Pact B: 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.
Pact B
Largest movements
- Financial fixed assets -€176,500
down €176,500 (-7.3%), from €2.4m to €2.3m
- Receivables within one year +€26,355
up €26,355 (+174%), from €15,122 to €41,476
of which Trade receivables: +€15,000
- Debts after one year -€1.6m
down €1.6m (-93.4%), from €1.7m to €112,500
- Current portion of long-term debt +€810,272
new in 2025: €810,272
- Reserves +€581,000
new in 2025: €581,000
of which Distributable reserves: +€551,932
- Profit (loss) carried forward +€76,733
up €76,733, from -€76,370 to €363
- Financial income +€470,125
up €470,125 (+235%), from €200,000 to €670,125
of which Financial income: +€370,125
- Turnover +€27,000
new in 2025: €27,000
- Financial charges -€14,923
down €14,923 (-29.4%), from €50,839 to €35,916
- Gross operating margin -€8,368
no longer reported in 2025 (was €8,368)
- Services and other goods +€2,333
new in 2025: €2,333
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 | €2,454,074 | €2,300,782 | -€153,291 | -6.2% |
| Fixed assets | 21/28 | €2,433,205 | €2,256,705 | -€176,500 | -7.3% |
| Financial fixed assets | 28 | €2,433,205 | €2,256,705 | -€176,500 | -7.3% |
| Affiliated companies | 280/1 | - | €1,324,955 | +€1.3m | |
| Participating interests | 280 | - | €1,324,955 | +€1.3m | |
| Companies linked by participating interests | 282/3 | - | €862,500 | +€862,500 | |
| Participating interests | 282 | - | €862,500 | +€862,500 | |
| Other financial fixed assets | 284/8 | - | €69,250 | +€69,250 | |
| Shares | 284 | - | €69,250 | +€69,250 | |
| Current assets | 29/58 | €20,869 | €44,077 | +€23,209 | +111% |
| Amounts receivable within one year | 40/41 | €15,122 | €41,476 | +€26,355 | +174% |
| Trade receivables | 40 | €12,000 | €27,000 | +€15,000 | +125% |
| Other amounts receivable | 41 | €3,122 | €14,476 | +€11,355 | +364% |
| Cash at bank and in hand | 54/58 | €5,747 | €2,539 | -€3,209 | -55.8% |
| Deferred charges and accrued income | 490/1 | - | €63 | +€63 | |
| Total equity and liabilities | 10/49 | €2,454,074 | €2,300,782 | -€153,291 | -6.2% |
| Equity | 10/15 | €473,630 | €1,131,363 | +€657,733 | +139% |
| Contributions | 10/11 | €550,000 | €550,000 | = | 0.0% |
| Capital | 10 | €550,000 | €550,000 | = | 0.0% |
| Issued capital | 100 | €550,000 | €550,000 | = | 0.0% |
| Reserves | 13 | - | €581,000 | +€581,000 | |
| Non-distributable reserves | 130/1 | - | €29,068 | +€29,068 | |
| Legal reserve | 130 | - | €29,068 | +€29,068 | |
| Distributable reserves | 133 | - | €551,932 | +€551,932 | |
| Profit (loss) carried forward | 14 | -€76,370 | €363 | +€76,733 | |
| Amounts payable | 17/49 | €1,980,444 | €1,169,420 | -€811,024 | -41.0% |
| Amounts payable after more than one year | 17 | €1,716,523 | €112,500 | -€1.6m | -93.4% |
| Financial debts | 170/4 | €1,716,523 | €112,500 | -€1.6m | -93.4% |
| Other loans | 174 | - | €112,500 | +€112,500 | |
| Amounts payable within one year | 42/48 | €222,611 | €1,021,044 | +€798,433 | +359% |
| Current portion of amounts payable after more than one year | 42 | - | €810,272 | +€810,272 | |
| Trade debts | 44 | €6,000 | €6,054 | +€54 | +0.9% |
| Suppliers | 440/4 | €6,000 | €6,054 | +€54 | +0.9% |
| Other amounts payable | 47/48 | €216,611 | €204,718 | -€11,893 | -5.5% |
| Accrued charges and deferred income | 492/3 | €41,310 | €35,876 | -€5,434 | -13.2% |
| Operating income | 70/76A | - | €27,000 | +€27,000 | |
| Turnover | 70 | - | €27,000 | +€27,000 | |
| Operating charges | 60/66A | - | €3,475 | +€3,475 | |
| Services and other goods | 61 | - | €2,333 | +€2,333 | |
| Other operating charges | 640/8 | €578 | €1,143 | +€565 | +97.7% |
| Gross operating margin | 9900 | €8,368 | - | -€8,368 | |
| Operating profit (loss) | 9901 | €7,790 | €23,525 | +€15,734 | +202% |
| Financial income | 75/76B | €200,000 | €670,125 | +€470,125 | +235% |
| Recurring financial income | 75 | €200,000 | €570,125 | +€370,125 | +185% |
| Income from financial fixed assets | 750 | - | €570,125 | +€570,125 | |
| Non-recurring financial income | 76B | - | €100,000 | +€100,000 | |
| Financial charges | 65/66B | €50,839 | €35,916 | -€14,923 | -29.4% |
| Recurring financial charges | 65 | €50,839 | €35,916 | -€14,923 | -29.4% |
| Debt charges | 650 | - | €35,876 | +€35,876 | |
| Other financial charges | 652/9 | - | €40 | +€40 | |
| Profit (loss) for the period before taxes | 9903 | €156,951 | €657,733 | +€500,782 | +319% |
| Profit (loss) for the period | 9904 | €156,951 | €657,733 | +€500,782 | +319% |
| Profit (loss) for the period to be appropriated | 9905 | €156,951 | €657,733 | +€500,782 | +319% |
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 17 October 2026 via checked.be.