PAPERWORK: what changed
Two fiscal 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.
PAPERWORK
Largest movements
- Tangible fixed assets -€128,176
down €128,176 (-3.0%), from €4.3m to €4.2m
of which Land and buildings: -€95,214
- Receivables within one year -€46,372
down €46,372 (-45.4%), from €102,117 to €55,745
- Reserves -€204,330
down €204,330 (-97.7%), from €209,188 to €4,858
of which Tax-exempt reserves: -€204,330
- Profit (loss) carried forward +€174,610
up €174,610 (+85.2%), from -€204,961 to -€30,351
- Debts after one year -€174,043
down €174,043 (-10.8%), from €1.6m to €1.4m
- Other debts +€114,484
up €114,484 (+15.9%), from €719,049 to €833,533
- Provisions -€62,858
no longer reported in 2025 (was €62,858)
- Gross operating margin -€70,262
down €70,262 (-31.8%), from €221,202 to €150,940
- Other operating charges -€2,810
down €2,810 (-16.2%), from €17,312 to €14,501
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 | €4,451,487 | €4,276,842 | -€174,645 | -3.9% |
| Fixed assets | 21/28 | €4,334,754 | €4,206,578 | -€128,176 | -3.0% |
| Tangible fixed assets | 22/27 | €4,334,754 | €4,206,578 | -€128,176 | -3.0% |
| Land and buildings | 22 | €3,317,495 | €3,222,281 | -€95,214 | -2.9% |
| Plant, machinery and equipment | 23 | €4,180 | €5,342 | +€1,161 | +27.8% |
| Furniture and vehicles | 24 | €59,297 | €49,254 | -€10,043 | -16.9% |
| Other tangible fixed assets | 26 | €953,781 | €929,702 | -€24,079 | -2.5% |
| Current assets | 29/58 | €116,733 | €70,264 | -€46,469 | -39.8% |
| Amounts receivable within one year | 40/41 | €102,117 | €55,745 | -€46,372 | -45.4% |
| Trade receivables | 40 | €102,117 | €55,745 | -€46,372 | -45.4% |
| Cash at bank and in hand | 54/58 | €9,002 | €9,031 | +€29 | +0.3% |
| Deferred charges and accrued income | 490/1 | €5,614 | €5,488 | -€126 | -2.2% |
| Total equity and liabilities | 10/49 | €4,451,487 | €4,276,842 | -€174,645 | -3.9% |
| Equity | 10/15 | €1,855,721 | €1,826,000 | -€29,720 | -1.6% |
| Contributions | 10/11 | €65,100 | €65,100 | = | 0.0% |
| Capital | 10 | €65,100 | €65,100 | = | 0.0% |
| Issued capital | 100 | €65,100 | €65,100 | = | 0.0% |
| Revaluation surpluses | 12 | €1,786,394 | €1,786,394 | = | 0.0% |
| Reserves | 13 | €209,188 | €4,858 | -€204,330 | -97.7% |
| Non-distributable reserves | 130/1 | €4,858 | €4,858 | = | 0.0% |
| Legal reserve | 130 | €4,858 | €4,858 | = | 0.0% |
| Tax-exempt reserves | 132 | €204,330 | - | -€204,330 | |
| Profit (loss) carried forward | 14 | -€204,961 | -€30,351 | +€174,610 | +85.2% |
| Provisions and deferred taxes | 16 | €62,858 | - | -€62,858 | |
| Deferred taxes | 168 | €62,858 | - | -€62,858 | |
| Amounts payable | 17/49 | €2,532,908 | €2,450,842 | -€82,066 | -3.2% |
| Amounts payable after more than one year | 17 | €1,604,627 | €1,430,584 | -€174,043 | -10.8% |
| Financial debts | 170/4 | €1,604,627 | €1,430,584 | -€174,043 | -10.8% |
| Amounts payable within one year | 42/48 | €928,281 | €1,020,258 | +€91,977 | +9.9% |
| Current portion of amounts payable after more than one year | 42 | €174,647 | €174,067 | -€580 | -0.3% |
| Trade debts | 44 | €27,030 | €9,456 | -€17,574 | -65.0% |
| Suppliers | 440/4 | €27,030 | €9,456 | -€17,574 | -65.0% |
| Taxes, remuneration and social security | 45 | €7,555 | €3,202 | -€4,353 | -57.6% |
| Taxes | 450/3 | €7,555 | €3,202 | -€4,353 | -57.6% |
| Other amounts payable | 47/48 | €719,049 | €833,533 | +€114,484 | +15.9% |
| Non-recurring operating income | 76A | €4,525 | - | -€4,525 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €144,666 | €145,775 | +€1,109 | +0.8% |
| Other operating charges | 640/8 | €17,312 | €14,501 | -€2,810 | -16.2% |
| Gross operating margin | 9900 | €221,202 | €150,940 | -€70,262 | -31.8% |
| Operating profit (loss) | 9901 | €59,224 | -€9,336 | -€68,560 | |
| Financial income | 75/76B | €5 | - | -€5 | |
| Recurring financial income | 75 | €5 | - | -€5 | |
| Financial charges | 65/66B | €82,019 | €83,242 | +€1,223 | +1.5% |
| Recurring financial charges | 65 | €82,019 | €83,242 | +€1,223 | +1.5% |
| Profit (loss) for the period before taxes | 9903 | -€22,789 | -€92,578 | -€69,789 | -306.2% |
| Transfer from deferred taxes | 780 | €3,075 | €62,858 | +€59,783 | +1944.3% |
| Income taxes | 67/77 | €214 | - | -€214 | |
| Profit (loss) for the period | 9904 | -€19,929 | -€29,720 | -€9,791 | -49.1% |
| Transfer from tax-exempt reserves | 789 | €9,224 | €204,330 | +€195,106 | +2115.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€10,705 | €174,610 | +€185,314 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.