STRATEGY & SCENARIO DEVELOPMENT: 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.
STRATEGY & SCENARIO DEVELOPMENT
Largest movements
- Receivables within one year -€5,808
down €5,808 (-34.7%), from €16,714 to €10,906
of which Trade receivables: -€5,808
- Cash -€3,168
down €3,168 (-10.1%), from €31,309 to €28,141
mainly Other debts (-€12,303) and Contributions, distributions and other (-€12,163)
- Tangible fixed assets -€2,235
down €2,235 (-30.1%), from €7,420 to €5,186
- Other debts -€12,303
down €12,303 (-82.0%), from €15,005 to €2,702
- Reserves +€5,202
up €5,202 (+4.4%), from €118,213 to €123,414
of which Distributable reserves: +€5,202
- Trade debts -€4,497
down €4,497 (-95.9%), from €4,691 to €194
- Financial charges -€1,112
down €1,112 (-87.3%), from €1,274 to €161
- Depreciation -€453
down €453 (-16.9%), from €2,688 to €2,235
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 | €200,243 | €189,469 | -€10,773 | -5.4% |
| Fixed assets | 21/28 | €7,420 | €5,186 | -€2,235 | -30.1% |
| Tangible fixed assets | 22/27 | €7,420 | €5,186 | -€2,235 | -30.1% |
| Land and buildings | 22 | €253 | €0 | -€253 | -100.0% |
| Furniture and vehicles | 24 | €2,967 | €2,035 | -€932 | -31.4% |
| Other tangible fixed assets | 26 | €4,200 | €3,150 | -€1,050 | -25.0% |
| Current assets | 29/58 | €192,822 | €184,284 | -€8,539 | -4.4% |
| Amounts receivable within one year | 40/41 | €16,714 | €10,906 | -€5,808 | -34.7% |
| Trade receivables | 40 | €15,186 | €9,378 | -€5,808 | -38.2% |
| Other amounts receivable | 41 | €1,528 | €1,528 | = | 0.0% |
| Current investments | 50/53 | €144,521 | €144,555 | +€35 | 0.0% |
| Cash at bank and in hand | 54/58 | €31,309 | €28,141 | -€3,168 | -10.1% |
| Deferred charges and accrued income | 490/1 | €279 | €682 | +€403 | +144.2% |
| Total equity and liabilities | 10/49 | €200,243 | €189,469 | -€10,773 | -5.4% |
| Equity | 10/15 | €169,059 | €174,260 | +€5,202 | +3.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €118,213 | €123,414 | +€5,202 | +4.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,317 | €1,317 | = | 0.0% |
| Distributable reserves | 133 | €115,036 | €120,238 | +€5,202 | +4.5% |
| Profit (loss) carried forward | 14 | €44,646 | €44,646 | = | 0.0% |
| Amounts payable | 17/49 | €31,184 | €15,209 | -€15,975 | -51.2% |
| Amounts payable within one year | 42/48 | €30,113 | €15,209 | -€14,904 | -49.5% |
| Financial debts | 43 | €218 | €818 | +€600 | +274.6% |
| Credit institutions | 430/8 | €218 | €818 | +€600 | +274.6% |
| Trade debts | 44 | €4,691 | €194 | -€4,497 | -95.9% |
| Suppliers | 440/4 | €4,691 | €194 | -€4,497 | -95.9% |
| Taxes, remuneration and social security | 45 | €10,199 | €11,495 | +€1,296 | +12.7% |
| Taxes | 450/3 | €10,199 | €11,495 | +€1,296 | +12.7% |
| Other amounts payable | 47/48 | €15,005 | €2,702 | -€12,303 | -82.0% |
| Accrued charges and deferred income | 492/3 | €1,071 | €0 | -€1,071 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,688 | €2,235 | -€453 | -16.9% |
| Other operating charges | 640/8 | €717 | €803 | +€86 | +12.0% |
| Gross operating margin | 9900 | €30,274 | €30,459 | +€185 | +0.6% |
| Operating profit (loss) | 9901 | €26,869 | €27,422 | +€553 | +2.1% |
| Financial income | 75/76B | €194 | €239 | +€45 | +23.3% |
| Recurring financial income | 75 | €194 | €239 | +€45 | +23.3% |
| Financial charges | 65/66B | €1,274 | €161 | -€1,112 | -87.3% |
| Recurring financial charges | 65 | €1,274 | €161 | -€1,112 | -87.3% |
| Profit (loss) for the period before taxes | 9903 | €25,789 | €27,500 | +€1,710 | +6.6% |
| Income taxes | 67/77 | €10,030 | €10,135 | +€105 | +1.0% |
| Profit (loss) for the period | 9904 | €15,759 | €17,365 | +€1,606 | +10.2% |
| Profit (loss) for the period to be appropriated | 9905 | €15,759 | €17,365 | +€1,606 | +10.2% |
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 2 October 2026 via checked.be.