RESULTS: 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.
RESULTS
Largest movements
- Tangible fixed assets -€127,424
down €127,424 (-20.5%), from €622,933 to €495,509
of which Land and buildings: -€120,246
- Current investments +€90,577
new in 2025: €90,577
- Receivables within one year +€26,858
up €26,858 (+830.8%), from €3,233 to €30,091
of which Other amounts receivable: +€24,914
- Cash +€13,387
up €13,387 (+84.6%), from €15,822 to €29,209
mainly Net result for the year (+€113,551) and Depreciation (+€97,038)
- Reserves +€102,194
up €102,194 (+99.1%), from €103,071 to €205,265
of which Tax-exempt reserves: +€108,356
- Current portion of long-term debt -€58,791
down €58,791 (-100.0%), from €58,791 to €0
- Debts after one year -€42,770
down €42,770 (-100.0%), from €42,770 to €0
of which Financial debts: -€40,924
- Provisions +€36,119
new in 2025: €36,119
- Other debts -€32,571
down €32,571 (-7.4%), from €439,129 to €406,558
- Gross operating margin +€72,679
up €72,679 (+36.1%), from €201,168 to €273,847
- Taxes -€20,283
down €20,283 (-85.9%), from €23,611 to €3,328
- Financial charges -€6,670
down €6,670 (-77.1%), from €8,647 to €1,977
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 | €644,739 | €649,986 | +€5,247 | +0.8% |
| Fixed assets | 21/28 | €623,655 | €496,231 | -€127,424 | -20.4% |
| Tangible fixed assets | 22/27 | €622,933 | €495,509 | -€127,424 | -20.5% |
| Land and buildings | 22 | €602,198 | €481,952 | -€120,246 | -20.0% |
| Plant, machinery and equipment | 23 | - | €2,122 | +€2,122 | |
| Furniture and vehicles | 24 | €20,735 | €11,435 | -€9,300 | -44.9% |
| Financial fixed assets | 28 | €722 | €722 | = | 0.0% |
| Current assets | 29/58 | €21,084 | €153,755 | +€132,671 | +629.2% |
| Amounts receivable within one year | 40/41 | €3,233 | €30,091 | +€26,858 | +830.8% |
| Trade receivables | 40 | - | €1,945 | +€1,945 | |
| Other amounts receivable | 41 | €3,233 | €28,146 | +€24,914 | +770.7% |
| Current investments | 50/53 | - | €90,577 | +€90,577 | |
| Cash at bank and in hand | 54/58 | €15,822 | €29,209 | +€13,387 | +84.6% |
| Deferred charges and accrued income | 490/1 | €2,029 | €3,878 | +€1,849 | +91.1% |
| Total equity and liabilities | 10/49 | €644,739 | €649,986 | +€5,247 | +0.8% |
| Equity | 10/15 | €103,071 | €205,265 | +€102,194 | +99.1% |
| Reserves | 13 | €103,071 | €205,265 | +€102,194 | +99.1% |
| Tax-exempt reserves | 132 | - | €108,356 | +€108,356 | |
| Distributable reserves | 133 | €103,071 | €96,909 | -€6,162 | -6.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | - | €36,119 | +€36,119 | |
| Deferred taxes | 168 | - | €36,119 | +€36,119 | |
| Amounts payable | 17/49 | €541,668 | €408,602 | -€133,066 | -24.6% |
| Amounts payable after more than one year | 17 | €42,770 | €0 | -€42,770 | -100.0% |
| Financial debts | 170/4 | €40,924 | €0 | -€40,924 | -100.0% |
| Other amounts payable | 178/9 | €1,847 | €0 | -€1,847 | -100.0% |
| Amounts payable within one year | 42/48 | €498,898 | €407,722 | -€91,176 | -18.3% |
| Current portion of amounts payable after more than one year | 42 | €58,791 | €0 | -€58,791 | -100.0% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €250 | €934 | +€684 | +273.3% |
| Suppliers | 440/4 | €250 | €934 | +€684 | +273.3% |
| Taxes, remuneration and social security | 45 | €727 | €230 | -€497 | -68.4% |
| Taxes | 450/3 | €727 | €230 | -€497 | -68.4% |
| Other amounts payable | 47/48 | €439,129 | €406,558 | -€32,571 | -7.4% |
| Accrued charges and deferred income | 492/3 | €0 | €880 | +€880 | |
| Non-recurring operating income | 76A | - | €144,475 | +€144,475 | |
| Remuneration, social security and pensions | 62 | €129 | €0 | -€129 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €95,965 | €97,038 | +€1,073 | +1.1% |
| Other operating charges | 640/8 | €23,435 | €23,820 | +€385 | +1.6% |
| Gross operating margin | 9900 | €201,168 | €273,847 | +€72,679 | +36.1% |
| Operating profit (loss) | 9901 | €81,639 | €152,989 | +€71,350 | +87.4% |
| Financial income | 75/76B | €0 | €1,987 | +€1,986 | +735659.3% |
| Recurring financial income | 75 | €0 | €1,987 | +€1,986 | +735659.3% |
| Financial charges | 65/66B | €8,647 | €1,977 | -€6,670 | -77.1% |
| Recurring financial charges | 65 | €8,647 | €1,977 | -€6,670 | -77.1% |
| Profit (loss) for the period before taxes | 9903 | €72,992 | €152,998 | +€80,006 | +109.6% |
| Transfer to deferred taxes | 680 | - | €36,119 | +€36,119 | |
| Income taxes | 67/77 | €23,611 | €3,328 | -€20,283 | -85.9% |
| Profit (loss) for the period | 9904 | €49,380 | €113,551 | +€64,171 | +130.0% |
| Transfer to tax-exempt reserves | 689 | - | €108,356 | +€108,356 | |
| Profit (loss) for the period to be appropriated | 9905 | €49,380 | €5,195 | -€44,185 | -89.5% |
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 9 October 2026 via checked.be.