Say-So: 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.
Say-So
Largest movements
- Cash -€14,629
down €14,629 (-41.4%), from €35,322 to €20,694
mainly Contributions, distributions and other (-€93,770) and Tax, wage and social debts (-€756)
- Tangible fixed assets -€11,348
down €11,348 (-25.8%), from €43,969 to €32,621
- Profit (loss) carried forward -€73,146
no longer reported in 2025 (was €73,146)
- Other debts +€22,652
up €22,652 (+90.2%), from €25,109 to €47,761
- Contributions +€12,400
up €12,400 (+200.0%), from €6,200 to €18,600
- Reserves +€11,283
up €11,283 (+5.8%), from €192,960 to €204,243
- Gross operating margin -€6,250
down €6,250 (-8.0%), from €78,457 to €72,206
- Financial income -€3,660
down €3,660 (-71.7%), from €5,107 to €1,448
- Taxes -€2,403
down €2,403 (-12.1%), from €19,852 to €17,449
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 | €309,858 | €282,653 | -€27,205 | -8.8% |
| Fixed assets | 21/28 | €43,969 | €32,621 | -€11,348 | -25.8% |
| Tangible fixed assets | 22/27 | €43,969 | €32,621 | -€11,348 | -25.8% |
| Furniture and vehicles | 24 | €43,969 | €32,621 | -€11,348 | -25.8% |
| Current assets | 29/58 | €265,889 | €250,031 | -€15,858 | -6.0% |
| Amounts receivable within one year | 40/41 | €31,328 | €29,507 | -€1,822 | -5.8% |
| Trade receivables | 40 | €29,920 | €29,187 | -€733 | -2.4% |
| Other amounts receivable | 41 | €1,408 | €319 | -€1,089 | -77.3% |
| Current investments | 50/53 | €199,238 | €199,831 | +€592 | +0.3% |
| Cash at bank and in hand | 54/58 | €35,322 | €20,694 | -€14,629 | -41.4% |
| Total equity and liabilities | 10/49 | €309,858 | €282,653 | -€27,205 | -8.8% |
| Equity | 10/15 | €272,306 | €222,843 | -€49,463 | -18.2% |
| Contributions | 10/11 | €6,200 | €18,600 | +€12,400 | +200.0% |
| Reserves | 13 | €192,960 | €204,243 | +€11,283 | +5.8% |
| Distributable reserves | 133 | €192,960 | €204,243 | +€11,283 | +5.8% |
| Profit (loss) carried forward | 14 | €73,146 | - | -€73,146 | |
| Amounts payable | 17/49 | €37,552 | €59,810 | +€22,258 | +59.3% |
| Amounts payable within one year | 42/48 | €37,552 | €59,810 | +€22,258 | +59.3% |
| Trade debts | 44 | €1,545 | €1,908 | +€362 | +23.4% |
| Suppliers | 440/4 | €1,545 | €1,908 | +€362 | +23.4% |
| Taxes, remuneration and social security | 45 | €10,898 | €10,141 | -€756 | -6.9% |
| Taxes | 450/3 | €10,898 | €10,141 | -€756 | -6.9% |
| Other amounts payable | 47/48 | €25,109 | €47,761 | +€22,652 | +90.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,468 | €11,348 | -€121 | -1.1% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €78,457 | €72,206 | -€6,250 | -8.0% |
| Operating profit (loss) | 9901 | €66,601 | €60,459 | -€6,142 | -9.2% |
| Financial income | 75/76B | €5,107 | €1,448 | -€3,660 | -71.7% |
| Recurring financial income | 75 | €5,107 | €1,448 | -€3,660 | -71.7% |
| Financial charges | 65/66B | €217 | €151 | -€66 | -30.5% |
| Recurring financial charges | 65 | €217 | €151 | -€66 | -30.5% |
| Profit (loss) for the period before taxes | 9903 | €71,491 | €61,756 | -€9,735 | -13.6% |
| Income taxes | 67/77 | €19,852 | €17,449 | -€2,403 | -12.1% |
| Profit (loss) for the period | 9904 | €51,639 | €44,307 | -€7,333 | -14.2% |
| Profit (loss) for the period to be appropriated | 9905 | €51,639 | €44,307 | -€7,333 | -14.2% |
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.