STEP BY STEP: 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.
STEP BY STEP
Largest movements
- Tangible fixed assets -€25,825
down €25,825 (-21.9%), from €118,129 to €92,304
of which Land and buildings: -€19,257
- Receivables within one year -€16,022
down €16,022 (-64.2%), from €24,947 to €8,925
of which Other amounts receivable: -€14,097
- Current portion of long-term debt -€28,437
no longer reported in 2025 (was €28,437)
- Debts after one year -€13,511
down €13,511 (-8.8%), from €152,889 to €139,378
of which Financial debts: -€135,312
- Gross operating margin +€55,500
up €55,500, from -€35,881 to €19,619
- Staff costs -€41,173
no longer reported in 2025 (was €41,173)
- Financial income +€24,228
up €24,228 (+601.6%), from €4,027 to €28,255
- Financial charges +€5,021
up €5,021 (+47.7%), from €10,533 to €15,553
- Other operating charges +€1,723
up €1,723 (+31.3%), from €5,508 to €7,231
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 | €534,723 | €488,859 | -€45,864 | -8.6% |
| Fixed assets | 21/28 | €118,244 | €92,419 | -€25,825 | -21.8% |
| Tangible fixed assets | 22/27 | €118,129 | €92,304 | -€25,825 | -21.9% |
| Land and buildings | 22 | €103,360 | €84,103 | -€19,257 | -18.6% |
| Plant, machinery and equipment | 23 | €430 | €323 | -€108 | -25.0% |
| Furniture and vehicles | 24 | €14,339 | €7,878 | -€6,461 | -45.1% |
| Financial fixed assets | 28 | €115 | €115 | = | 0.0% |
| Current assets | 29/58 | €416,479 | €396,440 | -€20,039 | -4.8% |
| Stocks and contracts in progress | 3 | €2,693 | €2,693 | = | 0.0% |
| Stocks | 30/36 | €2,693 | €2,693 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €24,947 | €8,925 | -€16,022 | -64.2% |
| Trade receivables | 40 | €1,924 | - | -€1,924 | |
| Other amounts receivable | 41 | €23,023 | €8,925 | -€14,097 | -61.2% |
| Current investments | 50/53 | €377,889 | €377,889 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €10,950 | €6,933 | -€4,017 | -36.7% |
| Total equity and liabilities | 10/49 | €534,723 | €488,859 | -€45,864 | -8.6% |
| Equity | 10/15 | €349,351 | €348,348 | -€1,004 | -0.3% |
| Contributions | 10/11 | €162,121 | €162,121 | = | 0.0% |
| Capital | 10 | €162,121 | €162,121 | = | 0.0% |
| Issued capital | 100 | €162,121 | €162,121 | = | 0.0% |
| Reserves | 13 | €184,304 | €184,304 | = | 0.0% |
| Non-distributable reserves | 130/1 | €16,212 | €16,212 | = | 0.0% |
| Legal reserve | 130 | €16,212 | €16,212 | = | 0.0% |
| Tax-exempt reserves | 132 | €592 | €592 | = | 0.0% |
| Distributable reserves | 133 | €167,500 | €167,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,926 | €1,923 | -€1,004 | -34.3% |
| Amounts payable | 17/49 | €185,372 | €140,512 | -€44,860 | -24.2% |
| Amounts payable after more than one year | 17 | €152,889 | €139,378 | -€13,511 | -8.8% |
| Financial debts | 170/4 | €135,312 | - | -€135,312 | |
| Other amounts payable | 178/9 | €17,576 | €139,378 | +€121,802 | +693.0% |
| Amounts payable within one year | 42/48 | €29,318 | €1,133 | -€28,185 | -96.1% |
| Current portion of amounts payable after more than one year | 42 | €28,437 | - | -€28,437 | |
| Trade debts | 44 | €667 | €919 | +€252 | +37.9% |
| Suppliers | 440/4 | €667 | €919 | +€252 | +37.9% |
| Taxes, remuneration and social security | 45 | €214 | €214 | -€0 | 0.0% |
| Taxes | 450/3 | €214 | €214 | -€0 | 0.0% |
| Accrued charges and deferred income | 492/3 | €3,165 | - | -€3,165 | |
| Non-recurring operating income | 76A | €8,694 | - | -€8,694 | |
| Remuneration, social security and pensions | 62 | €41,173 | - | -€41,173 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,444 | €25,825 | -€619 | -2.3% |
| Other operating charges | 640/8 | €5,508 | €7,231 | +€1,723 | +31.3% |
| Non-recurring operating charges | 66A | €231 | €35 | -€196 | -84.8% |
| Gross operating margin | 9900 | -€35,881 | €19,619 | +€55,500 | |
| Operating profit (loss) | 9901 | -€109,237 | -€13,472 | +€95,765 | +87.7% |
| Financial income | 75/76B | €4,027 | €28,255 | +€24,228 | +601.6% |
| Recurring financial income | 75 | €4,027 | €28,255 | +€24,228 | +601.6% |
| Financial charges | 65/66B | €10,533 | €15,553 | +€5,021 | +47.7% |
| Recurring financial charges | 65 | €10,533 | €15,553 | +€5,021 | +47.7% |
| Profit (loss) for the period before taxes | 9903 | -€115,742 | -€770 | +€114,972 | +99.3% |
| Income taxes | 67/77 | €489 | €234 | -€255 | -52.2% |
| Profit (loss) for the period | 9904 | -€116,231 | -€1,004 | +€115,227 | +99.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€116,231 | -€1,004 | +€115,227 | +99.1% |
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 9 October 2026 via checked.be.