The historic river: 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 historic river
Largest movements
- Financial fixed assets -€1.8m
down €1.8m (-14.7%), from €12.0m to €10.3m
- Profit (loss) carried forward -€1.8m
down €1.8m (-321%), from -€557,661 to -€2.3m
- Financial charges +€902,881
up €902,881 (+98.6%), from €915,513 to €1.8m
of which Non-recurring financial charges: +€882,649
- Taxes -€17,183
down €17,183 (-113%), from -€15,239 to -€32,422
- Gross operating margin +€9,320
up €9,320 (+97.5%), from -€9,556 to -€236
- Depreciation +€633
up €633 (+96.3%), from €657 to €1,290
- Other operating charges +€141
up €141 (+36.4%), from €387 to €528
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €12,058,731 | €10,289,336 | -€1.8m | -14.7% |
| Formation expenses | 20 | €5,792 | €4,501 | -€1,291 | -22.3% |
| Fixed assets | 21/28 | €12,028,631 | €10,263,334 | -€1.8m | -14.7% |
| Financial fixed assets | 28 | €12,028,631 | €10,263,334 | -€1.8m | -14.7% |
| Current assets | 29/58 | €24,308 | €21,501 | -€2,807 | -11.5% |
| Amounts receivable within one year | 40/41 | €5,762 | - | -€5,762 | |
| Other amounts receivable | 41 | €5,762 | - | -€5,762 | |
| Cash at bank and in hand | 54/58 | €18,546 | €21,501 | +€2,955 | +15.9% |
| Total equity and liabilities | 10/49 | €12,058,731 | €10,289,336 | -€1.8m | -14.7% |
| Equity | 10/15 | €2,119,320 | €331,302 | -€1.8m | -84.4% |
| Contributions | 10/11 | €2,658,839 | €2,658,839 | = | 0.0% |
| Reserves | 13 | €18,142 | €18,142 | = | 0.0% |
| Distributable reserves | 133 | €18,142 | €18,142 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€557,661 | -€2,345,679 | -€1.8m | -321% |
| Amounts payable | 17/49 | €9,939,411 | €9,958,034 | +€18,623 | +0.2% |
| Amounts payable after more than one year | 17 | €7,599,654 | €7,599,654 | = | 0.0% |
| Financial debts | 170/4 | €7,599,654 | €7,599,654 | = | 0.0% |
| Amounts payable within one year | 42/48 | €2,306,942 | €2,272,248 | -€34,694 | -1.5% |
| Financial debts | 43 | €650 | €650 | = | 0.0% |
| Credit institutions | 430/8 | €650 | €650 | = | 0.0% |
| Trade debts | 44 | €7,842 | €7,843 | +€1 | 0.0% |
| Suppliers | 440/4 | €7,842 | €7,843 | +€1 | 0.0% |
| Taxes, remuneration and social security | 45 | €37,102 | €2,407 | -€34,695 | -93.5% |
| Taxes | 450/3 | €37,102 | €2,407 | -€34,695 | -93.5% |
| Other amounts payable | 47/48 | €2,261,348 | €2,261,348 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €32,815 | €86,132 | +€53,317 | +162% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €657 | €1,290 | +€633 | +96.3% |
| Other operating charges | 640/8 | €387 | €528 | +€141 | +36.4% |
| Gross operating margin | 9900 | -€9,556 | -€236 | +€9,320 | +97.5% |
| Operating profit (loss) | 9901 | -€10,600 | -€2,054 | +€8,546 | +80.6% |
| Financial income | 75/76B | €118 | €8 | -€110 | -93.2% |
| Recurring financial income | 75 | €118 | €8 | -€110 | -93.2% |
| Financial charges | 65/66B | €915,513 | €1,818,394 | +€902,881 | +98.6% |
| Recurring financial charges | 65 | €32,865 | €53,097 | +€20,232 | +61.6% |
| Non-recurring financial charges | 66B | €882,648 | €1,765,297 | +€882,649 | +100% |
| Profit (loss) for the period before taxes | 9903 | -€925,995 | -€1,820,440 | -€894,445 | -96.6% |
| Income taxes | 67/77 | -€15,239 | -€32,422 | -€17,183 | -113% |
| Profit (loss) for the period | 9904 | -€910,756 | -€1,788,018 | -€877,262 | -96.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€910,756 | -€1,788,018 | -€877,262 | -96.3% |
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 19 October 2026 via checked.be.