THE FLAME: 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 FLAME
Largest movements
- Cash +€356,660
up €356,660 (+27.3%), from €1.3m to €1.7m
mainly Net result for the year (+€996,048) and Depreciation (+€16,396)
- Current investments +€285,564
up €285,564 (+13.7%), from €2.1m to €2.4m
- Reserves +€996,048
up €996,048 (+28.3%), from €3.5m to €4.5m
of which Distributable reserves: +€996,048
- Other debts -€258,516
down €258,516 (-100%), from €258,516 to €0
- Tax, wage and social debts -€82,201
down €82,201 (-44.7%), from €183,753 to €101,552
- Financial income -€232,336
down €232,336 (-19.6%), from €1.2m to €952,742
- Gross operating margin -€27,307
down €27,307 (-10.3%), from €265,706 to €238,399
- Taxes -€18,139
down €18,139 (-10.0%), from €181,673 to €163,534
- Depreciation -€9,815
down €9,815 (-37.4%), from €26,210 to €16,396
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 | €4,054,801 | €4,681,652 | +€626,851 | +15.5% |
| Fixed assets | 21/28 | €606,886 | €597,785 | -€9,102 | -1.5% |
| Tangible fixed assets | 22/27 | €350,147 | €336,046 | -€14,102 | -4.0% |
| Land and buildings | 22 | €345,727 | €331,714 | -€14,013 | -4.1% |
| Furniture and vehicles | 24 | €4,421 | €4,332 | -€89 | -2.0% |
| Financial fixed assets | 28 | €256,739 | €261,739 | +€5,000 | +1.9% |
| Current assets | 29/58 | €3,447,915 | €4,083,868 | +€635,953 | +18.4% |
| Amounts receivable within one year | 40/41 | €40,160 | €34,263 | -€5,897 | -14.7% |
| Trade receivables | 40 | €35,266 | €8,139 | -€27,127 | -76.9% |
| Other amounts receivable | 41 | €4,893 | €26,124 | +€21,230 | +434% |
| Current investments | 50/53 | €2,086,719 | €2,372,283 | +€285,564 | +13.7% |
| Cash at bank and in hand | 54/58 | €1,306,306 | €1,662,966 | +€356,660 | +27.3% |
| Deferred charges and accrued income | 490/1 | €14,730 | €14,355 | -€375 | -2.5% |
| Total equity and liabilities | 10/49 | €4,054,801 | €4,681,652 | +€626,851 | +15.5% |
| Equity | 10/15 | €3,528,787 | €4,524,836 | +€996,048 | +28.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €3,516,387 | €4,512,436 | +€996,048 | +28.3% |
| Tax-exempt reserves | 132 | €37,500 | €37,500 | = | 0.0% |
| Distributable reserves | 133 | €3,478,887 | €4,474,936 | +€996,048 | +28.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €526,014 | €156,817 | -€369,197 | -70.2% |
| Amounts payable after more than one year | 17 | €46,899 | €9,455 | -€37,444 | -79.8% |
| Financial debts | 170/4 | €46,899 | €9,455 | -€37,444 | -79.8% |
| Amounts payable within one year | 42/48 | €479,115 | €146,501 | -€332,613 | -69.4% |
| Current portion of amounts payable after more than one year | 42 | €36,846 | €37,444 | +€598 | +1.6% |
| Trade debts | 44 | €0 | €7,505 | +€7,505 | |
| Suppliers | 440/4 | €0 | €7,505 | +€7,505 | |
| Taxes, remuneration and social security | 45 | €183,753 | €101,552 | -€82,201 | -44.7% |
| Taxes | 450/3 | €183,753 | €101,552 | -€82,201 | -44.7% |
| Other amounts payable | 47/48 | €258,516 | €0 | -€258,516 | -100% |
| Accrued charges and deferred income | 492/3 | - | €860 | +€860 | |
| Non-recurring operating income | 76A | €16,050 | €0 | -€16,050 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,210 | €16,396 | -€9,815 | -37.4% |
| Other operating charges | 640/8 | €2,766 | €3,779 | +€1,013 | +36.6% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €265,706 | €238,399 | -€27,307 | -10.3% |
| Operating profit (loss) | 9901 | €236,730 | €218,225 | -€18,505 | -7.8% |
| Financial income | 75/76B | €1,185,078 | €952,742 | -€232,336 | -19.6% |
| Recurring financial income | 75 | €1,185,078 | €952,742 | -€232,336 | -19.6% |
| Financial charges | 65/66B | €12,932 | €11,385 | -€1,547 | -12.0% |
| Recurring financial charges | 65 | €12,932 | €11,385 | -€1,547 | -12.0% |
| Profit (loss) for the period before taxes | 9903 | €1,408,876 | €1,159,582 | -€249,294 | -17.7% |
| Income taxes | 67/77 | €181,673 | €163,534 | -€18,139 | -10.0% |
| Profit (loss) for the period | 9904 | €1,227,203 | €996,048 | -€231,155 | -18.8% |
| Profit (loss) for the period to be appropriated | 9905 | €1,227,203 | €996,048 | -€231,155 | -18.8% |
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 23 October 2026 via checked.be.