Tool: 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.
Tool
Largest movements
- Current investments -€154,319
down €154,319 (-32.1%), from €480,101 to €325,783
- Receivables after one year -€125,041
down €125,041 (-14.5%), from €865,078 to €740,037
- Financial fixed assets -€112,471
no longer reported in 2025 (was €112,471)
- Receivables within one year +€76,869
up €76,869 (+17.9%), from €428,955 to €505,823
- Cash -€63,852
down €63,852 (-38.0%), from €167,843 to €103,991
mainly Debts after one year (-€297,966) and Accrued charges and deferred income (-€117,999)
- Debts after one year -€297,966
down €297,966 (-34.6%), from €860,000 to €562,034
- Accrued charges and deferred income -€117,999
down €117,999 (-98.7%), from €119,499 to €1,500
- Current portion of long-term debt -€70,859
no longer reported in 2025 (was €70,859)
- Tax, wage and social debts +€51,835
up €51,835 (+1073.9%), from €4,827 to €56,662
of which Taxes: +€51,641
- Reserves +€37,212
up €37,212 (+192.4%), from €19,339 to €56,551
- Gross operating margin -€115,066
down €115,066, from €112,623 to -€2,444
- Financial income +€76,583
up €76,583 (+117.1%), from €65,374 to €141,957
of which Non-recurring financial income: +€100,495
- Financial charges -€48,576
down €48,576 (-49.6%), from €97,882 to €49,306
- Taxes -€12,811
down €12,811 (-77.5%), from €16,533 to €3,721
- Staff costs +€1,636
up €1,636 (+4.5%), from €36,269 to €37,905
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 | €2,078,739 | €1,699,650 | -€379,090 | -18.2% |
| Fixed assets | 21/28 | €136,662 | €22,115 | -€114,547 | -83.8% |
| Tangible fixed assets | 22/27 | €24,191 | €22,115 | -€2,076 | -8.6% |
| Land and buildings | 22 | €22,795 | €18,231 | -€4,565 | -20.0% |
| Furniture and vehicles | 24 | €1,396 | €3,885 | +€2,488 | +178.2% |
| Financial fixed assets | 28 | €112,471 | - | -€112,471 | |
| Current assets | 29/58 | €1,942,077 | €1,677,534 | -€264,543 | -13.6% |
| Amounts receivable after more than one year | 29 | €865,078 | €740,037 | -€125,041 | -14.5% |
| Other amounts receivable | 291 | €865,078 | €740,037 | -€125,041 | -14.5% |
| Amounts receivable within one year | 40/41 | €428,955 | €505,823 | +€76,869 | +17.9% |
| Other amounts receivable | 41 | €428,955 | €505,823 | +€76,869 | +17.9% |
| Current investments | 50/53 | €480,101 | €325,783 | -€154,319 | -32.1% |
| Cash at bank and in hand | 54/58 | €167,843 | €103,991 | -€63,852 | -38.0% |
| Deferred charges and accrued income | 490/1 | €101 | €1,901 | +€1,800 | +1781.2% |
| Total equity and liabilities | 10/49 | €2,078,739 | €1,699,650 | -€379,090 | -18.2% |
| Equity | 10/15 | €1,019,339 | €1,056,551 | +€37,212 | +3.7% |
| Contributions | 10/11 | €1,000,000 | €1,000,000 | = | 0.0% |
| Reserves | 13 | €19,339 | €56,551 | +€37,212 | +192.4% |
| Distributable reserves | 133 | €19,339 | €56,551 | +€37,212 | +192.4% |
| Amounts payable | 17/49 | €1,059,401 | €643,099 | -€416,302 | -39.3% |
| Amounts payable after more than one year | 17 | €860,000 | €562,034 | -€297,966 | -34.6% |
| Other amounts payable | 178/9 | €860,000 | €562,034 | -€297,966 | -34.6% |
| Amounts payable within one year | 42/48 | €79,902 | €79,565 | -€337 | -0.4% |
| Current portion of amounts payable after more than one year | 42 | €70,859 | - | -€70,859 | |
| Trade debts | 44 | €100 | €856 | +€756 | +755.6% |
| Suppliers | 440/4 | €100 | €856 | +€756 | +755.6% |
| Advances received on contracts in progress | 46 | - | €103 | +€103 | |
| Taxes, remuneration and social security | 45 | €4,827 | €56,662 | +€51,835 | +1073.9% |
| Taxes | 450/3 | - | €51,641 | +€51,641 | |
| Remuneration and social security | 454/9 | €4,827 | €5,021 | +€194 | +4.0% |
| Other amounts payable | 47/48 | €4,116 | €21,944 | +€17,828 | +433.1% |
| Accrued charges and deferred income | 492/3 | €119,499 | €1,500 | -€117,999 | -98.7% |
| Remuneration, social security and pensions | 62 | €36,269 | €37,905 | +€1,636 | +4.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,067 | €5,348 | +€281 | +5.6% |
| Other operating charges | 640/8 | €2,907 | €2,505 | -€402 | -13.8% |
| Non-recurring operating charges | 66A | - | €3,516 | +€3,516 | |
| Gross operating margin | 9900 | €112,623 | -€2,444 | -€115,066 | |
| Operating profit (loss) | 9901 | €68,380 | -€51,717 | -€120,097 | |
| Financial income | 75/76B | €65,374 | €141,957 | +€76,583 | +117.1% |
| Recurring financial income | 75 | €65,374 | €41,462 | -€23,912 | -36.6% |
| Non-recurring financial income | 76B | - | €100,495 | +€100,495 | |
| Financial charges | 65/66B | €97,882 | €49,306 | -€48,576 | -49.6% |
| Recurring financial charges | 65 | €97,882 | €49,306 | -€48,576 | -49.6% |
| Profit (loss) for the period before taxes | 9903 | €35,871 | €40,933 | +€5,062 | +14.1% |
| Income taxes | 67/77 | €16,533 | €3,721 | -€12,811 | -77.5% |
| Profit (loss) for the period | 9904 | €19,339 | €37,212 | +€17,873 | +92.4% |
| Profit (loss) for the period to be appropriated | 9905 | €19,339 | €37,212 | +€17,873 | +92.4% |
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 9 October 2026 via checked.be.