NUMERUS CLAUSUS: 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.
NUMERUS CLAUSUS
Largest movements
- Cash +€54,573
up €54,573 (+17.3%), from €316,098 to €370,671
mainly Net result for the year (+€24,181) and Other debts (+€20,892)
- Current investments +€28,687
up €28,687 (+11.9%), from €242,039 to €270,726
- Receivables within one year -€12,728
down €12,728 (-45.5%), from €27,973 to €15,245
of which Other amounts receivable: -€10,245
- Reserves +€24,181
up €24,181 (+4.5%), from €538,370 to €562,551
of which Distributable reserves: +€24,181
- Other debts +€20,892
up €20,892 (+39.5%), from €52,937 to €73,829
- Tax, wage and social debts +€9,325
up €9,325 (+144%), from €6,460 to €15,785
of which Taxes: +€9,120
- Gross operating margin -€66,617
down €66,617 (-23.2%), from €286,882 to €220,264
- Financial income +€15,577
up €15,577 (+1,158%), from €1,346 to €16,923
- Staff costs +€9,581
up €9,581 (+5.5%), from €174,549 to €184,131
- Taxes -€9,458
down €9,458 (-40.5%), from €23,340 to €13,882
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 | €666,873 | €728,875 | +€62,002 | +9.3% |
| Fixed assets | 21/28 | €38,355 | €31,530 | -€6,825 | -17.8% |
| Tangible fixed assets | 22/27 | €38,355 | €31,530 | -€6,825 | -17.8% |
| Plant, machinery and equipment | 23 | €12,818 | €10,394 | -€2,424 | -18.9% |
| Furniture and vehicles | 24 | €7,170 | €5,727 | -€1,443 | -20.1% |
| Other tangible fixed assets | 26 | €18,367 | €15,409 | -€2,958 | -16.1% |
| Current assets | 29/58 | €628,518 | €697,345 | +€68,827 | +11.0% |
| Stocks and contracts in progress | 3 | €27,398 | €30,957 | +€3,560 | +13.0% |
| Stocks | 30/36 | €27,398 | €30,957 | +€3,560 | +13.0% |
| Amounts receivable within one year | 40/41 | €27,973 | €15,245 | -€12,728 | -45.5% |
| Trade receivables | 40 | €2,963 | €480 | -€2,483 | -83.8% |
| Other amounts receivable | 41 | €25,010 | €14,765 | -€10,245 | -41.0% |
| Current investments | 50/53 | €242,039 | €270,726 | +€28,687 | +11.9% |
| Cash at bank and in hand | 54/58 | €316,098 | €370,671 | +€54,573 | +17.3% |
| Deferred charges and accrued income | 490/1 | €15,010 | €9,745 | -€5,265 | -35.1% |
| Total equity and liabilities | 10/49 | €666,873 | €728,875 | +€62,002 | +9.3% |
| Equity | 10/15 | €558,370 | €582,551 | +€24,181 | +4.3% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €538,370 | €562,551 | +€24,181 | +4.5% |
| Tax-exempt reserves | 132 | €8,788 | €8,788 | = | 0.0% |
| Distributable reserves | 133 | €529,582 | €553,763 | +€24,181 | +4.6% |
| Amounts payable | 17/49 | €108,503 | €146,324 | +€37,821 | +34.9% |
| Amounts payable within one year | 42/48 | €102,621 | €139,958 | +€37,337 | +36.4% |
| Current portion of amounts payable after more than one year | 42 | €30,000 | €30,000 | = | 0.0% |
| Trade debts | 44 | €13,224 | €20,343 | +€7,119 | +53.8% |
| Suppliers | 440/4 | €13,224 | €20,343 | +€7,119 | +53.8% |
| Taxes, remuneration and social security | 45 | €6,460 | €15,785 | +€9,325 | +144% |
| Taxes | 450/3 | €2,123 | €11,243 | +€9,120 | +430% |
| Remuneration and social security | 454/9 | €4,337 | €4,543 | +€206 | +4.7% |
| Other amounts payable | 47/48 | €52,937 | €73,829 | +€20,892 | +39.5% |
| Accrued charges and deferred income | 492/3 | €5,882 | €6,366 | +€484 | +8.2% |
| Non-recurring operating income | 76A | - | €787 | +€787 | |
| Remuneration, social security and pensions | 62 | €174,549 | €184,131 | +€9,581 | +5.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,383 | €6,825 | +€442 | +6.9% |
| Other operating charges | 640/8 | €1,266 | €1,515 | +€249 | +19.7% |
| Gross operating margin | 9900 | €286,882 | €220,264 | -€66,617 | -23.2% |
| Operating profit (loss) | 9901 | €104,683 | €27,794 | -€76,890 | -73.4% |
| Financial income | 75/76B | €1,346 | €16,923 | +€15,577 | +1,158% |
| Recurring financial income | 75 | €1,346 | €16,923 | +€15,577 | +1,158% |
| Financial charges | 65/66B | €6,021 | €6,654 | +€633 | +10.5% |
| Recurring financial charges | 65 | €6,021 | €6,654 | +€633 | +10.5% |
| Profit (loss) for the period before taxes | 9903 | €100,008 | €38,063 | -€61,945 | -61.9% |
| Income taxes | 67/77 | €23,340 | €13,882 | -€9,458 | -40.5% |
| Profit (loss) for the period | 9904 | €76,668 | €24,181 | -€52,487 | -68.5% |
| Profit (loss) for the period to be appropriated | 9905 | €76,668 | €24,181 | -€52,487 | -68.5% |
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 24 October 2026 via checked.be.