PERSPECTIEF: 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.
PERSPECTIEF
Largest movements
- Current investments -€115,205
down €115,205 (-16.1%), from €715,205 to €600,000
- Cash +€102,011
up €102,011 (+170.5%), from €59,837 to €161,848
mainly Net result for the year (+€146,975) and Current investments (+€115,205)
- Receivables within one year -€59,562
down €59,562 (-28.4%), from €209,987 to €150,425
of which Trade receivables: -€53,803
- Deferred charges and accrued income -€24,386
down €24,386 (-89.9%), from €27,134 to €2,749
- Reserves -€82,261
down €82,261 (-7.6%), from €1.1m to €995,764
of which Distributable reserves: -€80,778
- Trade debts -€26,436
down €26,436 (-22.2%), from €119,308 to €92,872
- Gross operating margin +€10,002
up €10,002 (+4.7%), from €214,685 to €224,686
- Financial income +€5,693
up €5,693 (+56.4%), from €10,096 to €15,788
of which Financial income: +€4,323
- Taxes +€5,085
up €5,085 (+7.8%), from €65,472 to €70,557
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 | €1,471,157 | €1,360,546 | -€110,610 | -7.5% |
| Fixed assets | 21/28 | €458,993 | €445,524 | -€13,468 | -2.9% |
| Tangible fixed assets | 22/27 | €378,993 | €365,524 | -€13,468 | -3.6% |
| Land and buildings | 22 | €373,046 | €359,080 | -€13,966 | -3.7% |
| Plant, machinery and equipment | 23 | €5,311 | €3,866 | -€1,444 | -27.2% |
| Furniture and vehicles | 24 | €636 | €2,578 | +€1,942 | +305.5% |
| Financial fixed assets | 28 | €80,000 | €80,000 | = | 0.0% |
| Current assets | 29/58 | €1,012,164 | €915,022 | -€97,142 | -9.6% |
| Amounts receivable within one year | 40/41 | €209,987 | €150,425 | -€59,562 | -28.4% |
| Trade receivables | 40 | €147,514 | €93,711 | -€53,803 | -36.5% |
| Other amounts receivable | 41 | €62,473 | €56,714 | -€5,759 | -9.2% |
| Current investments | 50/53 | €715,205 | €600,000 | -€115,205 | -16.1% |
| Cash at bank and in hand | 54/58 | €59,837 | €161,848 | +€102,011 | +170.5% |
| Deferred charges and accrued income | 490/1 | €27,134 | €2,749 | -€24,386 | -89.9% |
| Total equity and liabilities | 10/49 | €1,471,157 | €1,360,546 | -€110,610 | -7.5% |
| Equity | 10/15 | €1,278,724 | €1,194,863 | -€83,861 | -6.6% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €1,078,025 | €995,764 | -€82,261 | -7.6% |
| Non-distributable reserves | 130/1 | €17,630 | €17,630 | = | 0.0% |
| Legal reserve | 130 | €17,630 | €17,630 | = | 0.0% |
| Tax-exempt reserves | 132 | €22,712 | €21,229 | -€1,483 | -6.5% |
| Distributable reserves | 133 | €1,037,682 | €956,905 | -€80,778 | -7.8% |
| Profit (loss) carried forward | 14 | €100,699 | €99,099 | -€1,600 | -1.6% |
| Provisions and deferred taxes | 16 | €9,363 | €8,740 | -€623 | -6.7% |
| Deferred taxes | 168 | €9,363 | €8,740 | -€623 | -6.7% |
| Amounts payable | 17/49 | €183,070 | €156,943 | -€26,127 | -14.3% |
| Amounts payable within one year | 42/48 | €183,070 | €156,943 | -€26,127 | -14.3% |
| Trade debts | 44 | €119,308 | €92,872 | -€26,436 | -22.2% |
| Suppliers | 440/4 | €119,308 | €92,872 | -€26,436 | -22.2% |
| Taxes, remuneration and social security | 45 | €13,327 | €17,062 | +€3,735 | +28.0% |
| Taxes | 450/3 | €13,327 | €17,062 | +€3,735 | +28.0% |
| Other amounts payable | 47/48 | €50,434 | €47,009 | -€3,425 | -6.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,150 | €16,147 | -€2 | 0.0% |
| Other operating charges | 640/8 | €4,285 | €4,584 | +€299 | +7.0% |
| Gross operating margin | 9900 | €214,685 | €224,686 | +€10,002 | +4.7% |
| Operating profit (loss) | 9901 | €194,250 | €203,955 | +€9,705 | +5.0% |
| Financial income | 75/76B | €10,096 | €15,788 | +€5,693 | +56.4% |
| Recurring financial income | 75 | €10,096 | €14,418 | +€4,323 | +42.8% |
| Non-recurring financial income | 76B | - | €1,370 | +€1,370 | |
| Financial charges | 65/66B | €3,166 | €2,834 | -€332 | -10.5% |
| Recurring financial charges | 65 | €3,166 | €2,834 | -€332 | -10.5% |
| Profit (loss) for the period before taxes | 9903 | €201,179 | €216,909 | +€15,730 | +7.8% |
| Transfer from deferred taxes | 780 | €682 | €623 | -€59 | -8.7% |
| Income taxes | 67/77 | €65,472 | €70,557 | +€5,085 | +7.8% |
| Profit (loss) for the period | 9904 | €136,390 | €146,975 | +€10,586 | +7.8% |
| Transfer from tax-exempt reserves | 789 | €1,483 | €1,483 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €137,873 | €148,459 | +€10,586 | +7.7% |
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 12 October 2026 via checked.be.