OR: 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.
OR
Largest movements
- Cash -€10,569
down €10,569 (-37.8%), from €27,969 to €17,400
mainly Contributions, distributions and other (-€101,050) and Debts after one year (-€16,511)
- Tangible fixed assets -€7,508
down €7,508 (-2.1%), from €349,282 to €341,774
of which Land and buildings: -€8,039
- Reserves -€31,614
no longer reported in 2025 (was €31,614)
- Other debts +€24,434
up €24,434 (+38.3%), from €63,750 to €88,184
- Debts after one year -€16,511
down €16,511 (-6.0%), from €275,245 to €258,734
- Gross operating margin +€14,903
up €14,903 (+16.3%), from €91,542 to €106,445
- Taxes +€2,782
up €2,782 (+17.1%), from €16,225 to €19,007
- Depreciation -€1,092
down €1,092 (-8.6%), from €12,708 to €11,616
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 | €411,144 | €392,230 | -€18,914 | -4.6% |
| Fixed assets | 21/28 | €349,382 | €341,874 | -€7,508 | -2.1% |
| Tangible fixed assets | 22/27 | €349,282 | €341,774 | -€7,508 | -2.1% |
| Land and buildings | 22 | €344,160 | €336,120 | -€8,039 | -2.3% |
| Plant, machinery and equipment | 23 | €4,406 | €5,654 | +€1,248 | +28.3% |
| Furniture and vehicles | 24 | €717 | - | -€717 | |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €61,762 | €50,355 | -€11,407 | -18.5% |
| Amounts receivable within one year | 40/41 | €31,429 | €30,322 | -€1,107 | -3.5% |
| Trade receivables | 40 | €19,029 | €29,244 | +€10,215 | +53.7% |
| Other amounts receivable | 41 | €12,400 | €1,078 | -€11,323 | -91.3% |
| Cash at bank and in hand | 54/58 | €27,969 | €17,400 | -€10,569 | -37.8% |
| Deferred charges and accrued income | 490/1 | €2,364 | €2,633 | +€269 | +11.4% |
| Total equity and liabilities | 10/49 | €411,144 | €392,230 | -€18,914 | -4.6% |
| Equity | 10/15 | €33,064 | €1,450 | -€31,614 | -95.6% |
| Contributions | 10/11 | €1,450 | €1,450 | = | 0.0% |
| Reserves | 13 | €31,614 | - | -€31,614 | |
| Distributable reserves | 133 | €31,614 | - | -€31,614 | |
| Amounts payable | 17/49 | €378,080 | €390,780 | +€12,699 | +3.4% |
| Amounts payable after more than one year | 17 | €275,245 | €258,734 | -€16,511 | -6.0% |
| Financial debts | 170/4 | €275,245 | €258,734 | -€16,511 | -6.0% |
| Amounts payable within one year | 42/48 | €102,835 | €132,045 | +€29,210 | +28.4% |
| Current portion of amounts payable after more than one year | 42 | €16,266 | €16,511 | +€245 | +1.5% |
| Trade debts | 44 | €1,230 | €1,919 | +€689 | +56.1% |
| Suppliers | 440/4 | €1,230 | €1,919 | +€689 | +56.1% |
| Taxes, remuneration and social security | 45 | €21,589 | €25,431 | +€3,842 | +17.8% |
| Taxes | 450/3 | €21,589 | €25,431 | +€3,842 | +17.8% |
| Other amounts payable | 47/48 | €63,750 | €88,184 | +€24,434 | +38.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,708 | €11,616 | -€1,092 | -8.6% |
| Other operating charges | 640/8 | €2,134 | €2,115 | -€20 | -0.9% |
| Gross operating margin | 9900 | €91,542 | €106,445 | +€14,903 | +16.3% |
| Operating profit (loss) | 9901 | €76,700 | €92,714 | +€16,014 | +20.9% |
| Financial income | 75/76B | €321 | €109 | -€212 | -66.0% |
| Recurring financial income | 75 | €321 | €109 | -€212 | -66.0% |
| Financial charges | 65/66B | €4,631 | €4,380 | -€250 | -5.4% |
| Recurring financial charges | 65 | €4,631 | €4,380 | -€250 | -5.4% |
| Profit (loss) for the period before taxes | 9903 | €72,391 | €88,443 | +€16,052 | +22.2% |
| Income taxes | 67/77 | €16,225 | €19,007 | +€2,782 | +17.1% |
| Profit (loss) for the period | 9904 | €56,165 | €69,436 | +€13,271 | +23.6% |
| Profit (loss) for the period to be appropriated | 9905 | €56,165 | €69,436 | +€13,271 | +23.6% |
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 15 October 2026 via checked.be.