PORTFOLIO SERVICES: 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.
PORTFOLIO SERVICES
Largest movements
- Tangible fixed assets -€377,016
down €377,016 (-48.7%), from €774,372 to €397,356
of which Land and buildings: -€362,246
- Current investments +€74,569
up €74,569 (+23.2%), from €321,122 to €395,691
- Cash -€69,160
down €69,160 (-90.1%), from €76,749 to €7,588
mainly Contributions, distributions and other (-€347,930) and Current investments (-€74,569)
- Contributions -€259,370
down €259,370 (-83.8%), from €309,400 to €50,030
- Profit (loss) carried forward -€51,739
down €51,739 (-100%), from €51,739 to €0
- Debts after one year -€37,069
down €37,069 (-18.8%), from €196,687 to €159,618
of which Financial debts: -€36,859
- Provisions -€31,789
down €31,789 (-88.1%), from €36,081 to €4,292
- Gross operating margin -€198,713
down €198,713 (-61.5%), from €323,013 to €124,300
- Taxes -€32,482
down €32,482 (-38.3%), from €84,747 to €52,265
- Financial income +€12,898
up €12,898 (+6,448%), from €200 to €13,098
- Depreciation +€7,809
up €7,809 (+18.7%), from €41,755 to €49,564
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.
Derived cash bridge
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 | €1,179,548 | €805,853 | -€373,695 | -31.7% |
| Fixed assets | 21/28 | €776,542 | €399,526 | -€377,016 | -48.6% |
| Tangible fixed assets | 22/27 | €774,372 | €397,356 | -€377,016 | -48.7% |
| Land and buildings | 22 | €715,120 | €352,875 | -€362,246 | -50.7% |
| Plant, machinery and equipment | 23 | €2,155 | €1,560 | -€595 | -27.6% |
| Furniture and vehicles | 24 | €57,096 | €42,921 | -€14,176 | -24.8% |
| Financial fixed assets | 28 | €2,170 | €2,170 | = | 0.0% |
| Current assets | 29/58 | €403,005 | €406,327 | +€3,322 | +0.8% |
| Amounts receivable within one year | 40/41 | €5,135 | €3,048 | -€2,087 | -40.6% |
| Trade receivables | 40 | €2,810 | €3,036 | +€226 | +8.0% |
| Other amounts receivable | 41 | €2,325 | €12 | -€2,313 | -99.5% |
| Current investments | 50/53 | €321,122 | €395,691 | +€74,569 | +23.2% |
| Cash at bank and in hand | 54/58 | €76,749 | €7,588 | -€69,160 | -90.1% |
| Total equity and liabilities | 10/49 | €1,179,548 | €805,853 | -€373,695 | -31.7% |
| Equity | 10/15 | €870,555 | €561,597 | -€308,958 | -35.5% |
| Contributions | 10/11 | €309,400 | €50,030 | -€259,370 | -83.8% |
| Reserves | 13 | €509,416 | €511,567 | +€2,151 | +0.4% |
| Non-distributable reserves | 130/1 | €381,653 | - | -€381,653 | |
| Reserves not available under the articles | 1311 | €381,653 | - | -€381,653 | |
| Tax-exempt reserves | 132 | €123,591 | €59,163 | -€64,428 | -52.1% |
| Distributable reserves | 133 | €4,172 | €452,404 | +€448,233 | +10,745% |
| Profit (loss) carried forward | 14 | €51,739 | €0 | -€51,739 | -100% |
| Provisions and deferred taxes | 16 | €36,081 | €4,292 | -€31,789 | -88.1% |
| Deferred taxes | 168 | €36,081 | €4,292 | -€31,789 | -88.1% |
| Amounts payable | 17/49 | €272,911 | €239,964 | -€32,947 | -12.1% |
| Amounts payable after more than one year | 17 | €196,687 | €159,618 | -€37,069 | -18.8% |
| Financial debts | 170/4 | €196,477 | €159,618 | -€36,859 | -18.8% |
| Other amounts payable | 178/9 | €210 | €0 | -€210 | -100% |
| Amounts payable within one year | 42/48 | €76,224 | €80,346 | +€4,122 | +5.4% |
| Current portion of amounts payable after more than one year | 42 | €36,403 | €36,859 | +€455 | +1.3% |
| Financial debts | 43 | €1,277 | €467 | -€810 | -63.4% |
| Credit institutions | 430/8 | €1,277 | €467 | -€810 | -63.4% |
| Trade debts | 44 | €2,907 | €10,733 | +€7,826 | +269% |
| Suppliers | 440/4 | €2,907 | €10,733 | +€7,826 | +269% |
| Advances received on contracts in progress | 46 | €1,115 | €0 | -€1,115 | -100% |
| Taxes, remuneration and social security | 45 | €31,541 | €32,287 | +€747 | +2.4% |
| Taxes | 450/3 | €22,405 | €23,403 | +€998 | +4.5% |
| Remuneration and social security | 454/9 | €9,136 | €8,884 | -€251 | -2.8% |
| Other amounts payable | 47/48 | €2,981 | €0 | -€2,981 | -100% |
| Non-recurring operating income | 76A | €17,500 | €211,537 | +€194,037 | +1,109% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,755 | €49,564 | +€7,809 | +18.7% |
| Other operating charges | 640/8 | €14,711 | €11,909 | -€2,802 | -19.0% |
| Non-recurring operating charges | 66A | €14,518 | €4,569 | -€9,950 | -68.5% |
| Gross operating margin | 9900 | €323,013 | €124,300 | -€198,713 | -61.5% |
| Operating profit (loss) | 9901 | €252,029 | €58,258 | -€193,771 | -76.9% |
| Financial income | 75/76B | €200 | €13,098 | +€12,898 | +6,448% |
| Recurring financial income | 75 | €200 | €13,098 | +€12,898 | +6,448% |
| Financial charges | 65/66B | €6,984 | €3,847 | -€3,137 | -44.9% |
| Recurring financial charges | 65 | €6,984 | €3,847 | -€3,137 | -44.9% |
| Profit (loss) for the period before taxes | 9903 | €245,245 | €67,510 | -€177,736 | -72.5% |
| Transfer from deferred taxes | 780 | €2,670 | €23,727 | +€21,057 | +789% |
| Income taxes | 67/77 | €84,747 | €52,265 | -€32,482 | -38.3% |
| Profit (loss) for the period | 9904 | €163,168 | €38,972 | -€124,196 | -76.1% |
| Transfer from tax-exempt reserves | 789 | €8,067 | €72,490 | +€64,424 | +799% |
| Profit (loss) for the period to be appropriated | 9905 | €171,235 | €111,462 | -€59,773 | -34.9% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.