PHASE 23: what changed
Two fiscal 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.
PHASE 23
Largest movements
- Cash -€236,773
down €236,773 (-46.5%), from €509,119 to €272,345
mainly Investment in fixed assets (net) (-€397,665) and Provisions (-€13,247)
- Tangible fixed assets +€214,008
up €214,008 (+13.7%), from €1.6m to €1.8m
of which Land and buildings: +€132,840
No liability line moved by more than 1% of the balance sheet total.
- Gross operating margin +€44,267
up €44,267 (+27.2%), from €162,596 to €206,864
- Depreciation +€30,169
up €30,169 (+19.7%), from €153,488 to €183,657
- Taxes +€3,553
up €3,553 (+18.1%), from €19,657 to €23,211
- Financial income +€2,381
up €2,381 (+291.3%), from €817 to €3,198
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,097,359 | €2,077,153 | -€20,205 | -1.0% |
| Fixed assets | 21/28 | €1,564,209 | €1,778,217 | +€214,008 | +13.7% |
| Tangible fixed assets | 22/27 | €1,564,209 | €1,778,217 | +€214,008 | +13.7% |
| Land and buildings | 22 | €1,502,128 | €1,634,968 | +€132,840 | +8.8% |
| Plant, machinery and equipment | 23 | €2,188 | €1,919 | -€269 | -12.3% |
| Furniture and vehicles | 24 | €51,407 | €133,149 | +€81,741 | +159.0% |
| Other tangible fixed assets | 26 | €8,486 | €8,182 | -€304 | -3.6% |
| Current assets | 29/58 | €533,149 | €298,936 | -€234,213 | -43.9% |
| Amounts receivable within one year | 40/41 | €17,912 | €20,512 | +€2,601 | +14.5% |
| Trade receivables | 40 | €17,912 | €19,887 | +€1,975 | +11.0% |
| Other amounts receivable | 41 | - | €625 | +€625 | |
| Cash at bank and in hand | 54/58 | €509,119 | €272,345 | -€236,773 | -46.5% |
| Deferred charges and accrued income | 490/1 | €6,119 | €6,078 | -€41 | -0.7% |
| Total equity and liabilities | 10/49 | €2,097,359 | €2,077,153 | -€20,205 | -1.0% |
| Equity | 10/15 | €1,948,334 | €1,949,112 | +€778 | 0.0% |
| Contributions | 10/11 | €647,000 | €647,000 | = | 0.0% |
| Reserves | 13 | €885,175 | €885,952 | +€778 | +0.1% |
| Non-distributable reserves | 130/1 | €27,910 | €27,910 | = | 0.0% |
| Reserves not available under the articles | 1311 | €27,910 | €27,910 | = | 0.0% |
| Tax-exempt reserves | 132 | €407,605 | €354,617 | -€52,988 | -13.0% |
| Distributable reserves | 133 | €449,660 | €503,425 | +€53,765 | +12.0% |
| Profit (loss) carried forward | 14 | €416,159 | €416,159 | = | 0.0% |
| Provisions and deferred taxes | 16 | €101,901 | €88,654 | -€13,247 | -13.0% |
| Deferred taxes | 168 | €101,901 | €88,654 | -€13,247 | -13.0% |
| Amounts payable | 17/49 | €47,123 | €39,387 | -€7,736 | -16.4% |
| Amounts payable within one year | 42/48 | €39,817 | €35,682 | -€4,135 | -10.4% |
| Trade debts | 44 | €11,847 | €11,257 | -€591 | -5.0% |
| Suppliers | 440/4 | €11,847 | €11,257 | -€591 | -5.0% |
| Taxes, remuneration and social security | 45 | €23,908 | €24,051 | +€142 | +0.6% |
| Taxes | 450/3 | €19,045 | €18,244 | -€801 | -4.2% |
| Remuneration and social security | 454/9 | €4,864 | €5,807 | +€943 | +19.4% |
| Other amounts payable | 47/48 | €4,061 | €374 | -€3,687 | -90.8% |
| Accrued charges and deferred income | 492/3 | €7,306 | €3,705 | -€3,601 | -49.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €153,488 | €183,657 | +€30,169 | +19.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €15,599 | €15,470 | -€129 | -0.8% |
| Gross operating margin | 9900 | €162,596 | €206,864 | +€44,267 | +27.2% |
| Operating profit (loss) | 9901 | -€6,490 | €7,737 | +€14,227 | |
| Financial income | 75/76B | €817 | €3,198 | +€2,381 | +291.3% |
| Recurring financial income | 75 | €817 | €3,198 | +€2,381 | +291.3% |
| Financial charges | 65/66B | €206 | €193 | -€13 | -6.3% |
| Recurring financial charges | 65 | €206 | €193 | -€13 | -6.3% |
| Profit (loss) for the period before taxes | 9903 | -€5,879 | €10,741 | +€16,621 | |
| Transfer from deferred taxes | 780 | €13,247 | €13,247 | = | 0.0% |
| Income taxes | 67/77 | €19,657 | €23,211 | +€3,553 | +18.1% |
| Profit (loss) for the period | 9904 | -€12,290 | €778 | +€13,067 | |
| Transfer from tax-exempt reserves | 789 | €53,073 | €52,988 | -€85 | -0.2% |
| Profit (loss) for the period to be appropriated | 9905 | €40,783 | €53,765 | +€12,983 | +31.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.