REGULATIONS: 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.
REGULATIONS
Largest movements
- Financial fixed assets +€1.2m
up €1.2m (+17.4%), from €6.7m to €7.9m
- Cash +€110,231
up €110,231 (+16.3%), from €674,661 to €784,892
mainly Other debts (+€1.2m) and Short-term financial debts (+€145,591)
- Receivables within one year -€109,791
down €109,791 (-41.1%), from €267,065 to €157,273
- Other debts +€1.2m
up €1.2m (+23.0%), from €5.0m to €6.2m
- Debts after one year -€251,700
down €251,700 (-15.2%), from €1.7m to €1.4m
- Short-term financial debts +€145,591
up €145,591 (+55.8%), from €261,042 to €406,633
of which Other loans: +€145,645
- Reserves +€104,266
up €104,266 (+25.1%), from €415,918 to €520,184
- Taxes +€20,286
up €20,286 (+220.0%), from €9,220 to €29,506
- Financial income +€15,748
new in 2025: €15,748
- Services and other goods +€3,539
up €3,539 (+123.3%), from €2,870 to €6,409
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 | €7,638,894 | €8,801,550 | +€1.2m | +15.2% |
| Fixed assets | 21/28 | €6,697,168 | €7,859,384 | +€1.2m | +17.4% |
| Financial fixed assets | 28 | €6,697,168 | €7,859,384 | +€1.2m | +17.4% |
| Affiliated companies | 280/1 | €6,697,168 | €7,859,384 | +€1.2m | +17.4% |
| Participating interests | 280 | €6,697,168 | €7,859,384 | +€1.2m | +17.4% |
| Current assets | 29/58 | €941,725 | €942,165 | +€440 | 0.0% |
| Amounts receivable within one year | 40/41 | €267,065 | €157,273 | -€109,791 | -41.1% |
| Other amounts receivable | 41 | €267,065 | €157,273 | -€109,791 | -41.1% |
| Cash at bank and in hand | 54/58 | €674,661 | €784,892 | +€110,231 | +16.3% |
| Total equity and liabilities | 10/49 | €7,638,894 | €8,801,550 | +€1.2m | +15.2% |
| Equity | 10/15 | €424,118 | €528,384 | +€104,266 | +24.6% |
| Contributions | 10/11 | €8,200 | €8,200 | = | 0.0% |
| Reserves | 13 | €415,918 | €520,184 | +€104,266 | +25.1% |
| Distributable reserves | 133 | €415,918 | €520,184 | +€104,266 | +25.1% |
| Amounts payable | 17/49 | €7,214,776 | €8,273,165 | +€1.1m | +14.7% |
| Amounts payable after more than one year | 17 | €1,658,514 | €1,406,814 | -€251,700 | -15.2% |
| Financial debts | 170/4 | €1,658,514 | €1,406,814 | -€251,700 | -15.2% |
| Credit institutions | 173 | €1,658,514 | €1,406,814 | -€251,700 | -15.2% |
| Amounts payable within one year | 42/48 | €5,556,159 | €6,866,239 | +€1.3m | +23.6% |
| Current portion of amounts payable after more than one year | 42 | €249,428 | €251,700 | +€2,272 | +0.9% |
| Financial debts | 43 | €261,042 | €406,633 | +€145,591 | +55.8% |
| Credit institutions | 430/8 | €350 | €296 | -€54 | -15.4% |
| Other loans | 439 | €260,692 | €406,337 | +€145,645 | +55.9% |
| Other amounts payable | 47/48 | €5,045,689 | €6,207,905 | +€1.2m | +23.0% |
| Accrued charges and deferred income | 492/3 | €102 | €112 | +€10 | +10.0% |
| Operating income | 70/76A | €324,000 | €324,000 | = | 0.0% |
| Turnover | 70 | €324,000 | €324,000 | = | 0.0% |
| Operating charges | 60/66A | €4,353 | €7,935 | +€3,581 | +82.3% |
| Services and other goods | 61 | €2,870 | €6,409 | +€3,539 | +123.3% |
| Other operating charges | 640/8 | €1,484 | €1,526 | +€42 | +2.9% |
| Operating profit (loss) | 9901 | €319,647 | €316,065 | -€3,581 | -1.1% |
| Financial income | 75/76B | - | €15,748 | +€15,748 | |
| Recurring financial income | 75 | - | €15,748 | +€15,748 | |
| Income from financial fixed assets | 750 | - | €15,748 | +€15,748 | |
| Financial charges | 65/66B | €195,999 | €198,041 | +€2,041 | +1.0% |
| Recurring financial charges | 65 | €195,999 | €198,041 | +€2,041 | +1.0% |
| Debt charges | 650 | €195,999 | €198,041 | +€2,041 | +1.0% |
| Profit (loss) for the period before taxes | 9903 | €123,647 | €133,773 | +€10,125 | +8.2% |
| Income taxes | 67/77 | €9,220 | €29,506 | +€20,286 | +220.0% |
| Taxes | 670/3 | €9,220 | €29,506 | +€20,286 | +220.0% |
| Profit (loss) for the period | 9904 | €114,427 | €104,266 | -€10,160 | -8.9% |
| Profit (loss) for the period to be appropriated | 9905 | €114,427 | €104,266 | -€10,160 | -8.9% |
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 4 October 2026 via checked.be.