NOTEH: 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.
NOTEH
Largest movements
- Tangible fixed assets +€583,273
up €583,273 (+91.0%), from €641,181 to €1.2m
of which Land and buildings: +€575,177
- Cash +€20,124
up €20,124 (+7.6%), from €266,019 to €286,143
mainly Debts after one year (+€408,471) and Net result for the year (+€126,207)
- Debts after one year +€408,471
up €408,471 (+76.0%), from €537,608 to €946,078
- Reserves +€99,059
up €99,059 (+91.7%), from €108,027 to €207,087
- Current portion of long-term debt +€53,922
new in 2025: €53,922
- Profit (loss) carried forward +€27,147
no longer reported in 2025 (was -€27,147)
- Gross operating margin +€75,103
up €75,103 (+60.7%), from €123,676 to €198,779
- Financial charges +€12,911
up €12,911 (+68.2%), from €18,919 to €31,829
- Depreciation +€9,466
up €9,466 (+488.9%), from €1,936 to €11,402
- Taxes +€7,430
up €7,430 (+33.5%), from €22,192 to €29,621
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 | €911,332 | €1,520,315 | +€608,982 | +66.8% |
| Fixed assets | 21/28 | €643,581 | €1,226,854 | +€583,273 | +90.6% |
| Tangible fixed assets | 22/27 | €641,181 | €1,224,454 | +€583,273 | +91.0% |
| Land and buildings | 22 | €637,858 | €1,213,035 | +€575,177 | +90.2% |
| Furniture and vehicles | 24 | €3,323 | €11,419 | +€8,096 | +243.6% |
| Financial fixed assets | 28 | €2,400 | €2,400 | = | 0.0% |
| Current assets | 29/58 | €267,751 | €293,461 | +€25,710 | +9.6% |
| Amounts receivable within one year | 40/41 | - | €5,602 | +€5,602 | |
| Other amounts receivable | 41 | - | €5,602 | +€5,602 | |
| Cash at bank and in hand | 54/58 | €266,019 | €286,143 | +€20,124 | +7.6% |
| Deferred charges and accrued income | 490/1 | €1,732 | €1,716 | -€16 | -0.9% |
| Total equity and liabilities | 10/49 | €911,332 | €1,520,315 | +€608,982 | +66.8% |
| Equity | 10/15 | €83,880 | €210,087 | +€126,207 | +150.5% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €108,027 | €207,087 | +€99,059 | +91.7% |
| Distributable reserves | 133 | €108,027 | €207,087 | +€99,059 | +91.7% |
| Profit (loss) carried forward | 14 | -€27,147 | - | +€27,147 | |
| Amounts payable | 17/49 | €827,452 | €1,310,228 | +€482,776 | +58.3% |
| Amounts payable after more than one year | 17 | €537,608 | €946,078 | +€408,471 | +76.0% |
| Financial debts | 170/4 | €537,608 | €946,078 | +€408,471 | +76.0% |
| Amounts payable within one year | 42/48 | €289,845 | €364,149 | +€74,305 | +25.6% |
| Current portion of amounts payable after more than one year | 42 | - | €53,922 | +€53,922 | |
| Taxes, remuneration and social security | 45 | €38,096 | €48,871 | +€10,775 | +28.3% |
| Taxes | 450/3 | €38,096 | €48,871 | +€10,775 | +28.3% |
| Other amounts payable | 47/48 | €251,749 | €261,357 | +€9,608 | +3.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,936 | €11,402 | +€9,466 | +488.9% |
| Other operating charges | 640/8 | €2,185 | €775 | -€1,410 | -64.5% |
| Gross operating margin | 9900 | €123,676 | €198,779 | +€75,103 | +60.7% |
| Operating profit (loss) | 9901 | €119,555 | €186,602 | +€67,047 | +56.1% |
| Financial income | 75/76B | €0 | €1,056 | +€1,056 | +10556600.0% |
| Recurring financial income | 75 | €0 | €1,056 | +€1,056 | +10556600.0% |
| Financial charges | 65/66B | €18,919 | €31,829 | +€12,911 | +68.2% |
| Recurring financial charges | 65 | €18,919 | €31,829 | +€12,911 | +68.2% |
| Profit (loss) for the period before taxes | 9903 | €100,636 | €155,828 | +€55,192 | +54.8% |
| Income taxes | 67/77 | €22,192 | €29,621 | +€7,430 | +33.5% |
| Profit (loss) for the period | 9904 | €78,445 | €126,207 | +€47,762 | +60.9% |
| Profit (loss) for the period to be appropriated | 9905 | €78,445 | €126,207 | +€47,762 | +60.9% |
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 9 October 2026 via checked.be.