NUMBER ONE: 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.
NUMBER ONE
Largest movements
- Receivables within one year +€809,132
up €809,132 (+160.0%), from €505,643 to €1.3m
of which Other amounts receivable: +€536,344
- Cash +€444,489
up €444,489 (+423.4%), from €104,986 to €549,475
mainly Debts after one year (+€492,975) and Contributions, distributions and other (+€242,886)
- Current investments -€39,540
no longer reported in 2025 (was €39,540)
- Tangible fixed assets -€28,266
down €28,266 (-11.4%), from €247,246 to €218,980
of which Land and buildings: -€135,716
- Debts after one year +€492,975
up €492,975 (+415.0%), from €118,802 to €611,778
of which Financial debts: +€577,975
- Reserves +€432,702
up €432,702 (+7384.0%), from €5,860 to €438,562
of which Tax-exempt reserves: +€360,392
- Trade debts +€222,050
up €222,050 (+52.4%), from €423,951 to €646,001
- Current portion of long-term debt +€117,311
up €117,311 (+573.4%), from €20,457 to €137,769
- Revaluation surpluses -€77,250
no longer reported in 2025 (was €77,250)
- Staff costs +€295,787
up €295,787 (+32.7%), from €904,640 to €1.2m
- Gross operating margin +€290,684
up €290,684 (+22.3%), from €1.3m to €1.6m
- Other operating charges +€24,230
up €24,230 (+30.7%), from €78,899 to €103,129
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 | €925,951 | €2,114,231 | +€1.2m | +128.3% |
| Fixed assets | 21/28 | €263,481 | €233,380 | -€30,101 | -11.4% |
| Tangible fixed assets | 22/27 | €247,246 | €218,980 | -€28,266 | -11.4% |
| Land and buildings | 22 | €135,716 | - | -€135,716 | |
| Plant, machinery and equipment | 23 | €8,554 | €7,836 | -€718 | -8.4% |
| Furniture and vehicles | 24 | €68,102 | €131,795 | +€63,694 | +93.5% |
| Leasing and similar rights | 25 | €33,807 | €79,234 | +€45,427 | +134.4% |
| Other tangible fixed assets | 26 | €1,067 | €115 | -€952 | -89.3% |
| Financial fixed assets | 28 | €16,235 | €14,400 | -€1,835 | -11.3% |
| Current assets | 29/58 | €662,470 | €1,880,851 | +€1.2m | +183.9% |
| Amounts receivable within one year | 40/41 | €505,643 | €1,314,775 | +€809,132 | +160.0% |
| Trade receivables | 40 | €491,356 | €764,143 | +€272,787 | +55.5% |
| Other amounts receivable | 41 | €14,287 | €550,632 | +€536,344 | +3754.0% |
| Current investments | 50/53 | €39,540 | - | -€39,540 | |
| Cash at bank and in hand | 54/58 | €104,986 | €549,475 | +€444,489 | +423.4% |
| Deferred charges and accrued income | 490/1 | €12,301 | €16,601 | +€4,300 | +35.0% |
| Total equity and liabilities | 10/49 | €925,951 | €2,114,231 | +€1.2m | +128.3% |
| Equity | 10/15 | €109,341 | €489,195 | +€379,854 | +347.4% |
| Contributions | 10/11 | €58,600 | €42,974 | -€15,626 | -26.7% |
| Revaluation surpluses | 12 | €77,250 | - | -€77,250 | |
| Reserves | 13 | €5,860 | €438,562 | +€432,702 | +7384.0% |
| Tax-exempt reserves | 132 | - | €360,392 | +€360,392 | |
| Distributable reserves | 133 | €5,860 | €78,170 | +€72,310 | +1234.0% |
| Profit (loss) carried forward | 14 | -€49,154 | €26 | +€49,180 | |
| Investment grants | 15 | €16,785 | €7,634 | -€9,152 | -54.5% |
| Amounts payable | 17/49 | €816,609 | €1,625,035 | +€808,426 | +99.0% |
| Amounts payable after more than one year | 17 | €118,802 | €611,778 | +€492,975 | +415.0% |
| Financial debts | 170/4 | €18,802 | €596,778 | +€577,975 | +3074.0% |
| Other amounts payable | 178/9 | €100,000 | €15,000 | -€85,000 | -85.0% |
| Amounts payable within one year | 42/48 | €695,696 | €1,013,258 | +€317,562 | +45.6% |
| Current portion of amounts payable after more than one year | 42 | €20,457 | €137,769 | +€117,311 | +573.4% |
| Financial debts | 43 | €75,000 | - | -€75,000 | |
| Credit institutions | 430/8 | €75,000 | - | -€75,000 | |
| Trade debts | 44 | €423,951 | €646,001 | +€222,050 | +52.4% |
| Suppliers | 440/4 | €423,951 | €646,001 | +€222,050 | +52.4% |
| Taxes, remuneration and social security | 45 | €176,288 | €228,963 | +€52,675 | +29.9% |
| Taxes | 450/3 | €67,663 | €64,327 | -€3,337 | -4.9% |
| Remuneration and social security | 454/9 | €108,625 | €164,637 | +€56,012 | +51.6% |
| Other amounts payable | 47/48 | - | €525 | +€525 | |
| Accrued charges and deferred income | 492/3 | €2,111 | - | -€2,111 | |
| Remuneration, social security and pensions | 62 | €904,640 | €1,200,427 | +€295,787 | +32.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €89,151 | €88,151 | -€1,000 | -1.1% |
| Other operating charges | 640/8 | €78,899 | €103,129 | +€24,230 | +30.7% |
| Gross operating margin | 9900 | €1,303,006 | €1,593,690 | +€290,684 | +22.3% |
| Operating profit (loss) | 9901 | €230,317 | €201,983 | -€28,334 | -12.3% |
| Financial income | 75/76B | €4,756 | €7,804 | +€3,047 | +64.1% |
| Recurring financial income | 75 | €4,756 | €7,804 | +€3,047 | +64.1% |
| Financial charges | 65/66B | €31,589 | €29,578 | -€2,011 | -6.4% |
| Recurring financial charges | 65 | €31,589 | €25,900 | -€5,689 | -18.0% |
| Non-recurring financial charges | 66B | - | €3,679 | +€3,679 | |
| Profit (loss) for the period before taxes | 9903 | €203,484 | €180,208 | -€23,276 | -11.4% |
| Income taxes | 67/77 | €49,658 | €43,240 | -€6,418 | -12.9% |
| Profit (loss) for the period | 9904 | €153,826 | €136,969 | -€16,858 | -11.0% |
| Profit (loss) for the period to be appropriated | 9905 | €153,826 | €136,969 | -€16,858 | -11.0% |
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 5 October 2026 via checked.be.