PASIVO: what changed
PASIVO
Largest movements
- Tangible fixed assets +€300,587
up €300,587 (+64,659%), from €465 to €301,052
of which Land and buildings: +€300,712
- Stocks and contracts -€278,983
down €278,983 (-25.9%), from €1.1m to €799,782
- Receivables within one year -€42,743
down €42,743 (-84.2%), from €50,761 to €8,017
of which Other amounts receivable: -€42,895
- Cash +€18,561
up €18,561 (+233%), from €7,954 to €26,514
mainly Stocks and contracts (+€278,983) and Receivables within one year (+€42,743)
- Profit (loss) carried forward -€53,827
down €53,827 (-17.9%), from -€301,449 to -€355,276
- Debts after one year +€39,440
up €39,440 (+3.5%), from €1.1m to €1.2m
- Gross operating margin +€24,789
up €24,789 (+60.3%), from -€41,127 to -€16,338
- Financial charges -€10,900
down €10,900 (-25.4%), from €42,833 to €31,933
- Depreciation +€1,357
up €1,357 (+1,079%), from €126 to €1,483
- Other operating charges +€432
up €432 (+10.9%), from €3,980 to €4,412
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,137,965 | €1,135,391 | -€2,573 | -0.2% |
| Fixed assets | 21/28 | €465 | €301,052 | +€300,587 | +64,659% |
| Tangible fixed assets | 22/27 | €465 | €301,052 | +€300,587 | +64,659% |
| Land and buildings | 22 | - | €300,712 | +€300,712 | |
| Plant, machinery and equipment | 23 | €465 | €339 | -€126 | -27.1% |
| Current assets | 29/58 | €1,137,500 | €834,340 | -€303,160 | -26.7% |
| Stocks and contracts in progress | 3 | €1,078,765 | €799,782 | -€278,983 | -25.9% |
| Stocks | 30/36 | €1,078,765 | €799,782 | -€278,983 | -25.9% |
| Amounts receivable within one year | 40/41 | €50,761 | €8,017 | -€42,743 | -84.2% |
| Trade receivables | 40 | €6,517 | €6,668 | +€151 | +2.3% |
| Other amounts receivable | 41 | €44,244 | €1,349 | -€42,895 | -97.0% |
| Cash at bank and in hand | 54/58 | €7,954 | €26,514 | +€18,561 | +233% |
| Deferred charges and accrued income | 490/1 | €20 | €25 | +€5 | +24.7% |
| Total equity and liabilities | 10/49 | €1,137,965 | €1,135,391 | -€2,573 | -0.2% |
| Equity | 10/15 | -€39,694 | -€93,521 | -€53,827 | -136% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €249,355 | €249,355 | = | 0.0% |
| Distributable reserves | 133 | €249,355 | €249,355 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€301,449 | -€355,276 | -€53,827 | -17.9% |
| Amounts payable | 17/49 | €1,177,658 | €1,228,912 | +€51,254 | +4.4% |
| Amounts payable after more than one year | 17 | €1,142,428 | €1,181,867 | +€39,440 | +3.5% |
| Financial debts | 170/4 | €1,142,428 | €1,181,867 | +€39,440 | +3.5% |
| Amounts payable within one year | 42/48 | €7,898 | €12,456 | +€4,558 | +57.7% |
| Trade debts | 44 | €7,898 | €10,527 | +€2,629 | +33.3% |
| Suppliers | 440/4 | €7,898 | €10,527 | +€2,629 | +33.3% |
| Other amounts payable | 47/48 | - | €1,929 | +€1,929 | |
| Accrued charges and deferred income | 492/3 | €27,333 | €34,589 | +€7,256 | +26.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €126 | €1,483 | +€1,357 | +1,079% |
| Other operating charges | 640/8 | €3,980 | €4,412 | +€432 | +10.9% |
| Gross operating margin | 9900 | -€41,127 | -€16,338 | +€24,789 | +60.3% |
| Operating profit (loss) | 9901 | -€45,233 | -€22,233 | +€23,000 | +50.8% |
| Financial income | 75/76B | - | €339 | +€339 | |
| Recurring financial income | 75 | - | €339 | +€339 | |
| Financial charges | 65/66B | €42,833 | €31,933 | -€10,900 | -25.4% |
| Recurring financial charges | 65 | €42,833 | €31,933 | -€10,900 | -25.4% |
| Profit (loss) for the period before taxes | 9903 | -€88,066 | -€53,827 | +€34,239 | +38.9% |
| Profit (loss) for the period | 9904 | -€88,066 | -€53,827 | +€34,239 | +38.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€88,066 | -€53,827 | +€34,239 | +38.9% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.