PARTICLE: 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.
PARTICLE
Largest movements
- Financial fixed assets +€8.3m
up €8.3m (+788.4%), from €1.1m to €9.4m
- Current investments -€7.1m
down €7.1m (-36.5%), from €19.5m to €12.4m
- Cash +€3.9m
up €3.9m (+461.3%), from €837,580 to €4.7m
mainly Current investments (+€7.1m) and Net result for the year (+€5.3m)
- Tangible fixed assets +€1.9m
up €1.9m (+32.2%), from €6.0m to €8.0m
of which Land and buildings: +€2.0m
- Receivables after one year -€1.7m
down €1.7m (-84.8%), from €2.0m to €300,000
- Reserves +€4.8m
up €4.8m (+16.3%), from €29.7m to €34.5m
of which Distributable reserves: +€4.4m
- Taxes -€208,389
down €208,389 (-34.1%), from €611,385 to €402,996
- Staff costs +€149,349
up €149,349 (+20.8%), from €717,428 to €866,777
- Financial income +€120,331
up €120,331 (+3.1%), from €3.8m to €3.9m
- Gross operating margin -€95,089
down €95,089 (-2.8%), from €3.4m to €3.3m
- Depreciation +€85,347
up €85,347 (+16.5%), from €516,613 to €601,960
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 | €30,475,183 | €35,393,288 | +€4.9m | +16.1% |
| Fixed assets | 21/28 | €7,073,500 | €17,346,447 | +€10.3m | +145.2% |
| Tangible fixed assets | 22/27 | €6,016,575 | €7,956,324 | +€1.9m | +32.2% |
| Land and buildings | 22 | €5,325,118 | €7,350,481 | +€2.0m | +38.0% |
| Plant, machinery and equipment | 23 | €391,678 | €359,323 | -€32,355 | -8.3% |
| Furniture and vehicles | 24 | €81,766 | €58,330 | -€23,437 | -28.7% |
| Leasing and similar rights | 25 | €218,012 | €188,189 | -€29,823 | -13.7% |
| Financial fixed assets | 28 | €1,056,924 | €9,390,123 | +€8.3m | +788.4% |
| Current assets | 29/58 | €23,401,683 | €18,046,841 | -€5.4m | -22.9% |
| Amounts receivable after more than one year | 29 | €1,977,345 | €300,000 | -€1.7m | -84.8% |
| Other amounts receivable | 291 | €1,977,345 | €300,000 | -€1.7m | -84.8% |
| Amounts receivable within one year | 40/41 | €914,408 | €547,709 | -€366,699 | -40.1% |
| Trade receivables | 40 | €536,373 | €357,783 | -€178,590 | -33.3% |
| Other amounts receivable | 41 | €378,035 | €189,926 | -€188,109 | -49.8% |
| Current investments | 50/53 | €19,481,336 | €12,378,264 | -€7.1m | -36.5% |
| Cash at bank and in hand | 54/58 | €837,580 | €4,701,296 | +€3.9m | +461.3% |
| Deferred charges and accrued income | 490/1 | €191,014 | €119,572 | -€71,442 | -37.4% |
| Total equity and liabilities | 10/49 | €30,475,183 | €35,393,288 | +€4.9m | +16.1% |
| Equity | 10/15 | €29,674,564 | €34,510,851 | +€4.8m | +16.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €29,655,964 | €34,492,251 | +€4.8m | +16.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €9,257,374 | €9,678,374 | +€421,000 | +4.5% |
| Distributable reserves | 133 | €20,396,730 | €24,812,017 | +€4.4m | +21.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €800,619 | €882,437 | +€81,818 | +10.2% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €736,862 | €821,091 | +€84,229 | +11.4% |
| Current portion of amounts payable after more than one year | 42 | €33,333 | €0 | -€33,333 | -100.0% |
| Trade debts | 44 | €93,955 | €117,238 | +€23,283 | +24.8% |
| Suppliers | 440/4 | €93,955 | €117,238 | +€23,283 | +24.8% |
| Advances received on contracts in progress | 46 | €35,595 | €0 | -€35,595 | -100.0% |
| Taxes, remuneration and social security | 45 | €127,606 | €132,893 | +€5,287 | +4.1% |
| Taxes | 450/3 | €6,581 | €7,143 | +€562 | +8.5% |
| Remuneration and social security | 454/9 | €121,025 | €125,750 | +€4,725 | +3.9% |
| Other amounts payable | 47/48 | €446,373 | €570,960 | +€124,587 | +27.9% |
| Accrued charges and deferred income | 492/3 | €63,758 | €61,346 | -€2,412 | -3.8% |
| Remuneration, social security and pensions | 62 | €717,428 | €866,777 | +€149,349 | +20.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €516,613 | €601,960 | +€85,347 | +16.5% |
| Other operating charges | 640/8 | €59,315 | €60,563 | +€1,249 | +2.1% |
| Gross operating margin | 9900 | €3,363,056 | €3,267,967 | -€95,089 | -2.8% |
| Operating profit (loss) | 9901 | €2,069,701 | €1,738,666 | -€331,034 | -16.0% |
| Financial income | 75/76B | €3,821,299 | €3,941,629 | +€120,331 | +3.1% |
| Recurring financial income | 75 | €3,821,299 | €3,941,629 | +€120,331 | +3.1% |
| Financial charges | 65/66B | -€9,873 | €6,012 | +€15,885 | |
| Recurring financial charges | 65 | -€9,873 | €6,012 | +€15,885 | |
| Profit (loss) for the period before taxes | 9903 | €5,900,872 | €5,674,284 | -€226,589 | -3.8% |
| Income taxes | 67/77 | €611,385 | €402,996 | -€208,389 | -34.1% |
| Profit (loss) for the period | 9904 | €5,289,487 | €5,271,288 | -€18,199 | -0.3% |
| Transfer to tax-exempt reserves | 689 | - | €421,000 | +€421,000 | |
| Profit (loss) for the period to be appropriated | 9905 | €5,289,487 | €4,850,288 | -€439,199 | -8.3% |
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 11 October 2026 via checked.be.