TOP: 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.
TOP
Largest movements
- Tangible fixed assets -€80,384
down €80,384 (-5.8%), from €1.4m to €1.3m
of which Land and buildings: -€64,324
- Stocks and contracts -€77,398
no longer reported in 2025 (was €77,398)
- Deferred charges and accrued income +€62,200
new in 2025: €62,200
- Other debts +€114,300
up €114,300 (+11.6%), from €986,441 to €1.1m
- Reserves -€68,422
down €68,422 (-18.9%), from €362,458 to €294,036
- Debts after one year -€67,429
down €67,429 (-8.4%), from €805,913 to €738,483
- Current portion of long-term debt -€34,428
down €34,428 (-33.8%), from €101,857 to €67,429
- Gross operating margin -€209,482
down €209,482 (-70.8%), from €295,807 to €86,325
- Taxes -€20,210
no longer reported in 2025 (was €20,210)
- Staff costs -€11,967
down €11,967 (-19.4%), from €61,653 to €49,687
- Depreciation +€4,665
up €4,665 (+7.5%), from €62,177 to €66,841
- Other operating charges -€3,588
down €3,588 (-56.9%), from €6,305 to €2,716
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 | €2,404,901 | €2,316,302 | -€88,600 | -3.7% |
| Fixed assets | 21/28 | €2,199,398 | €2,119,014 | -€80,384 | -3.7% |
| Tangible fixed assets | 22/27 | €1,387,196 | €1,306,812 | -€80,384 | -5.8% |
| Land and buildings | 22 | €1,313,116 | €1,248,792 | -€64,324 | -4.9% |
| Plant, machinery and equipment | 23 | €21,348 | €18,913 | -€2,435 | -11.4% |
| Furniture and vehicles | 24 | €44,579 | €39,108 | -€5,471 | -12.3% |
| Other tangible fixed assets | 26 | €8,154 | - | -€8,154 | |
| Financial fixed assets | 28 | €812,202 | €812,202 | = | 0.0% |
| Current assets | 29/58 | €205,503 | €197,287 | -€8,216 | -4.0% |
| Stocks and contracts in progress | 3 | €77,398 | - | -€77,398 | |
| Stocks | 30/36 | €77,398 | - | -€77,398 | |
| Amounts receivable within one year | 40/41 | €107,399 | €122,232 | +€14,833 | +13.8% |
| Trade receivables | 40 | €21,374 | €39,605 | +€18,231 | +85.3% |
| Other amounts receivable | 41 | €86,025 | €82,627 | -€3,398 | -3.9% |
| Cash at bank and in hand | 54/58 | €20,706 | €12,855 | -€7,851 | -37.9% |
| Deferred charges and accrued income | 490/1 | - | €62,200 | +€62,200 | |
| Total equity and liabilities | 10/49 | €2,404,901 | €2,316,302 | -€88,600 | -3.7% |
| Equity | 10/15 | €381,058 | €312,636 | -€68,422 | -18.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €362,458 | €294,036 | -€68,422 | -18.9% |
| Distributable reserves | 133 | €362,458 | €294,036 | -€68,422 | -18.9% |
| Amounts payable | 17/49 | €2,023,843 | €2,003,666 | -€20,177 | -1.0% |
| Amounts payable after more than one year | 17 | €805,913 | €738,483 | -€67,429 | -8.4% |
| Financial debts | 170/4 | €805,913 | €738,483 | -€67,429 | -8.4% |
| Amounts payable within one year | 42/48 | €1,217,930 | €1,265,182 | +€47,252 | +3.9% |
| Current portion of amounts payable after more than one year | 42 | €101,857 | €67,429 | -€34,428 | -33.8% |
| Financial debts | 43 | €3,750 | €1,250 | -€2,500 | -66.7% |
| Credit institutions | 430/8 | €3,750 | €1,250 | -€2,500 | -66.7% |
| Trade debts | 44 | €95,691 | €76,317 | -€19,374 | -20.2% |
| Suppliers | 440/4 | €95,691 | €76,317 | -€19,374 | -20.2% |
| Taxes, remuneration and social security | 45 | €30,192 | €19,446 | -€10,746 | -35.6% |
| Taxes | 450/3 | €19,183 | €5,210 | -€13,972 | -72.8% |
| Remuneration and social security | 454/9 | €11,010 | €14,236 | +€3,226 | +29.3% |
| Other amounts payable | 47/48 | €986,441 | €1,100,740 | +€114,300 | +11.6% |
| Remuneration, social security and pensions | 62 | €61,653 | €49,687 | -€11,967 | -19.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €62,177 | €66,841 | +€4,665 | +7.5% |
| Other operating charges | 640/8 | €6,305 | €2,716 | -€3,588 | -56.9% |
| Gross operating margin | 9900 | €295,807 | €86,325 | -€209,482 | -70.8% |
| Operating profit (loss) | 9901 | €165,672 | -€32,919 | -€198,591 | |
| Financial charges | 65/66B | €37,258 | €35,503 | -€1,755 | -4.7% |
| Recurring financial charges | 65 | €37,258 | €35,503 | -€1,755 | -4.7% |
| Profit (loss) for the period before taxes | 9903 | €128,414 | -€68,422 | -€196,836 | |
| Income taxes | 67/77 | €20,210 | - | -€20,210 | |
| Profit (loss) for the period | 9904 | €108,204 | -€68,422 | -€176,626 | |
| Profit (loss) for the period to be appropriated | 9905 | €108,204 | -€68,422 | -€176,626 |
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 22 October 2026 via checked.be.