ROUTE 40: 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.
ROUTE 40
Largest movements
- Tangible fixed assets +€769,336
up €769,336 (+41.4%), from €1.9m to €2.6m
of which Land and buildings: +€773,318
- Current investments +€607,378
new in 2025: €607,378
- Cash +€313,468
up €313,468 (+487.3%), from €64,331 to €377,799
mainly Other debts (+€1.1m) and Debts after one year (+€308,289)
- Receivables within one year -€195,845
down €195,845 (-76.1%), from €257,298 to €61,453
of which Other amounts receivable: -€140,000
- Other debts +€1.1m
up €1.1m (+1238.0%), from €90,322 to €1.2m
- Debts after one year +€308,289
up €308,289 (+16.5%), from €1.9m to €2.2m
- Reserves +€46,000
up €46,000 (+70.8%), from €65,000 to €111,000
- Gross operating margin +€114,526
up €114,526 (+100.7%), from €113,777 to €228,303
- Financial charges +€49,749
up €49,749 (+113.8%), from €43,706 to €93,455
- Depreciation +€22,009
up €22,009 (+36.0%), from €61,147 to €83,156
- Financial income +€9,906
up €9,906 (+6736.4%), from €147 to €10,053
- Taxes +€6,249
up €6,249 (+1388.7%), from €450 to €6,699
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 | €2,179,880 | €3,674,635 | +€1.5m | +68.6% |
| Fixed assets | 21/28 | €1,858,251 | €2,627,587 | +€769,336 | +41.4% |
| Tangible fixed assets | 22/27 | €1,858,251 | €2,627,587 | +€769,336 | +41.4% |
| Land and buildings | 22 | €1,844,496 | €2,617,814 | +€773,318 | +41.9% |
| Furniture and vehicles | 24 | €13,755 | €9,773 | -€3,982 | -28.9% |
| Current assets | 29/58 | €321,629 | €1,047,048 | +€725,419 | +225.5% |
| Amounts receivable within one year | 40/41 | €257,298 | €61,453 | -€195,845 | -76.1% |
| Trade receivables | 40 | €117,298 | €61,453 | -€55,845 | -47.6% |
| Other amounts receivable | 41 | €140,000 | - | -€140,000 | |
| Current investments | 50/53 | - | €607,378 | +€607,378 | |
| Cash at bank and in hand | 54/58 | €64,331 | €377,799 | +€313,468 | +487.3% |
| Deferred charges and accrued income | 490/1 | - | €418 | +€418 | |
| Total equity and liabilities | 10/49 | €2,179,880 | €3,674,635 | +€1.5m | +68.6% |
| Equity | 10/15 | €149,093 | €197,735 | +€48,642 | +32.6% |
| Contributions | 10/11 | €111,143 | €111,143 | = | 0.0% |
| Reserves | 13 | €65,000 | €111,000 | +€46,000 | +70.8% |
| Distributable reserves | 133 | €65,000 | €111,000 | +€46,000 | +70.8% |
| Profit (loss) carried forward | 14 | -€27,116 | -€24,413 | +€2,702 | +10.0% |
| Investment grants | 15 | €66 | €6 | -€60 | -91.0% |
| Provisions and deferred taxes | 16 | €22 | €2 | -€20 | -91.0% |
| Deferred taxes | 168 | €22 | €2 | -€20 | -91.0% |
| Amounts payable | 17/49 | €2,030,765 | €3,476,898 | +€1.4m | +71.2% |
| Amounts payable after more than one year | 17 | €1,869,017 | €2,177,306 | +€308,289 | +16.5% |
| Financial debts | 170/4 | €1,869,017 | €2,177,306 | +€308,289 | +16.5% |
| Amounts payable within one year | 42/48 | €161,748 | €1,299,592 | +€1.1m | +703.5% |
| Current portion of amounts payable after more than one year | 42 | €45,678 | €71,593 | +€25,915 | +56.7% |
| Trade debts | 44 | €3,548 | €12,883 | +€9,336 | +263.2% |
| Suppliers | 440/4 | €3,548 | €12,883 | +€9,336 | +263.2% |
| Taxes, remuneration and social security | 45 | €22,200 | €6,564 | -€15,637 | -70.4% |
| Taxes | 450/3 | €22,200 | €6,564 | -€15,637 | -70.4% |
| Other amounts payable | 47/48 | €90,322 | €1,208,552 | +€1.1m | +1238.0% |
| Remuneration, social security and pensions | 62 | -€1,957 | - | +€1,957 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €61,147 | €83,156 | +€22,009 | +36.0% |
| Other operating charges | 640/8 | €3,095 | €6,364 | +€3,269 | +105.6% |
| Non-recurring operating charges | 66A | €2,128 | - | -€2,128 | |
| Gross operating margin | 9900 | €113,777 | €228,303 | +€114,526 | +100.7% |
| Operating profit (loss) | 9901 | €49,363 | €138,783 | +€89,420 | +181.1% |
| Financial income | 75/76B | €147 | €10,053 | +€9,906 | +6736.4% |
| Recurring financial income | 75 | €147 | €10,053 | +€9,906 | +6736.4% |
| Financial charges | 65/66B | €43,706 | €93,455 | +€49,749 | +113.8% |
| Recurring financial charges | 65 | €43,706 | €93,455 | +€49,749 | +113.8% |
| Profit (loss) for the period before taxes | 9903 | €5,804 | €55,381 | +€49,578 | +854.2% |
| Transfer from deferred taxes | 780 | €49 | €20 | -€29 | -59.2% |
| Income taxes | 67/77 | €450 | €6,699 | +€6,249 | +1388.7% |
| Profit (loss) for the period | 9904 | €5,403 | €48,702 | +€43,299 | +801.4% |
| Profit (loss) for the period to be appropriated | 9905 | €5,403 | €48,702 | +€43,299 | +801.4% |
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 7 October 2026 via checked.be.