STRUCTURED CHAOS: 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.
STRUCTURED CHAOS
Largest movements
- Tangible fixed assets +€418,489
up €418,489 (+3476.5%), from €12,038 to €430,527
of which Land and buildings: +€423,402
- Cash -€65,617
down €65,617 (-44.9%), from €145,981 to €80,364
mainly Investment in fixed assets (net) (-€437,309) and Tax, wage and social debts (-€1,728)
- Receivables within one year -€14,349
down €14,349 (-30.9%), from €46,459 to €32,110
of which Trade receivables: -€28,392
- Debts after one year +€279,867
new in 2025: €279,867
- Reserves +€42,795
up €42,795 (+29.2%), from €146,769 to €189,564
- Short-term financial debts +€16,646
new in 2025: €16,646
- Depreciation +€16,138
up €16,138 (+601.8%), from €2,682 to €18,820
- Gross operating margin +€12,925
up €12,925 (+16.8%), from €77,068 to €89,993
- Financial charges +€9,063
up €9,063 (+3647.9%), from €248 to €9,312
- Taxes -€2,557
down €2,557 (-12.0%), from €21,245 to €18,688
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 | €204,477 | €543,000 | +€338,523 | +165.6% |
| Fixed assets | 21/28 | €12,038 | €430,527 | +€418,489 | +3476.5% |
| Tangible fixed assets | 22/27 | €12,038 | €430,527 | +€418,489 | +3476.5% |
| Land and buildings | 22 | - | €423,402 | +€423,402 | |
| Furniture and vehicles | 24 | €7,535 | €3,158 | -€4,377 | -58.1% |
| Other tangible fixed assets | 26 | €4,502 | €3,966 | -€536 | -11.9% |
| Current assets | 29/58 | €192,440 | €112,474 | -€79,966 | -41.6% |
| Amounts receivable within one year | 40/41 | €46,459 | €32,110 | -€14,349 | -30.9% |
| Trade receivables | 40 | €46,459 | €18,067 | -€28,392 | -61.1% |
| Other amounts receivable | 41 | - | €14,042 | +€14,042 | |
| Cash at bank and in hand | 54/58 | €145,981 | €80,364 | -€65,617 | -44.9% |
| Total equity and liabilities | 10/49 | €204,477 | €543,000 | +€338,523 | +165.6% |
| Equity | 10/15 | €151,769 | €194,564 | +€42,795 | +28.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €146,769 | €189,564 | +€42,795 | +29.2% |
| Distributable reserves | 133 | €146,769 | €189,564 | +€42,795 | +29.2% |
| Amounts payable | 17/49 | €52,708 | €348,436 | +€295,728 | +561.1% |
| Amounts payable after more than one year | 17 | - | €279,867 | +€279,867 | |
| Financial debts | 170/4 | - | €279,867 | +€279,867 | |
| Amounts payable within one year | 42/48 | €52,708 | €68,569 | +€15,861 | +30.1% |
| Financial debts | 43 | - | €16,646 | +€16,646 | |
| Credit institutions | 430/8 | - | €16,646 | +€16,646 | |
| Trade debts | 44 | €359 | €1,662 | +€1,303 | +363.2% |
| Suppliers | 440/4 | €359 | €1,662 | +€1,303 | +363.2% |
| Taxes, remuneration and social security | 45 | €51,989 | €50,261 | -€1,728 | -3.3% |
| Taxes | 450/3 | €51,989 | €50,261 | -€1,728 | -3.3% |
| Other amounts payable | 47/48 | €361 | - | -€361 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,682 | €18,820 | +€16,138 | +601.8% |
| Other operating charges | 640/8 | €914 | €651 | -€263 | -28.8% |
| Gross operating margin | 9900 | €77,068 | €89,993 | +€12,925 | +16.8% |
| Operating profit (loss) | 9901 | €73,472 | €70,522 | -€2,950 | -4.0% |
| Financial income | 75/76B | - | €273 | +€273 | |
| Recurring financial income | 75 | - | €273 | +€273 | |
| Financial charges | 65/66B | €248 | €9,312 | +€9,063 | +3647.9% |
| Recurring financial charges | 65 | €248 | €9,312 | +€9,063 | +3647.9% |
| Profit (loss) for the period before taxes | 9903 | €73,224 | €61,483 | -€11,740 | -16.0% |
| Income taxes | 67/77 | €21,245 | €18,688 | -€2,557 | -12.0% |
| Profit (loss) for the period | 9904 | €51,978 | €42,795 | -€9,183 | -17.7% |
| Profit (loss) for the period to be appropriated | 9905 | €51,978 | €42,795 | -€9,183 | -17.7% |
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 4 October 2026 via checked.be.