Second Opinion: 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.
Second Opinion
Largest movements
- Cash +€59,642
up €59,642 (+161.6%), from €36,918 to €96,560
mainly Net result for the year (+€201,170) and Depreciation (+€43,490)
- Receivables within one year +€55,574
up €55,574 (+96.4%), from €57,662 to €113,235
of which Trade receivables: +€66,707
- Tangible fixed assets -€26,843
down €26,843 (-2.1%), from €1.3m to €1.2m
of which Land and buildings: -€32,151
- Reserves +€201,170
up €201,170 (+63.0%), from €319,164 to €520,334
- Debts after one year -€135,061
down €135,061 (-15.1%), from €894,350 to €759,289
- Tax, wage and social debts +€25,879
up €25,879 (+204.0%), from €12,687 to €38,566
- Gross operating margin +€28,047
up €28,047 (+9.3%), from €301,588 to €329,635
- Taxes +€7,569
up €7,569 (+12.9%), from €58,483 to €66,052
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 | €1,383,455 | €1,473,816 | +€90,361 | +6.5% |
| Fixed assets | 21/28 | €1,288,670 | €1,261,827 | -€26,843 | -2.1% |
| Tangible fixed assets | 22/27 | €1,268,670 | €1,241,827 | -€26,843 | -2.1% |
| Land and buildings | 22 | €1,265,742 | €1,233,591 | -€32,151 | -2.5% |
| Plant, machinery and equipment | 23 | - | €1,261 | +€1,261 | |
| Furniture and vehicles | 24 | €2,928 | €6,975 | +€4,048 | +138.3% |
| Financial fixed assets | 28 | €20,000 | €20,000 | = | 0.0% |
| Current assets | 29/58 | €94,785 | €211,989 | +€117,204 | +123.7% |
| Amounts receivable within one year | 40/41 | €57,662 | €113,235 | +€55,574 | +96.4% |
| Trade receivables | 40 | €34,449 | €101,156 | +€66,707 | +193.6% |
| Other amounts receivable | 41 | €23,213 | €12,079 | -€11,134 | -48.0% |
| Cash at bank and in hand | 54/58 | €36,918 | €96,560 | +€59,642 | +161.6% |
| Deferred charges and accrued income | 490/1 | €206 | €2,194 | +€1,988 | +964.9% |
| Total equity and liabilities | 10/49 | €1,383,455 | €1,473,816 | +€90,361 | +6.5% |
| Equity | 10/15 | €336,633 | €537,803 | +€201,170 | +59.8% |
| Contributions | 10/11 | €17,469 | €17,469 | = | 0.0% |
| Reserves | 13 | €319,164 | €520,334 | +€201,170 | +63.0% |
| Distributable reserves | 133 | €319,164 | €520,334 | +€201,170 | +63.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,046,823 | €936,014 | -€110,809 | -10.6% |
| Amounts payable after more than one year | 17 | €894,350 | €759,289 | -€135,061 | -15.1% |
| Financial debts | 170/4 | €894,350 | €759,289 | -€135,061 | -15.1% |
| Amounts payable within one year | 42/48 | €149,999 | €174,033 | +€24,034 | +16.0% |
| Current portion of amounts payable after more than one year | 42 | €133,745 | €135,061 | +€1,317 | +1.0% |
| Trade debts | 44 | €3,567 | €406 | -€3,161 | -88.6% |
| Suppliers | 440/4 | €3,567 | €406 | -€3,161 | -88.6% |
| Taxes, remuneration and social security | 45 | €12,687 | €38,566 | +€25,879 | +204.0% |
| Taxes | 450/3 | €12,687 | €38,566 | +€25,879 | +204.0% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €2,474 | €2,692 | +€218 | +8.8% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,506 | €43,490 | +€984 | +2.3% |
| Other operating charges | 640/8 | €7,215 | €6,841 | -€373 | -5.2% |
| Gross operating margin | 9900 | €301,588 | €329,635 | +€28,047 | +9.3% |
| Operating profit (loss) | 9901 | €251,867 | €279,303 | +€27,436 | +10.9% |
| Financial income | 75/76B | €76 | €104 | +€27 | +35.9% |
| Recurring financial income | 75 | €76 | €104 | +€27 | +35.9% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €14,014 | €12,185 | -€1,828 | -13.0% |
| Recurring financial charges | 65 | €14,014 | €12,185 | -€1,828 | -13.0% |
| Profit (loss) for the period before taxes | 9903 | €237,930 | €267,222 | +€29,292 | +12.3% |
| Income taxes | 67/77 | €58,483 | €66,052 | +€7,569 | +12.9% |
| Profit (loss) for the period | 9904 | €179,447 | €201,170 | +€21,723 | +12.1% |
| Profit (loss) for the period to be appropriated | 9905 | €179,447 | €201,170 | +€21,723 | +12.1% |
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 2 October 2026 via checked.be.