Redesigns: 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.
Redesigns
Largest movements
- Cash -€35,344
down €35,344 (-25.1%), from €140,777 to €105,432
mainly Contributions, distributions and other (-€100,000) and Debts after one year (-€25,964)
- Deferred charges and accrued income +€24,953
up €24,953 (+1262.2%), from €1,977 to €26,930
- Tangible fixed assets -€11,523
down €11,523 (-3.3%), from €345,815 to €334,292
of which Land and buildings: -€14,800
- Debts after one year -€25,964
down €25,964 (-6.2%), from €415,978 to €390,014
- Reserves +€20,811
up €20,811 (+3.6%), from €575,445 to €596,257
- Tax, wage and social debts -€11,889
down €11,889 (-46.1%), from €25,811 to €13,922
- Gross operating margin -€35,434
down €35,434 (-13.5%), from €262,269 to €226,834
- Other operating charges +€25,809
up €25,809 (+481.1%), from €5,364 to €31,173
- Taxes -€15,015
down €15,015 (-30.4%), from €49,393 to €34,378
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 | €1,068,356 | €1,055,989 | -€12,367 | -1.2% |
| Fixed assets | 21/28 | €347,739 | €335,915 | -€11,823 | -3.4% |
| Intangible fixed assets | 21 | €1,923 | €1,623 | -€300 | -15.6% |
| Tangible fixed assets | 22/27 | €345,815 | €334,292 | -€11,523 | -3.3% |
| Land and buildings | 22 | €316,882 | €302,082 | -€14,800 | -4.7% |
| Plant, machinery and equipment | 23 | €7,070 | €17,575 | +€10,506 | +148.6% |
| Furniture and vehicles | 24 | €21,864 | €14,634 | -€7,229 | -33.1% |
| Current assets | 29/58 | €720,617 | €720,073 | -€544 | -0.1% |
| Stocks and contracts in progress | 3 | €534,180 | €542,597 | +€8,417 | +1.6% |
| Stocks | 30/36 | €534,180 | €542,597 | +€8,417 | +1.6% |
| Amounts receivable within one year | 40/41 | €43,684 | €45,114 | +€1,431 | +3.3% |
| Trade receivables | 40 | €18,076 | €13,885 | -€4,191 | -23.2% |
| Other amounts receivable | 41 | €25,607 | €31,229 | +€5,622 | +22.0% |
| Cash at bank and in hand | 54/58 | €140,777 | €105,432 | -€35,344 | -25.1% |
| Deferred charges and accrued income | 490/1 | €1,977 | €26,930 | +€24,953 | +1262.2% |
| Total equity and liabilities | 10/49 | €1,068,356 | €1,055,989 | -€12,367 | -1.2% |
| Equity | 10/15 | €580,445 | €601,257 | +€20,811 | +3.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €575,445 | €596,257 | +€20,811 | +3.6% |
| Distributable reserves | 133 | €575,445 | €596,257 | +€20,811 | +3.6% |
| Amounts payable | 17/49 | €487,911 | €454,732 | -€33,179 | -6.8% |
| Amounts payable after more than one year | 17 | €415,978 | €390,014 | -€25,964 | -6.2% |
| Financial debts | 170/4 | €415,978 | €390,014 | -€25,964 | -6.2% |
| Amounts payable within one year | 42/48 | €56,490 | €51,489 | -€5,001 | -8.9% |
| Current portion of amounts payable after more than one year | 42 | €27,688 | €25,964 | -€1,725 | -6.2% |
| Trade debts | 44 | €1,226 | €6,557 | +€5,331 | +434.9% |
| Suppliers | 440/4 | €1,226 | €6,557 | +€5,331 | +434.9% |
| Taxes, remuneration and social security | 45 | €25,811 | €13,922 | -€11,889 | -46.1% |
| Taxes | 450/3 | €25,811 | €13,922 | -€11,889 | -46.1% |
| Other amounts payable | 47/48 | €1,765 | €5,046 | +€3,281 | +186.0% |
| Accrued charges and deferred income | 492/3 | €15,443 | €13,229 | -€2,214 | -14.3% |
| Remuneration, social security and pensions | 62 | €15 | - | -€15 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,470 | €26,162 | -€308 | -1.2% |
| Other operating charges | 640/8 | €5,364 | €31,173 | +€25,809 | +481.1% |
| Gross operating margin | 9900 | €262,269 | €226,834 | -€35,434 | -13.5% |
| Operating profit (loss) | 9901 | €230,419 | €169,499 | -€60,919 | -26.4% |
| Financial income | 75/76B | €71 | €3 | -€68 | -95.7% |
| Recurring financial income | 75 | €71 | €3 | -€68 | -95.7% |
| Financial charges | 65/66B | €16,111 | €14,313 | -€1,798 | -11.2% |
| Recurring financial charges | 65 | €16,111 | €14,313 | -€1,798 | -11.2% |
| Profit (loss) for the period before taxes | 9903 | €214,379 | €155,189 | -€59,190 | -27.6% |
| Income taxes | 67/77 | €49,393 | €34,378 | -€15,015 | -30.4% |
| Profit (loss) for the period | 9904 | €164,986 | €120,811 | -€44,174 | -26.8% |
| Profit (loss) for the period to be appropriated | 9905 | €164,986 | €120,811 | -€44,174 | -26.8% |
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.