P96: 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.
P96
Largest movements
- Receivables within one year -€125,786
down €125,786 (-66.9%), from €188,002 to €62,216
of which Trade receivables: -€132,955
- Tangible fixed assets -€81,728
down €81,728 (-6.4%), from €1.3m to €1.2m
of which Leasing and similar rights: -€60,766
- Cash -€21,884
down €21,884 (-11.5%), from €190,302 to €168,418
mainly Contributions, distributions and other (-€111,488) and Advances received (-€93,070)
- Advances received -€93,070
down €93,070 (-100%), from €93,070 to €0
- Reserves -€54,288
down €54,288 (-7.1%), from €760,200 to €705,912
- Trade debts -€53,014
down €53,014 (-98.0%), from €54,118 to €1,104
- Debts after one year -€44,658
down €44,658 (-3.9%), from €1.1m to €1.1m
- Gross operating margin +€54,625
up €54,625 (+25.1%), from €217,452 to €272,077
- Depreciation +€15,929
up €15,929 (+24.2%), from €65,798 to €81,728
- Staff costs +€7,860
up €7,860 (+20.3%), from €38,632 to €46,492
- Taxes +€6,728
up €6,728 (+25.8%), from €26,102 to €32,830
- Financial charges +€5,975
up €5,975 (+14.0%), from €42,770 to €48,744
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 | €2,155,924 | €1,931,018 | -€224,906 | -10.4% |
| Fixed assets | 21/28 | €1,771,748 | €1,690,020 | -€81,728 | -4.6% |
| Tangible fixed assets | 22/27 | €1,271,748 | €1,190,020 | -€81,728 | -6.4% |
| Land and buildings | 22 | €89,260 | €71,976 | -€17,284 | -19.4% |
| Plant, machinery and equipment | 23 | - | €2,126 | +€2,126 | |
| Furniture and vehicles | 24 | €13,323 | €7,519 | -€5,804 | -43.6% |
| Leasing and similar rights | 25 | €1,169,165 | €1,108,399 | -€60,766 | -5.2% |
| Financial fixed assets | 28 | €500,000 | €500,000 | = | 0.0% |
| Current assets | 29/58 | €384,176 | €240,998 | -€143,179 | -37.3% |
| Amounts receivable within one year | 40/41 | €188,002 | €62,216 | -€125,786 | -66.9% |
| Trade receivables | 40 | €174,162 | €41,207 | -€132,955 | -76.3% |
| Other amounts receivable | 41 | €13,840 | €21,010 | +€7,170 | +51.8% |
| Cash at bank and in hand | 54/58 | €190,302 | €168,418 | -€21,884 | -11.5% |
| Deferred charges and accrued income | 490/1 | €5,873 | €10,364 | +€4,491 | +76.5% |
| Total equity and liabilities | 10/49 | €2,155,924 | €1,931,018 | -€224,906 | -10.4% |
| Equity | 10/15 | €778,789 | €724,537 | -€54,252 | -7.0% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €760,200 | €705,912 | -€54,288 | -7.1% |
| Distributable reserves | 133 | €760,200 | €705,912 | -€54,288 | -7.1% |
| Profit (loss) carried forward | 14 | €39 | €75 | +€36 | +92.7% |
| Amounts payable | 17/49 | €1,377,135 | €1,206,481 | -€170,654 | -12.4% |
| Amounts payable after more than one year | 17 | €1,141,021 | €1,096,364 | -€44,658 | -3.9% |
| Financial debts | 170/4 | €1,141,021 | €1,096,364 | -€44,658 | -3.9% |
| Amounts payable within one year | 42/48 | €236,114 | €110,117 | -€125,997 | -53.4% |
| Current portion of amounts payable after more than one year | 42 | €43,042 | €44,658 | +€1,615 | +3.8% |
| Financial debts | 43 | €974 | €0 | -€974 | -100% |
| Credit institutions | 430/8 | €974 | €0 | -€974 | -100% |
| Trade debts | 44 | €54,118 | €1,104 | -€53,014 | -98.0% |
| Suppliers | 440/4 | €54,118 | €1,104 | -€53,014 | -98.0% |
| Advances received on contracts in progress | 46 | €93,070 | €0 | -€93,070 | -100% |
| Taxes, remuneration and social security | 45 | €29,350 | €36,249 | +€6,899 | +23.5% |
| Taxes | 450/3 | €23,948 | €29,440 | +€5,492 | +22.9% |
| Remuneration and social security | 454/9 | €5,402 | €6,809 | +€1,407 | +26.0% |
| Other amounts payable | 47/48 | €15,560 | €28,106 | +€12,546 | +80.6% |
| Remuneration, social security and pensions | 62 | €38,632 | €46,492 | +€7,860 | +20.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €65,798 | €81,728 | +€15,929 | +24.2% |
| Other operating charges | 640/8 | €9,606 | €5,047 | -€4,560 | -47.5% |
| Gross operating margin | 9900 | €217,452 | €272,077 | +€54,625 | +25.1% |
| Operating profit (loss) | 9901 | €103,416 | €138,811 | +€35,395 | +34.2% |
| Financial income | 75/76B | €2,094 | €0 | -€2,093 | -100.0% |
| Recurring financial income | 75 | €2,094 | €0 | -€2,093 | -100.0% |
| Financial charges | 65/66B | €42,770 | €48,744 | +€5,975 | +14.0% |
| Recurring financial charges | 65 | €42,770 | €48,744 | +€5,975 | +14.0% |
| Profit (loss) for the period before taxes | 9903 | €62,740 | €90,067 | +€27,327 | +43.6% |
| Income taxes | 67/77 | €26,102 | €32,830 | +€6,728 | +25.8% |
| Profit (loss) for the period | 9904 | €36,637 | €57,236 | +€20,599 | +56.2% |
| Profit (loss) for the period to be appropriated | 9905 | €36,637 | €57,236 | +€20,599 | +56.2% |
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 28 October 2026 via checked.be.