Third Place: 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.
Third Place
Largest movements
- Tangible fixed assets +€677,590
up €677,590 (+33.9%), from €2.0m to €2.7m
of which Assets under construction and advance payments: +€653,401
- Receivables within one year +€53,106
up €53,106 (+22,134%), from €240 to €53,346
- Debts after one year +€2.2m
new in 2025: €2.2m
- Other debts -€2.0m
no longer reported in 2025 (was €2.0m)
- Trade debts +€505,151
up €505,151 (+1,725%), from €29,293 to €534,443
- Accrued charges and deferred income +€62,976
new in 2025: €62,976
- Profit (loss) carried forward -€50,972
down €50,972 (-78.2%), from -€65,143 to -€116,115
- Gross operating margin -€22,590
down €22,590 (-82.6%), from -€27,354 to -€49,943
- Financial income -€567
down €567 (-99.6%), from €569 to €2
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 | €2,009,935 | €2,736,521 | +€726,586 | +36.1% |
| Fixed assets | 21/28 | €2,000,000 | €2,677,590 | +€677,590 | +33.9% |
| Tangible fixed assets | 22/27 | €2,000,000 | €2,677,590 | +€677,590 | +33.9% |
| Furniture and vehicles | 24 | - | €24,189 | +€24,189 | |
| Assets under construction and advance payments | 27 | €2,000,000 | €2,653,401 | +€653,401 | +32.7% |
| Current assets | 29/58 | €9,935 | €58,931 | +€48,996 | +493% |
| Amounts receivable within one year | 40/41 | €240 | €53,346 | +€53,106 | +22,134% |
| Other amounts receivable | 41 | €240 | €53,346 | +€53,106 | +22,134% |
| Cash at bank and in hand | 54/58 | €9,126 | €5,585 | -€3,541 | -38.8% |
| Deferred charges and accrued income | 490/1 | €569 | - | -€569 | |
| Total equity and liabilities | 10/49 | €2,009,935 | €2,736,521 | +€726,586 | +36.1% |
| Equity | 10/15 | -€3,643 | -€54,615 | -€50,972 | -1,399% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€65,143 | -€116,115 | -€50,972 | -78.2% |
| Amounts payable | 17/49 | €2,013,578 | €2,791,136 | +€777,558 | +38.6% |
| Amounts payable after more than one year | 17 | - | €2,193,717 | +€2.2m | |
| Other amounts payable | 178/9 | - | €2,193,717 | +€2.2m | |
| Amounts payable within one year | 42/48 | €2,013,578 | €534,443 | -€1.5m | -73.5% |
| Trade debts | 44 | €29,293 | €534,443 | +€505,151 | +1,725% |
| Suppliers | 440/4 | €29,293 | €534,443 | +€505,151 | +1,725% |
| Other amounts payable | 47/48 | €1,984,286 | - | -€2.0m | |
| Accrued charges and deferred income | 492/3 | - | €62,976 | +€62,976 | |
| Other operating charges | 640/8 | €590 | €776 | +€185 | +31.4% |
| Gross operating margin | 9900 | -€27,354 | -€49,943 | -€22,590 | -82.6% |
| Operating profit (loss) | 9901 | -€27,944 | -€50,719 | -€22,775 | -81.5% |
| Financial income | 75/76B | €569 | €2 | -€567 | -99.6% |
| Recurring financial income | 75 | €569 | €2 | -€567 | -99.6% |
| Financial charges | 65/66B | €301 | €255 | -€46 | -15.4% |
| Recurring financial charges | 65 | €301 | €255 | -€46 | -15.4% |
| Profit (loss) for the period before taxes | 9903 | -€27,677 | -€50,972 | -€23,296 | -84.2% |
| Profit (loss) for the period | 9904 | -€27,677 | -€50,972 | -€23,296 | -84.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€27,677 | -€50,972 | -€23,296 | -84.2% |
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 16 October 2026 via checked.be.