RE: 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.
RE
Largest movements
- Tangible fixed assets +€51,325
up €51,325 (+1524.2%), from €3,367 to €54,693
of which Furniture and vehicles: +€51,933
- Cash -€37,687
down €37,687 (-15.6%), from €241,037 to €203,350
mainly Investment in fixed assets (net) (-€54,685) and Contributions, distributions and other (-€38,787)
- Current investments -€9,879
down €9,879 (-6.5%), from €152,067 to €142,188
- Receivables within one year -€6,474
down €6,474 (-23.3%), from €27,812 to €21,338
of which Trade receivables: -€6,933
- Tax, wage and social debts -€5,725
no longer reported in 2025 (was €5,725)
- Gross operating margin -€6,171
down €6,171 (-10.3%), from €59,750 to €53,578
- Financial income +€3,338
up €3,338 (+67.2%), from €4,963 to €8,301
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 | €425,903 | €422,871 | -€3,031 | -0.7% |
| Fixed assets | 21/28 | €3,367 | €54,693 | +€51,325 | +1524.2% |
| Tangible fixed assets | 22/27 | €3,367 | €54,693 | +€51,325 | +1524.2% |
| Plant, machinery and equipment | 23 | €608 | - | -€608 | |
| Furniture and vehicles | 24 | €2,760 | €54,693 | +€51,933 | +1882.0% |
| Current assets | 29/58 | €422,535 | €368,179 | -€54,357 | -12.9% |
| Amounts receivable within one year | 40/41 | €27,812 | €21,338 | -€6,474 | -23.3% |
| Trade receivables | 40 | €24,176 | €17,243 | -€6,933 | -28.7% |
| Other amounts receivable | 41 | €3,636 | €4,096 | +€459 | +12.6% |
| Current investments | 50/53 | €152,067 | €142,188 | -€9,879 | -6.5% |
| Cash at bank and in hand | 54/58 | €241,037 | €203,350 | -€37,687 | -15.6% |
| Deferred charges and accrued income | 490/1 | €1,619 | €1,303 | -€316 | -19.5% |
| Total equity and liabilities | 10/49 | €425,903 | €422,871 | -€3,031 | -0.7% |
| Equity | 10/15 | €418,520 | €420,826 | +€2,307 | +0.6% |
| Contributions | 10/11 | €18,593 | €18,593 | = | 0.0% |
| Reserves | 13 | €399,927 | €402,234 | +€2,307 | +0.6% |
| Distributable reserves | 133 | €399,927 | €402,234 | +€2,307 | +0.6% |
| Amounts payable | 17/49 | €7,383 | €2,045 | -€5,338 | -72.3% |
| Amounts payable within one year | 42/48 | €7,383 | €2,045 | -€5,338 | -72.3% |
| Trade debts | 44 | €1,127 | €1,515 | +€387 | +34.4% |
| Suppliers | 440/4 | €1,127 | €1,515 | +€387 | +34.4% |
| Taxes, remuneration and social security | 45 | €5,725 | - | -€5,725 | |
| Taxes | 450/3 | €5,725 | - | -€5,725 | |
| Other amounts payable | 47/48 | €530 | €530 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,764 | €3,360 | +€595 | +21.5% |
| Other operating charges | 640/8 | €232 | €147 | -€85 | -36.6% |
| Gross operating margin | 9900 | €59,750 | €53,578 | -€6,171 | -10.3% |
| Operating profit (loss) | 9901 | €56,753 | €50,072 | -€6,682 | -11.8% |
| Financial income | 75/76B | €4,963 | €8,301 | +€3,338 | +67.2% |
| Recurring financial income | 75 | €4,963 | €8,301 | +€3,338 | +67.2% |
| Financial charges | 65/66B | €294 | €717 | +€422 | +143.5% |
| Recurring financial charges | 65 | €294 | €717 | +€422 | +143.5% |
| Profit (loss) for the period before taxes | 9903 | €61,423 | €57,656 | -€3,766 | -6.1% |
| Income taxes | 67/77 | €16,030 | €16,562 | +€532 | +3.3% |
| Profit (loss) for the period | 9904 | €45,393 | €41,094 | -€4,298 | -9.5% |
| Profit (loss) for the period to be appropriated | 9905 | €45,393 | €41,094 | -€4,298 | -9.5% |
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.