TOCOVER: 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.
TOCOVER
Largest movements
- Tangible fixed assets -€1.2m
down €1.2m (-95.1%), from €1.3m to €61,644
of which Land and buildings: -€1.3m
- Current investments +€151,411
up €151,411 (+4.7%), from €3.2m to €3.4m
- Contributions -€2.0m
down €2.0m (-40.2%), from €5.0m to €3.0m
- Reserves +€845,627
up €845,627 (+49.1%), from €1.7m to €2.6m
- Financial income +€908,122
up €908,122 (+3837.3%), from €23,666 to €931,788
- Taxes +€147,206
new in 2025: €147,206
- Depreciation -€63,917
down €63,917 (-82.7%), from €77,273 to €13,356
- Gross operating margin +€1,680
up €1,680 (+2.0%), from €82,788 to €84,467
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 | €6,702,274 | €5,604,415 | -€1.1m | -16.4% |
| Fixed assets | 21/28 | €3,270,970 | €2,078,644 | -€1.2m | -36.5% |
| Tangible fixed assets | 22/27 | €1,253,970 | €61,644 | -€1.2m | -95.1% |
| Land and buildings | 22 | €1,253,970 | - | -€1.3m | |
| Furniture and vehicles | 24 | - | €61,644 | +€61,644 | |
| Financial fixed assets | 28 | €2,017,000 | €2,017,000 | = | 0.0% |
| Current assets | 29/58 | €3,431,304 | €3,525,771 | +€94,467 | +2.8% |
| Amounts receivable within one year | 40/41 | €76,357 | €31,397 | -€44,961 | -58.9% |
| Trade receivables | 40 | €69,258 | €25,046 | -€44,212 | -63.8% |
| Other amounts receivable | 41 | €7,099 | €6,350 | -€749 | -10.6% |
| Current investments | 50/53 | €3,214,729 | €3,366,140 | +€151,411 | +4.7% |
| Cash at bank and in hand | 54/58 | €140,217 | €128,234 | -€11,983 | -8.5% |
| Total equity and liabilities | 10/49 | €6,702,274 | €5,604,415 | -€1.1m | -16.4% |
| Equity | 10/15 | €6,691,250 | €5,538,969 | -€1.2m | -17.2% |
| Contributions | 10/11 | €4,968,000 | €2,970,093 | -€2.0m | -40.2% |
| Reserves | 13 | €1,723,250 | €2,568,876 | +€845,627 | +49.1% |
| Distributable reserves | 133 | €1,723,250 | €2,568,876 | +€845,627 | +49.1% |
| Amounts payable | 17/49 | €11,024 | €65,445 | +€54,421 | +493.6% |
| Amounts payable within one year | 42/48 | €11,024 | €65,445 | +€54,421 | +493.6% |
| Trade debts | 44 | €2,378 | €2,951 | +€573 | +24.1% |
| Suppliers | 440/4 | €2,378 | €2,951 | +€573 | +24.1% |
| Taxes, remuneration and social security | 45 | €4,499 | €62,494 | +€57,996 | +1289.2% |
| Taxes | 450/3 | €4,499 | €62,494 | +€57,996 | +1289.2% |
| Other amounts payable | 47/48 | €4,148 | - | -€4,148 | |
| Non-recurring operating income | 76A | - | €44,866 | +€44,866 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €77,273 | €13,356 | -€63,917 | -82.7% |
| Other operating charges | 640/8 | €1,533 | €1,969 | +€435 | +28.4% |
| Gross operating margin | 9900 | €82,788 | €84,467 | +€1,680 | +2.0% |
| Operating profit (loss) | 9901 | €3,982 | €69,142 | +€65,161 | +1636.6% |
| Financial income | 75/76B | €23,666 | €931,788 | +€908,122 | +3837.3% |
| Recurring financial income | 75 | €23,666 | €931,788 | +€908,122 | +3837.3% |
| Financial charges | 65/66B | €155 | €66 | -€89 | -57.3% |
| Recurring financial charges | 65 | €155 | €66 | -€89 | -57.3% |
| Profit (loss) for the period before taxes | 9903 | €27,492 | €1,000,864 | +€973,372 | +3540.6% |
| Income taxes | 67/77 | - | €147,206 | +€147,206 | |
| Profit (loss) for the period | 9904 | €27,492 | €853,658 | +€826,166 | +3005.1% |
| Profit (loss) for the period to be appropriated | 9905 | €27,492 | €853,658 | +€826,166 | +3005.1% |
Source: filed annual accounts (NBB), financial years ended 30 November 2024 and 30 November 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.