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 -€99,625
down €99,625 (-10.9%), from €912,849 to €813,225
mainly Contributions, distributions and other (-€140,000) and Other debts (-€88,148)
- Receivables within one year +€65,250
up €65,250 (+102%), from €63,911 to €129,161
of which Trade receivables: +€65,493
- Tangible fixed assets -€45,527
down €45,527 (-4.8%), from €957,116 to €911,589
of which Land and buildings: -€80,219
- Other debts -€88,148
down €88,148 (-37.6%), from €234,710 to €146,563
- Advances received -€22,354
down €22,354 (-5.8%), from €387,176 to €364,823
- Debts after one year -€22,167
down €22,167 (-16.3%), from €136,388 to €114,222
- Reserves +€22,074
up €22,074 (+2.2%), from €995,739 to €1.0m
- Staff costs -€26,082
down €26,082 (-37.7%), from €69,172 to €43,091
- Gross operating margin +€6,408
up €6,408 (+2.0%), from €327,351 to €333,759
- Financial charges -€5,954
down €5,954 (-38.1%), from €15,618 to €9,664
- Other operating charges +€5,908
up €5,908 (+32.5%), from €18,204 to €24,112
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 | €1,933,876 | €1,853,975 | -€79,901 | -4.1% |
| Fixed assets | 21/28 | €957,116 | €911,589 | -€45,527 | -4.8% |
| Tangible fixed assets | 22/27 | €957,116 | €911,589 | -€45,527 | -4.8% |
| Land and buildings | 22 | €946,246 | €866,027 | -€80,219 | -8.5% |
| Plant, machinery and equipment | 23 | €7,069 | €5,346 | -€1,723 | -24.4% |
| Furniture and vehicles | 24 | €3,801 | €40,216 | +€36,415 | +958% |
| Current assets | 29/58 | €976,760 | €942,386 | -€34,375 | -3.5% |
| Amounts receivable within one year | 40/41 | €63,911 | €129,161 | +€65,250 | +102% |
| Trade receivables | 40 | €63,668 | €129,161 | +€65,493 | +103% |
| Other amounts receivable | 41 | €243 | €0 | -€243 | -100% |
| Cash at bank and in hand | 54/58 | €912,849 | €813,225 | -€99,625 | -10.9% |
| Total equity and liabilities | 10/49 | €1,933,876 | €1,853,975 | -€79,901 | -4.1% |
| Equity | 10/15 | €1,015,537 | €1,037,611 | +€22,074 | +2.2% |
| Contributions | 10/11 | €19,798 | €19,798 | = | 0.0% |
| Reserves | 13 | €995,739 | €1,017,813 | +€22,074 | +2.2% |
| Distributable reserves | 133 | €995,739 | €1,017,813 | +€22,074 | +2.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €918,340 | €816,365 | -€101,975 | -11.1% |
| Amounts payable after more than one year | 17 | €136,388 | €114,222 | -€22,167 | -16.3% |
| Financial debts | 170/4 | €136,388 | €114,222 | -€22,167 | -16.3% |
| Amounts payable within one year | 42/48 | €781,201 | €702,143 | -€79,059 | -10.1% |
| Current portion of amounts payable after more than one year | 42 | €22,167 | €22,167 | = | 0.0% |
| Trade debts | 44 | €105,507 | €121,874 | +€16,368 | +15.5% |
| Suppliers | 440/4 | €105,507 | €121,874 | +€16,368 | +15.5% |
| Advances received on contracts in progress | 46 | €387,176 | €364,823 | -€22,354 | -5.8% |
| Taxes, remuneration and social security | 45 | €31,642 | €46,717 | +€15,075 | +47.6% |
| Taxes | 450/3 | €31,495 | €46,254 | +€14,758 | +46.9% |
| Remuneration and social security | 454/9 | €146 | €463 | +€317 | +216% |
| Other amounts payable | 47/48 | €234,710 | €146,563 | -€88,148 | -37.6% |
| Accrued charges and deferred income | 492/3 | €750 | €0 | -€750 | -100% |
| Non-recurring operating income | 76A | - | €4,977 | +€4,977 | |
| Remuneration, social security and pensions | 62 | €69,172 | €43,091 | -€26,082 | -37.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €86,423 | €85,708 | -€715 | -0.8% |
| Other operating charges | 640/8 | €18,204 | €24,112 | +€5,908 | +32.5% |
| Gross operating margin | 9900 | €327,351 | €333,759 | +€6,408 | +2.0% |
| Operating profit (loss) | 9901 | €153,552 | €180,848 | +€27,296 | +17.8% |
| Financial income | 75/76B | €25 | €1,622 | +€1,597 | +6,366% |
| Recurring financial income | 75 | €25 | €1,622 | +€1,597 | +6,366% |
| Financial charges | 65/66B | €15,618 | €9,664 | -€5,954 | -38.1% |
| Recurring financial charges | 65 | €15,618 | €9,664 | -€5,954 | -38.1% |
| Profit (loss) for the period before taxes | 9903 | €137,959 | €172,806 | +€34,847 | +25.3% |
| Income taxes | 67/77 | €9,833 | €10,732 | +€899 | +9.1% |
| Profit (loss) for the period | 9904 | €128,126 | €162,074 | +€33,948 | +26.5% |
| Profit (loss) for the period to be appropriated | 9905 | €128,126 | €162,074 | +€33,948 | +26.5% |
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 13 October 2026 via checked.be.