THE TWENTY FIRST: 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 TWENTY FIRST
Largest movements
- Cash -€44,989
down €44,989 (-48.3%), from €93,059 to €48,071
mainly Contributions, distributions and other (-€499,525) and Debts after one year (-€152,645)
- Other debts +€269,056
up €269,056 (+72.1%), from €373,196 to €642,252
- Reserves -€158,686
down €158,686 (-44.1%), from €360,227 to €201,542
- Debts after one year -€152,645
down €152,645 (-75.2%), from €202,866 to €50,221
- Financial income +€105,005
up €105,005 (+65.6%), from €160,000 to €265,005
- Gross operating margin +€18,096
up €18,096 (+8.1%), from €223,550 to €241,646
- Taxes +€11,225
up €11,225 (+67.5%), from €16,620 to €27,845
- Financial charges -€10,643
down €10,643 (-20.1%), from €52,896 to €42,252
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 | €986,337 | €942,047 | -€44,290 | -4.5% |
| Fixed assets | 21/28 | €857,176 | €858,083 | +€907 | +0.1% |
| Tangible fixed assets | 22/27 | €57,093 | €58,000 | +€907 | +1.6% |
| Furniture and vehicles | 24 | €57,093 | €58,000 | +€907 | +1.6% |
| Financial fixed assets | 28 | €800,083 | €800,083 | = | 0.0% |
| Current assets | 29/58 | €129,161 | €83,964 | -€45,197 | -35.0% |
| Amounts receivable within one year | 40/41 | €35,421 | €33,326 | -€2,095 | -5.9% |
| Trade receivables | 40 | €22,041 | €17,791 | -€4,250 | -19.3% |
| Other amounts receivable | 41 | €13,380 | €15,534 | +€2,155 | +16.1% |
| Cash at bank and in hand | 54/58 | €93,059 | €48,071 | -€44,989 | -48.3% |
| Deferred charges and accrued income | 490/1 | €680 | €2,567 | +€1,887 | +277% |
| Total equity and liabilities | 10/49 | €986,337 | €942,047 | -€44,290 | -4.5% |
| Equity | 10/15 | €378,827 | €220,142 | -€158,686 | -41.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €360,227 | €201,542 | -€158,686 | -44.1% |
| Distributable reserves | 133 | €360,227 | €201,542 | -€158,686 | -44.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €607,509 | €721,905 | +€114,396 | +18.8% |
| Amounts payable after more than one year | 17 | €202,866 | €50,221 | -€152,645 | -75.2% |
| Financial debts | 170/4 | €202,866 | €50,221 | -€152,645 | -75.2% |
| Amounts payable within one year | 42/48 | €392,664 | €662,819 | +€270,155 | +68.8% |
| Trade debts | 44 | €1,648 | €2,113 | +€466 | +28.3% |
| Suppliers | 440/4 | €1,648 | €2,113 | +€466 | +28.3% |
| Taxes, remuneration and social security | 45 | €17,821 | €18,454 | +€633 | +3.6% |
| Taxes | 450/3 | €3,748 | €3,699 | -€49 | -1.3% |
| Remuneration and social security | 454/9 | €14,073 | €14,755 | +€682 | +4.8% |
| Other amounts payable | 47/48 | €373,196 | €642,252 | +€269,056 | +72.1% |
| Accrued charges and deferred income | 492/3 | €11,979 | €8,866 | -€3,114 | -26.0% |
| Remuneration, social security and pensions | 62 | €77,434 | €78,225 | +€791 | +1.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,350 | €15,083 | -€267 | -1.7% |
| Other operating charges | 640/8 | €2,346 | €2,407 | +€61 | +2.6% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €223,550 | €241,646 | +€18,096 | +8.1% |
| Operating profit (loss) | 9901 | €128,420 | €145,932 | +€17,512 | +13.6% |
| Financial income | 75/76B | €160,000 | €265,005 | +€105,005 | +65.6% |
| Recurring financial income | 75 | €160,000 | €265,005 | +€105,005 | +65.6% |
| Financial charges | 65/66B | €52,896 | €42,252 | -€10,643 | -20.1% |
| Recurring financial charges | 65 | €52,896 | €42,252 | -€10,643 | -20.1% |
| Profit (loss) for the period before taxes | 9903 | €235,524 | €368,684 | +€133,160 | +56.5% |
| Income taxes | 67/77 | €16,620 | €27,845 | +€11,225 | +67.5% |
| Profit (loss) for the period | 9904 | €218,904 | €340,839 | +€121,934 | +55.7% |
| Profit (loss) for the period to be appropriated | 9905 | €218,904 | €340,839 | +€121,934 | +55.7% |
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 13 October 2026 via checked.be.