Q32: 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.
Q32
Largest movements
- Tangible fixed assets +€197,378
up €197,378 (+11.9%), from €1.7m to €1.9m
of which Other tangible fixed assets: +€128,751
- Receivables within one year -€152,516
down €152,516 (-57.3%), from €265,969 to €113,454
of which Other amounts receivable: -€153,890
- Cash +€119,915
up €119,915 (+36.9%), from €325,105 to €445,020
mainly Net result for the year (+€895,018) and Receivables within one year (+€152,516)
- Reserves +€178,649
up €178,649 (+3.5%), from €5.1m to €5.3m
- Gross operating margin +€159,898
up €159,898, from -€1,979 to €157,920
- Taxes +€39,433
up €39,433 (+47.8%), from €82,488 to €121,921
- Financial charges +€29,636
up €29,636, from -€19,917 to €9,718
- Financial income +€28,598
up €28,598 (+3.1%), from €917,176 to €945,774
- Other operating charges -€7,752
down €7,752 (-46.4%), from €16,719 to €8,967
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.
Derived cash bridge
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 | €8,289,828 | €8,537,086 | +€247,258 | +3.0% |
| Fixed assets | 21/28 | €4,158,440 | €4,355,819 | +€197,378 | +4.7% |
| Tangible fixed assets | 22/27 | €1,665,110 | €1,862,489 | +€197,378 | +11.9% |
| Land and buildings | 22 | €1,471,132 | €1,439,249 | -€31,883 | -2.2% |
| Plant, machinery and equipment | 23 | €1,292 | - | -€1,292 | |
| Furniture and vehicles | 24 | €24,394 | €126,197 | +€101,803 | +417% |
| Other tangible fixed assets | 26 | €168,292 | €297,042 | +€128,751 | +76.5% |
| Financial fixed assets | 28 | €2,493,330 | €2,493,330 | = | 0.0% |
| Current assets | 29/58 | €4,131,388 | €4,181,267 | +€49,880 | +1.2% |
| Amounts receivable within one year | 40/41 | €265,969 | €113,454 | -€152,516 | -57.3% |
| Trade receivables | 40 | €31,329 | €32,703 | +€1,374 | +4.4% |
| Other amounts receivable | 41 | €234,641 | €80,751 | -€153,890 | -65.6% |
| Current investments | 50/53 | €3,532,373 | €3,614,657 | +€82,284 | +2.3% |
| Cash at bank and in hand | 54/58 | €325,105 | €445,020 | +€119,915 | +36.9% |
| Deferred charges and accrued income | 490/1 | €7,940 | €8,136 | +€196 | +2.5% |
| Total equity and liabilities | 10/49 | €8,289,828 | €8,537,086 | +€247,258 | +3.0% |
| Equity | 10/15 | €7,607,514 | €7,786,163 | +€178,649 | +2.3% |
| Contributions | 10/11 | €2,511,930 | €2,511,930 | = | 0.0% |
| Reserves | 13 | €5,095,584 | €5,274,233 | +€178,649 | +3.5% |
| Distributable reserves | 133 | €5,095,584 | €5,274,233 | +€178,649 | +3.5% |
| Amounts payable | 17/49 | €682,313 | €750,923 | +€68,610 | +10.1% |
| Amounts payable within one year | 42/48 | €678,797 | €749,706 | +€70,909 | +10.4% |
| Trade debts | 44 | €20,673 | €7,050 | -€13,623 | -65.9% |
| Suppliers | 440/4 | €20,673 | €7,050 | -€13,623 | -65.9% |
| Taxes, remuneration and social security | 45 | €5,043 | €5,961 | +€918 | +18.2% |
| Taxes | 450/3 | €5,043 | €5,961 | +€918 | +18.2% |
| Other amounts payable | 47/48 | €653,082 | €736,695 | +€83,614 | +12.8% |
| Accrued charges and deferred income | 492/3 | €3,516 | €1,217 | -€2,299 | -65.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €68,441 | €68,069 | -€373 | -0.5% |
| Other operating charges | 640/8 | €16,719 | €8,967 | -€7,752 | -46.4% |
| Gross operating margin | 9900 | -€1,979 | €157,920 | +€159,898 | |
| Operating profit (loss) | 9901 | -€87,139 | €80,884 | +€168,022 | |
| Financial income | 75/76B | €917,176 | €945,774 | +€28,598 | +3.1% |
| Recurring financial income | 75 | €917,176 | €945,774 | +€28,598 | +3.1% |
| Financial charges | 65/66B | -€19,917 | €9,718 | +€29,636 | |
| Recurring financial charges | 65 | -€19,917 | €9,718 | +€29,636 | |
| Profit (loss) for the period before taxes | 9903 | €849,954 | €1,016,939 | +€166,985 | +19.6% |
| Income taxes | 67/77 | €82,488 | €121,921 | +€39,433 | +47.8% |
| Profit (loss) for the period | 9904 | €767,466 | €895,018 | +€127,552 | +16.6% |
| Profit (loss) for the period to be appropriated | 9905 | €767,466 | €895,018 | +€127,552 | +16.6% |
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 14 October 2026 via checked.be.