TRAINING DYNAMICS: what changed
Two fiscal 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.
TRAINING DYNAMICS
Largest movements
- Current investments -€311,738
down €311,738 (-32.3%), from €966,032 to €654,294
- Cash -€68,693
down €68,693 (-38.8%), from €176,887 to €108,194
mainly Contributions, distributions and other (-€592,182) and Other debts (-€140,649)
- Reserves -€285,028
down €285,028 (-27.5%), from €1.0m to €750,404
- Other debts -€140,649
down €140,649 (-69.6%), from €202,050 to €61,401
- Tax, wage and social debts +€50,908
up €50,908 (+114.7%), from €44,375 to €95,283
- Financial income +€118,391
up €118,391 (+400.3%), from €29,575 to €147,966
- Gross operating margin +€76,696
up €76,696 (+27.9%), from €274,615 to €351,311
- Financial charges +€61,579
up €61,579, from -€59,512 to €2,067
- Taxes +€26,222
up €26,222 (+24.3%), from €108,047 to €134,269
- Depreciation +€21,808
up €21,808 (+72.2%), from €30,225 to €52,033
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 | €1,480,503 | €1,108,401 | -€372,103 | -25.1% |
| Fixed assets | 21/28 | €269,312 | €274,260 | +€4,948 | +1.8% |
| Tangible fixed assets | 22/27 | €269,312 | €274,260 | +€4,948 | +1.8% |
| Plant, machinery and equipment | 23 | €1,989 | €2,480 | +€492 | +24.7% |
| Furniture and vehicles | 24 | €131,674 | €116,869 | -€14,806 | -11.2% |
| Other tangible fixed assets | 26 | €135,650 | €154,911 | +€19,262 | +14.2% |
| Current assets | 29/58 | €1,211,191 | €834,141 | -€377,050 | -31.1% |
| Amounts receivable within one year | 40/41 | €60,935 | €58,029 | -€2,906 | -4.8% |
| Trade receivables | 40 | €42,622 | €40,535 | -€2,087 | -4.9% |
| Other amounts receivable | 41 | €18,313 | €17,494 | -€819 | -4.5% |
| Current investments | 50/53 | €966,032 | €654,294 | -€311,738 | -32.3% |
| Cash at bank and in hand | 54/58 | €176,887 | €108,194 | -€68,693 | -38.8% |
| Deferred charges and accrued income | 490/1 | €7,337 | €13,624 | +€6,287 | +85.7% |
| Total equity and liabilities | 10/49 | €1,480,503 | €1,108,401 | -€372,103 | -25.1% |
| Equity | 10/15 | €1,054,032 | €769,004 | -€285,028 | -27.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,035,432 | €750,404 | -€285,028 | -27.5% |
| Distributable reserves | 133 | €1,035,432 | €750,404 | -€285,028 | -27.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €426,472 | €339,397 | -€87,074 | -20.4% |
| Amounts payable after more than one year | 17 | €112,091 | €110,602 | -€1,489 | -1.3% |
| Other amounts payable | 178/9 | €112,091 | €110,602 | -€1,489 | -1.3% |
| Amounts payable within one year | 42/48 | €254,380 | €168,795 | -€85,586 | -33.6% |
| Financial debts | 43 | €758 | €5,345 | +€4,587 | +604.9% |
| Credit institutions | 430/8 | €758 | €5,345 | +€4,587 | +604.9% |
| Trade debts | 44 | €7,198 | €6,766 | -€431 | -6.0% |
| Suppliers | 440/4 | €7,198 | €6,766 | -€431 | -6.0% |
| Taxes, remuneration and social security | 45 | €44,375 | €95,283 | +€50,908 | +114.7% |
| Taxes | 450/3 | €44,375 | €95,283 | +€50,908 | +114.7% |
| Other amounts payable | 47/48 | €202,050 | €61,401 | -€140,649 | -69.6% |
| Accrued charges and deferred income | 492/3 | €60,000 | €60,000 | = | 0.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €809 | €0 | -€809 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,225 | €52,033 | +€21,808 | +72.2% |
| Other operating charges | 640/8 | €5,238 | €3,754 | -€1,484 | -28.3% |
| Non-recurring operating charges | 66A | €20,650 | €0 | -€20,650 | -100.0% |
| Gross operating margin | 9900 | €274,615 | €351,311 | +€76,696 | +27.9% |
| Operating profit (loss) | 9901 | €217,693 | €295,524 | +€77,831 | +35.8% |
| Financial income | 75/76B | €29,575 | €147,966 | +€118,391 | +400.3% |
| Recurring financial income | 75 | €29,575 | €147,966 | +€118,391 | +400.3% |
| Financial charges | 65/66B | -€59,512 | €2,067 | +€61,579 | |
| Recurring financial charges | 65 | -€59,512 | €2,067 | +€61,579 | |
| Profit (loss) for the period before taxes | 9903 | €306,780 | €441,423 | +€134,643 | +43.9% |
| Income taxes | 67/77 | €108,047 | €134,269 | +€26,222 | +24.3% |
| Profit (loss) for the period | 9904 | €198,733 | €307,154 | +€108,421 | +54.6% |
| Profit (loss) for the period to be appropriated | 9905 | €198,733 | €307,154 | +€108,421 | +54.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.