POINT: 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.
POINT
Largest movements
- Receivables within one year +€128,275
up €128,275 (+8.9%), from €1.4m to €1.6m
- Tangible fixed assets -€40,303
down €40,303 (-2.9%), from €1.4m to €1.3m
- Other debts +€228,889
up €228,889 (+9.2%), from €2.5m to €2.7m
- Debts after one year -€166,510
down €166,510 (-42.1%), from €395,373 to €228,863
- Financial charges +€7,314
up €7,314 (+8.4%), from €87,105 to €94,418
- Depreciation -€5,315
down €5,315 (-11.7%), from €45,618 to €40,303
- Gross operating margin -€2,214
down €2,214 (-1.1%), from €201,987 to €199,773
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 | €3,441,067 | €3,528,049 | +€86,982 | +2.5% |
| Fixed assets | 21/28 | €2,006,005 | €1,965,703 | -€40,303 | -2.0% |
| Tangible fixed assets | 22/27 | €1,385,994 | €1,345,692 | -€40,303 | -2.9% |
| Land and buildings | 22 | €1,385,994 | €1,345,692 | -€40,303 | -2.9% |
| Financial fixed assets | 28 | €620,011 | €620,011 | = | 0.0% |
| Current assets | 29/58 | €1,435,062 | €1,562,347 | +€127,285 | +8.9% |
| Amounts receivable within one year | 40/41 | €1,433,359 | €1,561,634 | +€128,275 | +8.9% |
| Other amounts receivable | 41 | €1,433,359 | €1,561,634 | +€128,275 | +8.9% |
| Cash at bank and in hand | 54/58 | €1,703 | €713 | -€990 | -58.1% |
| Total equity and liabilities | 10/49 | €3,441,067 | €3,528,049 | +€86,982 | +2.5% |
| Equity | 10/15 | €386,821 | €407,272 | +€20,451 | +5.3% |
| Contributions | 10/11 | €2,200,000 | €2,200,000 | = | 0.0% |
| Capital | 10 | €2,200,000 | €2,200,000 | = | 0.0% |
| Issued capital | 100 | €2,200,000 | €2,200,000 | = | 0.0% |
| Revaluation surpluses | 12 | €730,583 | €730,583 | = | 0.0% |
| Reserves | 13 | €1,297 | €1,297 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,297 | €1,297 | = | 0.0% |
| Legal reserve | 130 | €1,297 | €1,297 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,545,059 | -€2,524,608 | +€20,451 | +0.8% |
| Amounts payable | 17/49 | €3,054,246 | €3,120,778 | +€66,532 | +2.2% |
| Amounts payable after more than one year | 17 | €395,373 | €228,863 | -€166,510 | -42.1% |
| Financial debts | 170/4 | €395,373 | €228,863 | -€166,510 | -42.1% |
| Amounts payable within one year | 42/48 | €2,658,423 | €2,891,464 | +€233,041 | +8.8% |
| Current portion of amounts payable after more than one year | 42 | €162,232 | €166,510 | +€4,278 | +2.6% |
| Trade debts | 44 | €126 | - | -€126 | |
| Suppliers | 440/4 | €126 | - | -€126 | |
| Other amounts payable | 47/48 | €2,496,065 | €2,724,954 | +€228,889 | +9.2% |
| Accrued charges and deferred income | 492/3 | €450 | €450 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,618 | €40,303 | -€5,315 | -11.7% |
| Other operating charges | 640/8 | €43,249 | €44,601 | +€1,352 | +3.1% |
| Gross operating margin | 9900 | €201,987 | €199,773 | -€2,214 | -1.1% |
| Operating profit (loss) | 9901 | €113,120 | €114,869 | +€1,749 | +1.5% |
| Financial charges | 65/66B | €87,105 | €94,418 | +€7,314 | +8.4% |
| Recurring financial charges | 65 | €87,105 | €94,418 | +€7,314 | +8.4% |
| Profit (loss) for the period before taxes | 9903 | €26,015 | €20,451 | -€5,565 | -21.4% |
| Profit (loss) for the period | 9904 | €26,015 | €20,451 | -€5,565 | -21.4% |
| Profit (loss) for the period to be appropriated | 9905 | €26,015 | €20,451 | -€5,565 | -21.4% |
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 4 October 2026 via checked.be.