Parcours: 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.
Parcours
Largest movements
- Current investments +€200,000
up €200,000, from €0 to €200,000
- Tangible fixed assets -€37,647
down €37,647 (-3.4%), from €1.1m to €1.1m
of which Land and buildings: -€61,956
- Cash -€31,040
down €31,040 (-4.8%), from €641,779 to €610,739
mainly Current investments (-€200,000) and Investment in fixed assets (net) (-€48,308)
- Provisions +€125,000
new in 2025: €125,000
- Profit (loss) carried forward +€56,170
up €56,170 (+5.5%), from €1.0m to €1.1m
- Tax, wage and social debts +€35,635
up €35,635 (+16.7%), from €213,751 to €249,387
of which Remuneration and social security: +€36,888
- Debts after one year -€29,552
down €29,552 (-10.0%), from €296,618 to €267,066
- Investment grants -€23,263
down €23,263 (-8.3%), from €280,237 to €256,974
- Gross operating margin +€310,772
up €310,772 (+14.1%), from €2.2m to €2.5m
- Staff costs +€288,785
up €288,785 (+14.7%), from €2.0m to €2.3m
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 | €2,061,060 | €2,219,289 | +€158,229 | +7.7% |
| Fixed assets | 21/28 | €1,113,365 | €1,075,767 | -€37,597 | -3.4% |
| Tangible fixed assets | 22/27 | €1,113,315 | €1,075,667 | -€37,647 | -3.4% |
| Land and buildings | 22 | €1,055,754 | €993,798 | -€61,956 | -5.9% |
| Plant, machinery and equipment | 23 | €15,753 | €24,281 | +€8,528 | +54.1% |
| Furniture and vehicles | 24 | €41,808 | €57,588 | +€15,781 | +37.7% |
| Financial fixed assets | 28 | €50 | €100 | +€50 | +100% |
| Current assets | 29/58 | €947,695 | €1,143,522 | +€195,827 | +20.7% |
| Amounts receivable within one year | 40/41 | €290,190 | €310,333 | +€20,143 | +6.9% |
| Other amounts receivable | 41 | €290,190 | €310,333 | +€20,143 | +6.9% |
| Current investments | 50/53 | €0 | €200,000 | +€200,000 | |
| Cash at bank and in hand | 54/58 | €641,779 | €610,739 | -€31,040 | -4.8% |
| Deferred charges and accrued income | 490/1 | €15,726 | €22,451 | +€6,724 | +42.8% |
| Total equity and liabilities | 10/49 | €2,061,060 | €2,219,289 | +€158,229 | +7.7% |
| Equity | 10/15 | €1,500,673 | €1,533,580 | +€32,907 | +2.2% |
| Reserves | 13 | €195,000 | €195,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,025,436 | €1,081,606 | +€56,170 | +5.5% |
| Investment grants | 15 | €280,237 | €256,974 | -€23,263 | -8.3% |
| Provisions and deferred taxes | 16 | - | €125,000 | +€125,000 | |
| Provisions for liabilities and charges | 160/5 | - | €125,000 | +€125,000 | |
| Major repairs and maintenance | 162 | - | €125,000 | +€125,000 | |
| Amounts payable | 17/49 | €560,387 | €560,710 | +€322 | +0.1% |
| Amounts payable after more than one year | 17 | €296,618 | €267,066 | -€29,552 | -10.0% |
| Financial debts | 170/4 | €296,618 | €267,066 | -€29,552 | -10.0% |
| Amounts payable within one year | 42/48 | €260,861 | €292,234 | +€31,373 | +12.0% |
| Current portion of amounts payable after more than one year | 42 | €29,298 | €29,552 | +€254 | +0.9% |
| Trade debts | 44 | €17,811 | €13,295 | -€4,516 | -25.4% |
| Suppliers | 440/4 | €17,811 | €13,295 | -€4,516 | -25.4% |
| Taxes, remuneration and social security | 45 | €213,751 | €249,387 | +€35,635 | +16.7% |
| Taxes | 450/3 | €1,253 | €0 | -€1,253 | -100% |
| Remuneration and social security | 454/9 | €212,498 | €249,387 | +€36,888 | +17.4% |
| Accrued charges and deferred income | 492/3 | €2,908 | €1,409 | -€1,499 | -51.5% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €1,962,807 | €2,251,592 | +€288,785 | +14.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €82,704 | €85,905 | +€3,201 | +3.9% |
| Other operating charges | 640/8 | €22,024 | €26,140 | +€4,116 | +18.7% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €2,210,095 | €2,520,867 | +€310,772 | +14.1% |
| Operating profit (loss) | 9901 | €142,560 | €32,230 | -€110,330 | -77.4% |
| Financial income | 75/76B | €30,855 | €28,521 | -€2,335 | -7.6% |
| Recurring financial income | 75 | €30,855 | €28,521 | -€2,335 | -7.6% |
| Financial charges | 65/66B | €3,867 | €3,621 | -€246 | -6.4% |
| Recurring financial charges | 65 | €3,867 | €3,621 | -€246 | -6.4% |
| Profit (loss) for the period before taxes | 9903 | €169,548 | €57,129 | -€112,418 | -66.3% |
| Income taxes | 67/77 | €2,858 | €960 | -€1,898 | -66.4% |
| Profit (loss) for the period | 9904 | €166,690 | €56,170 | -€110,520 | -66.3% |
| Profit (loss) for the period to be appropriated | 9905 | €166,690 | €56,170 | -€110,520 | -66.3% |
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 17 October 2026 via checked.be.