Parallel Universe: 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.
Parallel Universe
Largest movements
- Receivables within one year +€54,641
up €54,641 (+27.1%), from €201,632 to €256,273
of which Trade receivables: +€54,080
- Other debts -€120,677
down €120,677 (-14.2%), from €848,370 to €727,693
- Reserves +€102,422
up €102,422 (+58.2%), from €175,892 to €278,315
of which Distributable reserves: +€121,310
- Trade debts +€66,323
up €66,323 (+177%), from €37,438 to €103,760
- Current portion of long-term debt +€48,318
up €48,318 (+27.1%), from €178,209 to €226,527
- Profit (loss) carried forward -€43,355
down €43,355 (-100%), from €43,355 to €0
- Gross operating margin +€125,125
up €125,125 (+41.0%), from €305,067 to €430,192
- Depreciation +€51,179
up €51,179 (+23.6%), from €216,530 to €267,710
- Taxes +€16,957
up €16,957 (+299%), from €5,663 to €22,620
- Other operating charges +€6,736
up €6,736 (+23.5%), from €28,608 to €35,344
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 | €3,122,568 | €3,170,396 | +€47,829 | +1.5% |
| Fixed assets | 21/28 | €2,876,549 | €2,884,146 | +€7,597 | +0.3% |
| Tangible fixed assets | 22/27 | €2,876,549 | €2,884,146 | +€7,597 | +0.3% |
| Land and buildings | 22 | €2,639,326 | €2,624,574 | -€14,752 | -0.6% |
| Plant, machinery and equipment | 23 | €1,212 | €0 | -€1,212 | -100% |
| Furniture and vehicles | 24 | €236,011 | €218,907 | -€17,104 | -7.2% |
| Leasing and similar rights | 25 | - | €40,666 | +€40,666 | |
| Current assets | 29/58 | €246,019 | €286,250 | +€40,231 | +16.4% |
| Amounts receivable within one year | 40/41 | €201,632 | €256,273 | +€54,641 | +27.1% |
| Trade receivables | 40 | €117,278 | €171,358 | +€54,080 | +46.1% |
| Other amounts receivable | 41 | €84,354 | €84,915 | +€561 | +0.7% |
| Cash at bank and in hand | 54/58 | €14,392 | €3,188 | -€11,204 | -77.9% |
| Deferred charges and accrued income | 490/1 | €29,995 | €26,789 | -€3,206 | -10.7% |
| Total equity and liabilities | 10/49 | €3,122,568 | €3,170,396 | +€47,829 | +1.5% |
| Equity | 10/15 | €221,472 | €280,540 | +€59,068 | +26.7% |
| Contributions | 10/11 | €2,225 | €2,225 | = | 0.0% |
| Reserves | 13 | €175,892 | €278,315 | +€102,422 | +58.2% |
| Tax-exempt reserves | 132 | €18,887 | €0 | -€18,887 | -100% |
| Distributable reserves | 133 | €157,005 | €278,315 | +€121,310 | +77.3% |
| Profit (loss) carried forward | 14 | €43,355 | €0 | -€43,355 | -100% |
| Amounts payable | 17/49 | €2,901,095 | €2,889,856 | -€11,239 | -0.4% |
| Amounts payable after more than one year | 17 | €1,822,810 | €1,807,923 | -€14,888 | -0.8% |
| Financial debts | 170/4 | €1,822,810 | €1,807,923 | -€14,888 | -0.8% |
| Amounts payable within one year | 42/48 | €1,074,917 | €1,078,908 | +€3,992 | +0.4% |
| Current portion of amounts payable after more than one year | 42 | €178,209 | €226,527 | +€48,318 | +27.1% |
| Trade debts | 44 | €37,438 | €103,760 | +€66,323 | +177% |
| Suppliers | 440/4 | €37,438 | €103,760 | +€66,323 | +177% |
| Taxes, remuneration and social security | 45 | €10,901 | €20,928 | +€10,028 | +92.0% |
| Taxes | 450/3 | €10,901 | €20,928 | +€10,028 | +92.0% |
| Other amounts payable | 47/48 | €848,370 | €727,693 | -€120,677 | -14.2% |
| Accrued charges and deferred income | 492/3 | €3,368 | €3,025 | -€343 | -10.2% |
| Non-recurring operating income | 76A | €14,912 | €0 | -€14,912 | -100% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €216,530 | €267,710 | +€51,179 | +23.6% |
| Other operating charges | 640/8 | €28,608 | €35,344 | +€6,736 | +23.5% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €305,067 | €430,192 | +€125,125 | +41.0% |
| Operating profit (loss) | 9901 | €59,928 | €127,139 | +€67,211 | +112% |
| Financial income | 75/76B | €1,941 | €1,911 | -€30 | -1.6% |
| Recurring financial income | 75 | €1,941 | €1,911 | -€30 | -1.6% |
| Financial charges | 65/66B | €43,672 | €47,362 | +€3,691 | +8.5% |
| Recurring financial charges | 65 | €43,672 | €47,362 | +€3,691 | +8.5% |
| Profit (loss) for the period before taxes | 9903 | €18,197 | €81,687 | +€63,490 | +349% |
| Income taxes | 67/77 | €5,663 | €22,620 | +€16,957 | +299% |
| Profit (loss) for the period | 9904 | €12,535 | €59,068 | +€46,533 | +371% |
| Transfer from tax-exempt reserves | 789 | €0 | €18,887 | +€18,887 | |
| Profit (loss) for the period to be appropriated | 9905 | €12,535 | €77,955 | +€65,420 | +522% |
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 14 October 2026 via checked.be.