THIRD DEGREE: 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.
THIRD DEGREE
Largest movements
- Cash -€113,122
down €113,122 (-72.3%), from €156,508 to €43,386
mainly Tax, wage and social debts (-€67,006) and Debts after one year (-€60,892)
- Tangible fixed assets -€29,193
down €29,193 (-6.0%), from €489,397 to €460,205
of which Land and buildings: -€36,512
- Receivables within one year +€15,903
up €15,903 (+17.0%), from €93,312 to €109,216
of which Trade receivables: +€12,132
- Tax, wage and social debts -€67,006
down €67,006 (-67.2%), from €99,691 to €32,685
of which Taxes: -€63,829
- Debts after one year -€60,892
down €60,892 (-42.1%), from €144,761 to €83,869
- Reserves +€27,593
up €27,593 (+11.7%), from €235,417 to €263,010
of which Distributable reserves: +€27,593
- Other debts -€26,639
down €26,639 (-13.0%), from €205,405 to €178,766
- Gross operating margin -€100,883
down €100,883 (-52.7%), from €191,418 to €90,534
- Taxes -€32,072
down €32,072 (-70.3%), from €45,617 to €13,545
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 | €776,279 | €650,192 | -€126,088 | -16.2% |
| Fixed assets | 21/28 | €525,581 | €496,389 | -€29,193 | -5.6% |
| Tangible fixed assets | 22/27 | €489,397 | €460,205 | -€29,193 | -6.0% |
| Land and buildings | 22 | €488,741 | €452,229 | -€36,512 | -7.5% |
| Furniture and vehicles | 24 | €656 | €70 | -€586 | -89.3% |
| Other tangible fixed assets | 26 | - | €7,905 | +€7,905 | |
| Financial fixed assets | 28 | €36,184 | €36,184 | = | 0.0% |
| Current assets | 29/58 | €250,698 | €153,803 | -€96,895 | -38.7% |
| Amounts receivable within one year | 40/41 | €93,312 | €109,216 | +€15,903 | +17.0% |
| Trade receivables | 40 | €0 | €12,132 | +€12,132 | |
| Other amounts receivable | 41 | €93,312 | €97,084 | +€3,771 | +4.0% |
| Cash at bank and in hand | 54/58 | €156,508 | €43,386 | -€113,122 | -72.3% |
| Deferred charges and accrued income | 490/1 | €878 | €1,201 | +€323 | +36.8% |
| Total equity and liabilities | 10/49 | €776,279 | €650,192 | -€126,088 | -16.2% |
| Equity | 10/15 | €241,617 | €269,210 | +€27,593 | +11.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €235,417 | €263,010 | +€27,593 | +11.7% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €235,417 | €263,010 | +€27,593 | +11.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €534,662 | €380,981 | -€153,681 | -28.7% |
| Amounts payable after more than one year | 17 | €144,761 | €83,869 | -€60,892 | -42.1% |
| Financial debts | 170/4 | €144,761 | €83,869 | -€60,892 | -42.1% |
| Amounts payable within one year | 42/48 | €389,901 | €296,583 | -€93,318 | -23.9% |
| Current portion of amounts payable after more than one year | 42 | €58,195 | €60,084 | +€1,889 | +3.2% |
| Trade debts | 44 | €26,611 | €25,048 | -€1,562 | -5.9% |
| Suppliers | 440/4 | €26,611 | €25,048 | -€1,562 | -5.9% |
| Taxes, remuneration and social security | 45 | €99,691 | €32,685 | -€67,006 | -67.2% |
| Taxes | 450/3 | €96,514 | €32,685 | -€63,829 | -66.1% |
| Remuneration and social security | 454/9 | €3,177 | €0 | -€3,177 | -100.0% |
| Other amounts payable | 47/48 | €205,405 | €178,766 | -€26,639 | -13.0% |
| Accrued charges and deferred income | 492/3 | - | €529 | +€529 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,874 | €37,673 | -€201 | -0.5% |
| Other operating charges | 640/8 | €2,792 | €2,021 | -€771 | -27.6% |
| Gross operating margin | 9900 | €191,418 | €90,534 | -€100,883 | -52.7% |
| Operating profit (loss) | 9901 | €150,751 | €50,840 | -€99,911 | -66.3% |
| Financial income | 75/76B | €196 | €23 | -€173 | -88.2% |
| Recurring financial income | 75 | €196 | €23 | -€173 | -88.2% |
| Financial charges | 65/66B | €11,020 | €9,725 | -€1,295 | -11.8% |
| Recurring financial charges | 65 | €11,020 | €9,725 | -€1,295 | -11.8% |
| Profit (loss) for the period before taxes | 9903 | €139,927 | €41,138 | -€98,789 | -70.6% |
| Income taxes | 67/77 | €45,617 | €13,545 | -€32,072 | -70.3% |
| Profit (loss) for the period | 9904 | €94,310 | €27,593 | -€66,717 | -70.7% |
| Profit (loss) for the period to be appropriated | 9905 | €94,310 | €27,593 | -€66,717 | -70.7% |
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 7 October 2026 via checked.be.