Sandra Peeters: 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.
Sandra Peeters
Largest movements
- Receivables within one year +€99,011
up €99,011 (+147%), from €67,208 to €166,219
of which Other amounts receivable: +€127,104
- Cash -€38,520
down €38,520 (-24.0%), from €160,372 to €121,852
mainly Receivables within one year (-€99,011) and Debts after one year (-€36,623)
- Reserves +€61,050
up €61,050 (+11.5%), from €531,808 to €592,858
of which Distributable reserves: +€31,580
- Debts after one year -€36,623
down €36,623 (-3.8%), from €974,966 to €938,343
of which Other amounts payable: -€20,568
- Gross operating margin -€48,226
down €48,226 (-22.9%), from €210,893 to €162,667
- Taxes -€9,773
down €9,773 (-24.6%), from €39,742 to €29,969
- Financial charges -€9,665
down €9,665 (-14.6%), from €66,363 to €56,697
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 | €2,344,495 | €2,374,918 | +€30,422 | +1.3% |
| Fixed assets | 21/28 | €1,892,987 | €1,876,685 | -€16,302 | -0.9% |
| Tangible fixed assets | 22/27 | €1,892,987 | €1,876,685 | -€16,302 | -0.9% |
| Land and buildings | 22 | €1,079,413 | €1,070,173 | -€9,240 | -0.9% |
| Plant, machinery and equipment | 23 | €9,605 | €9,081 | -€523 | -5.4% |
| Furniture and vehicles | 24 | €2,704 | €2,335 | -€369 | -13.7% |
| Other tangible fixed assets | 26 | €801,265 | €795,096 | -€6,170 | -0.8% |
| Current assets | 29/58 | €451,509 | €498,233 | +€46,724 | +10.3% |
| Amounts receivable within one year | 40/41 | €67,208 | €166,219 | +€99,011 | +147% |
| Trade receivables | 40 | €64,960 | €36,867 | -€28,093 | -43.2% |
| Other amounts receivable | 41 | €2,248 | €129,351 | +€127,104 | +5,654% |
| Current investments | 50/53 | €215,000 | €200,000 | -€15,000 | -7.0% |
| Cash at bank and in hand | 54/58 | €160,372 | €121,852 | -€38,520 | -24.0% |
| Deferred charges and accrued income | 490/1 | €8,929 | €10,162 | +€1,233 | +13.8% |
| Total equity and liabilities | 10/49 | €2,344,495 | €2,374,918 | +€30,422 | +1.3% |
| Equity | 10/15 | €1,254,686 | €1,315,736 | +€61,050 | +4.9% |
| Contributions | 10/11 | €722,878 | €722,878 | = | 0.0% |
| Reserves | 13 | €531,808 | €592,858 | +€61,050 | +11.5% |
| Tax-exempt reserves | 132 | €63,150 | €92,620 | +€29,470 | +46.7% |
| Distributable reserves | 133 | €468,658 | €500,238 | +€31,580 | +6.7% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €1,089,810 | €1,059,182 | -€30,628 | -2.8% |
| Amounts payable after more than one year | 17 | €974,966 | €938,343 | -€36,623 | -3.8% |
| Financial debts | 170/4 | €205,270 | €189,215 | -€16,055 | -7.8% |
| Other amounts payable | 178/9 | €769,696 | €749,128 | -€20,568 | -2.7% |
| Amounts payable within one year | 42/48 | €114,387 | €119,530 | +€5,143 | +4.5% |
| Current portion of amounts payable after more than one year | 42 | €15,915 | €16,055 | +€141 | +0.9% |
| Trade debts | 44 | €4,366 | €1,767 | -€2,598 | -59.5% |
| Suppliers | 440/4 | €4,366 | €1,767 | -€2,598 | -59.5% |
| Taxes, remuneration and social security | 45 | €49,347 | €63,606 | +€14,259 | +28.9% |
| Taxes | 450/3 | €49,347 | €63,606 | +€14,259 | +28.9% |
| Other amounts payable | 47/48 | €44,760 | €38,101 | -€6,658 | -14.9% |
| Accrued charges and deferred income | 492/3 | €457 | €1,309 | +€852 | +187% |
| Non-recurring operating income | 76A | €9,000 | €0 | -€9,000 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,534 | €18,416 | -€119 | -0.6% |
| Other operating charges | 640/8 | €4,831 | €5,445 | +€613 | +12.7% |
| Non-recurring operating charges | 66A | €561 | €185 | -€376 | -67.1% |
| Gross operating margin | 9900 | €210,893 | €162,667 | -€48,226 | -22.9% |
| Operating profit (loss) | 9901 | €186,966 | €138,622 | -€48,345 | -25.9% |
| Financial income | 75/76B | €8,342 | €9,095 | +€752 | +9.0% |
| Recurring financial income | 75 | €8,342 | €9,095 | +€752 | +9.0% |
| Financial charges | 65/66B | €66,363 | €56,697 | -€9,665 | -14.6% |
| Recurring financial charges | 65 | €66,363 | €56,697 | -€9,665 | -14.6% |
| Profit (loss) for the period before taxes | 9903 | €128,945 | €91,019 | -€37,927 | -29.4% |
| Income taxes | 67/77 | €39,742 | €29,969 | -€9,773 | -24.6% |
| Profit (loss) for the period | 9904 | €89,203 | €61,050 | -€28,153 | -31.6% |
| Transfer to tax-exempt reserves | 689 | €39,995 | €29,470 | -€10,525 | -26.3% |
| Profit (loss) for the period to be appropriated | 9905 | €49,208 | €31,580 | -€17,628 | -35.8% |
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 19 October 2026 via checked.be.