special ad: 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.
special ad
Largest movements
- Cash -€740,402
down €740,402 (-81.7%), from €906,490 to €166,089
mainly Contributions, distributions and other (-€1.4m) and Investment in fixed assets (net) (-€453,413)
- Receivables after one year -€410,400
down €410,400 (-100%), from €410,400 to €0
- Receivables within one year -€222,296
down €222,296 (-32.9%), from €675,066 to €452,769
of which Other amounts receivable: -€251,897
- Tangible fixed assets +€218,554
up €218,554 (+29.4%), from €744,405 to €962,959
of which Furniture and vehicles: +€494,245
- Deferred charges and accrued income -€29,853
down €29,853 (-83.6%), from €35,690 to €5,837
- Reserves -€1.3m
down €1.3m (-74.5%), from €1.7m to €436,956
of which Distributable reserves: -€1.3m
- Debts after one year +€265,887
up €265,887 (+73.7%), from €360,618 to €626,505
- Trade debts -€119,063
down €119,063 (-49.6%), from €240,263 to €121,200
- Other debts +€100,200
up €100,200, from €0 to €100,200
- Current portion of long-term debt +€91,980
up €91,980 (+59.6%), from €154,272 to €246,252
- Gross operating margin -€634,835
down €634,835 (-57.0%), from €1.1m to €479,562
- Provisions -€72,901
new in 2025: -€72,901
- Depreciation -€53,673
down €53,673 (-18.9%), from €283,340 to €229,668
- Taxes -€37,432
down €37,432 (-20.0%), from €187,446 to €150,014
- Financial income +€35,122
up €35,122 (+130%), from €27,015 to €62,138
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 | €2,772,051 | €1,592,846 | -€1.2m | -42.5% |
| Fixed assets | 21/28 | €744,405 | €968,151 | +€223,746 | +30.1% |
| Intangible fixed assets | 21 | - | €5,192 | +€5,192 | |
| Tangible fixed assets | 22/27 | €744,405 | €962,959 | +€218,554 | +29.4% |
| Land and buildings | 22 | €275,342 | €10,998 | -€264,344 | -96.0% |
| Plant, machinery and equipment | 23 | €17,566 | €14,967 | -€2,599 | -14.8% |
| Furniture and vehicles | 24 | €427,666 | €921,912 | +€494,245 | +116% |
| Other tangible fixed assets | 26 | €23,830 | €15,082 | -€8,748 | -36.7% |
| Current assets | 29/58 | €2,027,645 | €624,695 | -€1.4m | -69.2% |
| Amounts receivable after more than one year | 29 | €410,400 | €0 | -€410,400 | -100% |
| Other amounts receivable | 291 | €410,400 | €0 | -€410,400 | -100% |
| Amounts receivable within one year | 40/41 | €675,066 | €452,769 | -€222,296 | -32.9% |
| Trade receivables | 40 | €322,896 | €352,496 | +€29,600 | +9.2% |
| Other amounts receivable | 41 | €352,170 | €100,273 | -€251,897 | -71.5% |
| Cash at bank and in hand | 54/58 | €906,490 | €166,089 | -€740,402 | -81.7% |
| Deferred charges and accrued income | 490/1 | €35,690 | €5,837 | -€29,853 | -83.6% |
| Total equity and liabilities | 10/49 | €2,772,051 | €1,592,846 | -€1.2m | -42.5% |
| Equity | 10/15 | €1,747,560 | €468,577 | -€1.3m | -73.2% |
| Contributions | 10/11 | €30,600 | €30,600 | = | 0.0% |
| Reserves | 13 | €1,715,938 | €436,956 | -€1.3m | -74.5% |
| Tax-exempt reserves | 132 | €29,154 | €29,154 | = | 0.0% |
| Distributable reserves | 133 | €1,686,784 | €407,802 | -€1.3m | -75.8% |
| Profit (loss) carried forward | 14 | €1,021 | €1,021 | = | 0.0% |
| Provisions and deferred taxes | 16 | €72,901 | €0 | -€72,901 | -100% |
| Provisions for liabilities and charges | 160/5 | €72,901 | €0 | -€72,901 | -100% |
| Pensions and similar obligations | 160 | €72,901 | €0 | -€72,901 | -100% |
| Amounts payable | 17/49 | €951,590 | €1,124,268 | +€172,679 | +18.1% |
| Amounts payable after more than one year | 17 | €360,618 | €626,505 | +€265,887 | +73.7% |
| Financial debts | 170/4 | €360,618 | €626,505 | +€265,887 | +73.7% |
| Amounts payable within one year | 42/48 | €590,972 | €497,763 | -€93,209 | -15.8% |
| Current portion of amounts payable after more than one year | 42 | €154,272 | €246,252 | +€91,980 | +59.6% |
| Financial debts | 43 | €106,667 | €16,667 | -€90,000 | -84.4% |
| Credit institutions | 430/8 | €106,667 | €16,667 | -€90,000 | -84.4% |
| Trade debts | 44 | €240,263 | €121,200 | -€119,063 | -49.6% |
| Suppliers | 440/4 | €240,263 | €121,200 | -€119,063 | -49.6% |
| Taxes, remuneration and social security | 45 | €89,770 | €13,444 | -€76,326 | -85.0% |
| Taxes | 450/3 | €84,170 | €4,232 | -€79,938 | -95.0% |
| Remuneration and social security | 454/9 | €5,600 | €9,212 | +€3,612 | +64.5% |
| Other amounts payable | 47/48 | €0 | €100,200 | +€100,200 | |
| Remuneration, social security and pensions | 62 | €61,188 | €78,424 | +€17,236 | +28.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €283,340 | €229,668 | -€53,673 | -18.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €544 | €9,447 | +€8,903 | +1,636% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | -€72,901 | -€72,901 | |
| Other operating charges | 640/8 | €15,618 | €19,607 | +€3,989 | +25.5% |
| Gross operating margin | 9900 | €1,114,397 | €479,562 | -€634,835 | -57.0% |
| Operating profit (loss) | 9901 | €753,706 | €215,317 | -€538,389 | -71.4% |
| Financial income | 75/76B | €27,015 | €62,138 | +€35,122 | +130% |
| Recurring financial income | 75 | €27,015 | €62,138 | +€35,122 | +130% |
| Financial charges | 65/66B | €22,620 | €27,357 | +€4,737 | +20.9% |
| Recurring financial charges | 65 | €22,620 | €27,357 | +€4,737 | +20.9% |
| Profit (loss) for the period before taxes | 9903 | €758,101 | €250,098 | -€508,003 | -67.0% |
| Income taxes | 67/77 | €187,446 | €150,014 | -€37,432 | -20.0% |
| Profit (loss) for the period | 9904 | €570,655 | €100,084 | -€470,571 | -82.5% |
| Profit (loss) for the period to be appropriated | 9905 | €570,655 | €100,084 | -€470,571 | -82.5% |
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 17 October 2026 via checked.be.