P & M: 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.
P & M
Largest movements
No asset line moved by more than 1% of the balance sheet total.
No liability line moved by more than 1% of the balance sheet total.
- Financial charges -€18,240
down €18,240 (-10.1%), from €180,826 to €162,586
of which Financial charges: -€18,240
- Taxes +€7,808
up €7,808 (+70.2%), from €11,118 to €18,927
- Gross operating margin +€6,031
up €6,031 (+2.2%), from €269,502 to €275,533
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 | €10,415,986 | €10,339,406 | -€76,580 | -0.7% |
| Fixed assets | 21/28 | €10,359,309 | €10,309,266 | -€50,043 | -0.5% |
| Tangible fixed assets | 22/27 | €508,045 | €458,002 | -€50,043 | -9.9% |
| Land and buildings | 22 | €507,650 | €457,982 | -€49,667 | -9.8% |
| Furniture and vehicles | 24 | €396 | €20 | -€376 | -95.0% |
| Financial fixed assets | 28 | €9,851,264 | €9,851,264 | = | 0.0% |
| Current assets | 29/58 | €56,677 | €30,140 | -€26,537 | -46.8% |
| Amounts receivable within one year | 40/41 | €34,359 | €28,131 | -€6,228 | -18.1% |
| Other amounts receivable | 41 | €34,359 | €28,131 | -€6,228 | -18.1% |
| Cash at bank and in hand | 54/58 | €21,597 | €1,332 | -€20,265 | -93.8% |
| Deferred charges and accrued income | 490/1 | €721 | €678 | -€43 | -6.0% |
| Total equity and liabilities | 10/49 | €10,415,986 | €10,339,406 | -€76,580 | -0.7% |
| Equity | 10/15 | €7,835,268 | €7,874,742 | +€39,474 | +0.5% |
| Contributions | 10/11 | €7,500,000 | €7,500,000 | = | 0.0% |
| Capital | 10 | €7,500,000 | €7,500,000 | = | 0.0% |
| Issued capital | 100 | €7,500,000 | €7,500,000 | = | 0.0% |
| Reserves | 13 | €204,712 | €244,186 | +€39,474 | +19.3% |
| Non-distributable reserves | 130/1 | €53,851 | €56,011 | +€2,160 | +4.0% |
| Legal reserve | 130 | €53,851 | €56,011 | +€2,160 | +4.0% |
| Distributable reserves | 133 | €150,861 | €188,175 | +€37,314 | +24.7% |
| Profit (loss) carried forward | 14 | €130,556 | €130,556 | = | 0.0% |
| Amounts payable | 17/49 | €2,580,717 | €2,464,664 | -€116,054 | -4.5% |
| Amounts payable within one year | 42/48 | €2,578,650 | €2,462,489 | -€116,161 | -4.5% |
| Trade debts | 44 | €1,000 | €2,611 | +€1,611 | +161.1% |
| Suppliers | 440/4 | €1,000 | €2,611 | +€1,611 | +161.1% |
| Taxes, remuneration and social security | 45 | €68,363 | €52,485 | -€15,878 | -23.2% |
| Taxes | 450/3 | €68,363 | €52,485 | -€15,878 | -23.2% |
| Other amounts payable | 47/48 | €2,509,287 | €2,407,393 | -€101,894 | -4.1% |
| Accrued charges and deferred income | 492/3 | €2,067 | €2,175 | +€108 | +5.2% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,043 | €50,043 | = | 0.0% |
| Other operating charges | 640/8 | €4,372 | €4,503 | +€130 | +3.0% |
| Gross operating margin | 9900 | €269,502 | €275,533 | +€6,031 | +2.2% |
| Operating profit (loss) | 9901 | €215,086 | €220,987 | +€5,901 | +2.7% |
| Financial charges | 65/66B | €180,826 | €162,586 | -€18,240 | -10.1% |
| Recurring financial charges | 65 | €180,826 | €162,586 | -€18,240 | -10.1% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €34,260 | €58,401 | +€24,140 | +70.5% |
| Income taxes | 67/77 | €11,118 | €18,927 | +€7,808 | +70.2% |
| Profit (loss) for the period | 9904 | €23,142 | €39,474 | +€16,332 | +70.6% |
| Profit (loss) for the period to be appropriated | 9905 | €23,142 | €39,474 | +€16,332 | +70.6% |
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.