RTFM: 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.
RTFM
Largest movements
- Cash +€124,435
up €124,435 (+209.5%), from €59,403 to €183,837
mainly Net result for the year (+€150,584) and Depreciation (+€27,830)
- Tangible fixed assets -€19,805
down €19,805 (-7.4%), from €267,828 to €248,022
of which Plant, machinery and equipment: -€12,620
- Deferred charges and accrued income +€6,278
up €6,278 (+1330.8%), from €472 to €6,750
- Reserves +€150,584
up €150,584 (+148.8%), from €101,217 to €251,801
of which Distributable reserves: +€150,584
- Debts after one year -€24,414
down €24,414 (-13.3%), from €183,956 to €159,542
- Trade debts -€7,979
down €7,979 (-19.7%), from €40,405 to €32,426
- Gross operating margin +€121,478
up €121,478 (+38.8%), from €312,719 to €434,197
- Staff costs -€36,350
down €36,350 (-19.8%), from €183,945 to €147,595
- Taxes +€31,602
up €31,602 (+218.8%), from €14,446 to €46,048
- Financial charges +€15,587
up €15,587 (+32.7%), from €47,666 to €63,253
- Depreciation -€7,109
down €7,109 (-20.3%), from €34,939 to €27,830
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 | €445,654 | €558,532 | +€112,878 | +25.3% |
| Fixed assets | 21/28 | €267,828 | €248,022 | -€19,805 | -7.4% |
| Tangible fixed assets | 22/27 | €267,828 | €248,022 | -€19,805 | -7.4% |
| Land and buildings | 22 | €247,954 | €241,222 | -€6,732 | -2.7% |
| Plant, machinery and equipment | 23 | €19,401 | €6,781 | -€12,620 | -65.0% |
| Furniture and vehicles | 24 | €473 | €20 | -€453 | -95.9% |
| Current assets | 29/58 | €177,826 | €310,510 | +€132,683 | +74.6% |
| Stocks and contracts in progress | 3 | €115,033 | €113,361 | -€1,672 | -1.5% |
| Stocks | 30/36 | €115,033 | €113,361 | -€1,672 | -1.5% |
| Amounts receivable within one year | 40/41 | €2,919 | €6,562 | +€3,642 | +124.8% |
| Trade receivables | 40 | €2,853 | €6,457 | +€3,604 | +126.3% |
| Other amounts receivable | 41 | €67 | €105 | +€39 | +58.0% |
| Cash at bank and in hand | 54/58 | €59,403 | €183,837 | +€124,435 | +209.5% |
| Deferred charges and accrued income | 490/1 | €472 | €6,750 | +€6,278 | +1330.8% |
| Total equity and liabilities | 10/49 | €445,654 | €558,532 | +€112,878 | +25.3% |
| Equity | 10/15 | €131,217 | €281,801 | +€150,584 | +114.8% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Contributions outside capital | 11 | €30,000 | - | -€30,000 | |
| Other | 1109/19 | €30,000 | - | -€30,000 | |
| Reserves | 13 | €101,217 | €251,801 | +€150,584 | +148.8% |
| Non-distributable reserves | 130/1 | €3,000 | €3,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,000 | €3,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €331 | €331 | = | 0.0% |
| Distributable reserves | 133 | €97,886 | €248,470 | +€150,584 | +153.8% |
| Amounts payable | 17/49 | €314,438 | €276,731 | -€37,706 | -12.0% |
| Amounts payable after more than one year | 17 | €183,956 | €159,542 | -€24,414 | -13.3% |
| Financial debts | 170/4 | €183,956 | €159,542 | -€24,414 | -13.3% |
| Amounts payable within one year | 42/48 | €130,482 | €117,190 | -€13,292 | -10.2% |
| Current portion of amounts payable after more than one year | 42 | €29,182 | €24,414 | -€4,769 | -16.3% |
| Trade debts | 44 | €40,405 | €32,426 | -€7,979 | -19.7% |
| Suppliers | 440/4 | €40,405 | €32,426 | -€7,979 | -19.7% |
| Taxes, remuneration and social security | 45 | €48,480 | €44,261 | -€4,219 | -8.7% |
| Taxes | 450/3 | €22,436 | €21,388 | -€1,049 | -4.7% |
| Remuneration and social security | 454/9 | €26,044 | €22,874 | -€3,170 | -12.2% |
| Other amounts payable | 47/48 | €12,414 | €16,088 | +€3,674 | +29.6% |
| Remuneration, social security and pensions | 62 | €183,945 | €147,595 | -€36,350 | -19.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,939 | €27,830 | -€7,109 | -20.3% |
| Other operating charges | 640/8 | €7,366 | €5,754 | -€1,612 | -21.9% |
| Gross operating margin | 9900 | €312,719 | €434,197 | +€121,478 | +38.8% |
| Operating profit (loss) | 9901 | €86,469 | €253,018 | +€166,549 | +192.6% |
| Financial income | 75/76B | €6,760 | €6,868 | +€107 | +1.6% |
| Recurring financial income | 75 | €6,760 | €6,868 | +€107 | +1.6% |
| Financial charges | 65/66B | €47,666 | €63,253 | +€15,587 | +32.7% |
| Recurring financial charges | 65 | €47,666 | €63,253 | +€15,587 | +32.7% |
| Profit (loss) for the period before taxes | 9903 | €45,564 | €196,632 | +€151,069 | +331.6% |
| Income taxes | 67/77 | €14,446 | €46,048 | +€31,602 | +218.8% |
| Profit (loss) for the period | 9904 | €31,118 | €150,584 | +€119,466 | +383.9% |
| Profit (loss) for the period to be appropriated | 9905 | €31,118 | €150,584 | +€119,466 | +383.9% |
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 10 October 2026 via checked.be.