Q & S: 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.
Q & S
Largest movements
- Intangible fixed assets -€91,235
down €91,235 (-100.0%), from €91,235 to €0
- Deferred charges and accrued income +€84,909
up €84,909 (+1285.6%), from €6,605 to €91,514
- Cash +€82,515
up €82,515 (+623.9%), from €13,226 to €95,741
mainly Net result for the year (+€287,182) and Depreciation (+€112,829)
- Current investments +€50,829
up €50,829 (+5.5%), from €924,716 to €975,545
- Receivables within one year -€44,979
down €44,979 (-100.0%), from €44,979 to €0
of which Other amounts receivable: -€34,142
- Short-term financial debts -€100,000
down €100,000 (-100.0%), from €100,000 to €0
- Reserves +€95,885
up €95,885 (+13.1%), from €729,545 to €825,430
of which Distributable reserves: +€95,885
- Tax, wage and social debts +€35,726
up €35,726 (+5279.3%), from €677 to €36,403
- Other debts +€35,151
up €35,151 (+450.9%), from €7,796 to €42,947
- Gross operating margin +€262,476
up €262,476 (+89.3%), from €293,999 to €556,475
- Taxes +€79,198
up €79,198 (+67.5%), from €117,411 to €196,609
- Financial income -€69,071
down €69,071 (-57.3%), from €120,586 to €51,515
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 | €1,190,368 | €1,250,812 | +€60,444 | +5.1% |
| Fixed assets | 21/28 | €200,842 | €88,013 | -€112,829 | -56.2% |
| Intangible fixed assets | 21 | €91,235 | €0 | -€91,235 | -100.0% |
| Tangible fixed assets | 22/27 | €79,771 | €58,176 | -€21,594 | -27.1% |
| Land and buildings | 22 | €1,484 | €1,113 | -€371 | -25.0% |
| Plant, machinery and equipment | 23 | €6,500 | €6,500 | = | 0.0% |
| Furniture and vehicles | 24 | €7,729 | €5,352 | -€2,378 | -30.8% |
| Leasing and similar rights | 25 | €64,058 | €45,212 | -€18,846 | -29.4% |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Financial fixed assets | 28 | €29,836 | €29,836 | = | 0.0% |
| Current assets | 29/58 | €989,526 | €1,162,800 | +€173,273 | +17.5% |
| Amounts receivable within one year | 40/41 | €44,979 | €0 | -€44,979 | -100.0% |
| Trade receivables | 40 | €10,837 | €0 | -€10,837 | -100.0% |
| Other amounts receivable | 41 | €34,142 | €0 | -€34,142 | -100.0% |
| Current investments | 50/53 | €924,716 | €975,545 | +€50,829 | +5.5% |
| Cash at bank and in hand | 54/58 | €13,226 | €95,741 | +€82,515 | +623.9% |
| Deferred charges and accrued income | 490/1 | €6,605 | €91,514 | +€84,909 | +1285.6% |
| Total equity and liabilities | 10/49 | €1,190,368 | €1,250,812 | +€60,444 | +5.1% |
| Equity | 10/15 | €1,069,021 | €1,164,906 | +€95,885 | +9.0% |
| Contributions | 10/11 | €339,476 | €339,476 | = | 0.0% |
| Reserves | 13 | €729,545 | €825,430 | +€95,885 | +13.1% |
| Non-distributable reserves | 130/1 | €2,930 | €2,930 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,930 | €2,930 | = | 0.0% |
| Tax-exempt reserves | 132 | €60,771 | €60,771 | = | 0.0% |
| Distributable reserves | 133 | €665,844 | €761,729 | +€95,885 | +14.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €121,348 | €85,907 | -€35,441 | -29.2% |
| Amounts payable within one year | 42/48 | €121,348 | €85,907 | -€35,441 | -29.2% |
| Financial debts | 43 | €100,000 | €0 | -€100,000 | -100.0% |
| Credit institutions | 430/8 | €100,000 | €0 | -€100,000 | -100.0% |
| Trade debts | 44 | €12,875 | €6,556 | -€6,318 | -49.1% |
| Suppliers | 440/4 | €12,875 | €6,556 | -€6,318 | -49.1% |
| Taxes, remuneration and social security | 45 | €677 | €36,403 | +€35,726 | +5279.3% |
| Taxes | 450/3 | €677 | €36,403 | +€35,726 | +5279.3% |
| Other amounts payable | 47/48 | €7,796 | €42,947 | +€35,151 | +450.9% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €113,438 | €112,829 | -€608 | -0.5% |
| Other operating charges | 640/8 | €5,150 | €7,143 | +€1,993 | +38.7% |
| Gross operating margin | 9900 | €293,999 | €556,475 | +€262,476 | +89.3% |
| Operating profit (loss) | 9901 | €175,411 | €436,503 | +€261,092 | +148.8% |
| Financial income | 75/76B | €120,586 | €51,515 | -€69,071 | -57.3% |
| Recurring financial income | 75 | €120,586 | €51,515 | -€69,071 | -57.3% |
| Financial charges | 65/66B | €2,631 | €4,228 | +€1,597 | +60.7% |
| Recurring financial charges | 65 | €2,631 | €4,228 | +€1,597 | +60.7% |
| Profit (loss) for the period before taxes | 9903 | €293,367 | €483,791 | +€190,424 | +64.9% |
| Income taxes | 67/77 | €117,411 | €196,609 | +€79,198 | +67.5% |
| Profit (loss) for the period | 9904 | €175,956 | €287,182 | +€111,226 | +63.2% |
| Profit (loss) for the period to be appropriated | 9905 | €175,956 | €287,182 | +€111,226 | +63.2% |
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 7 October 2026 via checked.be.