Q: 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.
Q
Largest movements
- Cash +€57,995
up €57,995 (+32.6%), from €177,823 to €235,818
mainly Net result for the year (+€79,930) and Depreciation (+€21,283)
- Tangible fixed assets -€19,556
down €19,556 (-8.4%), from €234,014 to €214,458
of which Furniture and vehicles: -€13,176
- Reserves +€29,164
up €29,164 (+7.6%), from €382,380 to €411,544
of which Distributable reserves: +€29,164
- Other debts +€15,840
up €15,840 (+1377.4%), from €1,150 to €16,990
- Debts after one year -€5,622
no longer reported in 2025 (was €5,622)
- Gross operating margin +€12,791
up €12,791 (+10.1%), from €126,836 to €139,626
- Taxes +€3,099
up €3,099 (+10.2%), from €30,379 to €33,477
- Depreciation +€2,191
up €2,191 (+11.5%), from €19,093 to €21,283
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 | €455,909 | €494,968 | +€39,059 | +8.6% |
| Fixed assets | 21/28 | €235,614 | €216,058 | -€19,556 | -8.3% |
| Tangible fixed assets | 22/27 | €234,014 | €214,458 | -€19,556 | -8.4% |
| Land and buildings | 22 | €190,491 | €187,481 | -€3,010 | -1.6% |
| Plant, machinery and equipment | 23 | €3,370 | - | -€3,370 | |
| Furniture and vehicles | 24 | €40,152 | €26,977 | -€13,176 | -32.8% |
| Financial fixed assets | 28 | €1,600 | €1,600 | = | 0.0% |
| Current assets | 29/58 | €220,295 | €278,910 | +€58,615 | +26.6% |
| Amounts receivable within one year | 40/41 | €39,912 | €39,302 | -€610 | -1.5% |
| Trade receivables | 40 | €17,514 | €39,302 | +€21,787 | +124.4% |
| Other amounts receivable | 41 | €22,397 | - | -€22,397 | |
| Cash at bank and in hand | 54/58 | €177,823 | €235,818 | +€57,995 | +32.6% |
| Deferred charges and accrued income | 490/1 | €2,560 | €3,790 | +€1,230 | +48.0% |
| Total equity and liabilities | 10/49 | €455,909 | €494,968 | +€39,059 | +8.6% |
| Equity | 10/15 | €423,325 | €452,519 | +€29,194 | +6.9% |
| Contributions | 10/11 | €40,754 | €40,754 | = | 0.0% |
| Reserves | 13 | €382,380 | €411,544 | +€29,164 | +7.6% |
| Non-distributable reserves | 130/1 | €4,075 | €4,075 | = | 0.0% |
| Reserves not available under the articles | 1311 | €4,075 | €4,075 | = | 0.0% |
| Distributable reserves | 133 | €378,305 | €407,469 | +€29,164 | +7.7% |
| Profit (loss) carried forward | 14 | €191 | €221 | +€30 | +15.9% |
| Amounts payable | 17/49 | €32,584 | €42,449 | +€9,864 | +30.3% |
| Amounts payable after more than one year | 17 | €5,622 | - | -€5,622 | |
| Financial debts | 170/4 | €5,622 | - | -€5,622 | |
| Amounts payable within one year | 42/48 | €26,963 | €42,449 | +€15,486 | +57.4% |
| Current portion of amounts payable after more than one year | 42 | €6,070 | €5,622 | -€448 | -7.4% |
| Trade debts | 44 | €8,604 | €6,795 | -€1,810 | -21.0% |
| Suppliers | 440/4 | €8,604 | €6,795 | -€1,810 | -21.0% |
| Taxes, remuneration and social security | 45 | €11,138 | €13,042 | +€1,904 | +17.1% |
| Taxes | 450/3 | €11,138 | €13,042 | +€1,904 | +17.1% |
| Other amounts payable | 47/48 | €1,150 | €16,990 | +€15,840 | +1377.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,093 | €21,283 | +€2,191 | +11.5% |
| Other operating charges | 640/8 | €2,530 | €2,623 | +€93 | +3.7% |
| Gross operating margin | 9900 | €126,836 | €139,626 | +€12,791 | +10.1% |
| Operating profit (loss) | 9901 | €105,213 | €115,720 | +€10,507 | +10.0% |
| Financial income | 75/76B | €13 | €12 | -€0 | -3.1% |
| Recurring financial income | 75 | €13 | €12 | -€0 | -3.1% |
| Financial charges | 65/66B | €3,131 | €2,325 | -€806 | -25.7% |
| Recurring financial charges | 65 | €3,131 | €2,325 | -€806 | -25.7% |
| Profit (loss) for the period before taxes | 9903 | €102,095 | €113,408 | +€11,312 | +11.1% |
| Income taxes | 67/77 | €30,379 | €33,477 | +€3,099 | +10.2% |
| Profit (loss) for the period | 9904 | €71,717 | €79,930 | +€8,213 | +11.5% |
| Profit (loss) for the period to be appropriated | 9905 | €71,717 | €79,930 | +€8,213 | +11.5% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.