The Battlefield: 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.
The Battlefield
Largest movements
- Receivables after one year -€10,678
no longer reported in 2025 (was €10,678)
- Tangible fixed assets -€9,712
down €9,712 (-3.2%), from €302,459 to €292,747
- Cash +€9,468
up €9,468 (+97.5%), from €9,711 to €19,179
mainly Receivables after one year (+€10,678) and Depreciation (+€9,712)
- Current investments +€3,710
up €3,710 (+18.5%), from €20,000 to €23,710
- Debts after one year -€10,319
down €10,319 (-3.1%), from €329,671 to €319,352
- Profit (loss) carried forward +€5,692
up €5,692 (+40.6%), from -€14,036 to -€8,344
- Depreciation +€3,959
up €3,959 (+68.8%), from €5,753 to €9,712
- Other operating charges -€968
down €968 (-17.6%), from €5,500 to €4,532
- Financial charges -€431
down €431 (-3.7%), from €11,656 to €11,225
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.
Derived cash bridge
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 | €342,941 | €336,328 | -€6,613 | -1.9% |
| Fixed assets | 21/28 | €302,459 | €292,747 | -€9,712 | -3.2% |
| Tangible fixed assets | 22/27 | €302,459 | €292,747 | -€9,712 | -3.2% |
| Land and buildings | 22 | €302,459 | €292,747 | -€9,712 | -3.2% |
| Current assets | 29/58 | €40,482 | €43,581 | +€3,099 | +7.7% |
| Amounts receivable after more than one year | 29 | €10,678 | - | -€10,678 | |
| Trade receivables | 290 | €10,678 | - | -€10,678 | |
| Amounts receivable within one year | 40/41 | €23 | €621 | +€598 | +2,597% |
| Other amounts receivable | 41 | €23 | €621 | +€598 | +2,597% |
| Current investments | 50/53 | €20,000 | €23,710 | +€3,710 | +18.5% |
| Cash at bank and in hand | 54/58 | €9,711 | €19,179 | +€9,468 | +97.5% |
| Deferred charges and accrued income | 490/1 | €69 | €71 | +€1 | +2.0% |
| Total equity and liabilities | 10/49 | €342,941 | €336,328 | -€6,613 | -1.9% |
| Equity | 10/15 | €964 | €6,656 | +€5,692 | +590% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€14,036 | -€8,344 | +€5,692 | +40.6% |
| Amounts payable | 17/49 | €341,976 | €329,671 | -€12,305 | -3.6% |
| Amounts payable after more than one year | 17 | €329,671 | €319,352 | -€10,319 | -3.1% |
| Financial debts | 170/4 | €329,671 | €319,352 | -€10,319 | -3.1% |
| Amounts payable within one year | 42/48 | €12,305 | €10,319 | -€1,986 | -16.1% |
| Current portion of amounts payable after more than one year | 42 | €9,959 | €10,319 | +€360 | +3.6% |
| Trade debts | 44 | €2,346 | - | -€2,346 | |
| Suppliers | 440/4 | €2,346 | - | -€2,346 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,753 | €9,712 | +€3,959 | +68.8% |
| Other operating charges | 640/8 | €5,500 | €4,532 | -€968 | -17.6% |
| Gross operating margin | 9900 | €30,374 | €30,158 | -€215 | -0.7% |
| Operating profit (loss) | 9901 | €19,120 | €15,914 | -€3,206 | -16.8% |
| Financial income | 75/76B | €755 | €894 | +€140 | +18.5% |
| Recurring financial income | 75 | €755 | €894 | +€140 | +18.5% |
| Financial charges | 65/66B | €11,656 | €11,225 | -€431 | -3.7% |
| Recurring financial charges | 65 | €11,656 | €11,225 | -€431 | -3.7% |
| Profit (loss) for the period before taxes | 9903 | €8,219 | €5,584 | -€2,636 | -32.1% |
| Income taxes | 67/77 | -€23 | -€109 | -€86 | -372% |
| Profit (loss) for the period | 9904 | €8,242 | €5,692 | -€2,550 | -30.9% |
| Profit (loss) for the period to be appropriated | 9905 | €8,242 | €5,692 | -€2,550 | -30.9% |
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 20 October 2026 via checked.be.