SHORT: 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.
SHORT
Largest movements
- Receivables within one year -€39,845
down €39,845 (-90.0%), from €44,283 to €4,438
- Tangible fixed assets -€33,079
down €33,079 (-4.8%), from €687,010 to €653,931
of which Land and buildings: -€28,092
- Other debts +€157,743
up €157,743 (+42.2%), from €374,033 to €531,776
- Reserves -€120,000
down €120,000 (-30.0%), from €399,860 to €279,860
of which Distributable reserves: -€120,000
- Debts after one year -€101,179
down €101,179 (-22.4%), from €451,165 to €349,986
- Trade debts -€32,491
down €32,491 (-32.0%), from €101,475 to €68,983
- Gross operating margin -€85,591
down €85,591 (-44.5%), from €192,266 to €106,675
- Other operating charges -€52,887
down €52,887 (-96.7%), from €54,683 to €1,795
- Taxes -€8,718
down €8,718 (-43.8%), from €19,895 to €11,177
- Depreciation +€4,820
up €4,820 (+14.4%), from €33,521 to €38,341
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 | €1,591,479 | €1,509,328 | -€82,152 | -5.2% |
| Fixed assets | 21/28 | €1,503,303 | €1,470,224 | -€33,079 | -2.2% |
| Tangible fixed assets | 22/27 | €687,010 | €653,931 | -€33,079 | -4.8% |
| Land and buildings | 22 | €678,453 | €650,361 | -€28,092 | -4.1% |
| Plant, machinery and equipment | 23 | €120 | €0 | -€120 | -100.0% |
| Furniture and vehicles | 24 | €2,325 | €948 | -€1,377 | -59.2% |
| Other tangible fixed assets | 26 | €6,112 | €2,622 | -€3,490 | -57.1% |
| Financial fixed assets | 28 | €816,293 | €816,293 | = | 0.0% |
| Current assets | 29/58 | €88,177 | €39,104 | -€49,073 | -55.7% |
| Amounts receivable within one year | 40/41 | €44,283 | €4,438 | -€39,845 | -90.0% |
| Trade receivables | 40 | €44,283 | €4,438 | -€39,845 | -90.0% |
| Cash at bank and in hand | 54/58 | €693 | €2,266 | +€1,573 | +226.8% |
| Deferred charges and accrued income | 490/1 | €43,200 | €32,400 | -€10,800 | -25.0% |
| Total equity and liabilities | 10/49 | €1,591,479 | €1,509,328 | -€82,152 | -5.2% |
| Equity | 10/15 | €431,833 | €316,581 | -€115,252 | -26.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €399,860 | €279,860 | -€120,000 | -30.0% |
| 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 | €398,000 | €278,000 | -€120,000 | -30.2% |
| Profit (loss) carried forward | 14 | €13,373 | €18,121 | +€4,748 | +35.5% |
| Amounts payable | 17/49 | €1,159,646 | €1,192,747 | +€33,100 | +2.9% |
| Amounts payable after more than one year | 17 | €451,165 | €349,986 | -€101,179 | -22.4% |
| Financial debts | 170/4 | €451,165 | €349,986 | -€101,179 | -22.4% |
| Amounts payable within one year | 42/48 | €688,390 | €821,264 | +€132,874 | +19.3% |
| Current portion of amounts payable after more than one year | 42 | €100,956 | €105,219 | +€4,263 | +4.2% |
| Financial debts | 43 | €69,778 | €74,527 | +€4,749 | +6.8% |
| Credit institutions | 430/8 | €69,778 | €74,527 | +€4,749 | +6.8% |
| Trade debts | 44 | €101,475 | €68,983 | -€32,491 | -32.0% |
| Suppliers | 440/4 | €101,475 | €68,983 | -€32,491 | -32.0% |
| Taxes, remuneration and social security | 45 | €42,148 | €40,758 | -€1,390 | -3.3% |
| Taxes | 450/3 | €42,148 | €40,758 | -€1,390 | -3.3% |
| Other amounts payable | 47/48 | €374,033 | €531,776 | +€157,743 | +42.2% |
| Accrued charges and deferred income | 492/3 | €20,091 | €21,497 | +€1,406 | +7.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,521 | €38,341 | +€4,820 | +14.4% |
| Other operating charges | 640/8 | €54,683 | €1,795 | -€52,887 | -96.7% |
| Gross operating margin | 9900 | €192,266 | €106,675 | -€85,591 | -44.5% |
| Operating profit (loss) | 9901 | €104,063 | €66,539 | -€37,524 | -36.1% |
| Financial income | 75/76B | €0 | €1 | +€0 | +1566.7% |
| Recurring financial income | 75 | €0 | €1 | +€0 | +1566.7% |
| Financial charges | 65/66B | €50,742 | €50,614 | -€128 | -0.3% |
| Recurring financial charges | 65 | €50,742 | €50,614 | -€128 | -0.3% |
| Profit (loss) for the period before taxes | 9903 | €53,321 | €15,925 | -€37,396 | -70.1% |
| Income taxes | 67/77 | €19,895 | €11,177 | -€8,718 | -43.8% |
| Profit (loss) for the period | 9904 | €33,427 | €4,748 | -€28,679 | -85.8% |
| Profit (loss) for the period to be appropriated | 9905 | €33,427 | €4,748 | -€28,679 | -85.8% |
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 11 October 2026 via checked.be.