THINK 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.
THINK FIRST
Largest movements
- Receivables within one year -€25,981
down €25,981 (-54.6%), from €47,561 to €21,580
of which Other amounts receivable: -€19,725
- Tangible fixed assets -€15,352
down €15,352 (-4.6%), from €334,125 to €318,773
of which Furniture and vehicles: -€8,609
- Current investments +€14,700
up €14,700 (+16.5%), from €89,000 to €103,700
- Deferred charges and accrued income +€12,884
up €12,884 (+35.7%), from €36,122 to €49,006
- Reserves +€15,524
up €15,524 (+5.9%), from €264,027 to €279,551
- Debts after one year -€10,841
down €10,841 (-5.7%), from €189,162 to €178,321
- Other debts -€7,911
down €7,911 (-76.1%), from €10,393 to €2,482
- Tax, wage and social debts -€6,268
down €6,268 (-37.6%), from €16,658 to €10,390
- Gross operating margin +€4,899
up €4,899 (+8.7%), from €56,224 to €61,123
- Financial charges +€2,730
up €2,730 (+31.7%), from €8,602 to €11,332
- Depreciation +€2,588
up €2,588 (+11.9%), from €21,708 to €24,296
- Taxes -€1,002
down €1,002 (-12.4%), from €8,100 to €7,098
- Financial income -€973
down €973 (-61.5%), from €1,582 to €609
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 | €517,396 | €507,327 | -€10,068 | -1.9% |
| Fixed assets | 21/28 | €334,125 | €318,773 | -€15,352 | -4.6% |
| Tangible fixed assets | 22/27 | €334,125 | €318,773 | -€15,352 | -4.6% |
| Land and buildings | 22 | €263,310 | €255,241 | -€8,069 | -3.1% |
| Plant, machinery and equipment | 23 | €11,822 | €13,148 | +€1,326 | +11.2% |
| Furniture and vehicles | 24 | €58,993 | €50,384 | -€8,609 | -14.6% |
| Current assets | 29/58 | €183,270 | €188,554 | +€5,284 | +2.9% |
| Amounts receivable within one year | 40/41 | €47,561 | €21,580 | -€25,981 | -54.6% |
| Trade receivables | 40 | €24,933 | €18,678 | -€6,256 | -25.1% |
| Other amounts receivable | 41 | €22,628 | €2,902 | -€19,725 | -87.2% |
| Current investments | 50/53 | €89,000 | €103,700 | +€14,700 | +16.5% |
| Cash at bank and in hand | 54/58 | €10,588 | €14,268 | +€3,681 | +34.8% |
| Deferred charges and accrued income | 490/1 | €36,122 | €49,006 | +€12,884 | +35.7% |
| Total equity and liabilities | 10/49 | €517,396 | €507,327 | -€10,068 | -1.9% |
| Equity | 10/15 | €282,627 | €298,151 | +€15,524 | +5.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €264,027 | €279,551 | +€15,524 | +5.9% |
| Distributable reserves | 133 | €264,027 | €279,551 | +€15,524 | +5.9% |
| Amounts payable | 17/49 | €234,768 | €209,176 | -€25,592 | -10.9% |
| Amounts payable after more than one year | 17 | €189,162 | €178,321 | -€10,841 | -5.7% |
| Financial debts | 170/4 | €189,162 | €178,321 | -€10,841 | -5.7% |
| Amounts payable within one year | 42/48 | €45,607 | €30,855 | -€14,751 | -32.3% |
| Current portion of amounts payable after more than one year | 42 | €10,448 | €10,841 | +€393 | +3.8% |
| Financial debts | 43 | €6,761 | €5,864 | -€897 | -13.3% |
| Credit institutions | 430/8 | €6,761 | €5,864 | -€897 | -13.3% |
| Trade debts | 44 | €1,347 | €1,278 | -€68 | -5.1% |
| Suppliers | 440/4 | €1,347 | €1,278 | -€68 | -5.1% |
| Taxes, remuneration and social security | 45 | €16,658 | €10,390 | -€6,268 | -37.6% |
| Taxes | 450/3 | €16,658 | €10,390 | -€6,268 | -37.6% |
| Other amounts payable | 47/48 | €10,393 | €2,482 | -€7,911 | -76.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,708 | €24,296 | +€2,588 | +11.9% |
| Other operating charges | 640/8 | €2,127 | €1,627 | -€500 | -23.5% |
| Non-recurring operating charges | 66A | - | €1,855 | +€1,855 | |
| Gross operating margin | 9900 | €56,224 | €61,123 | +€4,899 | +8.7% |
| Operating profit (loss) | 9901 | €32,389 | €33,344 | +€955 | +2.9% |
| Financial income | 75/76B | €1,582 | €609 | -€973 | -61.5% |
| Recurring financial income | 75 | €1,582 | €609 | -€973 | -61.5% |
| Financial charges | 65/66B | €8,602 | €11,332 | +€2,730 | +31.7% |
| Recurring financial charges | 65 | €8,602 | €11,332 | +€2,730 | +31.7% |
| Profit (loss) for the period before taxes | 9903 | €25,369 | €22,621 | -€2,748 | -10.8% |
| Income taxes | 67/77 | €8,100 | €7,098 | -€1,002 | -12.4% |
| Profit (loss) for the period | 9904 | €17,269 | €15,524 | -€1,745 | -10.1% |
| Profit (loss) for the period to be appropriated | 9905 | €17,269 | €15,524 | -€1,745 | -10.1% |
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 9 October 2026 via checked.be.