PUBLIC EXPOSURE: 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.
PUBLIC EXPOSURE
Largest movements
- Cash +€93,004
up €93,004 (+62.1%), from €149,846 to €242,849
mainly Net result for the year (+€76,037) and Depreciation (+€25,214)
- Receivables within one year -€20,523
down €20,523 (-80.2%), from €25,601 to €5,078
of which Trade receivables: -€17,147
- Tangible fixed assets -€19,044
down €19,044 (-4.2%), from €451,612 to €432,568
of which Land and buildings: -€22,332
- Deferred charges and accrued income +€7,825
up €7,825 (+1,384%), from €565 to €8,391
- Reserves +€76,037
up €76,037 (+25.6%), from €297,397 to €373,434
of which Distributable reserves: +€76,037
- Debts after one year -€23,889
down €23,889 (-9.3%), from €256,738 to €232,848
- Tax, wage and social debts -€8,037
down €8,037 (-58.0%), from €13,866 to €5,829
- Short-term financial debts +€7,580
up €7,580 (+2,727%), from €278 to €7,858
of which Credit institutions: +€6,653
- Gross operating margin +€18,519
up €18,519 (+13.6%), from €136,079 to €154,598
- Taxes +€5,876
up €5,876 (+19.4%), from €30,276 to €36,152
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €627,624 | €688,886 | +€61,262 | +9.8% |
| Fixed assets | 21/28 | €451,612 | €432,568 | -€19,044 | -4.2% |
| Tangible fixed assets | 22/27 | €451,612 | €432,568 | -€19,044 | -4.2% |
| Land and buildings | 22 | €448,368 | €426,036 | -€22,332 | -5.0% |
| Plant, machinery and equipment | 23 | €2,044 | €1,789 | -€255 | -12.5% |
| Furniture and vehicles | 24 | - | €3,543 | +€3,543 | |
| Other tangible fixed assets | 26 | €1,200 | €1,200 | = | 0.0% |
| Current assets | 29/58 | €176,012 | €256,318 | +€80,306 | +45.6% |
| Amounts receivable within one year | 40/41 | €25,601 | €5,078 | -€20,523 | -80.2% |
| Trade receivables | 40 | €20,877 | €3,730 | -€17,147 | -82.1% |
| Other amounts receivable | 41 | €4,724 | €1,348 | -€3,376 | -71.5% |
| Cash at bank and in hand | 54/58 | €149,846 | €242,849 | +€93,004 | +62.1% |
| Deferred charges and accrued income | 490/1 | €565 | €8,391 | +€7,825 | +1,384% |
| Total equity and liabilities | 10/49 | €627,624 | €688,886 | +€61,262 | +9.8% |
| Equity | 10/15 | €196,073 | €272,110 | +€76,037 | +38.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €297,397 | €373,434 | +€76,037 | +25.6% |
| Tax-exempt reserves | 132 | €78,791 | €78,791 | = | 0.0% |
| Distributable reserves | 133 | €218,606 | €294,643 | +€76,037 | +34.8% |
| Profit (loss) carried forward | 14 | -€119,924 | -€119,924 | = | 0.0% |
| Amounts payable | 17/49 | €431,551 | €416,776 | -€14,775 | -3.4% |
| Amounts payable after more than one year | 17 | €256,738 | €232,848 | -€23,889 | -9.3% |
| Financial debts | 170/4 | €256,738 | €232,848 | -€23,889 | -9.3% |
| Amounts payable within one year | 42/48 | €173,513 | €180,263 | +€6,749 | +3.9% |
| Current portion of amounts payable after more than one year | 42 | €22,992 | €23,889 | +€897 | +3.9% |
| Financial debts | 43 | €278 | €7,858 | +€7,580 | +2,727% |
| Credit institutions | 430/8 | - | €6,653 | +€6,653 | |
| Other loans | 439 | €278 | €1,205 | +€927 | +334% |
| Trade debts | 44 | €3,161 | €3,581 | +€420 | +13.3% |
| Suppliers | 440/4 | €3,161 | €3,581 | +€420 | +13.3% |
| Taxes, remuneration and social security | 45 | €13,866 | €5,829 | -€8,037 | -58.0% |
| Taxes | 450/3 | €13,866 | €5,829 | -€8,037 | -58.0% |
| Other amounts payable | 47/48 | €133,217 | €139,105 | +€5,889 | +4.4% |
| Accrued charges and deferred income | 492/3 | €1,300 | €3,665 | +€2,365 | +182% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,441 | €25,214 | +€772 | +3.2% |
| Other operating charges | 640/8 | €3,453 | €3,497 | +€43 | +1.3% |
| Gross operating margin | 9900 | €136,079 | €154,598 | +€18,519 | +13.6% |
| Operating profit (loss) | 9901 | €108,184 | €125,888 | +€17,704 | +16.4% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €14,197 | €13,699 | -€498 | -3.5% |
| Recurring financial charges | 65 | €14,197 | €13,699 | -€498 | -3.5% |
| Profit (loss) for the period before taxes | 9903 | €93,987 | €112,189 | +€18,202 | +19.4% |
| Income taxes | 67/77 | €30,276 | €36,152 | +€5,876 | +19.4% |
| Profit (loss) for the period | 9904 | €63,711 | €76,037 | +€12,326 | +19.3% |
| Profit (loss) for the period to be appropriated | 9905 | €63,711 | €76,037 | +€12,326 | +19.3% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.