Thirty-eight: 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.
Thirty-eight
Largest movements
- Cash -€33,174
down €33,174 (-15.3%), from €217,172 to €183,998
mainly Contributions, distributions and other (-€180,000) and Tax, wage and social debts (-€33,589)
- Tangible fixed assets -€14,437
down €14,437 (-29.7%), from €48,624 to €34,187
of which Furniture and vehicles: -€14,232
- Profit (loss) carried forward -€168,825
down €168,825 (-76.1%), from €221,889 to €53,064
- Other debts +€156,558
new in 2025: €156,558
- Tax, wage and social debts -€33,589
down €33,589 (-77.8%), from €43,175 to €9,586
- Gross operating margin -€107,547
down €107,547 (-78.2%), from €137,479 to €29,932
- Taxes -€22,438
down €22,438 (-86.8%), from €25,837 to €3,399
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 | €268,874 | €223,021 | -€45,853 | -17.1% |
| Fixed assets | 21/28 | €48,624 | €34,187 | -€14,437 | -29.7% |
| Tangible fixed assets | 22/27 | €48,624 | €34,187 | -€14,437 | -29.7% |
| Furniture and vehicles | 24 | €47,105 | €32,873 | -€14,232 | -30.2% |
| Other tangible fixed assets | 26 | €1,519 | €1,314 | -€205 | -13.5% |
| Current assets | 29/58 | €220,249 | €188,833 | -€31,416 | -14.3% |
| Amounts receivable within one year | 40/41 | €2,585 | €3,846 | +€1,261 | +48.8% |
| Trade receivables | 40 | - | €2,245 | +€2,245 | |
| Other amounts receivable | 41 | €2,585 | €1,601 | -€984 | -38.1% |
| Cash at bank and in hand | 54/58 | €217,172 | €183,998 | -€33,174 | -15.3% |
| Deferred charges and accrued income | 490/1 | €492 | €989 | +€497 | +101% |
| Total equity and liabilities | 10/49 | €268,874 | €223,021 | -€45,853 | -17.1% |
| Equity | 10/15 | €225,689 | €56,864 | -€168,825 | -74.8% |
| Contributions | 10/11 | €3,800 | €3,800 | = | 0.0% |
| Profit (loss) carried forward | 14 | €221,889 | €53,064 | -€168,825 | -76.1% |
| Amounts payable | 17/49 | €43,184 | €166,156 | +€122,972 | +285% |
| Amounts payable within one year | 42/48 | €43,184 | €166,156 | +€122,972 | +285% |
| Trade debts | 44 | €9 | €12 | +€3 | +27.8% |
| Suppliers | 440/4 | €9 | €12 | +€3 | +27.8% |
| Taxes, remuneration and social security | 45 | €43,175 | €9,586 | -€33,589 | -77.8% |
| Taxes | 450/3 | €43,175 | €9,586 | -€33,589 | -77.8% |
| Other amounts payable | 47/48 | - | €156,558 | +€156,558 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,441 | €14,437 | -€1,004 | -6.5% |
| Other operating charges | 640/8 | €1,069 | €723 | -€346 | -32.3% |
| Gross operating margin | 9900 | €137,479 | €29,932 | -€107,547 | -78.2% |
| Operating profit (loss) | 9901 | €120,969 | €14,772 | -€106,198 | -87.8% |
| Financial charges | 65/66B | €161 | €198 | +€36 | +22.5% |
| Recurring financial charges | 65 | €161 | €198 | +€36 | +22.5% |
| Profit (loss) for the period before taxes | 9903 | €120,808 | €14,574 | -€106,234 | -87.9% |
| Income taxes | 67/77 | €25,837 | €3,399 | -€22,438 | -86.8% |
| Profit (loss) for the period | 9904 | €94,971 | €11,175 | -€83,796 | -88.2% |
| Profit (loss) for the period to be appropriated | 9905 | €94,971 | €11,175 | -€83,796 | -88.2% |
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 23 October 2026 via checked.be.