THINKING FORWARD: 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.
THINKING FORWARD
Largest movements
- Receivables within one year +€136,366
up €136,366 (+510.2%), from €26,730 to €163,097
of which Other amounts receivable: +€143,631
- Tangible fixed assets -€7,417
down €7,417 (-2.3%), from €321,239 to €313,822
of which Land and buildings: -€6,868
- Reserves +€87,559
up €87,559 (+78.8%), from €111,154 to €198,713
of which Distributable reserves: +€87,559
- Profit (loss) carried forward +€80,713
up €80,713, from -€80,713 to €0
- Debts after one year -€23,824
down €23,824 (-9.6%), from €247,471 to €223,647
- Other debts -€10,462
no longer reported in 2025 (was €10,462)
- Taxes +€27,279
up €27,279 (+15746.3%), from €173 to €27,452
- Gross operating margin +€23,847
up €23,847 (+22.1%), from €107,859 to €131,706
- Depreciation -€7,534
down €7,534 (-50.4%), from €14,951 to €7,417
- Financial income +€5,069
new in 2025: €5,069
- Financial charges -€3,058
down €3,058 (-37.2%), from €8,220 to €5,163
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 | €349,524 | €482,555 | +€133,031 | +38.1% |
| Fixed assets | 21/28 | €321,239 | €313,822 | -€7,417 | -2.3% |
| Tangible fixed assets | 22/27 | €321,239 | €313,822 | -€7,417 | -2.3% |
| Land and buildings | 22 | €320,489 | €313,621 | -€6,868 | -2.1% |
| Furniture and vehicles | 24 | €750 | €201 | -€549 | -73.2% |
| Current assets | 29/58 | €28,285 | €168,733 | +€140,448 | +496.5% |
| Amounts receivable within one year | 40/41 | €26,730 | €163,097 | +€136,366 | +510.2% |
| Trade receivables | 40 | €16,903 | €9,639 | -€7,264 | -43.0% |
| Other amounts receivable | 41 | €9,827 | €153,457 | +€143,631 | +1461.6% |
| Cash at bank and in hand | 54/58 | - | €3,954 | +€3,954 | |
| Deferred charges and accrued income | 490/1 | €1,555 | €1,682 | +€128 | +8.2% |
| Total equity and liabilities | 10/49 | €349,524 | €482,555 | +€133,031 | +38.1% |
| Equity | 10/15 | €37,941 | €206,213 | +€168,272 | +443.5% |
| Contributions | 10/11 | €7,500 | €7,500 | = | 0.0% |
| Reserves | 13 | €111,154 | €198,713 | +€87,559 | +78.8% |
| Non-distributable reserves | 130/1 | €250 | €250 | = | 0.0% |
| Reserves not available under the articles | 1311 | €250 | €250 | = | 0.0% |
| Tax-exempt reserves | 132 | €5,990 | €5,990 | = | 0.0% |
| Distributable reserves | 133 | €104,914 | €192,473 | +€87,559 | +83.5% |
| Profit (loss) carried forward | 14 | -€80,713 | €0 | +€80,713 | |
| Amounts payable | 17/49 | €311,583 | €276,343 | -€35,240 | -11.3% |
| Amounts payable after more than one year | 17 | €247,471 | €223,647 | -€23,824 | -9.6% |
| Financial debts | 170/4 | €247,471 | €223,647 | -€23,824 | -9.6% |
| Amounts payable within one year | 42/48 | €64,112 | €52,696 | -€11,416 | -17.8% |
| Current portion of amounts payable after more than one year | 42 | €27,564 | €23,824 | -€3,740 | -13.6% |
| Financial debts | 43 | €464 | €5,059 | +€4,595 | +991.3% |
| Credit institutions | 430/8 | €464 | €5,059 | +€4,595 | +991.3% |
| Trade debts | 44 | €13,286 | €8,635 | -€4,651 | -35.0% |
| Suppliers | 440/4 | €13,286 | €8,635 | -€4,651 | -35.0% |
| Taxes, remuneration and social security | 45 | €12,337 | €15,178 | +€2,841 | +23.0% |
| Taxes | 450/3 | €12,337 | €15,178 | +€2,841 | +23.0% |
| Other amounts payable | 47/48 | €10,462 | - | -€10,462 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,951 | €7,417 | -€7,534 | -50.4% |
| Other operating charges | 640/8 | €1,694 | €1,447 | -€247 | -14.6% |
| Non-recurring operating charges | 66A | €163,533 | €0 | -€163,533 | -100.0% |
| Gross operating margin | 9900 | €107,859 | €131,706 | +€23,847 | +22.1% |
| Operating profit (loss) | 9901 | -€72,319 | €122,842 | +€195,161 | |
| Financial income | 75/76B | - | €5,069 | +€5,069 | |
| Recurring financial income | 75 | - | €5,069 | +€5,069 | |
| Financial charges | 65/66B | €8,220 | €5,163 | -€3,058 | -37.2% |
| Recurring financial charges | 65 | €8,220 | €5,163 | -€3,058 | -37.2% |
| Profit (loss) for the period before taxes | 9903 | -€80,539 | €122,748 | +€203,288 | |
| Income taxes | 67/77 | €173 | €27,452 | +€27,279 | +15746.3% |
| Profit (loss) for the period | 9904 | -€80,713 | €95,296 | +€176,009 | |
| Profit (loss) for the period to be appropriated | 9905 | -€80,713 | €95,296 | +€176,009 |
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 12 October 2026 via checked.be.