PLAN B: 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.
PLAN B
Largest movements
- Tangible fixed assets +€477,404
up €477,404 (+55.0%), from €868,335 to €1.3m
of which Assets under construction and advance payments: +€497,800
- Cash -€87,908
down €87,908 (-32.0%), from €274,803 to €186,895
mainly Investment in fixed assets (net) (-€497,800) and Net result for the year (-€16,055)
- Debts after one year +€382,264
up €382,264 (+57.5%), from €665,250 to €1.0m
- Trade debts +€24,934
up €24,934 (+221.7%), from €11,248 to €36,182
- Profit (loss) carried forward -€16,055
down €16,055 (-5.1%), from €313,774 to €297,719
- Other debts -€15,492
no longer reported in 2025 (was €15,492)
- Depreciation -€33,782
down €33,782 (-62.4%), from €54,179 to €20,397
- Financial charges +€19,329
up €19,329 (+164.6%), from €11,743 to €31,073
- Gross operating margin -€17,416
down €17,416 (-31.5%), from €55,307 to €37,891
- Other operating charges -€7,718
down €7,718 (-75.7%), from €10,194 to €2,477
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 | €1,158,817 | €1,545,882 | +€387,065 | +33.4% |
| Fixed assets | 21/28 | €868,335 | €1,345,739 | +€477,404 | +55.0% |
| Tangible fixed assets | 22/27 | €868,335 | €1,345,739 | +€477,404 | +55.0% |
| Land and buildings | 22 | €596,772 | €576,376 | -€20,397 | -3.4% |
| Assets under construction and advance payments | 27 | €271,563 | €769,363 | +€497,800 | +183.3% |
| Current assets | 29/58 | €290,481 | €200,142 | -€90,339 | -31.1% |
| Amounts receivable within one year | 40/41 | €15,540 | €12,858 | -€2,682 | -17.3% |
| Trade receivables | 40 | €13,492 | - | -€13,492 | |
| Other amounts receivable | 41 | €2,048 | €12,858 | +€10,810 | +527.8% |
| Cash at bank and in hand | 54/58 | €274,803 | €186,895 | -€87,908 | -32.0% |
| Deferred charges and accrued income | 490/1 | €139 | €390 | +€251 | +180.1% |
| Total equity and liabilities | 10/49 | €1,158,817 | €1,545,882 | +€387,065 | +33.4% |
| Equity | 10/15 | €459,142 | €443,088 | -€16,055 | -3.5% |
| Contributions | 10/11 | €18,455 | €18,455 | = | 0.0% |
| Reserves | 13 | €126,914 | €126,914 | = | 0.0% |
| Distributable reserves | 133 | €126,914 | €126,914 | = | 0.0% |
| Profit (loss) carried forward | 14 | €313,774 | €297,719 | -€16,055 | -5.1% |
| Amounts payable | 17/49 | €699,674 | €1,102,794 | +€403,120 | +57.6% |
| Amounts payable after more than one year | 17 | €665,250 | €1,047,514 | +€382,264 | +57.5% |
| Financial debts | 170/4 | €665,250 | €1,047,514 | +€382,264 | +57.5% |
| Amounts payable within one year | 42/48 | €33,404 | €53,942 | +€20,538 | +61.5% |
| Current portion of amounts payable after more than one year | 42 | €6,664 | €17,760 | +€11,096 | +166.5% |
| Trade debts | 44 | €11,248 | €36,182 | +€24,934 | +221.7% |
| Suppliers | 440/4 | €11,248 | €36,182 | +€24,934 | +221.7% |
| Other amounts payable | 47/48 | €15,492 | - | -€15,492 | |
| Accrued charges and deferred income | 492/3 | €1,020 | €1,337 | +€317 | +31.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,179 | €20,397 | -€33,782 | -62.4% |
| Other operating charges | 640/8 | €10,194 | €2,477 | -€7,718 | -75.7% |
| Gross operating margin | 9900 | €55,307 | €37,891 | -€17,416 | -31.5% |
| Operating profit (loss) | 9901 | -€9,066 | €15,018 | +€24,083 | |
| Financial charges | 65/66B | €11,743 | €31,073 | +€19,329 | +164.6% |
| Recurring financial charges | 65 | €11,743 | €31,073 | +€19,329 | +164.6% |
| Profit (loss) for the period before taxes | 9903 | -€20,809 | -€16,055 | +€4,754 | +22.8% |
| Profit (loss) for the period | 9904 | -€20,809 | -€16,055 | +€4,754 | +22.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€20,809 | -€16,055 | +€4,754 | +22.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.