TRANSFORMING: 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.
TRANSFORMING
Largest movements
- Deferred charges and accrued income -€16,182
down €16,182 (-98.7%), from €16,400 to €218
- Receivables within one year +€15,324
up €15,324 (+42.5%), from €36,071 to €51,395
of which Other amounts receivable: +€22,731
- Cash -€14,140
down €14,140 (-19.4%), from €72,778 to €58,638
mainly Investment in fixed assets (net) (-€21,172) and Contributions, distributions and other (-€19,554)
- Tangible fixed assets +€2,772
up €2,772 (+3.5%), from €79,375 to €82,146
of which Other tangible fixed assets: +€5,728
- Reserves -€10,911
down €10,911 (-5.4%), from €200,215 to €189,303
- Gross operating margin -€34,640
down €34,640 (-39.8%), from €87,024 to €52,384
- Staff costs -€18,335
no longer reported in 2025 (was €18,335)
- Taxes -€6,309
down €6,309 (-58.6%), from €10,760 to €4,452
- Depreciation +€5,217
up €5,217 (+39.6%), from €13,183 to €18,400
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 | €216,624 | €204,397 | -€12,227 | -5.6% |
| Fixed assets | 21/28 | €91,375 | €94,146 | +€2,772 | +3.0% |
| Tangible fixed assets | 22/27 | €79,375 | €82,146 | +€2,772 | +3.5% |
| Plant, machinery and equipment | 23 | €24,247 | €24,802 | +€555 | +2.3% |
| Furniture and vehicles | 24 | €28,650 | €25,138 | -€3,511 | -12.3% |
| Other tangible fixed assets | 26 | €26,478 | €32,206 | +€5,728 | +21.6% |
| Financial fixed assets | 28 | €12,000 | €12,000 | = | 0.0% |
| Current assets | 29/58 | €125,250 | €110,251 | -€14,999 | -12.0% |
| Amounts receivable within one year | 40/41 | €36,071 | €51,395 | +€15,324 | +42.5% |
| Trade receivables | 40 | €17,860 | €10,453 | -€7,407 | -41.5% |
| Other amounts receivable | 41 | €18,212 | €40,943 | +€22,731 | +125% |
| Cash at bank and in hand | 54/58 | €72,778 | €58,638 | -€14,140 | -19.4% |
| Deferred charges and accrued income | 490/1 | €16,400 | €218 | -€16,182 | -98.7% |
| Total equity and liabilities | 10/49 | €216,624 | €204,397 | -€12,227 | -5.6% |
| Equity | 10/15 | €206,415 | €195,503 | -€10,911 | -5.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €200,215 | €189,303 | -€10,911 | -5.4% |
| Distributable reserves | 133 | €200,215 | €189,303 | -€10,911 | -5.4% |
| Amounts payable | 17/49 | €10,209 | €8,894 | -€1,315 | -12.9% |
| Amounts payable within one year | 42/48 | €10,209 | €8,894 | -€1,315 | -12.9% |
| Trade debts | 44 | €1,375 | €1,312 | -€63 | -4.6% |
| Suppliers | 440/4 | €1,375 | €1,312 | -€63 | -4.6% |
| Taxes, remuneration and social security | 45 | €8,834 | €7,582 | -€1,252 | -14.2% |
| Taxes | 450/3 | €8,834 | €7,582 | -€1,252 | -14.2% |
| Remuneration, social security and pensions | 62 | €18,335 | - | -€18,335 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,183 | €18,400 | +€5,217 | +39.6% |
| Other operating charges | 640/8 | €19,904 | €19,600 | -€304 | -1.5% |
| Non-recurring operating charges | 66A | - | €80 | +€80 | |
| Gross operating margin | 9900 | €87,024 | €52,384 | -€34,640 | -39.8% |
| Operating profit (loss) | 9901 | €35,603 | €14,304 | -€21,299 | -59.8% |
| Financial income | 75/76B | €433 | €423 | -€10 | -2.3% |
| Recurring financial income | 75 | €433 | €423 | -€10 | -2.3% |
| Financial charges | 65/66B | €1,657 | €1,634 | -€23 | -1.4% |
| Recurring financial charges | 65 | €1,657 | €1,634 | -€23 | -1.4% |
| Profit (loss) for the period before taxes | 9903 | €34,379 | €13,094 | -€21,285 | -61.9% |
| Income taxes | 67/77 | €10,760 | €4,452 | -€6,309 | -58.6% |
| Profit (loss) for the period | 9904 | €23,619 | €8,642 | -€14,977 | -63.4% |
| Profit (loss) for the period to be appropriated | 9905 | €23,619 | €8,642 | -€14,977 | -63.4% |
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 21 October 2026 via checked.be.