ON BOARD: 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.
ON BOARD
Largest movements
- Financial fixed assets +€1.0m
up €1.0m (+78.1%), from €1.3m to €2.3m
- Receivables after one year -€800,000
down €800,000 (-48.6%), from €1.6m to €847,363
- Current investments -€197,509
down €197,509 (-49.4%), from €400,000 to €202,491
- Cash -€163,990
down €163,990 (-75.0%), from €218,652 to €54,662
mainly Investment in fixed assets (net) (-€1.0m) and Net result for the year (-€189,984)
- Reserves -€189,984
down €189,984 (-3.8%), from €5.0m to €4.8m
- Gross operating margin -€227,897
down €227,897 (-94.9%), from €240,179 to €12,283
- Staff costs -€152,081
down €152,081 (-56.7%), from €268,125 to €116,044
- Other operating charges +€24,129
up €24,129 (+588%), from €4,102 to €28,231
- Financial income -€21,051
down €21,051 (-34.3%), from €61,404 to €40,353
of which Financial income: -€21,051
- Provisions -€13,489
down €13,489 (-24.4%), from €55,212 to €41,723
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 | €5,886,362 | €5,614,711 | -€271,651 | -4.6% |
| Fixed assets | 21/28 | €3,513,235 | €4,486,857 | +€973,622 | +27.7% |
| Tangible fixed assets | 22/27 | €2,233,388 | €2,207,010 | -€26,378 | -1.2% |
| Land and buildings | 22 | €2,229,928 | €2,200,264 | -€29,664 | -1.3% |
| Furniture and vehicles | 24 | €3,460 | €6,746 | +€3,286 | +95.0% |
| Financial fixed assets | 28 | €1,279,847 | €2,279,847 | +€1.0m | +78.1% |
| Current assets | 29/58 | €2,373,128 | €1,127,854 | -€1.2m | -52.5% |
| Amounts receivable after more than one year | 29 | €1,647,363 | €847,363 | -€800,000 | -48.6% |
| Other amounts receivable | 291 | €1,647,363 | €847,363 | -€800,000 | -48.6% |
| Amounts receivable within one year | 40/41 | €45,710 | €13,456 | -€32,254 | -70.6% |
| Trade receivables | 40 | €33,837 | €8,150 | -€25,687 | -75.9% |
| Other amounts receivable | 41 | €11,873 | €5,306 | -€6,567 | -55.3% |
| Current investments | 50/53 | €400,000 | €202,491 | -€197,509 | -49.4% |
| Cash at bank and in hand | 54/58 | €218,652 | €54,662 | -€163,990 | -75.0% |
| Deferred charges and accrued income | 490/1 | €61,403 | €9,884 | -€51,520 | -83.9% |
| Total equity and liabilities | 10/49 | €5,886,362 | €5,614,711 | -€271,651 | -4.6% |
| Equity | 10/15 | €5,028,564 | €4,838,580 | -€189,984 | -3.8% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €4,978,564 | €4,788,580 | -€189,984 | -3.8% |
| Distributable reserves | 133 | €4,978,564 | €4,788,580 | -€189,984 | -3.8% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Provisions and deferred taxes | 16 | €674,779 | €669,592 | -€5,187 | -0.8% |
| Provisions for liabilities and charges | 160/5 | €674,779 | €669,592 | -€5,187 | -0.8% |
| Other liabilities and charges | 164/5 | €674,779 | €669,592 | -€5,187 | -0.8% |
| Amounts payable | 17/49 | €183,020 | €106,540 | -€76,480 | -41.8% |
| Amounts payable after more than one year | 17 | €75,452 | €67,452 | -€8,000 | -10.6% |
| Other amounts payable | 178/9 | €75,452 | €67,452 | -€8,000 | -10.6% |
| Amounts payable within one year | 42/48 | €89,188 | €34,298 | -€54,890 | -61.5% |
| Trade debts | 44 | €19,942 | €15,410 | -€4,532 | -22.7% |
| Suppliers | 440/4 | €19,942 | €15,410 | -€4,532 | -22.7% |
| Taxes, remuneration and social security | 45 | €63,831 | €13,297 | -€50,534 | -79.2% |
| Taxes | 450/3 | €17,198 | €6,286 | -€10,912 | -63.4% |
| Remuneration and social security | 454/9 | €46,633 | €7,011 | -€39,622 | -85.0% |
| Other amounts payable | 47/48 | €5,415 | €5,591 | +€176 | +3.2% |
| Accrued charges and deferred income | 492/3 | €18,380 | €4,790 | -€13,590 | -73.9% |
| Remuneration, social security and pensions | 62 | €268,125 | €116,044 | -€152,081 | -56.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,698 | €31,268 | +€570 | +1.9% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €55,212 | €41,723 | -€13,489 | -24.4% |
| Other operating charges | 640/8 | €4,102 | €28,231 | +€24,129 | +588% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €240,179 | €12,283 | -€227,897 | -94.9% |
| Operating profit (loss) | 9901 | -€117,958 | -€204,983 | -€87,025 | -73.8% |
| Financial income | 75/76B | €61,404 | €40,353 | -€21,051 | -34.3% |
| Recurring financial income | 75 | €61,404 | €40,353 | -€21,051 | -34.3% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €36,322 | €25,069 | -€11,253 | -31.0% |
| Recurring financial charges | 65 | €36,322 | €25,069 | -€11,253 | -31.0% |
| Profit (loss) for the period before taxes | 9903 | -€92,877 | -€189,700 | -€96,823 | -104% |
| Income taxes | 67/77 | €478 | €284 | -€194 | -40.5% |
| Profit (loss) for the period | 9904 | -€93,354 | -€189,984 | -€96,629 | -104% |
| Profit (loss) for the period to be appropriated | 9905 | -€93,354 | -€189,984 | -€96,629 | -104% |
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 19 October 2026 via checked.be.