THEMA: what changed
Two fiscal 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
- Cash +€259,845
up €259,845 (+133.6%), from €194,537 to €454,382
mainly Current investments (+€150,000) and Net result for the year (+€95,572)
- Current investments -€150,000
down €150,000 (-18.8%), from €800,000 to €650,000
- Receivables within one year -€36,647
down €36,647 (-42.6%), from €85,957 to €49,310
- Reserves +€95,122
up €95,122 (+6.8%), from €1.4m to €1.5m
of which Distributable reserves: +€116,000
- Trade debts -€67,583
down €67,583 (-86.3%), from €78,295 to €10,712
- Gross operating margin -€1.3m
down €1.3m (-85.0%), from €1.5m to €221,670
- Financial charges -€24,554
down €24,554 (-56.6%), from €43,356 to €18,802
- Financial income +€20,621
up €20,621 (+226360.2%), from €9 to €20,631
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 | €2,104,068 | €2,143,774 | +€39,705 | +1.9% |
| Fixed assets | 21/28 | €981,120 | €966,684 | -€14,436 | -1.5% |
| Tangible fixed assets | 22/27 | €980,790 | €966,354 | -€14,436 | -1.5% |
| Land and buildings | 22 | €842,874 | €868,749 | +€25,875 | +3.1% |
| Plant, machinery and equipment | 23 | €29,695 | €25,960 | -€3,735 | -12.6% |
| Furniture and vehicles | 24 | €61,606 | €41,371 | -€20,234 | -32.8% |
| Other tangible fixed assets | 26 | €46,615 | €30,274 | -€16,341 | -35.1% |
| Financial fixed assets | 28 | €330 | €330 | = | 0.0% |
| Current assets | 29/58 | €1,122,948 | €1,177,089 | +€54,141 | +4.8% |
| Amounts receivable within one year | 40/41 | €85,957 | €49,310 | -€36,647 | -42.6% |
| Trade receivables | 40 | €85,957 | €49,310 | -€36,647 | -42.6% |
| Current investments | 50/53 | €800,000 | €650,000 | -€150,000 | -18.8% |
| Cash at bank and in hand | 54/58 | €194,537 | €454,382 | +€259,845 | +133.6% |
| Deferred charges and accrued income | 490/1 | €42,454 | €23,398 | -€19,056 | -44.9% |
| Total equity and liabilities | 10/49 | €2,104,068 | €2,143,774 | +€39,705 | +1.9% |
| Equity | 10/15 | €1,747,386 | €1,842,959 | +€95,572 | +5.5% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,402,445 | €1,497,567 | +€95,122 | +6.8% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,142,321 | €1,121,443 | -€20,878 | -1.8% |
| Distributable reserves | 133 | €258,265 | €374,265 | +€116,000 | +44.9% |
| Profit (loss) carried forward | 14 | €326,350 | €326,800 | +€450 | +0.1% |
| Amounts payable | 17/49 | €356,682 | €300,815 | -€55,867 | -15.7% |
| Amounts payable within one year | 42/48 | €342,507 | €285,665 | -€56,842 | -16.6% |
| Trade debts | 44 | €78,295 | €10,712 | -€67,583 | -86.3% |
| Suppliers | 440/4 | €78,295 | €10,712 | -€67,583 | -86.3% |
| Taxes, remuneration and social security | 45 | €65,608 | €72,063 | +€6,455 | +9.8% |
| Taxes | 450/3 | €63,113 | €72,063 | +€8,950 | +14.2% |
| Remuneration and social security | 454/9 | €2,495 | - | -€2,495 | |
| Other amounts payable | 47/48 | €198,605 | €202,890 | +€4,286 | +2.2% |
| Accrued charges and deferred income | 492/3 | €14,175 | €15,150 | +€975 | +6.9% |
| Non-recurring operating income | 76A | €1,175,463 | - | -€1.2m | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €62,875 | €64,551 | +€1,676 | +2.7% |
| Other operating charges | 640/8 | €11,453 | €4,776 | -€6,677 | -58.3% |
| Non-recurring operating charges | 66A | €3,285 | - | -€3,285 | |
| Gross operating margin | 9900 | €1,474,853 | €221,670 | -€1.3m | -85.0% |
| Operating profit (loss) | 9901 | €1,397,240 | €152,343 | -€1.2m | -89.1% |
| Financial income | 75/76B | €9 | €20,631 | +€20,621 | +226360.2% |
| Recurring financial income | 75 | €9 | €20,631 | +€20,621 | +226360.2% |
| Financial charges | 65/66B | €43,356 | €18,802 | -€24,554 | -56.6% |
| Recurring financial charges | 65 | €43,356 | €18,802 | -€24,554 | -56.6% |
| Profit (loss) for the period before taxes | 9903 | €1,353,893 | €154,172 | -€1.2m | -88.6% |
| Income taxes | 67/77 | €67,694 | €58,599 | -€9,095 | -13.4% |
| Profit (loss) for the period | 9904 | €1,286,199 | €95,572 | -€1.2m | -92.6% |
| Transfer from tax-exempt reserves | 789 | €33,142 | €20,878 | -€12,264 | -37.0% |
| Transfer to tax-exempt reserves | 689 | €1,175,463 | - | -€1.2m | |
| Profit (loss) for the period to be appropriated | 9905 | €143,878 | €116,450 | -€27,428 | -19.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.