THE FOX: 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 FOX
Largest movements
- Tangible fixed assets +€673,873
up €673,873 (+115%), from €586,290 to €1.3m
of which Land and buildings: +€662,626
- Financial fixed assets -€312,000
down €312,000 (-98.9%), from €315,555 to €3,555
- Current investments +€261,337
up €261,337 (+1,110%), from €23,533 to €284,870
- Cash -€182,258
down €182,258 (-52.8%), from €345,485 to €163,226
mainly Investment in fixed assets (net) (-€390,481) and Current investments (-€261,337)
- Receivables within one year +€124,160
up €124,160 (+138%), from €89,831 to €213,990
of which Other amounts receivable: +€141,660
- Reserves +€319,221
up €319,221 (+33.3%), from €958,731 to €1.3m
- Debts after one year +€256,783
up €256,783 (+167%), from €153,919 to €410,703
- Tax, wage and social debts +€21,855
up €21,855 (+100%), from €21,824 to €43,678
- Short-term financial debts -€20,000
no longer reported in 2025 (was €20,000)
- Gross operating margin +€202,825
up €202,825 (+147%), from €137,849 to €340,674
- Financial income +€105,699
up €105,699 (+142%), from €74,401 to €180,100
of which Financial income: +€110,699
- Financial charges +€19,938
up €19,938 (+151%), from €13,164 to €33,102
- Depreciation +€5,829
up €5,829 (+25.6%), from €22,779 to €28,608
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 | €1,360,997 | €1,927,362 | +€566,365 | +41.6% |
| Formation expenses | 20 | €304 | €304 | = | 0.0% |
| Fixed assets | 21/28 | €901,845 | €1,263,718 | +€361,873 | +40.1% |
| Tangible fixed assets | 22/27 | €586,290 | €1,260,163 | +€673,873 | +115% |
| Land and buildings | 22 | €586,290 | €1,248,916 | +€662,626 | +113% |
| Plant, machinery and equipment | 23 | - | €5,003 | +€5,003 | |
| Furniture and vehicles | 24 | - | €6,244 | +€6,244 | |
| Financial fixed assets | 28 | €315,555 | €3,555 | -€312,000 | -98.9% |
| Current assets | 29/58 | €458,849 | €663,341 | +€204,492 | +44.6% |
| Amounts receivable within one year | 40/41 | €89,831 | €213,990 | +€124,160 | +138% |
| Trade receivables | 40 | €25,402 | €7,902 | -€17,500 | -68.9% |
| Other amounts receivable | 41 | €64,428 | €206,088 | +€141,660 | +220% |
| Current investments | 50/53 | €23,533 | €284,870 | +€261,337 | +1,110% |
| Cash at bank and in hand | 54/58 | €345,485 | €163,226 | -€182,258 | -52.8% |
| Deferred charges and accrued income | 490/1 | - | €1,254 | +€1,254 | |
| Total equity and liabilities | 10/49 | €1,360,997 | €1,927,362 | +€566,365 | +41.6% |
| Equity | 10/15 | €1,110,156 | €1,429,377 | +€319,221 | +28.8% |
| Contributions | 10/11 | €151,425 | €151,425 | = | 0.0% |
| Reserves | 13 | €958,731 | €1,277,952 | +€319,221 | +33.3% |
| Distributable reserves | 133 | €958,731 | €1,277,952 | +€319,221 | +33.3% |
| Amounts payable | 17/49 | €250,841 | €497,985 | +€247,144 | +98.5% |
| Amounts payable after more than one year | 17 | €153,919 | €410,703 | +€256,783 | +167% |
| Financial debts | 170/4 | €153,919 | €410,703 | +€256,783 | +167% |
| Amounts payable within one year | 42/48 | €96,921 | €87,282 | -€9,639 | -9.9% |
| Current portion of amounts payable after more than one year | 42 | €36,161 | €42,366 | +€6,206 | +17.2% |
| Financial debts | 43 | €20,000 | - | -€20,000 | |
| Other loans | 439 | €20,000 | - | -€20,000 | |
| Trade debts | 44 | €4,870 | €1,237 | -€3,633 | -74.6% |
| Suppliers | 440/4 | €4,870 | €1,237 | -€3,633 | -74.6% |
| Taxes, remuneration and social security | 45 | €21,824 | €43,678 | +€21,855 | +100% |
| Taxes | 450/3 | €21,824 | €43,678 | +€21,855 | +100% |
| Other amounts payable | 47/48 | €14,067 | - | -€14,067 | |
| Non-recurring operating income | 76A | - | €273,000 | +€273,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,779 | €28,608 | +€5,829 | +25.6% |
| Other operating charges | 640/8 | €7,917 | €9,088 | +€1,170 | +14.8% |
| Gross operating margin | 9900 | €137,849 | €340,674 | +€202,825 | +147% |
| Operating profit (loss) | 9901 | €107,152 | €302,979 | +€195,826 | +183% |
| Financial income | 75/76B | €74,401 | €180,100 | +€105,699 | +142% |
| Recurring financial income | 75 | €69,401 | €180,100 | +€110,699 | +160% |
| Non-recurring financial income | 76B | €5,000 | - | -€5,000 | |
| Financial charges | 65/66B | €13,164 | €33,102 | +€19,938 | +151% |
| Recurring financial charges | 65 | €13,164 | €33,102 | +€19,938 | +151% |
| Profit (loss) for the period before taxes | 9903 | €168,389 | €449,976 | +€281,587 | +167% |
| Income taxes | 67/77 | €39,364 | €42,026 | +€2,662 | +6.8% |
| Profit (loss) for the period | 9904 | €129,025 | €407,950 | +€278,925 | +216% |
| Profit (loss) for the period to be appropriated | 9905 | €129,025 | €407,950 | +€278,925 | +216% |
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 24 October 2026 via checked.be.