PROPERTY: 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.
PROPERTY
Largest movements
- Cash +€296,991
up €296,991 (+190.3%), from €156,051 to €453,042
mainly Net result for the year (+€157,298) and Investment in fixed assets (net) (+€140,421)
- Tangible fixed assets -€199,245
down €199,245 (-19.7%), from €1.0m to €811,637
of which Land and buildings: -€171,672
- Reserves +€157,298
up €157,298 (+24.5%), from €641,237 to €798,535
of which Tax-exempt reserves: +€89,831
- Debts after one year -€72,614
down €72,614 (-21.3%), from €341,266 to €268,652
- Other debts -€59,636
down €59,636 (-60.1%), from €99,180 to €39,544
- Tax, wage and social debts +€41,312
up €41,312 (+41.8%), from €98,863 to €140,175
of which Taxes: +€35,136
- Provisions +€29,944
new in 2025: €29,944
- Taxes -€28,720
down €28,720 (-44.4%), from €64,630 to €35,909
- Gross operating margin +€27,791
up €27,791 (+9.8%), from €284,362 to €312,152
- Financial charges -€9,692
down €9,692 (-43.9%), from €22,055 to €12,363
- Depreciation +€4,168
up €4,168 (+6.7%), from €62,491 to €66,659
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 | €1,230,627 | €1,306,812 | +€76,185 | +6.2% |
| Fixed assets | 21/28 | €1,024,967 | €817,888 | -€207,079 | -20.2% |
| Intangible fixed assets | 21 | €7,278 | €5,350 | -€1,928 | -26.5% |
| Tangible fixed assets | 22/27 | €1,010,883 | €811,637 | -€199,245 | -19.7% |
| Land and buildings | 22 | €893,494 | €721,822 | -€171,672 | -19.2% |
| Plant, machinery and equipment | 23 | €4,692 | €3,460 | -€1,231 | -26.2% |
| Furniture and vehicles | 24 | €68,741 | €46,535 | -€22,206 | -32.3% |
| Other tangible fixed assets | 26 | €43,955 | €39,819 | -€4,136 | -9.4% |
| Financial fixed assets | 28 | €6,806 | €900 | -€5,906 | -86.8% |
| Current assets | 29/58 | €205,659 | €488,924 | +€283,265 | +137.7% |
| Amounts receivable within one year | 40/41 | €42,171 | €32,484 | -€9,687 | -23.0% |
| Trade receivables | 40 | €42,171 | €32,484 | -€9,687 | -23.0% |
| Cash at bank and in hand | 54/58 | €156,051 | €453,042 | +€296,991 | +190.3% |
| Deferred charges and accrued income | 490/1 | €7,437 | €3,398 | -€4,039 | -54.3% |
| Total equity and liabilities | 10/49 | €1,230,627 | €1,306,812 | +€76,185 | +6.2% |
| Equity | 10/15 | €649,297 | €806,595 | +€157,298 | +24.2% |
| Contributions | 10/11 | €8,060 | €8,060 | = | 0.0% |
| Reserves | 13 | €641,237 | €798,535 | +€157,298 | +24.5% |
| Tax-exempt reserves | 132 | - | €89,831 | +€89,831 | |
| Distributable reserves | 133 | €641,237 | €708,704 | +€67,467 | +10.5% |
| Profit (loss) carried forward | 14 | - | €0 | +€0 | |
| Provisions and deferred taxes | 16 | - | €29,944 | +€29,944 | |
| Deferred taxes | 168 | - | €29,944 | +€29,944 | |
| Amounts payable | 17/49 | €581,330 | €470,273 | -€111,057 | -19.1% |
| Amounts payable after more than one year | 17 | €341,266 | €268,652 | -€72,614 | -21.3% |
| Financial debts | 170/4 | €341,266 | €268,652 | -€72,614 | -21.3% |
| Amounts payable within one year | 42/48 | €240,064 | €201,621 | -€38,443 | -16.0% |
| Current portion of amounts payable after more than one year | 42 | €33,623 | €21,763 | -€11,860 | -35.3% |
| Trade debts | 44 | €8,399 | €139 | -€8,259 | -98.3% |
| Suppliers | 440/4 | €8,399 | €139 | -€8,259 | -98.3% |
| Taxes, remuneration and social security | 45 | €98,863 | €140,175 | +€41,312 | +41.8% |
| Taxes | 450/3 | €80,644 | €115,779 | +€35,136 | +43.6% |
| Remuneration and social security | 454/9 | €18,219 | €24,396 | +€6,176 | +33.9% |
| Other amounts payable | 47/48 | €99,180 | €39,544 | -€59,636 | -60.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €62,491 | €66,659 | +€4,168 | +6.7% |
| Other operating charges | 640/8 | €10,012 | €9,985 | -€28 | -0.3% |
| Gross operating margin | 9900 | €284,362 | €312,152 | +€27,791 | +9.8% |
| Operating profit (loss) | 9901 | €211,858 | €235,509 | +€23,651 | +11.2% |
| Financial income | 75/76B | €10 | €5 | -€5 | -47.2% |
| Recurring financial income | 75 | €10 | €5 | -€5 | -47.2% |
| Financial charges | 65/66B | €22,055 | €12,363 | -€9,692 | -43.9% |
| Recurring financial charges | 65 | €22,055 | €12,363 | -€9,692 | -43.9% |
| Profit (loss) for the period before taxes | 9903 | €189,813 | €223,151 | +€33,338 | +17.6% |
| Transfer to deferred taxes | 680 | - | €29,944 | +€29,944 | |
| Income taxes | 67/77 | €64,630 | €35,909 | -€28,720 | -44.4% |
| Profit (loss) for the period | 9904 | €125,184 | €157,298 | +€32,115 | +25.7% |
| Transfer to tax-exempt reserves | 689 | - | €89,831 | +€89,831 | |
| Profit (loss) for the period to be appropriated | 9905 | €125,184 | €67,467 | -€57,717 | -46.1% |
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 29 September 2026 via checked.be.