than one year | 17 | €188,618 | €213,076 | +€24,458 | +13.0% |
| Financial debts | 170/4 | €64,472 | €213,076 | +€148,605 | +230.5% |
| Other amounts payable | 178/9 | €124,147 | €0 | -€124,147 | -100.0% |
| Amounts payable within one year | 42/48 | €52,623 | €139,028 | +€86,405 | +164.2% |
| Current portion of amounts payable after more than one year | 42 | €19,612 | €30,267 | +€10,655 | +54.3% |
| Trade debts | 44 | €1,690 | €3,214 | +€1,524 | +90.2% |
| Suppliers | 440/4 | €1,690 | €3,214 | +€1,524 | +90.2% |
| Taxes, remuneration and social security | 45 | €28,325 | €35,547 | +€7,222 | +25.5% |
| Taxes | 450/3 | €28,325 | €35,547 | +€7,222 | +25.5% |
| Other amounts payable | 47/48 | €2,996 | €70,000 | +€67,004 | +2236.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,553 | €17,657 | +€7,104 | +67.3% |
| Other operating charges | 640/8 | €1,311 | €5,432 | +€4,120 | +314.2% |
| Gross operating margin | 9900 | €110,629 | €110,847 | +€218 | +0.2% |
| Operating profit (loss) | 9901 | €98,765 | €87,759 | -€11,007 | -11.1% |
| Financial income | 75/76B | €0 | €3,714 | +€3,714 | |
| Recurring financial income | 75 | €0 | €1,062 | +€1,062 | |
| Non-recurring financial income | 76B | - | €2,652 | +€2,652 | |
| Financial charges | 65/66B | €7,606 | €6,216 | -€1,390 | -18.3% |
| Recurring financial charges | 65 | €7,606 | €6,216 | -€1,390 | -18.3% |
| Profit (loss) for the period before taxes | 9903 | €91,159 | €85,257 | -€5,902 | -6.5% |
| Income taxes | 67/77 | €22,730 | €25,199 | +€2,469 | +10.9% |
| Profit (loss) for the period | 9904 | €68,429 | €60,058 | -€8,371 | -12.2% |
| Profit (loss) for the period to be appropriated | 9905 | €68,429 | €60,058 | -€8,371 | -12.2% |
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.