NOTE THIS: 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.
NOTE THIS
Largest movements
- Tangible fixed assets -€78,543
down €78,543 (-5.5%), from €1.4m to €1.4m
- Debts after one year -€81,091
down €81,091 (-8.4%), from €969,514 to €888,423
- Reserves +€75,439
up €75,439 (+24.6%), from €306,071 to €381,510
of which Distributable reserves: +€75,439
- Other debts -€70,716
down €70,716 (-14.0%), from €504,479 to €433,763
- Financial charges -€12,651
down €12,651 (-25.8%), from €49,100 to €36,449
- Taxes +€10,437
up €10,437 (+139%), from €7,482 to €17,919
- Gross operating margin +€9,385
up €9,385 (+4.6%), from €203,696 to €213,081
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 | €1,455,248 | €1,391,230 | -€64,018 | -4.4% |
| Fixed assets | 21/28 | €1,429,664 | €1,351,121 | -€78,543 | -5.5% |
| Tangible fixed assets | 22/27 | €1,429,664 | €1,351,121 | -€78,543 | -5.5% |
| Land and buildings | 22 | €794,785 | €771,264 | -€23,520 | -3.0% |
| Plant, machinery and equipment | 23 | €616,473 | €578,831 | -€37,642 | -6.1% |
| Furniture and vehicles | 24 | €18,407 | €1,026 | -€17,381 | -94.4% |
| Current assets | 29/58 | €25,584 | €40,109 | +€14,525 | +56.8% |
| Amounts receivable within one year | 40/41 | €21,296 | €19,965 | -€1,331 | -6.3% |
| Trade receivables | 40 | €21,296 | €19,965 | -€1,331 | -6.3% |
| Cash at bank and in hand | 54/58 | €1,097 | €12,718 | +€11,620 | +1,059% |
| Deferred charges and accrued income | 490/1 | €3,191 | €7,427 | +€4,236 | +133% |
| Total equity and liabilities | 10/49 | €1,455,248 | €1,391,230 | -€64,018 | -4.4% |
| Equity | 10/15 | -€121,714 | -€46,275 | +€75,439 | +62.0% |
| Contributions | 10/11 | €8,700 | €8,700 | = | 0.0% |
| Reserves | 13 | €306,071 | €381,510 | +€75,439 | +24.6% |
| Non-distributable reserves | 130/1 | €406 | €406 | = | 0.0% |
| Reserves not available under the articles | 1311 | €406 | €406 | = | 0.0% |
| Distributable reserves | 133 | €305,665 | €381,104 | +€75,439 | +24.7% |
| Profit (loss) carried forward | 14 | -€436,485 | -€436,485 | = | 0.0% |
| Amounts payable | 17/49 | €1,576,962 | €1,437,505 | -€139,456 | -8.8% |
| Amounts payable after more than one year | 17 | €969,514 | €888,423 | -€81,091 | -8.4% |
| Financial debts | 170/4 | €969,514 | €888,423 | -€81,091 | -8.4% |
| Amounts payable within one year | 42/48 | €595,681 | €534,816 | -€60,865 | -10.2% |
| Current portion of amounts payable after more than one year | 42 | €77,542 | €79,771 | +€2,229 | +2.9% |
| Trade debts | 44 | €2,629 | €2,321 | -€308 | -11.7% |
| Suppliers | 440/4 | €2,629 | €2,321 | -€308 | -11.7% |
| Taxes, remuneration and social security | 45 | €11,032 | €18,961 | +€7,930 | +71.9% |
| Taxes | 450/3 | €11,032 | €18,961 | +€7,930 | +71.9% |
| Other amounts payable | 47/48 | €504,479 | €433,763 | -€70,716 | -14.0% |
| Accrued charges and deferred income | 492/3 | €11,767 | €14,267 | +€2,500 | +21.2% |
| Non-recurring operating income | 76A | €16,404 | - | -€16,404 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €77,860 | €78,543 | +€683 | +0.9% |
| Other operating charges | 640/8 | €2,869 | €4,732 | +€1,862 | +64.9% |
| Gross operating margin | 9900 | €203,696 | €213,081 | +€9,385 | +4.6% |
| Operating profit (loss) | 9901 | €122,967 | €129,806 | +€6,840 | +5.6% |
| Financial income | 75/76B | €39 | - | -€39 | |
| Recurring financial income | 75 | €39 | - | -€39 | |
| Financial charges | 65/66B | €49,100 | €36,449 | -€12,651 | -25.8% |
| Recurring financial charges | 65 | €49,100 | €36,449 | -€12,651 | -25.8% |
| Profit (loss) for the period before taxes | 9903 | €73,906 | €93,357 | +€19,451 | +26.3% |
| Income taxes | 67/77 | €7,482 | €17,919 | +€10,437 | +139% |
| Profit (loss) for the period | 9904 | €66,424 | €75,439 | +€9,014 | +13.6% |
| Profit (loss) for the period to be appropriated | 9905 | €66,424 | €75,439 | +€9,014 | +13.6% |
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 29 October 2026 via checked.be.