Source: 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.
Source
Largest movements
- Cash -€120,479
down €120,479 (-38.0%), from €316,861 to €196,382
mainly Investment in fixed assets (net) (-€281,712) and Receivables within one year (-€93,473)
- Tangible fixed assets +€108,137
up €108,137 (+5.8%), from €1.9m to €2.0m
of which Land and buildings: +€199,021
- Receivables within one year +€93,473
up €93,473 (+44.6%), from €209,515 to €302,988
of which Other amounts receivable: +€50,155
- Provisions +€49,000
up €49,000 (+13.7%), from €356,500 to €405,500
- Debts after one year -€32,827
down €32,827 (-7.1%), from €465,531 to €432,703
- Gross operating margin +€132,989
up €132,989 (+6.6%), from €2.0m to €2.1m
- Financial income -€111,867
down €111,867 (-61.8%), from €181,017 to €69,150
of which Financial income: -€98,664
- Staff costs +€70,832
up €70,832 (+3.8%), from €1.9m to €1.9m
- Depreciation +€21,896
up €21,896 (+14.6%), from €149,707 to €171,602
- Write-downs -€21,712
down €21,712, from €7,410 to -€14,302
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 | €3,138,719 | €3,189,433 | +€50,714 | +1.6% |
| Fixed assets | 21/28 | €1,874,469 | €1,984,578 | +€110,109 | +5.9% |
| Intangible fixed assets | 21 | - | €1,962 | +€1,962 | |
| Tangible fixed assets | 22/27 | €1,873,063 | €1,981,201 | +€108,137 | +5.8% |
| Land and buildings | 22 | €1,775,609 | €1,974,630 | +€199,021 | +11.2% |
| Plant, machinery and equipment | 23 | €86,806 | - | -€86,806 | |
| Furniture and vehicles | 24 | €10,648 | €6,570 | -€4,078 | -38.3% |
| Financial fixed assets | 28 | €1,406 | €1,415 | +€10 | +0.7% |
| Current assets | 29/58 | €1,264,250 | €1,204,855 | -€59,395 | -4.7% |
| Amounts receivable within one year | 40/41 | €209,515 | €302,988 | +€93,473 | +44.6% |
| Trade receivables | 40 | €20,591 | €63,909 | +€43,318 | +210.4% |
| Other amounts receivable | 41 | €188,924 | €239,079 | +€50,155 | +26.5% |
| Current investments | 50/53 | €725,461 | €698,257 | -€27,204 | -3.7% |
| Cash at bank and in hand | 54/58 | €316,861 | €196,382 | -€120,479 | -38.0% |
| Deferred charges and accrued income | 490/1 | €12,414 | €7,228 | -€5,186 | -41.8% |
| Total equity and liabilities | 10/49 | €3,138,719 | €3,189,433 | +€50,714 | +1.6% |
| Equity | 10/15 | €1,888,532 | €1,927,102 | +€38,570 | +2.0% |
| Contributions | 10/11 | €117,811 | €117,811 | = | 0.0% |
| Capital | 10 | €117,811 | €117,811 | = | 0.0% |
| Reserves | 13 | €320,509 | €320,509 | = | 0.0% |
| Profit (loss) carried forward | 14 | €71,031 | €82,231 | +€11,200 | +15.8% |
| Investment grants | 15 | €1,379,182 | €1,406,552 | +€27,370 | +2.0% |
| Provisions and deferred taxes | 16 | €356,500 | €405,500 | +€49,000 | +13.7% |
| Provisions for liabilities and charges | 160/5 | €356,500 | €405,500 | +€49,000 | +13.7% |
| Major repairs and maintenance | 162 | €301,500 | €301,500 | = | 0.0% |
| Other liabilities and charges | 164/5 | €55,000 | €104,000 | +€49,000 | +89.1% |
| Amounts payable | 17/49 | €893,687 | €856,831 | -€36,856 | -4.1% |
| Amounts payable after more than one year | 17 | €465,531 | €432,703 | -€32,827 | -7.1% |
| Financial debts | 170/4 | €465,531 | €432,703 | -€32,827 | -7.1% |
| Amounts payable within one year | 42/48 | €416,081 | €411,997 | -€4,084 | -1.0% |
| Current portion of amounts payable after more than one year | 42 | €32,096 | €32,827 | +€731 | +2.3% |
| Trade debts | 44 | €15,318 | €21,435 | +€6,117 | +39.9% |
| Suppliers | 440/4 | €15,318 | €21,435 | +€6,117 | +39.9% |
| Taxes, remuneration and social security | 45 | €368,667 | €345,675 | -€22,992 | -6.2% |
| Taxes | 450/3 | €59,319 | €60,107 | +€788 | +1.3% |
| Remuneration and social security | 454/9 | €309,348 | €285,568 | -€23,780 | -7.7% |
| Accrued charges and deferred income | 492/3 | €12,075 | €12,130 | +€55 | +0.5% |
| Non-recurring operating income | 76A | €6,857 | €3,290 | -€3,568 | -52.0% |
| Remuneration, social security and pensions | 62 | €1,863,160 | €1,933,992 | +€70,832 | +3.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €149,707 | €171,602 | +€21,896 | +14.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €7,410 | -€14,302 | -€21,712 | |
| Other operating charges | 640/8 | €8,991 | €24,113 | +€15,122 | +168.2% |
| Non-recurring operating charges | 66A | €7,402 | €3,458 | -€3,944 | -53.3% |
| Gross operating margin | 9900 | €2,014,228 | €2,147,217 | +€132,989 | +6.6% |
| Operating profit (loss) | 9901 | -€82,442 | -€20,646 | +€61,796 | +75.0% |
| Financial income | 75/76B | €181,017 | €69,150 | -€111,867 | -61.8% |
| Recurring financial income | 75 | €101,267 | €2,603 | -€98,664 | -97.4% |
| Non-recurring financial income | 76B | €79,750 | €66,547 | -€13,203 | -16.6% |
| Financial charges | 65/66B | €20,032 | €37,313 | +€17,281 | +86.3% |
| Recurring financial charges | 65 | €13,154 | €13,395 | +€241 | +1.8% |
| Non-recurring financial charges | 66B | €6,878 | €23,918 | +€17,040 | +247.8% |
| Profit (loss) for the period before taxes | 9903 | €78,543 | €11,191 | -€67,352 | -85.8% |
| Income taxes | 67/77 | €1,362 | -€9 | -€1,372 | |
| Profit (loss) for the period | 9904 | €77,181 | €11,200 | -€65,981 | -85.5% |
| Profit (loss) for the period to be appropriated | 9905 | €77,181 | €11,200 | -€65,981 | -85.5% |
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 6 October 2026 via checked.be.