Second Thoughts: 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.
Second Thoughts
Largest movements
- Tangible fixed assets -€48,707
down €48,707 (-3.3%), from €1.5m to €1.4m
of which Furniture and vehicles: -€26,698
- Receivables within one year +€42,289
up €42,289 (+34.7%), from €121,875 to €164,163
of which Trade receivables: +€101,809
- Cash +€17,454
up €17,454 (+39.1%), from €44,599 to €62,053
mainly Net result for the year (+€68,910) and Depreciation (+€49,523)
- Debts after one year -€88,311
down €88,311 (-10.8%), from €819,970 to €731,659
- Reserves +€68,910
up €68,910 (+24.7%), from €278,790 to €347,700
of which Distributable reserves: +€68,910
- Current portion of long-term debt +€26,800
up €26,800 (+6.1%), from €441,511 to €468,311
- Depreciation -€116,216
down €116,216 (-70.1%), from €165,740 to €49,523
- Gross operating margin +€44,467
up €44,467 (+33.4%), from €133,138 to €177,605
- Financial charges +€41,382
up €41,382 (+688%), from €6,012 to €47,393
- Other operating charges -€28,860
down €28,860 (-90.2%), from €32,000 to €3,140
- Taxes +€8,453
up €8,453 (+2,584%), from €327 to €8,780
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 | €1,670,857 | €1,680,614 | +€9,757 | +0.6% |
| Fixed assets | 21/28 | €1,493,565 | €1,444,858 | -€48,707 | -3.3% |
| Tangible fixed assets | 22/27 | €1,493,565 | €1,444,858 | -€48,707 | -3.3% |
| Land and buildings | 22 | €519,137 | €500,981 | -€18,156 | -3.5% |
| Plant, machinery and equipment | 23 | €10,452 | €6,599 | -€3,853 | -36.9% |
| Furniture and vehicles | 24 | €97,976 | €71,278 | -€26,698 | -27.2% |
| Assets under construction and advance payments | 27 | €866,000 | €866,000 | = | 0.0% |
| Current assets | 29/58 | €177,292 | €235,756 | +€58,464 | +33.0% |
| Amounts receivable within one year | 40/41 | €121,875 | €164,163 | +€42,289 | +34.7% |
| Trade receivables | 40 | - | €101,809 | +€101,809 | |
| Other amounts receivable | 41 | €121,875 | €62,354 | -€59,521 | -48.8% |
| Cash at bank and in hand | 54/58 | €44,599 | €62,053 | +€17,454 | +39.1% |
| Deferred charges and accrued income | 490/1 | €10,818 | €9,539 | -€1,279 | -11.8% |
| Total equity and liabilities | 10/49 | €1,670,857 | €1,680,614 | +€9,757 | +0.6% |
| Equity | 10/15 | €397,214 | €464,458 | +€67,244 | +16.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €278,790 | €347,700 | +€68,910 | +24.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €276,930 | €345,840 | +€68,910 | +24.9% |
| Profit (loss) carried forward | 14 | €106,024 | €104,358 | -€1,666 | -1.6% |
| Amounts payable | 17/49 | €1,273,643 | €1,216,156 | -€57,487 | -4.5% |
| Amounts payable after more than one year | 17 | €819,970 | €731,659 | -€88,311 | -10.8% |
| Financial debts | 170/4 | €819,970 | €731,659 | -€88,311 | -10.8% |
| Amounts payable within one year | 42/48 | €452,935 | €483,682 | +€30,747 | +6.8% |
| Current portion of amounts payable after more than one year | 42 | €441,511 | €468,311 | +€26,800 | +6.1% |
| Trade debts | 44 | €3,708 | €3,064 | -€644 | -17.4% |
| Suppliers | 440/4 | €3,708 | €3,064 | -€644 | -17.4% |
| Taxes, remuneration and social security | 45 | €6,550 | €10,641 | +€4,091 | +62.5% |
| Taxes | 450/3 | €6,550 | €10,641 | +€4,091 | +62.5% |
| Other amounts payable | 47/48 | €1,166 | €1,666 | +€500 | +42.9% |
| Accrued charges and deferred income | 492/3 | €738 | €815 | +€77 | +10.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €165,740 | €49,523 | -€116,216 | -70.1% |
| Other operating charges | 640/8 | €32,000 | €3,140 | -€28,860 | -90.2% |
| Gross operating margin | 9900 | €133,138 | €177,605 | +€44,467 | +33.4% |
| Operating profit (loss) | 9901 | -€64,601 | €124,942 | +€189,543 | |
| Financial income | 75/76B | €517 | €142 | -€375 | -72.5% |
| Recurring financial income | 75 | €517 | €142 | -€375 | -72.5% |
| Financial charges | 65/66B | €6,012 | €47,393 | +€41,382 | +688% |
| Recurring financial charges | 65 | €6,012 | €47,393 | +€41,382 | +688% |
| Profit (loss) for the period before taxes | 9903 | -€70,096 | €77,690 | +€147,787 | |
| Income taxes | 67/77 | €327 | €8,780 | +€8,453 | +2,584% |
| Profit (loss) for the period | 9904 | -€70,423 | €68,910 | +€139,333 | |
| Profit (loss) for the period to be appropriated | 9905 | -€70,423 | €68,910 | +€139,333 |
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 20 October 2026 via checked.be.