STORIES: 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.
What changed
STORIES
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€4,876
2024 · €16,293-€11,418
Equity
€510,011
2024 · €505,135+€4,876
Cash
€3,989
2024 · €633+€3,356
Balance sheet total
€1.7m
2024 · €1.7m-€42,094
Largest movements
Assets
- Tangible fixed assets -€47,788
down €47,788 (-3.7%), from €1.3m to €1.2m
of which Land and buildings: -€44,764
Equity and liabilities
- Debts after one year -€43,367
down €43,367 (-4.9%), from €890,795 to €847,428
of which Financial debts: -€43,087
- Profit (loss) carried forward +€18,098
up €18,098 (+15.6%), from €116,037 to €134,136
Income statement
- Financial income -€9,938
down €9,938 (-100.0%), from €9,938 to €0
- Gross operating margin -€1,059
down €1,059 (-1.5%), from €68,956 to €67,897
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.
Result 2024
€16,293
Gross operating margin
-€1,059
Depreciation
+€329
Other operating charges
-€145
Financial income
-€9,938
Financial charges
-€605
Result 2025
€4,876
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.
From operations
+€46,088
Investment
€0
Financing
-€42,733
Cash 2024
€633
From operations (derived)
+€46,088
Net result for the year
+€4,876
Depreciation
+€47,788
Receivables within one year
-€12,268
Deferred charges and accrued income
+€9,930
Provisions
-€4,408
Trade debts
+€470
Other debts
+€513
Accrued charges and deferred income
-€813
Financing
-€42,733
Debts after one year
-€43,367
Current portion of long-term debt
+€634
Cash 2025
€3,989
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,721,098 | €1,679,003 | -€42,094 | -2.4% |
| Fixed assets | 21/28 | €1,286,983 | €1,239,195 | -€47,788 | -3.7% |
| Tangible fixed assets | 22/27 | €1,286,983 | €1,239,195 | -€47,788 | -3.7% |
| Land and buildings | 22 | €1,277,671 | €1,232,908 | -€44,764 | -3.5% |
| Furniture and vehicles | 24 | €9,312 | €6,287 | -€3,025 | -32.5% |
| Current assets | 29/58 | €434,114 | €439,808 | +€5,694 | +1.3% |
| Amounts receivable within one year | 40/41 | €422,840 | €435,108 | +€12,268 | +2.9% |
| Trade receivables | 40 | €1,044 | - | -€1,044 | |
| Other amounts receivable | 41 | €421,796 | €435,108 | +€13,312 | +3.2% |
| Cash at bank and in hand | 54/58 | €633 | €3,989 | +€3,356 | +530.2% |
| Deferred charges and accrued income | 490/1 | €10,641 | €711 | -€9,930 | -93.3% |
| Total equity and liabilities | 10/49 | €1,721,098 | €1,679,003 | -€42,094 | -2.4% |
| Equity | 10/15 | €505,135 | €510,011 | +€4,876 | +1.0% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €327,098 | €313,875 | -€13,223 | -4.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €320,898 | €307,675 | -€13,223 | -4.1% |
| Profit (loss) carried forward | 14 | €116,037 | €134,136 | +€18,098 | +15.6% |
| Provisions and deferred taxes | 16 | €106,966 | €102,558 | -€4,408 | -4.1% |
| Deferred taxes | 168 | €106,966 | €102,558 | -€4,408 | -4.1% |
| Amounts payable | 17/49 | €1,108,997 | €1,066,434 | -€42,563 | -3.8% |
| Amounts payable after more than one year | 17 | €890,795 | €847,428 | -€43,367 | -4.9% |
| Financial debts | 170/4 | €880,905 | €837,818 | -€43,087 | -4.9% |
| Other amounts payable | 178/9 | €9,890 | €9,610 | -€280 | -2.8% |
| Amounts payable within one year | 42/48 | €216,409 | €218,026 | +€1,617 | +0.7% |
| Current portion of amounts payable after more than one year | 42 | €45,374 | €46,009 | +€634 | +1.4% |
| Trade debts | 44 | €1,335 | €1,805 | +€470 | +35.2% |
| Suppliers | 440/4 | €1,335 | €1,805 | +€470 | +35.2% |
| Other amounts payable | 47/48 | €169,700 | €170,212 | +€513 | +0.3% |
| Accrued charges and deferred income | 492/3 | €1,793 | €980 | -€813 | -45.3% |
| Non-recurring operating income | 76A | €286 | €149 | -€137 | -48.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,118 | €47,788 | -€329 | -0.7% |
| Other operating charges | 640/8 | €4,611 | €4,756 | +€145 | +3.1% |
| Gross operating margin | 9900 | €68,956 | €67,897 | -€1,059 | -1.5% |
| Operating profit (loss) | 9901 | €16,227 | €15,353 | -€874 | -5.4% |
| Financial income | 75/76B | €9,938 | €0 | -€9,938 | -100.0% |
| Recurring financial income | 75 | €9,938 | €0 | -€9,938 | -100.0% |
| Financial charges | 65/66B | €14,279 | €14,885 | +€605 | +4.2% |
| Recurring financial charges | 65 | €14,279 | €14,885 | +€605 | +4.2% |
| Profit (loss) for the period before taxes | 9903 | €11,886 | €468 | -€11,418 | -96.1% |
| Transfer from deferred taxes | 780 | €4,408 | €4,408 | = | 0.0% |
| Profit (loss) for the period | 9904 | €16,293 | €4,876 | -€11,418 | -70.1% |
| Transfer from tax-exempt reserves | 789 | €13,223 | €13,223 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €29,516 | €18,098 | -€11,418 | -38.7% |
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 8 October 2026 via checked.be.