PANORAMA: 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.
PANORAMA
Largest movements
- Cash +€131,766
up €131,766 (+402.9%), from €32,701 to €164,467
mainly Depreciation (+€74,576) and Net result for the year (+€70,895)
- Tangible fixed assets -€82,320
down €82,320 (-5.0%), from €1.6m to €1.6m
of which Land and buildings: -€205,379
- Debts after one year -€90,933
down €90,933 (-8.6%), from €1.1m to €965,736
- Other debts +€68,614
up €68,614 (+15.6%), from €439,390 to €508,004
- Reserves +€64,305
up €64,305 (+7538.9%), from €853 to €65,158
of which Tax-exempt reserves: +€64,305
- Gross operating margin +€85,259
up €85,259 (+80.8%), from €105,557 to €190,816
- Other operating charges -€18,672
down €18,672 (-76.7%), from €24,339 to €5,667
- Financial charges -€7,019
down €7,019 (-23.0%), from €30,495 to €23,476
- Depreciation -€4,744
down €4,744 (-6.0%), from €79,320 to €74,576
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 | €1,676,027 | €1,728,518 | +€52,491 | +3.1% |
| Fixed assets | 21/28 | €1,642,989 | €1,560,669 | -€82,320 | -5.0% |
| Tangible fixed assets | 22/27 | €1,642,989 | €1,560,669 | -€82,320 | -5.0% |
| Land and buildings | 22 | €1,638,608 | €1,433,229 | -€205,379 | -12.5% |
| Furniture and vehicles | 24 | €4,381 | €8,832 | +€4,451 | +101.6% |
| Assets under construction and advance payments | 27 | - | €118,607 | +€118,607 | |
| Current assets | 29/58 | €33,038 | €167,849 | +€134,811 | +408.1% |
| Amounts receivable within one year | 40/41 | - | €3,200 | +€3,200 | |
| Trade receivables | 40 | - | €3,200 | +€3,200 | |
| Cash at bank and in hand | 54/58 | €32,701 | €164,467 | +€131,766 | +402.9% |
| Deferred charges and accrued income | 490/1 | €337 | €182 | -€154 | -45.9% |
| Total equity and liabilities | 10/49 | €1,676,027 | €1,728,518 | +€52,491 | +3.1% |
| Equity | 10/15 | €61,386 | €132,281 | +€70,895 | +115.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €853 | €65,158 | +€64,305 | +7538.9% |
| Non-distributable reserves | 130/1 | €853 | €853 | = | 0.0% |
| Reserves not available under the articles | 1311 | €853 | €853 | = | 0.0% |
| Tax-exempt reserves | 132 | - | €64,305 | +€64,305 | |
| Profit (loss) carried forward | 14 | €41,933 | €48,522 | +€6,590 | +15.7% |
| Provisions and deferred taxes | 16 | - | €16,076 | +€16,076 | |
| Deferred taxes | 168 | - | €16,076 | +€16,076 | |
| Amounts payable | 17/49 | €1,614,641 | €1,580,161 | -€34,480 | -2.1% |
| Amounts payable after more than one year | 17 | €1,056,670 | €965,736 | -€90,933 | -8.6% |
| Financial debts | 170/4 | €1,056,670 | €965,736 | -€90,933 | -8.6% |
| Amounts payable within one year | 42/48 | €553,868 | €613,300 | +€59,431 | +10.7% |
| Current portion of amounts payable after more than one year | 42 | €91,527 | €90,933 | -€594 | -0.6% |
| Trade debts | 44 | €22,470 | €14,031 | -€8,439 | -37.6% |
| Suppliers | 440/4 | €22,470 | €14,031 | -€8,439 | -37.6% |
| Taxes, remuneration and social security | 45 | €482 | €331 | -€151 | -31.2% |
| Taxes | 450/3 | €482 | €331 | -€151 | -31.2% |
| Other amounts payable | 47/48 | €439,390 | €508,004 | +€68,614 | +15.6% |
| Accrued charges and deferred income | 492/3 | €4,103 | €1,125 | -€2,978 | -72.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €79,320 | €74,576 | -€4,744 | -6.0% |
| Other operating charges | 640/8 | €24,339 | €5,667 | -€18,672 | -76.7% |
| Gross operating margin | 9900 | €105,557 | €190,816 | +€85,259 | +80.8% |
| Operating profit (loss) | 9901 | €1,898 | €110,573 | +€108,674 | +5724.5% |
| Financial income | 75/76B | - | €15 | +€15 | |
| Recurring financial income | 75 | - | €15 | +€15 | |
| Financial charges | 65/66B | €30,495 | €23,476 | -€7,019 | -23.0% |
| Recurring financial charges | 65 | €30,495 | €23,476 | -€7,019 | -23.0% |
| Profit (loss) for the period before taxes | 9903 | -€28,596 | €87,112 | +€115,708 | |
| Transfer to deferred taxes | 680 | - | €16,076 | +€16,076 | |
| Income taxes | 67/77 | €190 | €141 | -€50 | -26.0% |
| Profit (loss) for the period | 9904 | -€28,787 | €70,895 | +€99,682 | |
| Transfer to tax-exempt reserves | 689 | - | €64,305 | +€64,305 | |
| Profit (loss) for the period to be appropriated | 9905 | -€28,787 | €6,590 | +€35,377 |
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 9 October 2026 via checked.be.