NUMBERS: 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.
NUMBERS
Largest movements
- Tangible fixed assets +€479,123
up €479,123 (+5661.4%), from €8,463 to €487,586
of which Land and buildings: +€481,438
- Cash -€106,402
down €106,402 (-44.2%), from €240,573 to €134,170
mainly Investment in fixed assets (net) (-€504,285) and Receivables within one year (-€18,647)
- Receivables within one year +€18,647
up €18,647 (+76.6%), from €24,345 to €42,991
- Debts after one year +€346,322
new in 2025: €346,322
- Reserves +€31,749
up €31,749 (+17.1%), from €185,926 to €217,675
- Current portion of long-term debt +€20,425
new in 2025: €20,425
- Other debts -€7,588
down €7,588 (-14.7%), from €51,691 to €44,104
- Gross operating margin -€29,452
down €29,452 (-27.7%), from €106,137 to €76,685
- Depreciation +€21,450
up €21,450 (+578.0%), from €3,711 to €25,162
- Taxes -€12,162
down €12,162 (-57.8%), from €21,058 to €8,896
- Financial charges +€10,153
up €10,153 (+2548.8%), from €398 to €10,552
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 | €273,381 | €664,748 | +€391,367 | +143.2% |
| Fixed assets | 21/28 | €8,463 | €487,586 | +€479,123 | +5661.4% |
| Tangible fixed assets | 22/27 | €8,463 | €487,586 | +€479,123 | +5661.4% |
| Land and buildings | 22 | - | €481,438 | +€481,438 | |
| Furniture and vehicles | 24 | €5,848 | €4,056 | -€1,792 | -30.6% |
| Other tangible fixed assets | 26 | €2,615 | €2,092 | -€523 | -20.0% |
| Current assets | 29/58 | €264,918 | €177,162 | -€87,756 | -33.1% |
| Amounts receivable within one year | 40/41 | €24,345 | €42,991 | +€18,647 | +76.6% |
| Trade receivables | 40 | €24,345 | €42,991 | +€18,647 | +76.6% |
| Cash at bank and in hand | 54/58 | €240,573 | €134,170 | -€106,402 | -44.2% |
| Total equity and liabilities | 10/49 | €273,381 | €664,748 | +€391,367 | +143.2% |
| Equity | 10/15 | €192,126 | €223,875 | +€31,749 | +16.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €185,926 | €217,675 | +€31,749 | +17.1% |
| Distributable reserves | 133 | €185,926 | €217,675 | +€31,749 | +17.1% |
| Amounts payable | 17/49 | €81,254 | €440,873 | +€359,618 | +442.6% |
| Amounts payable after more than one year | 17 | - | €346,322 | +€346,322 | |
| Financial debts | 170/4 | - | €346,322 | +€346,322 | |
| Amounts payable within one year | 42/48 | €80,954 | €92,629 | +€11,675 | +14.4% |
| Current portion of amounts payable after more than one year | 42 | - | €20,425 | +€20,425 | |
| Trade debts | 44 | €7,364 | €11,224 | +€3,859 | +52.4% |
| Suppliers | 440/4 | €7,364 | €11,224 | +€3,859 | +52.4% |
| Taxes, remuneration and social security | 45 | €21,899 | €16,877 | -€5,022 | -22.9% |
| Taxes | 450/3 | €17,166 | €12,074 | -€5,092 | -29.7% |
| Remuneration and social security | 454/9 | €4,732 | €4,803 | +€70 | +1.5% |
| Other amounts payable | 47/48 | €51,691 | €44,104 | -€7,588 | -14.7% |
| Accrued charges and deferred income | 492/3 | €300 | €1,921 | +€1,621 | +540.4% |
| Non-recurring operating income | 76A | €14,615 | - | -€14,615 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,711 | €25,162 | +€21,450 | +578.0% |
| Other operating charges | 640/8 | €702 | €1,444 | +€742 | +105.8% |
| Gross operating margin | 9900 | €106,137 | €76,685 | -€29,452 | -27.7% |
| Operating profit (loss) | 9901 | €101,724 | €50,079 | -€51,645 | -50.8% |
| Financial income | 75/76B | €762 | €1,117 | +€356 | +46.7% |
| Recurring financial income | 75 | €762 | €1,117 | +€356 | +46.7% |
| Financial charges | 65/66B | €398 | €10,552 | +€10,153 | +2548.8% |
| Recurring financial charges | 65 | €398 | €10,552 | +€10,153 | +2548.8% |
| Profit (loss) for the period before taxes | 9903 | €102,087 | €40,645 | -€61,443 | -60.2% |
| Income taxes | 67/77 | €21,058 | €8,896 | -€12,162 | -57.8% |
| Profit (loss) for the period | 9904 | €81,030 | €31,749 | -€49,281 | -60.8% |
| Profit (loss) for the period to be appropriated | 9905 | €81,030 | €31,749 | -€49,281 | -60.8% |
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.