S-O.R.: 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.
S-O.R.
Largest movements
- Current investments +€50,000
up €50,000 (+50.1%), from €99,850 to €149,850
- Receivables within one year +€23,130
up €23,130 (+5,497%), from €421 to €23,551
of which Other amounts receivable: +€18,129
- Cash -€18,904
down €18,904 (-39.8%), from €47,489 to €28,584
mainly Contributions, distributions and other (-€150,000) and Current investments (-€50,000)
- Other debts +€150,026
up €150,026 (+94,326%), from €159 to €150,185
- Reserves -€91,497
down €91,497 (-64.5%), from €141,764 to €50,267
- Tax, wage and social debts -€4,655
no longer reported in 2025 (was €4,655)
- Gross operating margin -€9,120
down €9,120 (-10.4%), from €87,348 to €78,228
- Financial charges +€5,971
up €5,971 (+3,008%), from €199 to €6,170
of which Non-recurring financial charges: +€6,000
- Taxes -€2,715
down €2,715 (-15.1%), from €17,968 to €15,253
- Financial income +€2,404
up €2,404 (+223%), from €1,077 to €3,481
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.
Derived cash bridge
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 | €149,927 | €203,541 | +€53,615 | +35.8% |
| Formation expenses | 20 | €487 | €287 | -€200 | -41.1% |
| Fixed assets | 21/28 | €1,680 | €1,000 | -€680 | -40.5% |
| Tangible fixed assets | 22/27 | €1,640 | €960 | -€680 | -41.5% |
| Furniture and vehicles | 24 | €1,640 | €960 | -€680 | -41.5% |
| Financial fixed assets | 28 | €40 | €40 | = | 0.0% |
| Current assets | 29/58 | €147,760 | €202,254 | +€54,495 | +36.9% |
| Amounts receivable within one year | 40/41 | €421 | €23,551 | +€23,130 | +5,497% |
| Trade receivables | 40 | €421 | €5,422 | +€5,002 | +1,189% |
| Other amounts receivable | 41 | - | €18,129 | +€18,129 | |
| Current investments | 50/53 | €99,850 | €149,850 | +€50,000 | +50.1% |
| Cash at bank and in hand | 54/58 | €47,489 | €28,584 | -€18,904 | -39.8% |
| Deferred charges and accrued income | 490/1 | - | €269 | +€269 | |
| Total equity and liabilities | 10/49 | €149,927 | €203,541 | +€53,615 | +35.8% |
| Equity | 10/15 | €144,764 | €53,267 | -€91,497 | -63.2% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €141,764 | €50,267 | -€91,497 | -64.5% |
| Distributable reserves | 133 | €141,764 | €50,267 | -€91,497 | -64.5% |
| Amounts payable | 17/49 | €5,163 | €150,274 | +€145,111 | +2,811% |
| Amounts payable within one year | 42/48 | €5,163 | €150,274 | +€145,111 | +2,811% |
| Trade debts | 44 | €348 | €89 | -€259 | -74.4% |
| Suppliers | 440/4 | €348 | €89 | -€259 | -74.4% |
| Taxes, remuneration and social security | 45 | €4,655 | - | -€4,655 | |
| Taxes | 450/3 | €4,655 | - | -€4,655 | |
| Other amounts payable | 47/48 | €159 | €150,185 | +€150,026 | +94,326% |
| Remuneration, social security and pensions | 62 | €104 | €383 | +€279 | +269% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €601 | €880 | +€280 | +46.6% |
| Other operating charges | 640/8 | €118 | €520 | +€402 | +340% |
| Gross operating margin | 9900 | €87,348 | €78,228 | -€9,120 | -10.4% |
| Operating profit (loss) | 9901 | €86,525 | €76,445 | -€10,081 | -11.7% |
| Financial income | 75/76B | €1,077 | €3,481 | +€2,404 | +223% |
| Recurring financial income | 75 | €1,077 | €3,481 | +€2,404 | +223% |
| Financial charges | 65/66B | €199 | €6,170 | +€5,971 | +3,008% |
| Recurring financial charges | 65 | €199 | €170 | -€29 | -14.5% |
| Non-recurring financial charges | 66B | - | €6,000 | +€6,000 | |
| Profit (loss) for the period before taxes | 9903 | €87,404 | €73,756 | -€13,648 | -15.6% |
| Income taxes | 67/77 | €17,968 | €15,253 | -€2,715 | -15.1% |
| Profit (loss) for the period | 9904 | €69,436 | €58,503 | -€10,932 | -15.7% |
| Profit (loss) for the period to be appropriated | 9905 | €69,436 | €58,503 | -€10,932 | -15.7% |
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 26 October 2026 via checked.be.