Prelude: 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.
Prelude
Largest movements
- Tangible fixed assets -€24,665
down €24,665 (-4.8%), from €519,240 to €494,575
of which Land and buildings: -€23,118
- Debts after one year -€90,010
down €90,010 (-57.6%), from €156,264 to €66,254
of which Financial debts: -€66,676
- Profit (loss) carried forward +€50,960
up €50,960 (+82.1%), from €62,088 to €113,048
- Advances received -€28,822
down €28,822 (-100.0%), from €28,822 to €0
- Other debts +€17,949
up €17,949 (+12.0%), from €149,095 to €167,044
- Tax, wage and social debts +€14,033
up €14,033 (+172.0%), from €8,159 to €22,193
- Gross operating margin +€15,023
up €15,023 (+14.3%), from €105,155 to €120,179
- Taxes +€14,634
up €14,634 (+298.6%), from €4,900 to €19,534
- Financial charges -€10,556
down €10,556 (-47.6%), from €22,158 to €11,602
- Depreciation -€2,237
down €2,237 (-6.2%), from €36,172 to €33,935
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 | €571,956 | €539,674 | -€32,282 | -5.6% |
| Fixed assets | 21/28 | €519,240 | €494,575 | -€24,665 | -4.8% |
| Tangible fixed assets | 22/27 | €519,240 | €494,575 | -€24,665 | -4.8% |
| Land and buildings | 22 | €514,081 | €490,963 | -€23,118 | -4.5% |
| Plant, machinery and equipment | 23 | €4,481 | €3,273 | -€1,208 | -27.0% |
| Furniture and vehicles | 24 | €678 | €339 | -€339 | -50.0% |
| Current assets | 29/58 | €52,716 | €45,100 | -€7,617 | -14.4% |
| Amounts receivable within one year | 40/41 | €41,770 | €37,126 | -€4,644 | -11.1% |
| Trade receivables | 40 | €41,770 | €37,126 | -€4,644 | -11.1% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €10,523 | €7,974 | -€2,550 | -24.2% |
| Deferred charges and accrued income | 490/1 | €423 | €0 | -€423 | -100.0% |
| Total equity and liabilities | 10/49 | €571,956 | €539,674 | -€32,282 | -5.6% |
| Equity | 10/15 | €133,238 | €184,198 | +€50,960 | +38.2% |
| Contributions | 10/11 | €70,000 | €70,000 | = | 0.0% |
| Reserves | 13 | €1,150 | €1,150 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,150 | €1,150 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,150 | €1,150 | = | 0.0% |
| Profit (loss) carried forward | 14 | €62,088 | €113,048 | +€50,960 | +82.1% |
| Amounts payable | 17/49 | €438,718 | €355,476 | -€83,242 | -19.0% |
| Amounts payable after more than one year | 17 | €156,264 | €66,254 | -€90,010 | -57.6% |
| Financial debts | 170/4 | €132,930 | €66,254 | -€66,676 | -50.2% |
| Other amounts payable | 178/9 | €23,334 | €0 | -€23,334 | -100.0% |
| Amounts payable within one year | 42/48 | €282,454 | €289,223 | +€6,768 | +2.4% |
| Current portion of amounts payable after more than one year | 42 | €94,901 | €97,788 | +€2,887 | +3.0% |
| Trade debts | 44 | €1,477 | €2,198 | +€721 | +48.8% |
| Suppliers | 440/4 | €1,477 | €2,198 | +€721 | +48.8% |
| Advances received on contracts in progress | 46 | €28,822 | €0 | -€28,822 | -100.0% |
| Taxes, remuneration and social security | 45 | €8,159 | €22,193 | +€14,033 | +172.0% |
| Taxes | 450/3 | €8,159 | €22,193 | +€14,033 | +172.0% |
| Other amounts payable | 47/48 | €149,095 | €167,044 | +€17,949 | +12.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,172 | €33,935 | -€2,237 | -6.2% |
| Other operating charges | 640/8 | €4,022 | €4,148 | +€126 | +3.1% |
| Non-recurring operating charges | 66A | €5,827 | €0 | -€5,827 | -100.0% |
| Gross operating margin | 9900 | €105,155 | €120,179 | +€15,023 | +14.3% |
| Operating profit (loss) | 9901 | €59,134 | €82,096 | +€22,962 | +38.8% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €22,158 | €11,602 | -€10,556 | -47.6% |
| Recurring financial charges | 65 | €22,158 | €11,602 | -€10,556 | -47.6% |
| Profit (loss) for the period before taxes | 9903 | €36,975 | €70,494 | +€33,519 | +90.7% |
| Income taxes | 67/77 | €4,900 | €19,534 | +€14,634 | +298.6% |
| Profit (loss) for the period | 9904 | €32,075 | €50,960 | +€18,884 | +58.9% |
| Profit (loss) for the period to be appropriated | 9905 | €32,075 | €50,960 | +€18,884 | +58.9% |
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.