OWN CAPITAL: 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.
OWN CAPITAL
Largest movements
- Stocks and contracts +€916,611
up €916,611 (+182%), from €503,334 to €1.4m
- Tangible fixed assets -€527,149
down €527,149 (-6.5%), from €8.2m to €7.6m
- Cash -€108,584
down €108,584 (-86.5%), from €125,518 to €16,934
mainly Stocks and contracts (-€916,611) and Net result for the year (-€103,904)
- Receivables within one year -€102,271
down €102,271 (-80.5%), from €127,072 to €24,801
of which Trade receivables: -€105,000
- Short-term financial debts +€237,700
up €237,700 (+63.2%), from €376,138 to €613,838
- Profit (loss) carried forward -€103,904
down €103,904 (-6.3%), from -€1.6m to -€1.7m
- Financial charges -€149,011
down €149,011 (-29.1%), from €512,453 to €363,442
- Gross operating margin -€29,889
down €29,889 (-3.5%), from €854,648 to €824,759
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 | €8,989,992 | €9,096,618 | +€106,626 | +1.2% |
| Fixed assets | 21/28 | €8,155,062 | €7,627,913 | -€527,149 | -6.5% |
| Tangible fixed assets | 22/27 | €8,155,062 | €7,627,913 | -€527,149 | -6.5% |
| Land and buildings | 22 | €8,155,062 | €7,627,913 | -€527,149 | -6.5% |
| Current assets | 29/58 | €834,930 | €1,468,705 | +€633,775 | +75.9% |
| Stocks and contracts in progress | 3 | €503,334 | €1,419,945 | +€916,611 | +182% |
| Stocks | 30/36 | €503,334 | €1,419,945 | +€916,611 | +182% |
| Amounts receivable within one year | 40/41 | €127,072 | €24,801 | -€102,271 | -80.5% |
| Trade receivables | 40 | €105,000 | €0 | -€105,000 | -100% |
| Other amounts receivable | 41 | €22,072 | €24,801 | +€2,729 | +12.4% |
| Cash at bank and in hand | 54/58 | €125,518 | €16,934 | -€108,584 | -86.5% |
| Deferred charges and accrued income | 490/1 | €79,006 | €7,025 | -€71,980 | -91.1% |
| Total equity and liabilities | 10/49 | €8,989,992 | €9,096,618 | +€106,626 | +1.2% |
| Equity | 10/15 | -€1,642,391 | -€1,746,295 | -€103,904 | -6.3% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,644,391 | -€1,748,295 | -€103,904 | -6.3% |
| Amounts payable | 17/49 | €10,632,382 | €10,842,913 | +€210,531 | +2.0% |
| Amounts payable after more than one year | 17 | €9,749,843 | €9,707,932 | -€41,911 | -0.4% |
| Financial debts | 170/4 | €9,749,843 | €9,707,932 | -€41,911 | -0.4% |
| Amounts payable within one year | 42/48 | €880,539 | €1,130,957 | +€250,418 | +28.4% |
| Current portion of amounts payable after more than one year | 42 | €465,848 | €438,168 | -€27,680 | -5.9% |
| Financial debts | 43 | €376,138 | €613,838 | +€237,700 | +63.2% |
| Credit institutions | 430/8 | €376,138 | €613,838 | +€237,700 | +63.2% |
| Trade debts | 44 | €2,411 | €16,604 | +€14,193 | +589% |
| Suppliers | 440/4 | €2,411 | €16,604 | +€14,193 | +589% |
| Taxes, remuneration and social security | 45 | €21,472 | €37,141 | +€15,669 | +73.0% |
| Taxes | 450/3 | €21,472 | €37,141 | +€15,669 | +73.0% |
| Other amounts payable | 47/48 | €14,670 | €25,206 | +€10,536 | +71.8% |
| Accrued charges and deferred income | 492/3 | €2,000 | €4,024 | +€2,024 | +101% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €534,886 | €540,429 | +€5,543 | +1.0% |
| Other operating charges | 640/8 | €21,995 | €26,186 | +€4,191 | +19.1% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €854,648 | €824,759 | -€29,889 | -3.5% |
| Operating profit (loss) | 9901 | €297,768 | €258,145 | -€39,623 | -13.3% |
| Financial income | 75/76B | €23 | €1,393 | +€1,369 | +5,879% |
| Recurring financial income | 75 | €23 | €1,393 | +€1,369 | +5,879% |
| Financial charges | 65/66B | €512,453 | €363,442 | -€149,011 | -29.1% |
| Recurring financial charges | 65 | €512,453 | €363,442 | -€149,011 | -29.1% |
| Profit (loss) for the period before taxes | 9903 | -€214,662 | -€103,904 | +€110,758 | +51.6% |
| Income taxes | 67/77 | €7 | €0 | -€6 | -98.0% |
| Profit (loss) for the period | 9904 | -€214,669 | -€103,904 | +€110,764 | +51.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€214,669 | -€103,904 | +€110,764 | +51.6% |
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 22 October 2026 via checked.be.