S2: 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.
S2
Largest movements
- Tangible fixed assets -€43,498
down €43,498 (-18.5%), from €234,968 to €191,470
of which Land and buildings: -€42,402
- Cash -€19,927
down €19,927 (-36.8%), from €54,171 to €34,244
mainly Contributions, distributions and other (-€56,529) and Other debts (-€33,159)
- Receivables within one year +€18,023
up €18,023 (+52.4%), from €34,394 to €52,417
of which Trade receivables: +€23,023
- Deferred charges and accrued income -€5,854
down €5,854 (-95.7%), from €6,116 to €263
- Other debts -€33,159
down €33,159 (-36.8%), from €90,190 to €57,030
- Reserves -€28,187
down €28,187 (-24.2%), from €116,491 to €88,304
- Trade debts +€14,019
up €14,019 (+55.8%), from €25,115 to €39,134
- Debts after one year -€4,940
down €4,940 (-9.4%), from €52,780 to €47,840
of which Financial debts: -€5,807
- Gross operating margin +€62,791
up €62,791 (+119.3%), from €52,640 to €115,430
- Staff costs -€7,104
down €7,104 (-22.6%), from €31,478 to €24,374
- Taxes +€2,875
up €2,875, from -€40 to €2,834
- Depreciation +€1,344
up €1,344 (+3.1%), from €43,104 to €44,448
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 | €471,769 | €420,513 | -€51,256 | -10.9% |
| Fixed assets | 21/28 | €377,088 | €333,590 | -€43,498 | -11.5% |
| Tangible fixed assets | 22/27 | €234,968 | €191,470 | -€43,498 | -18.5% |
| Land and buildings | 22 | €233,039 | €190,637 | -€42,402 | -18.2% |
| Plant, machinery and equipment | 23 | €1,319 | €833 | -€486 | -36.8% |
| Furniture and vehicles | 24 | €610 | €0 | -€610 | -100.0% |
| Financial fixed assets | 28 | €142,120 | €142,120 | = | 0.0% |
| Current assets | 29/58 | €94,681 | €86,923 | -€7,758 | -8.2% |
| Amounts receivable within one year | 40/41 | €34,394 | €52,417 | +€18,023 | +52.4% |
| Trade receivables | 40 | €29,394 | €52,417 | +€23,023 | +78.3% |
| Other amounts receivable | 41 | €5,000 | €0 | -€5,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €54,171 | €34,244 | -€19,927 | -36.8% |
| Deferred charges and accrued income | 490/1 | €6,116 | €263 | -€5,854 | -95.7% |
| Total equity and liabilities | 10/49 | €471,769 | €420,513 | -€51,256 | -10.9% |
| Equity | 10/15 | €284,007 | €258,304 | -€25,703 | -9.1% |
| Contributions | 10/11 | €170,000 | €170,000 | = | 0.0% |
| Reserves | 13 | €116,491 | €88,304 | -€28,187 | -24.2% |
| Distributable reserves | 133 | €116,491 | €88,304 | -€28,187 | -24.2% |
| Profit (loss) carried forward | 14 | -€2,484 | €0 | +€2,484 | |
| Amounts payable | 17/49 | €187,762 | €162,209 | -€25,553 | -13.6% |
| Amounts payable after more than one year | 17 | €52,780 | €47,840 | -€4,940 | -9.4% |
| Financial debts | 170/4 | €20,030 | €14,224 | -€5,807 | -29.0% |
| Other amounts payable | 178/9 | €32,750 | €33,617 | +€867 | +2.6% |
| Amounts payable within one year | 42/48 | €133,637 | €113,114 | -€20,523 | -15.4% |
| Current portion of amounts payable after more than one year | 42 | €8,312 | €5,807 | -€2,505 | -30.1% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €25,115 | €39,134 | +€14,019 | +55.8% |
| Suppliers | 440/4 | €25,115 | €39,134 | +€14,019 | +55.8% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €10,021 | €11,143 | +€1,122 | +11.2% |
| Taxes | 450/3 | €4,230 | €7,252 | +€3,022 | +71.4% |
| Remuneration and social security | 454/9 | €5,791 | €3,891 | -€1,900 | -32.8% |
| Other amounts payable | 47/48 | €90,190 | €57,030 | -€33,159 | -36.8% |
| Accrued charges and deferred income | 492/3 | €1,345 | €1,255 | -€90 | -6.7% |
| Remuneration, social security and pensions | 62 | €31,478 | €24,374 | -€7,104 | -22.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,104 | €44,448 | +€1,344 | +3.1% |
| Other operating charges | 640/8 | €10,012 | €10,320 | +€308 | +3.1% |
| Non-recurring operating charges | 66A | - | €2 | +€2 | |
| Gross operating margin | 9900 | €52,640 | €115,430 | +€62,791 | +119.3% |
| Operating profit (loss) | 9901 | -€31,954 | €36,287 | +€68,241 | |
| Financial income | 75/76B | €5 | €0 | -€5 | -99.6% |
| Recurring financial income | 75 | €5 | €0 | -€5 | -99.6% |
| Financial charges | 65/66B | €2,567 | €2,628 | +€61 | +2.4% |
| Recurring financial charges | 65 | €2,567 | €2,628 | +€61 | +2.4% |
| Profit (loss) for the period before taxes | 9903 | -€34,515 | €33,660 | +€68,175 | |
| Income taxes | 67/77 | -€40 | €2,834 | +€2,875 | |
| Profit (loss) for the period | 9904 | -€34,475 | €30,825 | +€65,300 | |
| Profit (loss) for the period to be appropriated | 9905 | -€34,475 | €30,825 | +€65,300 |
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 12 October 2026 via checked.be.