REASON MAINCLA: 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.
REASON MAINCLA
Largest movements
- Financial fixed assets +€118.8m
new in 2025: €118.8m
- Contributions +€118.8m
up €118.8m (+13122.7%), from €905,000 to €119.7m
- Financial income +€724,500
new in 2025: €724,500
- Gross operating margin -€68,907
down €68,907 (-64.0%), from €107,679 to €38,772
- Taxes +€49,727
up €49,727 (+12716.2%), from €391 to €50,118
- Depreciation -€18,700
down €18,700 (-11.2%), from €167,538 to €148,837
- Other operating charges +€9,983
up €9,983 (+648.2%), from €1,540 to €11,523
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 | €1,082,241 | €120,993,281 | +€119.9m | +11079.9% |
| Fixed assets | 21/28 | €1,013,391 | €120,815,738 | +€119.8m | +11821.9% |
| Tangible fixed assets | 22/27 | €1,013,391 | €2,055,383 | +€1.0m | +102.8% |
| Land and buildings | 22 | €675,955 | €1,504,370 | +€828,415 | +122.6% |
| Plant, machinery and equipment | 23 | - | €55,094 | +€55,094 | |
| Furniture and vehicles | 24 | €4,693 | €2,978 | -€1,715 | -36.5% |
| Assets under construction and advance payments | 27 | €332,743 | €492,941 | +€160,198 | +48.1% |
| Financial fixed assets | 28 | - | €118,760,355 | +€118.8m | |
| Current assets | 29/58 | €68,850 | €177,543 | +€108,693 | +157.9% |
| Amounts receivable within one year | 40/41 | €4,960 | €167,232 | +€162,273 | +3271.9% |
| Other amounts receivable | 41 | €4,960 | €167,232 | +€162,273 | +3271.9% |
| Cash at bank and in hand | 54/58 | €55,797 | €4,023 | -€51,774 | -92.8% |
| Deferred charges and accrued income | 490/1 | €8,093 | €6,288 | -€1,806 | -22.3% |
| Total equity and liabilities | 10/49 | €1,082,241 | €120,993,281 | +€119.9m | +11079.9% |
| Equity | 10/15 | €852,279 | €120,164,175 | +€119.3m | +13999.2% |
| Contributions | 10/11 | €905,000 | €119,665,355 | +€118.8m | +13122.7% |
| Reserves | 13 | - | €498,820 | +€498,820 | |
| Distributable reserves | 133 | - | €498,820 | +€498,820 | |
| Profit (loss) carried forward | 14 | -€52,721 | - | +€52,721 | |
| Amounts payable | 17/49 | €229,962 | €829,106 | +€599,144 | +260.5% |
| Amounts payable after more than one year | 17 | €229,293 | €812,967 | +€583,674 | +254.6% |
| Financial debts | 170/4 | €229,293 | €812,967 | +€583,674 | +254.6% |
| Amounts payable within one year | 42/48 | €669 | €16,139 | +€15,470 | +2312.1% |
| Trade debts | 44 | - | €3,481 | +€3,481 | |
| Suppliers | 440/4 | - | €3,481 | +€3,481 | |
| Taxes, remuneration and social security | 45 | €669 | €12,658 | +€11,989 | +1791.8% |
| Taxes | 450/3 | €669 | €12,658 | +€11,989 | +1791.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €167,538 | €148,837 | -€18,700 | -11.2% |
| Other operating charges | 640/8 | €1,540 | €11,523 | +€9,983 | +648.2% |
| Gross operating margin | 9900 | €107,679 | €38,772 | -€68,907 | -64.0% |
| Operating profit (loss) | 9901 | -€61,399 | -€121,587 | -€60,189 | -98.0% |
| Financial income | 75/76B | - | €724,500 | +€724,500 | |
| Recurring financial income | 75 | - | €724,500 | +€724,500 | |
| Financial charges | 65/66B | €541 | €1,254 | +€713 | +131.9% |
| Recurring financial charges | 65 | €541 | €1,254 | +€713 | +131.9% |
| Profit (loss) for the period before taxes | 9903 | -€61,939 | €601,659 | +€663,598 | |
| Income taxes | 67/77 | €391 | €50,118 | +€49,727 | +12716.2% |
| Profit (loss) for the period | 9904 | -€62,330 | €551,541 | +€613,872 | |
| Profit (loss) for the period to be appropriated | 9905 | -€62,330 | €551,541 | +€613,872 |
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 11 October 2026 via checked.be.