THE GREEN SIDE: 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 GREEN SIDE
Largest movements
- Tangible fixed assets -€439,128
down €439,128 (-8.7%), from €5.1m to €4.6m
of which Assets under construction and advance payments: -€1.8m
- Receivables within one year +€242,167
up €242,167 (+465%), from €52,096 to €294,263
of which Trade receivables: +€221,894
- Cash -€118,648
down €118,648 (-84.7%), from €140,008 to €21,360
mainly Contributions, distributions and other (-€970,683) and Debts after one year (-€262,438)
- Profit (loss) carried forward -€324,641
down €324,641 (-100%), from €324,641 to €0
- Debts after one year -€262,438
down €262,438 (-8.4%), from €3.1m to €2.9m
- Provisions +€132,641
new in 2025: €132,641
- Tax, wage and social debts +€93,791
up €93,791 (+137%), from €68,393 to €162,183
of which Taxes: +€98,541
- Gross operating margin +€674,781
up €674,781 (+118%), from €571,497 to €1.2m
- Taxes +€50,172
up €50,172 (+102%), from €49,168 to €99,340
- Depreciation +€47,313
up €47,313 (+264%), from €17,936 to €65,250
- Staff costs +€32,736
up €32,736 (+20.1%), from €163,237 to €195,973
- Financial charges +€30,762
up €30,762 (+63.4%), from €48,540 to €79,301
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 | €5,269,374 | €4,955,568 | -€313,805 | -6.0% |
| Fixed assets | 21/28 | €5,074,699 | €4,635,571 | -€439,128 | -8.7% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €5,074,699 | €4,635,571 | -€439,128 | -8.7% |
| Land and buildings | 22 | €2,412,750 | €3,720,864 | +€1.3m | +54.2% |
| Other tangible fixed assets | 26 | €829,524 | €914,707 | +€85,183 | +10.3% |
| Assets under construction and advance payments | 27 | €1,832,424 | €0 | -€1.8m | -100% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €194,675 | €319,997 | +€125,322 | +64.4% |
| Amounts receivable within one year | 40/41 | €52,096 | €294,263 | +€242,167 | +465% |
| Trade receivables | 40 | €1,785 | €223,679 | +€221,894 | +12,429% |
| Other amounts receivable | 41 | €50,311 | €70,583 | +€20,273 | +40.3% |
| Cash at bank and in hand | 54/58 | €140,008 | €21,360 | -€118,648 | -84.7% |
| Deferred charges and accrued income | 490/1 | €2,571 | €4,375 | +€1,803 | +70.1% |
| Total equity and liabilities | 10/49 | €5,269,374 | €4,955,568 | -€313,805 | -6.0% |
| Equity | 10/15 | €1,866,622 | €1,570,152 | -€296,470 | -15.9% |
| Contributions | 10/11 | €700,600 | €700,600 | = | 0.0% |
| Reserves | 13 | €841,381 | €869,552 | +€28,171 | +3.3% |
| Tax-exempt reserves | 132 | - | €397,923 | +€397,923 | |
| Distributable reserves | 133 | €841,381 | €471,629 | -€369,753 | -43.9% |
| Profit (loss) carried forward | 14 | €324,641 | €0 | -€324,641 | -100% |
| Provisions and deferred taxes | 16 | - | €132,641 | +€132,641 | |
| Deferred taxes | 168 | - | €132,641 | +€132,641 | |
| Amounts payable | 17/49 | €3,402,752 | €3,252,775 | -€149,977 | -4.4% |
| Amounts payable after more than one year | 17 | €3,133,767 | €2,871,329 | -€262,438 | -8.4% |
| Financial debts | 170/4 | €3,133,767 | €2,871,329 | -€262,438 | -8.4% |
| Amounts payable within one year | 42/48 | €259,978 | €381,446 | +€121,469 | +46.7% |
| Current portion of amounts payable after more than one year | 42 | €149,852 | €198,750 | +€48,897 | +32.6% |
| Trade debts | 44 | €41,733 | €20,514 | -€21,219 | -50.8% |
| Suppliers | 440/4 | €41,733 | €20,514 | -€21,219 | -50.8% |
| Taxes, remuneration and social security | 45 | €68,393 | €162,183 | +€93,791 | +137% |
| Taxes | 450/3 | €49,376 | €147,918 | +€98,541 | +200% |
| Remuneration and social security | 454/9 | €19,016 | €14,265 | -€4,751 | -25.0% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €9,007 | €0 | -€9,007 | -100% |
| Non-recurring operating income | 76A | €85,183 | €643,338 | +€558,155 | +655% |
| Remuneration, social security and pensions | 62 | €163,237 | €195,973 | +€32,736 | +20.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,936 | €65,250 | +€47,313 | +264% |
| Other operating charges | 640/8 | €8,450 | €2,124 | -€6,326 | -74.9% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €571,497 | €1,246,278 | +€674,781 | +118% |
| Operating profit (loss) | 9901 | €381,873 | €982,931 | +€601,059 | +157% |
| Financial income | 75/76B | €583 | €2,565 | +€1,981 | +340% |
| Recurring financial income | 75 | €583 | €2,565 | +€1,981 | +340% |
| Financial charges | 65/66B | €48,540 | €79,301 | +€30,762 | +63.4% |
| Recurring financial charges | 65 | €48,540 | €79,301 | +€30,762 | +63.4% |
| Profit (loss) for the period before taxes | 9903 | €333,916 | €906,195 | +€572,278 | +171% |
| Transfer from deferred taxes | 780 | - | €6,898 | +€6,898 | |
| Transfer to deferred taxes | 680 | - | €139,539 | +€139,539 | |
| Income taxes | 67/77 | €49,168 | €99,340 | +€50,172 | +102% |
| Profit (loss) for the period | 9904 | €284,749 | €674,213 | +€389,465 | +137% |
| Transfer from tax-exempt reserves | 789 | - | €20,693 | +€20,693 | |
| Transfer to tax-exempt reserves | 689 | - | €418,616 | +€418,616 | |
| Profit (loss) for the period to be appropriated | 9905 | €284,749 | €276,290 | -€8,459 | -3.0% |
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 15 October 2026 via checked.be.