OUTCOM: 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.
OUTCOM
Largest movements
- Tangible fixed assets -€117,566
down €117,566 (-9.9%), from €1.2m to €1.1m
of which Land and buildings: -€74,293
- Receivables within one year +€60,712
up €60,712 (+98.0%), from €61,926 to €122,638
of which Trade receivables: +€59,162
- Cash -€36,910
down €36,910 (-54.2%), from €68,132 to €31,222
mainly Receivables within one year (-€60,712) and Net result for the year (-€32,856)
- Reserves -€32,856
down €32,856 (-3.5%), from €938,438 to €905,583
of which Distributable reserves: -€23,108
- Debts after one year -€29,502
down €29,502 (-6.0%), from €491,986 to €462,484
- Other debts -€26,368
down €26,368 (-58.2%), from €45,338 to €18,969
- Gross operating margin -€8,515
down €8,515 (-8.8%), from €96,325 to €87,810
- Financial income +€5,016
up €5,016 (+1,407%), from €356 to €5,373
- Other operating charges -€4,742
down €4,742 (-75.2%), from €6,310 to €1,568
- Depreciation -€2,524
down €2,524 (-2.1%), from €120,090 to €117,566
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 | €1,682,547 | €1,600,536 | -€82,010 | -4.9% |
| Fixed assets | 21/28 | €1,221,369 | €1,103,803 | -€117,566 | -9.6% |
| Tangible fixed assets | 22/27 | €1,185,044 | €1,067,478 | -€117,566 | -9.9% |
| Land and buildings | 22 | €1,056,167 | €981,874 | -€74,293 | -7.0% |
| Plant, machinery and equipment | 23 | €47,640 | €33,632 | -€14,008 | -29.4% |
| Furniture and vehicles | 24 | €81,237 | €51,973 | -€29,264 | -36.0% |
| Financial fixed assets | 28 | €36,325 | €36,325 | = | 0.0% |
| Current assets | 29/58 | €461,178 | €496,733 | +€35,556 | +7.7% |
| Amounts receivable within one year | 40/41 | €61,926 | €122,638 | +€60,712 | +98.0% |
| Trade receivables | 40 | €47,176 | €106,338 | +€59,162 | +125% |
| Other amounts receivable | 41 | €14,750 | €16,300 | +€1,550 | +10.5% |
| Current investments | 50/53 | €324,879 | €336,445 | +€11,566 | +3.6% |
| Cash at bank and in hand | 54/58 | €68,132 | €31,222 | -€36,910 | -54.2% |
| Deferred charges and accrued income | 490/1 | €6,241 | €6,428 | +€187 | +3.0% |
| Total equity and liabilities | 10/49 | €1,682,547 | €1,600,536 | -€82,010 | -4.9% |
| Equity | 10/15 | €955,643 | €922,788 | -€32,856 | -3.4% |
| Contributions | 10/11 | €17,205 | €17,205 | = | 0.0% |
| Reserves | 13 | €938,438 | €905,583 | -€32,856 | -3.5% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €155,959 | €146,211 | -€9,747 | -6.3% |
| Distributable reserves | 133 | €782,480 | €759,371 | -€23,108 | -3.0% |
| Provisions and deferred taxes | 16 | €128,543 | €125,294 | -€3,249 | -2.5% |
| Provisions for liabilities and charges | 160/5 | €76,557 | €76,557 | = | 0.0% |
| Pensions and similar obligations | 160 | €76,557 | €76,557 | = | 0.0% |
| Deferred taxes | 168 | €51,986 | €48,737 | -€3,249 | -6.3% |
| Amounts payable | 17/49 | €598,360 | €552,455 | -€45,905 | -7.7% |
| Amounts payable after more than one year | 17 | €491,986 | €462,484 | -€29,502 | -6.0% |
| Financial debts | 170/4 | €491,986 | €462,484 | -€29,502 | -6.0% |
| Amounts payable within one year | 42/48 | €106,374 | €89,971 | -€16,403 | -15.4% |
| Current portion of amounts payable after more than one year | 42 | €29,043 | €29,502 | +€460 | +1.6% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €10,186 | €14,591 | +€4,405 | +43.2% |
| Suppliers | 440/4 | €10,186 | €14,591 | +€4,405 | +43.2% |
| Taxes, remuneration and social security | 45 | €21,807 | €26,909 | +€5,101 | +23.4% |
| Taxes | 450/3 | €21,807 | €26,909 | +€5,101 | +23.4% |
| Other amounts payable | 47/48 | €45,338 | €18,969 | -€26,368 | -58.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €120,090 | €117,566 | -€2,524 | -2.1% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €0 | - | = | |
| Other operating charges | 640/8 | €6,310 | €1,568 | -€4,742 | -75.2% |
| Gross operating margin | 9900 | €96,325 | €87,810 | -€8,515 | -8.8% |
| Operating profit (loss) | 9901 | -€30,074 | -€31,323 | -€1,249 | -4.2% |
| Financial income | 75/76B | €356 | €5,373 | +€5,016 | +1,407% |
| Recurring financial income | 75 | €356 | €5,373 | +€5,016 | +1,407% |
| Financial charges | 65/66B | €9,833 | €9,936 | +€103 | +1.0% |
| Recurring financial charges | 65 | €9,833 | €9,936 | +€103 | +1.0% |
| Profit (loss) for the period before taxes | 9903 | -€39,551 | -€35,887 | +€3,664 | +9.3% |
| Transfer from deferred taxes | 780 | €3,249 | €3,249 | = | 0.0% |
| Income taxes | 67/77 | €409 | €218 | -€191 | -46.7% |
| Profit (loss) for the period | 9904 | -€36,711 | -€32,856 | +€3,855 | +10.5% |
| Transfer from tax-exempt reserves | 789 | €9,747 | €9,747 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€26,963 | -€23,108 | +€3,855 | +14.3% |
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 13 October 2026 via checked.be.