't MISVERSTAND: 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.
't MISVERSTAND
Largest movements
- Receivables after one year -€62,000
down €62,000 (-27.6%), from €224,546 to €162,546
- Tangible fixed assets -€58,275
down €58,275 (-19.6%), from €297,873 to €239,597
- Receivables within one year -€22,691
down €22,691 (-52.9%), from €42,874 to €20,183
of which Other amounts receivable: -€19,744
- Cash -€10,880
down €10,880 (-71.9%), from €15,138 to €4,257
mainly Contributions, distributions and other (-€105,200) and Debts after one year (-€51,549)
- Reserves -€102,197
down €102,197 (-38.1%), from €268,311 to €166,114
of which Distributable reserves: -€102,197
- Debts after one year -€51,549
down €51,549 (-32.2%), from €159,897 to €108,348
- Trade debts -€14,932
down €14,932 (-21.2%), from €70,266 to €55,335
- Short-term financial debts +€12,660
new in 2025: €12,660
- Gross operating margin -€10,789
down €10,789 (-4.7%), from €231,390 to €220,600
- Staff costs -€4,592
down €4,592 (-3.2%), from €145,198 to €140,606
- Write-downs -€3,483
no longer reported in 2025 (was €3,483)
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 | €603,819 | €446,859 | -€156,960 | -26.0% |
| Fixed assets | 21/28 | €298,630 | €240,029 | -€58,601 | -19.6% |
| Intangible fixed assets | 21 | €757 | €432 | -€326 | -43.0% |
| Tangible fixed assets | 22/27 | €297,873 | €239,597 | -€58,275 | -19.6% |
| Land and buildings | 22 | €36,818 | €23,074 | -€13,744 | -37.3% |
| Plant, machinery and equipment | 23 | €108,627 | €87,333 | -€21,293 | -19.6% |
| Furniture and vehicles | 24 | €28,427 | €20,324 | -€8,104 | -28.5% |
| Other tangible fixed assets | 26 | €124,001 | €108,866 | -€15,134 | -12.2% |
| Current assets | 29/58 | €305,189 | €206,830 | -€98,359 | -32.2% |
| Amounts receivable after more than one year | 29 | €224,546 | €162,546 | -€62,000 | -27.6% |
| Other amounts receivable | 291 | €224,546 | €162,546 | -€62,000 | -27.6% |
| Stocks and contracts in progress | 3 | €19,026 | €18,044 | -€982 | -5.2% |
| Stocks | 30/36 | €19,026 | €18,044 | -€982 | -5.2% |
| Amounts receivable within one year | 40/41 | €42,874 | €20,183 | -€22,691 | -52.9% |
| Trade receivables | 40 | €12,547 | €9,599 | -€2,947 | -23.5% |
| Other amounts receivable | 41 | €30,328 | €10,584 | -€19,744 | -65.1% |
| Cash at bank and in hand | 54/58 | €15,138 | €4,257 | -€10,880 | -71.9% |
| Deferred charges and accrued income | 490/1 | €3,605 | €1,800 | -€1,805 | -50.1% |
| Total equity and liabilities | 10/49 | €603,819 | €446,859 | -€156,960 | -26.0% |
| Equity | 10/15 | €274,511 | €172,314 | -€102,197 | -37.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €268,311 | €166,114 | -€102,197 | -38.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €266,451 | €164,254 | -€102,197 | -38.4% |
| Amounts payable | 17/49 | €329,308 | €274,545 | -€54,763 | -16.6% |
| Amounts payable after more than one year | 17 | €159,897 | €108,348 | -€51,549 | -32.2% |
| Financial debts | 170/4 | €159,897 | €108,348 | -€51,549 | -32.2% |
| Amounts payable within one year | 42/48 | €169,412 | €166,198 | -€3,214 | -1.9% |
| Current portion of amounts payable after more than one year | 42 | €59,244 | €59,811 | +€568 | +1.0% |
| Financial debts | 43 | - | €12,660 | +€12,660 | |
| Credit institutions | 430/8 | - | €12,660 | +€12,660 | |
| Trade debts | 44 | €70,266 | €55,335 | -€14,932 | -21.2% |
| Suppliers | 440/4 | €70,266 | €55,335 | -€14,932 | -21.2% |
| Advances received on contracts in progress | 46 | €6,012 | €6,043 | +€31 | +0.5% |
| Taxes, remuneration and social security | 45 | €33,889 | €32,348 | -€1,542 | -4.5% |
| Taxes | 450/3 | €25,442 | €25,192 | -€250 | -1.0% |
| Remuneration and social security | 454/9 | €8,447 | €7,155 | -€1,292 | -15.3% |
| Remuneration, social security and pensions | 62 | €145,198 | €140,606 | -€4,592 | -3.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €61,126 | €60,535 | -€591 | -1.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €3,483 | - | -€3,483 | |
| Other operating charges | 640/8 | €3,100 | €3,369 | +€269 | +8.7% |
| Gross operating margin | 9900 | €231,390 | €220,600 | -€10,789 | -4.7% |
| Operating profit (loss) | 9901 | €18,482 | €16,090 | -€2,392 | -12.9% |
| Financial income | 75/76B | €5,325 | €5,255 | -€70 | -1.3% |
| Recurring financial income | 75 | €5,325 | €5,255 | -€70 | -1.3% |
| Financial charges | 65/66B | €14,549 | €14,808 | +€258 | +1.8% |
| Recurring financial charges | 65 | €14,549 | €14,808 | +€258 | +1.8% |
| Profit (loss) for the period before taxes | 9903 | €9,258 | €6,537 | -€2,721 | -29.4% |
| Income taxes | 67/77 | €3,977 | €3,534 | -€444 | -11.2% |
| Profit (loss) for the period | 9904 | €5,281 | €3,003 | -€2,277 | -43.1% |
| Profit (loss) for the period to be appropriated | 9905 | €5,281 | €3,003 | -€2,277 | -43.1% |
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 6 October 2026 via checked.be.