On Course: 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.
On Course
Largest movements
- Cash -€37,401
down €37,401 (-37.0%), from €101,071 to €63,670
mainly Contributions, distributions and other (-€46,600) and Investment in fixed assets (net) (-€40,416)
- Receivables after one year -€30,000
down €30,000 (-50.0%), from €60,000 to €30,000
- Current investments +€24,000
up €24,000 (+38.7%), from €62,000 to €86,000
- Tangible fixed assets +€10,726
up €10,726 (+5.7%), from €188,051 to €198,778
of which Other tangible fixed assets: +€36,529
- Debts after one year -€25,747
down €25,747 (-25.1%), from €102,546 to €76,799
- Reserves -€12,400
down €12,400 (-5.1%), from €245,500 to €233,100
- Gross operating margin -€44,150
down €44,150 (-36.9%), from €119,596 to €75,446
- Taxes -€13,729
down €13,729 (-52.7%), from €26,036 to €12,308
- Depreciation +€2,728
up €2,728 (+10.1%), from €26,962 to €29,690
- Financial income +€1,601
up €1,601 (+40.7%), from €3,934 to €5,535
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 | €479,287 | €449,368 | -€29,919 | -6.2% |
| Fixed assets | 21/28 | €188,051 | €198,778 | +€10,726 | +5.7% |
| Tangible fixed assets | 22/27 | €188,051 | €198,778 | +€10,726 | +5.7% |
| Land and buildings | 22 | €153,925 | €138,811 | -€15,113 | -9.8% |
| Furniture and vehicles | 24 | €27,283 | €16,594 | -€10,689 | -39.2% |
| Other tangible fixed assets | 26 | €6,844 | €43,373 | +€36,529 | +533.8% |
| Current assets | 29/58 | €291,236 | €250,590 | -€40,645 | -14.0% |
| Amounts receivable after more than one year | 29 | €60,000 | €30,000 | -€30,000 | -50.0% |
| Other amounts receivable | 291 | €60,000 | €30,000 | -€30,000 | -50.0% |
| Amounts receivable within one year | 40/41 | €65,516 | €69,466 | +€3,950 | +6.0% |
| Trade receivables | 40 | €33,188 | €32,778 | -€410 | -1.2% |
| Other amounts receivable | 41 | €32,328 | €36,688 | +€4,360 | +13.5% |
| Current investments | 50/53 | €62,000 | €86,000 | +€24,000 | +38.7% |
| Cash at bank and in hand | 54/58 | €101,071 | €63,670 | -€37,401 | -37.0% |
| Deferred charges and accrued income | 490/1 | €2,649 | €1,455 | -€1,194 | -45.1% |
| Total equity and liabilities | 10/49 | €479,287 | €449,368 | -€29,919 | -6.2% |
| Equity | 10/15 | €273,980 | €261,645 | -€12,335 | -4.5% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €245,500 | €233,100 | -€12,400 | -5.1% |
| Distributable reserves | 133 | €245,500 | €233,100 | -€12,400 | -5.1% |
| Profit (loss) carried forward | 14 | €3,480 | €3,545 | +€65 | +1.9% |
| Amounts payable | 17/49 | €205,306 | €187,723 | -€17,584 | -8.6% |
| Amounts payable after more than one year | 17 | €102,546 | €76,799 | -€25,747 | -25.1% |
| Financial debts | 170/4 | €102,546 | €76,799 | -€25,747 | -25.1% |
| Amounts payable within one year | 42/48 | €101,231 | €110,924 | +€9,694 | +9.6% |
| Current portion of amounts payable after more than one year | 42 | €25,320 | €25,747 | +€427 | +1.7% |
| Financial debts | 43 | - | €1,252 | +€1,252 | |
| Credit institutions | 430/8 | - | €1,252 | +€1,252 | |
| Trade debts | 44 | €7,698 | €10,073 | +€2,375 | +30.9% |
| Suppliers | 440/4 | €7,698 | €10,073 | +€2,375 | +30.9% |
| Taxes, remuneration and social security | 45 | €17,136 | €19,560 | +€2,424 | +14.1% |
| Taxes | 450/3 | €17,136 | €19,560 | +€2,424 | +14.1% |
| Other amounts payable | 47/48 | €51,077 | €54,292 | +€3,215 | +6.3% |
| Accrued charges and deferred income | 492/3 | €1,530 | - | -€1,530 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,962 | €29,690 | +€2,728 | +10.1% |
| Other operating charges | 640/8 | €1,782 | €2,301 | +€520 | +29.2% |
| Gross operating margin | 9900 | €119,596 | €75,446 | -€44,150 | -36.9% |
| Operating profit (loss) | 9901 | €90,852 | €43,455 | -€47,398 | -52.2% |
| Financial income | 75/76B | €3,934 | €5,535 | +€1,601 | +40.7% |
| Recurring financial income | 75 | €3,934 | €5,535 | +€1,601 | +40.7% |
| Financial charges | 65/66B | €2,645 | €2,417 | -€228 | -8.6% |
| Recurring financial charges | 65 | €2,645 | €2,417 | -€228 | -8.6% |
| Profit (loss) for the period before taxes | 9903 | €92,141 | €46,573 | -€45,569 | -49.5% |
| Income taxes | 67/77 | €26,036 | €12,308 | -€13,729 | -52.7% |
| Profit (loss) for the period | 9904 | €66,105 | €34,265 | -€31,840 | -48.2% |
| Profit (loss) for the period to be appropriated | 9905 | €66,105 | €34,265 | -€31,840 | -48.2% |
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 3 October 2026 via checked.be.