RED: 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.
RED
Largest movements
- Cash -€114,483
down €114,483 (-51.0%), from €224,336 to €109,854
mainly Contributions, distributions and other (-€93,271) and Other debts (-€53,856)
- Current investments +€50,000
up €50,000 (+27.0%), from €185,029 to €235,029
- Tangible fixed assets -€24,485
down €24,485 (-24.2%), from €101,171 to €76,686
of which Furniture and vehicles: -€24,145
- Receivables within one year +€11,630
up €11,630 (+78.8%), from €14,755 to €26,386
of which Other amounts receivable: +€11,154
- Other debts -€53,856
down €53,856 (-100.0%), from €53,856 to €0
- Reserves -€29,520
down €29,520 (-8.8%), from €336,531 to €307,012
- Tax, wage and social debts +€6,961
up €6,961 (+67.2%), from €10,353 to €17,315
of which Taxes: +€6,961
- Gross operating margin +€10,263
up €10,263 (+9.1%), from €112,662 to €122,926
- Taxes +€5,277
up €5,277 (+18.7%), from €28,217 to €33,495
- Financial income +€1,751
up €1,751 (+24.9%), from €7,025 to €8,776
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 | €526,223 | €449,610 | -€76,613 | -14.6% |
| Fixed assets | 21/28 | €101,171 | €76,686 | -€24,485 | -24.2% |
| Tangible fixed assets | 22/27 | €101,171 | €76,686 | -€24,485 | -24.2% |
| Plant, machinery and equipment | 23 | €1,505 | €1,165 | -€340 | -22.6% |
| Furniture and vehicles | 24 | €82,358 | €58,213 | -€24,145 | -29.3% |
| Other tangible fixed assets | 26 | €17,308 | €17,308 | = | 0.0% |
| Current assets | 29/58 | €425,052 | €372,924 | -€52,128 | -12.3% |
| Amounts receivable within one year | 40/41 | €14,755 | €26,386 | +€11,630 | +78.8% |
| Trade receivables | 40 | €14,706 | €15,183 | +€476 | +3.2% |
| Other amounts receivable | 41 | €49 | €11,203 | +€11,154 | +22772.6% |
| Current investments | 50/53 | €185,029 | €235,029 | +€50,000 | +27.0% |
| Cash at bank and in hand | 54/58 | €224,336 | €109,854 | -€114,483 | -51.0% |
| Deferred charges and accrued income | 490/1 | €931 | €1,656 | +€725 | +77.8% |
| Total equity and liabilities | 10/49 | €526,223 | €449,610 | -€76,613 | -14.6% |
| Equity | 10/15 | €356,531 | €327,012 | -€29,520 | -8.3% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €336,531 | €307,012 | -€29,520 | -8.8% |
| Distributable reserves | 133 | €336,531 | €307,012 | -€29,520 | -8.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €169,691 | €122,598 | -€47,093 | -27.8% |
| Amounts payable after more than one year | 17 | €105,000 | €105,000 | = | 0.0% |
| Other amounts payable | 178/9 | €105,000 | €105,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €64,691 | €17,598 | -€47,093 | -72.8% |
| Financial debts | 43 | €182 | €30 | -€152 | -83.6% |
| Credit institutions | 430/8 | €182 | €30 | -€152 | -83.6% |
| Trade debts | 44 | €300 | €254 | -€46 | -15.4% |
| Suppliers | 440/4 | €300 | €254 | -€46 | -15.4% |
| Taxes, remuneration and social security | 45 | €10,353 | €17,315 | +€6,961 | +67.2% |
| Taxes | 450/3 | €10,353 | €17,315 | +€6,961 | +67.2% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €53,856 | €0 | -€53,856 | -100.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,340 | €24,485 | +€145 | +0.6% |
| Other operating charges | 640/8 | €980 | €1,485 | +€505 | +51.6% |
| Gross operating margin | 9900 | €112,662 | €122,926 | +€10,263 | +9.1% |
| Operating profit (loss) | 9901 | €87,343 | €96,956 | +€9,613 | +11.0% |
| Financial income | 75/76B | €7,025 | €8,776 | +€1,751 | +24.9% |
| Recurring financial income | 75 | €7,025 | €8,776 | +€1,751 | +24.9% |
| Financial charges | 65/66B | €8,489 | €8,486 | -€3 | 0.0% |
| Recurring financial charges | 65 | €8,489 | €8,486 | -€3 | 0.0% |
| Profit (loss) for the period before taxes | 9903 | €85,879 | €97,246 | +€11,367 | +13.2% |
| Income taxes | 67/77 | €28,217 | €33,495 | +€5,277 | +18.7% |
| Profit (loss) for the period | 9904 | €57,662 | €63,751 | +€6,089 | +10.6% |
| Profit (loss) for the period to be appropriated | 9905 | €57,662 | €63,751 | +€6,089 | +10.6% |
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 6 October 2026 via checked.be.