THE SEQUEL: 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 SEQUEL
Largest movements
- Receivables within one year -€7,191
down €7,191 (-74.2%), from €9,697 to €2,506
of which Other amounts receivable: -€9,682
- Other debts -€20,655
down €20,655 (-88.3%), from €23,383 to €2,729
- Reserves +€12,780
up €12,780 (+4.0%), from €320,251 to €333,031
of which Distributable reserves: +€12,780
- Debts after one year -€6,195
down €6,195 (-51.3%), from €12,081 to €5,886
- Gross operating margin -€8,903
down €8,903 (-17.1%), from €52,139 to €43,236
- Financial income +€5,684
up €5,684 (+173.9%), from €3,269 to €8,953
- Staff costs +€1,105
up €1,105 (+5.9%), from €18,710 to €19,815
- Taxes -€894
down €894 (-11.1%), from €8,024 to €7,130
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 | €379,234 | €366,096 | -€13,138 | -3.5% |
| Fixed assets | 21/28 | €139,417 | €136,789 | -€2,628 | -1.9% |
| Tangible fixed assets | 22/27 | €139,147 | €136,519 | -€2,628 | -1.9% |
| Land and buildings | 22 | €138,372 | €135,590 | -€2,782 | -2.0% |
| Plant, machinery and equipment | 23 | €774 | €928 | +€154 | +19.8% |
| Financial fixed assets | 28 | €270 | €270 | = | 0.0% |
| Current assets | 29/58 | €239,817 | €229,308 | -€10,510 | -4.4% |
| Stocks and contracts in progress | 3 | €526 | €751 | +€226 | +43.0% |
| Stocks | 30/36 | €526 | €751 | +€226 | +43.0% |
| Amounts receivable within one year | 40/41 | €9,697 | €2,506 | -€7,191 | -74.2% |
| Trade receivables | 40 | €0 | €2,491 | +€2,491 | |
| Other amounts receivable | 41 | €9,697 | €15 | -€9,682 | -99.8% |
| Current investments | 50/53 | €216,379 | €214,593 | -€1,786 | -0.8% |
| Cash at bank and in hand | 54/58 | €4,797 | €3,776 | -€1,022 | -21.3% |
| Deferred charges and accrued income | 490/1 | €8,418 | €7,681 | -€737 | -8.8% |
| Total equity and liabilities | 10/49 | €379,234 | €366,096 | -€13,138 | -3.5% |
| Equity | 10/15 | €326,451 | €339,231 | +€12,780 | +3.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €320,251 | €333,031 | +€12,780 | +4.0% |
| Tax-exempt reserves | 132 | €13,620 | €13,620 | = | 0.0% |
| Distributable reserves | 133 | €306,632 | €319,411 | +€12,780 | +4.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €3,405 | €3,405 | = | 0.0% |
| Deferred taxes | 168 | €3,405 | €3,405 | = | 0.0% |
| Amounts payable | 17/49 | €49,378 | €23,460 | -€25,918 | -52.5% |
| Amounts payable after more than one year | 17 | €12,081 | €5,886 | -€6,195 | -51.3% |
| Financial debts | 170/4 | €12,081 | €5,886 | -€6,195 | -51.3% |
| Amounts payable within one year | 42/48 | €36,922 | €17,575 | -€19,348 | -52.4% |
| Current portion of amounts payable after more than one year | 42 | €5,968 | €6,195 | +€227 | +3.8% |
| Trade debts | 44 | €4,225 | €4,423 | +€199 | +4.7% |
| Suppliers | 440/4 | €4,225 | €4,423 | +€199 | +4.7% |
| Taxes, remuneration and social security | 45 | €3,346 | €4,227 | +€881 | +26.3% |
| Taxes | 450/3 | €1,418 | €2,162 | +€745 | +52.5% |
| Remuneration and social security | 454/9 | €1,929 | €2,065 | +€136 | +7.1% |
| Other amounts payable | 47/48 | €23,383 | €2,729 | -€20,655 | -88.3% |
| Accrued charges and deferred income | 492/3 | €374 | €0 | -€374 | -100.0% |
| Remuneration, social security and pensions | 62 | €18,710 | €19,815 | +€1,105 | +5.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,681 | €7,818 | +€136 | +1.8% |
| Other operating charges | 640/8 | €3,322 | €3,792 | +€470 | +14.2% |
| Gross operating margin | 9900 | €52,139 | €43,236 | -€8,903 | -17.1% |
| Operating profit (loss) | 9901 | €22,426 | €11,812 | -€10,615 | -47.3% |
| Financial income | 75/76B | €3,269 | €8,953 | +€5,684 | +173.9% |
| Recurring financial income | 75 | €3,269 | €8,953 | +€5,684 | +173.9% |
| Financial charges | 65/66B | €1,206 | €854 | -€352 | -29.2% |
| Recurring financial charges | 65 | €1,206 | €854 | -€352 | -29.2% |
| Profit (loss) for the period before taxes | 9903 | €24,489 | €19,910 | -€4,579 | -18.7% |
| Income taxes | 67/77 | €8,024 | €7,130 | -€894 | -11.1% |
| Profit (loss) for the period | 9904 | €16,465 | €12,780 | -€3,685 | -22.4% |
| Profit (loss) for the period to be appropriated | 9905 | €16,465 | €12,780 | -€3,685 | -22.4% |
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.