Passive Logic: 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.
Passive Logic
Largest movements
- Tangible fixed assets +€13,725
up €13,725 (+2.7%), from €509,002 to €522,727
of which Furniture and vehicles: +€29,187
- Reserves +€25,537
up €25,537 (+16.5%), from €155,020 to €180,557
of which Distributable reserves: +€25,537
- Debts after one year -€22,771
down €22,771 (-6.9%), from €331,401 to €308,630
of which Financial debts: -€22,771
- Other debts +€11,322
up €11,322 (+128%), from €8,814 to €20,136
- Taxes +€4,262
up €4,262 (+118%), from €3,613 to €7,874
- Depreciation +€3,198
up €3,198 (+14.9%), from €21,451 to €24,649
- Financial charges -€2,245
down €2,245 (-11.3%), from €19,797 to €17,552
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 | €532,935 | €551,140 | +€18,205 | +3.4% |
| Fixed assets | 21/28 | €509,002 | €522,727 | +€13,725 | +2.7% |
| Tangible fixed assets | 22/27 | €509,002 | €522,727 | +€13,725 | +2.7% |
| Land and buildings | 22 | €488,158 | €472,695 | -€15,463 | -3.2% |
| Furniture and vehicles | 24 | €20,844 | €50,032 | +€29,187 | +140% |
| Current assets | 29/58 | €23,933 | €28,413 | +€4,481 | +18.7% |
| Amounts receivable within one year | 40/41 | €12,331 | €16,320 | +€3,989 | +32.3% |
| Trade receivables | 40 | €12,331 | €16,187 | +€3,856 | +31.3% |
| Other amounts receivable | 41 | - | €133 | +€133 | |
| Cash at bank and in hand | 54/58 | €9,132 | €10,052 | +€920 | +10.1% |
| Deferred charges and accrued income | 490/1 | €2,469 | €2,041 | -€429 | -17.4% |
| Total equity and liabilities | 10/49 | €532,935 | €551,140 | +€18,205 | +3.4% |
| Equity | 10/15 | €161,220 | €186,757 | +€25,537 | +15.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €155,020 | €180,557 | +€25,537 | +16.5% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €153,161 | €178,698 | +€25,537 | +16.7% |
| Amounts payable | 17/49 | €371,715 | €364,383 | -€7,332 | -2.0% |
| Amounts payable after more than one year | 17 | €331,401 | €308,630 | -€22,771 | -6.9% |
| Financial debts | 170/4 | €330,401 | €307,630 | -€22,771 | -6.9% |
| Other amounts payable | 178/9 | €1,000 | €1,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €37,990 | €55,753 | +€17,763 | +46.8% |
| Current portion of amounts payable after more than one year | 42 | €21,630 | €24,616 | +€2,986 | +13.8% |
| Trade debts | 44 | €876 | €2,239 | +€1,364 | +156% |
| Suppliers | 440/4 | €876 | €2,239 | +€1,364 | +156% |
| Taxes, remuneration and social security | 45 | €6,671 | €8,762 | +€2,091 | +31.3% |
| Taxes | 450/3 | €3,310 | €8,762 | +€5,453 | +165% |
| Remuneration and social security | 454/9 | €3,361 | - | -€3,361 | |
| Other amounts payable | 47/48 | €8,814 | €20,136 | +€11,322 | +128% |
| Accrued charges and deferred income | 492/3 | €2,324 | - | -€2,324 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,451 | €24,649 | +€3,198 | +14.9% |
| Other operating charges | 640/8 | €3,199 | €3,360 | +€160 | +5.0% |
| Gross operating margin | 9900 | €79,486 | €78,946 | -€540 | -0.7% |
| Operating profit (loss) | 9901 | €54,836 | €50,937 | -€3,898 | -7.1% |
| Financial income | 75/76B | €8 | €26 | +€18 | +223% |
| Recurring financial income | 75 | €8 | €26 | +€18 | +223% |
| Financial charges | 65/66B | €19,797 | €17,552 | -€2,245 | -11.3% |
| Recurring financial charges | 65 | €19,797 | €17,552 | -€2,245 | -11.3% |
| Profit (loss) for the period before taxes | 9903 | €35,047 | €33,411 | -€1,636 | -4.7% |
| Income taxes | 67/77 | €3,613 | €7,874 | +€4,262 | +118% |
| Profit (loss) for the period | 9904 | €31,434 | €25,537 | -€5,897 | -18.8% |
| Profit (loss) for the period to be appropriated | 9905 | €31,434 | €25,537 | -€5,897 | -18.8% |
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 24 October 2026 via checked.be.