THEBASICS: 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.
THEBASICS
Largest movements
- Receivables within one year -€7,457
down €7,457 (-23.7%), from €31,507 to €24,051
of which Trade receivables: -€7,461
- Cash -€6,762
down €6,762 (-37.4%), from €18,058 to €11,296
mainly Contributions, distributions and other (-€60,076) and Debts after one year (-€18,947)
- Debts after one year -€18,947
down €18,947 (-39.6%), from €47,854 to €28,907
- Other debts +€18,707
up €18,707 (+40.9%), from €45,759 to €64,466
- Reserves -€16,727
down €16,727 (-27.8%), from €60,076 to €43,350
- Accrued charges and deferred income +€2,460
up €2,460 (+395%), from €622 to €3,082
- Gross operating margin +€5,176
up €5,176 (+7.9%), from €65,343 to €70,518
- Financial charges +€2,096
up €2,096 (+100%), from €2,091 to €4,187
- Taxes +€1,061
up €1,061 (+7.6%), from €13,939 to €15,001
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 | €204,842 | €190,559 | -€14,283 | -7.0% |
| Fixed assets | 21/28 | €150,935 | €150,744 | -€191 | -0.1% |
| Tangible fixed assets | 22/27 | €150,935 | €150,744 | -€191 | -0.1% |
| Plant, machinery and equipment | 23 | €81,151 | €83,721 | +€2,569 | +3.2% |
| Furniture and vehicles | 24 | €62,871 | €60,547 | -€2,324 | -3.7% |
| Other tangible fixed assets | 26 | €6,913 | €6,476 | -€437 | -6.3% |
| Current assets | 29/58 | €53,907 | €39,815 | -€14,092 | -26.1% |
| Amounts receivable within one year | 40/41 | €31,507 | €24,051 | -€7,457 | -23.7% |
| Trade receivables | 40 | €30,447 | €22,986 | -€7,461 | -24.5% |
| Other amounts receivable | 41 | €1,061 | €1,065 | +€4 | +0.4% |
| Cash at bank and in hand | 54/58 | €18,058 | €11,296 | -€6,762 | -37.4% |
| Deferred charges and accrued income | 490/1 | €4,341 | €4,468 | +€127 | +2.9% |
| Total equity and liabilities | 10/49 | €204,842 | €190,559 | -€14,283 | -7.0% |
| Equity | 10/15 | €78,676 | €61,950 | -€16,727 | -21.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €60,076 | €43,350 | -€16,727 | -27.8% |
| Distributable reserves | 133 | €60,076 | €43,350 | -€16,727 | -27.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €126,166 | €128,609 | +€2,444 | +1.9% |
| Amounts payable after more than one year | 17 | €47,854 | €28,907 | -€18,947 | -39.6% |
| Financial debts | 170/4 | €47,854 | €28,907 | -€18,947 | -39.6% |
| Amounts payable within one year | 42/48 | €77,689 | €96,619 | +€18,930 | +24.4% |
| Current portion of amounts payable after more than one year | 42 | €18,691 | €18,947 | +€256 | +1.4% |
| Trade debts | 44 | €505 | €2,453 | +€1,948 | +386% |
| Suppliers | 440/4 | €505 | €2,453 | +€1,948 | +386% |
| Taxes, remuneration and social security | 45 | €12,734 | €10,754 | -€1,980 | -15.6% |
| Taxes | 450/3 | €12,734 | €10,754 | -€1,980 | -15.6% |
| Other amounts payable | 47/48 | €45,759 | €64,466 | +€18,707 | +40.9% |
| Accrued charges and deferred income | 492/3 | €622 | €3,082 | +€2,460 | +395% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,525 | €7,074 | -€450 | -6.0% |
| Other operating charges | 640/8 | €978 | €1,001 | +€23 | +2.4% |
| Gross operating margin | 9900 | €65,343 | €70,518 | +€5,176 | +7.9% |
| Operating profit (loss) | 9901 | €56,840 | €62,443 | +€5,603 | +9.9% |
| Financial income | 75/76B | €24 | €94 | +€70 | +286% |
| Recurring financial income | 75 | €24 | €94 | +€70 | +286% |
| Financial charges | 65/66B | €2,091 | €4,187 | +€2,096 | +100% |
| Recurring financial charges | 65 | €2,091 | €4,187 | +€2,096 | +100% |
| Profit (loss) for the period before taxes | 9903 | €54,774 | €58,350 | +€3,576 | +6.5% |
| Income taxes | 67/77 | €13,939 | €15,001 | +€1,061 | +7.6% |
| Profit (loss) for the period | 9904 | €40,835 | €43,350 | +€2,515 | +6.2% |
| Profit (loss) for the period to be appropriated | 9905 | €40,835 | €43,350 | +€2,515 | +6.2% |
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.