PAPER TO BE: 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.
PAPER TO BE
Largest movements
- Receivables within one year +€9,072
up €9,072 (+9.3%), from €97,955 to €107,028
of which Other amounts receivable: +€9,072
- Debts after one year -€54,673
down €54,673 (-12.7%), from €428,950 to €374,277
- Reserves +€48,294
up €48,294 (+39.9%), from €121,124 to €169,418
- Tax, wage and social debts +€20,533
up €20,533 (+53.9%), from €38,126 to €58,659
- Gross operating margin +€6,183
up €6,183 (+8.1%), from €76,014 to €82,197
- Financial charges -€4,128
down €4,128 (-23.9%), from €17,260 to €13,132
- Taxes +€3,639
up €3,639 (+16.6%), from €21,875 to €25,514
- Financial income +€868
up €868 (+20.9%), from €4,157 to €5,026
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 | €699,142 | €715,488 | +€16,346 | +2.3% |
| Fixed assets | 21/28 | €600,415 | €600,340 | -€75 | 0.0% |
| Tangible fixed assets | 22/27 | €415 | €340 | -€75 | -18.0% |
| Furniture and vehicles | 24 | €415 | €340 | -€75 | -18.0% |
| Financial fixed assets | 28 | €600,000 | €600,000 | = | 0.0% |
| Current assets | 29/58 | €98,727 | €115,148 | +€16,421 | +16.6% |
| Amounts receivable within one year | 40/41 | €97,955 | €107,028 | +€9,072 | +9.3% |
| Trade receivables | 40 | €12,266 | €12,266 | = | 0.0% |
| Other amounts receivable | 41 | €85,690 | €94,762 | +€9,072 | +10.6% |
| Cash at bank and in hand | 54/58 | €34 | €2,285 | +€2,251 | +6,539% |
| Deferred charges and accrued income | 490/1 | €737 | €5,835 | +€5,098 | +692% |
| Total equity and liabilities | 10/49 | €699,142 | €715,488 | +€16,346 | +2.3% |
| Equity | 10/15 | €141,124 | €189,418 | +€48,294 | +34.2% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €121,124 | €169,418 | +€48,294 | +39.9% |
| Distributable reserves | 133 | €121,124 | €169,418 | +€48,294 | +39.9% |
| Amounts payable | 17/49 | €558,018 | €526,070 | -€31,948 | -5.7% |
| Amounts payable after more than one year | 17 | €428,950 | €374,277 | -€54,673 | -12.7% |
| Financial debts | 170/4 | €428,950 | €374,277 | -€54,673 | -12.7% |
| Amounts payable within one year | 42/48 | €129,069 | €151,794 | +€22,725 | +17.6% |
| Current portion of amounts payable after more than one year | 42 | €52,591 | €54,673 | +€2,082 | +4.0% |
| Trade debts | 44 | €3,085 | €3,624 | +€540 | +17.5% |
| Suppliers | 440/4 | €3,085 | €3,624 | +€540 | +17.5% |
| Taxes, remuneration and social security | 45 | €38,126 | €58,659 | +€20,533 | +53.9% |
| Taxes | 450/3 | €38,126 | €58,659 | +€20,533 | +53.9% |
| Other amounts payable | 47/48 | €35,267 | €34,837 | -€430 | -1.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €92 | €75 | -€17 | -18.4% |
| Other operating charges | 640/8 | €660 | €208 | -€452 | -68.6% |
| Gross operating margin | 9900 | €76,014 | €82,197 | +€6,183 | +8.1% |
| Operating profit (loss) | 9901 | €75,262 | €81,915 | +€6,652 | +8.8% |
| Financial income | 75/76B | €4,157 | €5,026 | +€868 | +20.9% |
| Recurring financial income | 75 | €4,157 | €5,026 | +€868 | +20.9% |
| Financial charges | 65/66B | €17,260 | €13,132 | -€4,128 | -23.9% |
| Recurring financial charges | 65 | €17,260 | €13,132 | -€4,128 | -23.9% |
| Profit (loss) for the period before taxes | 9903 | €62,159 | €73,808 | +€11,649 | +18.7% |
| Income taxes | 67/77 | €21,875 | €25,514 | +€3,639 | +16.6% |
| Profit (loss) for the period | 9904 | €40,284 | €48,294 | +€8,010 | +19.9% |
| Profit (loss) for the period to be appropriated | 9905 | €40,284 | €48,294 | +€8,010 | +19.9% |
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 21 October 2026 via checked.be.