SOURCE-E: 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.
SOURCE-E
Largest movements
- Receivables after one year +€123,096
up €123,096 (+456%), from €26,988 to €150,085
- Cash -€119,635
down €119,635 (-63.2%), from €189,167 to €69,532
mainly Receivables after one year (-€123,096) and Investment in fixed assets (net) (-€53,279)
- Tangible fixed assets +€29,837
up €29,837 (+26.5%), from €112,702 to €142,538
of which Other tangible fixed assets: +€49,540
- Reserves +€81,818
up €81,818 (+32.1%), from €255,048 to €336,866
of which Distributable reserves: +€81,818
- Debts after one year -€19,968
down €19,968 (-6.6%), from €300,911 to €280,944
of which Financial debts: -€19,968
- Tax, wage and social debts -€13,595
down €13,595 (-41.3%), from €32,957 to €19,362
- Trade debts -€10,623
down €10,623 (-64.0%), from €16,593 to €5,970
- Financial income -€47,914
down €47,914 (-48.7%), from €98,337 to €50,422
of which Non-recurring financial income: -€98,337
- Taxes -€4,139
down €4,139 (-18.3%), from €22,601 to €18,462
- Financial charges +€3,234
up €3,234 (+177%), from €1,826 to €5,060
- Depreciation +€1,879
up €1,879 (+8.7%), from €21,564 to €23,442
- Gross operating margin -€1,573
down €1,573 (-1.9%), from €82,441 to €80,868
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 | €691,064 | €719,448 | +€28,383 | +4.1% |
| Fixed assets | 21/28 | €443,512 | €473,348 | +€29,837 | +6.7% |
| Tangible fixed assets | 22/27 | €112,702 | €142,538 | +€29,837 | +26.5% |
| Land and buildings | 22 | €75,920 | €71,175 | -€4,745 | -6.3% |
| Furniture and vehicles | 24 | €23,258 | €8,300 | -€14,958 | -64.3% |
| Other tangible fixed assets | 26 | €13,523 | €63,063 | +€49,540 | +366% |
| Financial fixed assets | 28 | €330,810 | €330,810 | = | 0.0% |
| Current assets | 29/58 | €247,553 | €246,099 | -€1,454 | -0.6% |
| Amounts receivable after more than one year | 29 | €26,988 | €150,085 | +€123,096 | +456% |
| Other amounts receivable | 291 | €26,988 | €150,085 | +€123,096 | +456% |
| Amounts receivable within one year | 40/41 | €30,276 | €26,483 | -€3,793 | -12.5% |
| Other amounts receivable | 41 | €30,276 | €26,483 | -€3,793 | -12.5% |
| Cash at bank and in hand | 54/58 | €189,167 | €69,532 | -€119,635 | -63.2% |
| Deferred charges and accrued income | 490/1 | €1,122 | - | -€1,122 | |
| Total equity and liabilities | 10/49 | €691,064 | €719,448 | +€28,383 | +4.1% |
| Equity | 10/15 | €305,085 | €386,903 | +€81,818 | +26.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €255,048 | €336,866 | +€81,818 | +32.1% |
| 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 | €253,188 | €335,006 | +€81,818 | +32.3% |
| Profit (loss) carried forward | 14 | €43,837 | €43,837 | = | 0.0% |
| Amounts payable | 17/49 | €385,979 | €332,544 | -€53,435 | -13.8% |
| Amounts payable after more than one year | 17 | €300,911 | €280,944 | -€19,968 | -6.6% |
| Financial debts | 170/4 | €38,911 | €18,943 | -€19,968 | -51.3% |
| Other amounts payable | 178/9 | €262,000 | €262,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €85,068 | €51,601 | -€33,467 | -39.3% |
| Current portion of amounts payable after more than one year | 42 | €24,519 | €19,270 | -€5,249 | -21.4% |
| Trade debts | 44 | €16,593 | €5,970 | -€10,623 | -64.0% |
| Suppliers | 440/4 | €16,593 | €5,970 | -€10,623 | -64.0% |
| Taxes, remuneration and social security | 45 | €32,957 | €19,362 | -€13,595 | -41.3% |
| Taxes | 450/3 | €32,957 | €19,362 | -€13,595 | -41.3% |
| Other amounts payable | 47/48 | €11,000 | €7,000 | -€4,000 | -36.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,564 | €23,442 | +€1,879 | +8.7% |
| Other operating charges | 640/8 | €1,533 | €2,507 | +€974 | +63.5% |
| Gross operating margin | 9900 | €82,441 | €80,868 | -€1,573 | -1.9% |
| Operating profit (loss) | 9901 | €59,344 | €54,918 | -€4,426 | -7.5% |
| Financial income | 75/76B | €98,337 | €50,422 | -€47,914 | -48.7% |
| Recurring financial income | 75 | €98,337 | €50,422 | -€47,914 | -48.7% |
| Non-recurring financial income | 76B | €98,337 | - | -€98,337 | |
| Financial charges | 65/66B | €1,826 | €5,060 | +€3,234 | +177% |
| Recurring financial charges | 65 | €1,826 | €5,060 | +€3,234 | +177% |
| Profit (loss) for the period before taxes | 9903 | €155,855 | €100,280 | -€55,575 | -35.7% |
| Income taxes | 67/77 | €22,601 | €18,462 | -€4,139 | -18.3% |
| Profit (loss) for the period | 9904 | €133,254 | €81,818 | -€51,436 | -38.6% |
| Profit (loss) for the period to be appropriated | 9905 | €133,254 | €81,818 | -€51,436 | -38.6% |
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 15 October 2026 via checked.be.