SPECIAL FINANCE: what changed
SPECIAL FINANCE
Largest movements
- Tangible fixed assets -€25,623
down €25,623 (-3.9%), from €649,522 to €623,899
of which Land and buildings: -€23,696
- Receivables within one year -€17,541
down €17,541 (-38.1%), from €46,017 to €28,476
of which Trade receivables: -€17,037
- Cash +€14,644
up €14,644 (+27.2%), from €53,836 to €68,480
mainly Depreciation (+€25,623) and Net result for the year (+€25,338)
- Debts after one year -€30,130
down €30,130 (-5.6%), from €539,706 to €509,576
- Current portion of long-term debt -€14,312
down €14,312 (-32.2%), from €44,442 to €30,130
- Other debts +€10,490
up €10,490 (+47.3%), from €22,172 to €32,662
- Profit (loss) carried forward +€10,338
up €10,338 (+8.0%), from €129,877 to €140,215
- Gross operating margin -€39,649
down €39,649 (-41.7%), from €95,024 to €55,375
- Financial charges -€28,529
down €28,529, from €23,680 to -€4,849
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €749,472 | €720,856 | -€28,617 | -3.8% |
| Fixed assets | 21/28 | €649,522 | €623,899 | -€25,623 | -3.9% |
| Tangible fixed assets | 22/27 | €649,522 | €623,899 | -€25,623 | -3.9% |
| Land and buildings | 22 | €647,101 | €623,405 | -€23,696 | -3.7% |
| Furniture and vehicles | 24 | €2,422 | €495 | -€1,927 | -79.6% |
| Current assets | 29/58 | €99,950 | €96,956 | -€2,994 | -3.0% |
| Amounts receivable within one year | 40/41 | €46,017 | €28,476 | -€17,541 | -38.1% |
| Trade receivables | 40 | €26,842 | €9,805 | -€17,037 | -63.5% |
| Other amounts receivable | 41 | €19,175 | €18,671 | -€504 | -2.6% |
| Cash at bank and in hand | 54/58 | €53,836 | €68,480 | +€14,644 | +27.2% |
| Deferred charges and accrued income | 490/1 | €97 | - | -€97 | |
| Total equity and liabilities | 10/49 | €749,472 | €720,856 | -€28,617 | -3.8% |
| Equity | 10/15 | €131,877 | €142,215 | +€10,338 | +7.8% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €129,877 | €140,215 | +€10,338 | +8.0% |
| Amounts payable | 17/49 | €617,596 | €578,641 | -€38,955 | -6.3% |
| Amounts payable after more than one year | 17 | €539,706 | €509,576 | -€30,130 | -5.6% |
| Financial debts | 170/4 | €539,706 | €509,576 | -€30,130 | -5.6% |
| Amounts payable within one year | 42/48 | €77,890 | €68,363 | -€9,527 | -12.2% |
| Current portion of amounts payable after more than one year | 42 | €44,442 | €30,130 | -€14,312 | -32.2% |
| Trade debts | 44 | - | €365 | +€365 | |
| Suppliers | 440/4 | - | €365 | +€365 | |
| Taxes, remuneration and social security | 45 | €11,276 | €5,207 | -€6,069 | -53.8% |
| Taxes | 450/3 | €11,276 | €5,207 | -€6,069 | -53.8% |
| Other amounts payable | 47/48 | €22,172 | €32,662 | +€10,490 | +47.3% |
| Accrued charges and deferred income | 492/3 | - | €702 | +€702 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,742 | €25,623 | -€119 | -0.5% |
| Other operating charges | 640/8 | - | €37 | +€37 | |
| Gross operating margin | 9900 | €95,024 | €55,375 | -€39,649 | -41.7% |
| Operating profit (loss) | 9901 | €69,282 | €29,716 | -€39,567 | -57.1% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €23,680 | -€4,849 | -€28,529 | |
| Recurring financial charges | 65 | €23,680 | -€4,849 | -€28,529 | |
| Profit (loss) for the period before taxes | 9903 | €45,602 | €34,565 | -€11,037 | -24.2% |
| Income taxes | 67/77 | €9,712 | €9,227 | -€485 | -5.0% |
| Profit (loss) for the period | 9904 | €35,890 | €25,338 | -€10,552 | -29.4% |
| Profit (loss) for the period to be appropriated | 9905 | €35,890 | €25,338 | -€10,552 | -29.4% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.