The Flow: 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 Flow
Largest movements
- Tangible fixed assets -€103,249
down €103,249 (-16.7%), from €619,491 to €516,243
- Current investments -€25,000
down €25,000 (-25.0%), from €100,000 to €75,000
- Debts after one year -€109,598
down €109,598 (-19.0%), from €577,245 to €467,647
of which Financial debts: -€109,598
- Other debts -€21,464
down €21,464 (-59.6%), from €36,000 to €14,536
- Gross operating margin +€12,003
up €12,003 (+6.7%), from €178,027 to €190,030
- Financial income -€3,354
down €3,354 (-65.7%), from €5,105 to €1,751
- Taxes +€2,592
up €2,592 (+21.0%), from €12,347 to €14,939
- Financial charges -€2,320
down €2,320 (-15.2%), from €15,252 to €12,932
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 | €743,305 | €615,280 | -€128,025 | -17.2% |
| Fixed assets | 21/28 | €623,751 | €520,503 | -€103,249 | -16.6% |
| Tangible fixed assets | 22/27 | €619,491 | €516,243 | -€103,249 | -16.7% |
| Land and buildings | 22 | €619,491 | €516,243 | -€103,249 | -16.7% |
| Financial fixed assets | 28 | €4,260 | €4,260 | = | 0.0% |
| Current assets | 29/58 | €119,554 | €94,777 | -€24,776 | -20.7% |
| Amounts receivable within one year | 40/41 | €604 | €329 | -€276 | -45.6% |
| Other amounts receivable | 41 | €604 | €329 | -€276 | -45.6% |
| Current investments | 50/53 | €100,000 | €75,000 | -€25,000 | -25.0% |
| Cash at bank and in hand | 54/58 | €18,949 | €19,449 | +€499 | +2.6% |
| Total equity and liabilities | 10/49 | €743,305 | €615,280 | -€128,025 | -17.2% |
| Equity | 10/15 | €8,390 | €8,060 | -€330 | -3.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €330 | - | -€330 | |
| Amounts payable | 17/49 | €734,915 | €607,220 | -€127,695 | -17.4% |
| Amounts payable after more than one year | 17 | €577,245 | €467,647 | -€109,598 | -19.0% |
| Financial debts | 170/4 | €541,695 | €432,097 | -€109,598 | -20.2% |
| Other amounts payable | 178/9 | €35,550 | €35,550 | = | 0.0% |
| Amounts payable within one year | 42/48 | €147,638 | €129,548 | -€18,090 | -12.3% |
| Current portion of amounts payable after more than one year | 42 | €107,323 | €109,598 | +€2,276 | +2.1% |
| Taxes, remuneration and social security | 45 | €4,315 | €5,413 | +€1,098 | +25.4% |
| Taxes | 450/3 | €4,315 | €5,413 | +€1,098 | +25.4% |
| Other amounts payable | 47/48 | €36,000 | €14,536 | -€21,464 | -59.6% |
| Accrued charges and deferred income | 492/3 | €10,032 | €10,026 | -€6 | -0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €103,249 | €103,249 | = | 0.0% |
| Other operating charges | 640/8 | €15,954 | €16,456 | +€502 | +3.1% |
| Gross operating margin | 9900 | €178,027 | €190,030 | +€12,003 | +6.7% |
| Operating profit (loss) | 9901 | €58,825 | €70,326 | +€11,501 | +19.6% |
| Financial income | 75/76B | €5,105 | €1,751 | -€3,354 | -65.7% |
| Recurring financial income | 75 | €5,105 | €1,751 | -€3,354 | -65.7% |
| Financial charges | 65/66B | €15,252 | €12,932 | -€2,320 | -15.2% |
| Recurring financial charges | 65 | €15,252 | €12,932 | -€2,320 | -15.2% |
| Profit (loss) for the period before taxes | 9903 | €48,677 | €59,145 | +€10,468 | +21.5% |
| Income taxes | 67/77 | €12,347 | €14,939 | +€2,592 | +21.0% |
| Profit (loss) for the period | 9904 | €36,330 | €44,206 | +€7,876 | +21.7% |
| Profit (loss) for the period to be appropriated | 9905 | €36,330 | €44,206 | +€7,876 | +21.7% |
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 10 October 2026 via checked.be.