PO²: 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.
PO²
Largest movements
- Financial fixed assets -€1.3m
down €1.3m (-60.3%), from €2.1m to €841,500
- Tangible fixed assets +€666,240
up €666,240 (+141242.4%), from €472 to €666,712
of which Assets under construction and advance payments: +€397,180
- Intangible fixed assets +€415,931
new in 2025: €415,931
- Cash +€286,218
up €286,218 (+389.5%), from €73,481 to €359,699
mainly Debts after one year (+€251,665) and Depreciation (+€115,810)
- Profit (loss) carried forward -€326,117
down €326,117 (-41.1%), from €792,977 to €466,860
- Other debts -€282,618
down €282,618 (-64.2%), from €440,237 to €157,619
- Reserves +€277,500
up €277,500 (+105.6%), from €262,860 to €540,360
of which Tax-exempt reserves: +€277,500
- Debts after one year +€251,665
up €251,665 (+44.0%), from €572,613 to €824,278
- Provisions +€92,500
new in 2025: €92,500
- Depreciation +€115,810
new in 2025: €115,810
- Gross operating margin -€37,745
down €37,745 (-28.2%), from €133,799 to €96,054
- Taxes -€13,296
down €13,296 (-49.0%), from €27,107 to €13,811
- Financial charges +€4,211
up €4,211 (+48.7%), from €8,641 to €12,852
- Other operating charges +€1,669
up €1,669 (+331.9%), from €503 to €2,172
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 | €2,240,540 | €2,328,641 | +€88,101 | +3.9% |
| Fixed assets | 21/28 | €2,122,141 | €1,924,143 | -€197,998 | -9.3% |
| Intangible fixed assets | 21 | - | €415,931 | +€415,931 | |
| Tangible fixed assets | 22/27 | €472 | €666,712 | +€666,240 | +141242.4% |
| Land and buildings | 22 | - | €265,582 | +€265,582 | |
| Furniture and vehicles | 24 | - | €3,479 | +€3,479 | |
| Assets under construction and advance payments | 27 | €472 | €397,652 | +€397,180 | +84201.9% |
| Financial fixed assets | 28 | €2,121,669 | €841,500 | -€1.3m | -60.3% |
| Current assets | 29/58 | €118,399 | €404,498 | +€286,099 | +241.6% |
| Amounts receivable within one year | 40/41 | €42,649 | €41,426 | -€1,223 | -2.9% |
| Trade receivables | 40 | €36,454 | €20,237 | -€16,217 | -44.5% |
| Other amounts receivable | 41 | €6,195 | €21,189 | +€14,994 | +242.1% |
| Cash at bank and in hand | 54/58 | €73,481 | €359,699 | +€286,218 | +389.5% |
| Deferred charges and accrued income | 490/1 | €2,269 | €3,373 | +€1,104 | +48.7% |
| Total equity and liabilities | 10/49 | €2,240,540 | €2,328,641 | +€88,101 | +3.9% |
| Equity | 10/15 | €1,104,437 | €1,055,820 | -€48,617 | -4.4% |
| Contributions | 10/11 | €48,600 | €48,600 | = | 0.0% |
| Reserves | 13 | €262,860 | €540,360 | +€277,500 | +105.6% |
| Tax-exempt reserves | 132 | - | €277,500 | +€277,500 | |
| Distributable reserves | 133 | €262,860 | €262,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €792,977 | €466,860 | -€326,117 | -41.1% |
| Provisions and deferred taxes | 16 | - | €92,500 | +€92,500 | |
| Deferred taxes | 168 | - | €92,500 | +€92,500 | |
| Amounts payable | 17/49 | €1,136,103 | €1,180,322 | +€44,219 | +3.9% |
| Amounts payable after more than one year | 17 | €572,613 | €824,278 | +€251,665 | +44.0% |
| Financial debts | 170/4 | €572,613 | €824,278 | +€251,665 | +44.0% |
| Amounts payable within one year | 42/48 | €562,377 | €354,476 | -€207,901 | -37.0% |
| Current portion of amounts payable after more than one year | 42 | €109,236 | €136,971 | +€27,736 | +25.4% |
| Trade debts | 44 | €5,564 | €41,765 | +€36,201 | +650.6% |
| Suppliers | 440/4 | €5,564 | €41,765 | +€36,201 | +650.6% |
| Taxes, remuneration and social security | 45 | €7,340 | €18,121 | +€10,781 | +146.9% |
| Taxes | 450/3 | €7,340 | €18,121 | +€10,781 | +146.9% |
| Other amounts payable | 47/48 | €440,237 | €157,619 | -€282,618 | -64.2% |
| Accrued charges and deferred income | 492/3 | €1,113 | €1,568 | +€455 | +40.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €115,810 | +€115,810 | |
| Other operating charges | 640/8 | €503 | €2,172 | +€1,669 | +331.9% |
| Non-recurring operating charges | 66A | - | €63 | +€63 | |
| Gross operating margin | 9900 | €133,799 | €96,054 | -€37,745 | -28.2% |
| Operating profit (loss) | 9901 | €133,296 | -€21,991 | -€155,287 | |
| Financial income | 75/76B | - | €38 | +€38 | |
| Recurring financial income | 75 | - | €38 | +€38 | |
| Financial charges | 65/66B | €8,641 | €12,852 | +€4,211 | +48.7% |
| Recurring financial charges | 65 | €8,641 | €12,852 | +€4,211 | +48.7% |
| Profit (loss) for the period before taxes | 9903 | €124,655 | -€34,806 | -€159,461 | |
| Income taxes | 67/77 | €27,107 | €13,811 | -€13,296 | -49.0% |
| Profit (loss) for the period | 9904 | €97,548 | -€48,617 | -€146,165 | |
| Transfer to tax-exempt reserves | 689 | - | €277,500 | +€277,500 | |
| Profit (loss) for the period to be appropriated | 9905 | €97,548 | -€326,117 | -€423,665 |
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 5 October 2026 via checked.be.