THEMA: 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.
THEMA
Largest movements
- Tangible fixed assets +€550,089
up €550,089 (+5.4%), from €10.3m to €10.8m
- Receivables within one year +€384,049
up €384,049 (+489%), from €78,607 to €462,656
of which Other amounts receivable: +€388,618
- Contributions +€4.6m
up €4.6m (+66.4%), from €6.9m to €11.5m
- Debts after one year -€1.8m
down €1.8m (-46.9%), from €3.8m to €2.0m
- Current portion of long-term debt -€1.4m
down €1.4m (-82.4%), from €1.7m to €300,000
- Trade debts -€250,090
down €250,090 (-95.2%), from €262,733 to €12,643
- Profit (loss) carried forward -€182,903
down €182,903 (-7.4%), from -€2.5m to -€2.7m
- Depreciation +€79,024
up €79,024 (+36.5%), from €216,787 to €295,812
- Gross operating margin +€24,598
up €24,598 (+9.6%), from €255,303 to €279,901
- Other operating charges +€6,958
up €6,958 (+304%), from €2,290 to €9,248
- Financial income +€6,600
up €6,600 (+9,042%), from €73 to €6,673
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 | €10,335,684 | €11,303,762 | +€968,078 | +9.4% |
| Fixed assets | 21/28 | €10,253,935 | €10,804,024 | +€550,089 | +5.4% |
| Tangible fixed assets | 22/27 | €10,253,935 | €10,804,024 | +€550,089 | +5.4% |
| Land and buildings | 22 | €10,253,935 | €10,804,024 | +€550,089 | +5.4% |
| Current assets | 29/58 | €81,749 | €499,738 | +€417,989 | +511% |
| Amounts receivable within one year | 40/41 | €78,607 | €462,656 | +€384,049 | +489% |
| Trade receivables | 40 | €78,607 | €74,038 | -€4,569 | -5.8% |
| Other amounts receivable | 41 | €0 | €388,618 | +€388,618 | |
| Cash at bank and in hand | 54/58 | €3,142 | €2,357 | -€785 | -25.0% |
| Deferred charges and accrued income | 490/1 | €0 | €34,725 | +€34,725 | |
| Total equity and liabilities | 10/49 | €10,335,684 | €11,303,762 | +€968,078 | +9.4% |
| Equity | 10/15 | €4,597,169 | €8,994,766 | +€4.4m | +95.7% |
| Contributions | 10/11 | €6,900,000 | €11,480,500 | +€4.6m | +66.4% |
| Capital | 10 | €6,900,000 | €11,480,500 | +€4.6m | +66.4% |
| Issued capital | 100 | €6,900,000 | €11,900,000 | +€5.0m | +72.5% |
| Uncalled capital | 101 | - | €419,500 | +€419,500 | |
| Reserves | 13 | €175,862 | €175,862 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,099 | €3,099 | = | 0.0% |
| Legal reserve | 130 | €3,099 | €3,099 | = | 0.0% |
| Tax-exempt reserves | 132 | €172,764 | €172,764 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,478,694 | -€2,661,596 | -€182,903 | -7.4% |
| Amounts payable | 17/49 | €5,738,516 | €2,308,996 | -€3.4m | -59.8% |
| Amounts payable after more than one year | 17 | €3,753,550 | €1,991,655 | -€1.8m | -46.9% |
| Financial debts | 170/4 | €3,753,550 | €1,991,655 | -€1.8m | -46.9% |
| Amounts payable within one year | 42/48 | €1,980,121 | €316,870 | -€1.7m | -84.0% |
| Current portion of amounts payable after more than one year | 42 | €1,700,000 | €300,000 | -€1.4m | -82.4% |
| Trade debts | 44 | €262,733 | €12,643 | -€250,090 | -95.2% |
| Suppliers | 440/4 | €262,733 | €12,643 | -€250,090 | -95.2% |
| Taxes, remuneration and social security | 45 | €17,388 | €4,226 | -€13,161 | -75.7% |
| Taxes | 450/3 | €17,388 | €4,226 | -€13,161 | -75.7% |
| Accrued charges and deferred income | 492/3 | €4,845 | €472 | -€4,373 | -90.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €216,787 | €295,812 | +€79,024 | +36.5% |
| Other operating charges | 640/8 | €2,290 | €9,248 | +€6,958 | +304% |
| Gross operating margin | 9900 | €255,303 | €279,901 | +€24,598 | +9.6% |
| Operating profit (loss) | 9901 | €36,225 | -€25,158 | -€61,384 | |
| Financial income | 75/76B | €73 | €6,673 | +€6,600 | +9,042% |
| Recurring financial income | 75 | €73 | €6,673 | +€6,600 | +9,042% |
| Financial charges | 65/66B | €161,800 | €162,416 | +€616 | +0.4% |
| Recurring financial charges | 65 | €161,800 | €162,416 | +€616 | +0.4% |
| Profit (loss) for the period before taxes | 9903 | -€125,502 | -€180,901 | -€55,399 | -44.1% |
| Income taxes | 67/77 | - | €2,002 | +€2,002 | |
| Profit (loss) for the period | 9904 | -€125,502 | -€182,903 | -€57,401 | -45.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€125,502 | -€182,903 | -€57,401 | -45.7% |
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.