TRIPLE AAA: 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.
TRIPLE AAA
Largest movements
- Cash -€36,827
down €36,827 (-24.1%), from €152,668 to €115,841
mainly Contributions, distributions and other (-€45,624) and Trade debts (-€14,387)
- Financial fixed assets -€10,000
down €10,000 (-97.7%), from €10,232 to €232
- Receivables within one year -€7,283
down €7,283 (-6.4%), from €113,805 to €106,522
of which Trade receivables: -€4,050
- Stocks and contracts -€7,266
down €7,266 (-4.9%), from €146,838 to €139,572
- Deferred charges and accrued income -€6,265
down €6,265 (-47.2%), from €13,272 to €7,008
- Reserves -€45,624
down €45,624 (-24.2%), from €188,366 to €142,742
- Accrued charges and deferred income +€16,921
up €16,921 (+1179.5%), from €1,435 to €18,356
- Trade debts -€14,387
down €14,387 (-16.8%), from €85,830 to €71,443
- Profit (loss) carried forward -€14,321
new in 2025: -€14,321
- Other debts -€8,679
down €8,679 (-3.1%), from €276,326 to €267,647
- Gross operating margin -€62,644
down €62,644 (-21.6%), from €289,979 to €227,335
- Taxes -€19,364
down €19,364 (-95.7%), from €20,231 to €867
- Staff costs +€8,621
up €8,621 (+4.3%), from €201,043 to €209,664
- Financial charges -€3,118
down €3,118 (-18.6%), from €16,805 to €13,687
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 | €603,170 | €532,534 | -€70,636 | -11.7% |
| Fixed assets | 21/28 | €171,207 | €158,212 | -€12,995 | -7.6% |
| Intangible fixed assets | 21 | €14,788 | €12,288 | -€2,500 | -16.9% |
| Tangible fixed assets | 22/27 | €146,187 | €145,692 | -€495 | -0.3% |
| Land and buildings | 22 | €117,329 | €113,230 | -€4,099 | -3.5% |
| Plant, machinery and equipment | 23 | €26,979 | €21,457 | -€5,522 | -20.5% |
| Furniture and vehicles | 24 | €1,879 | €11,005 | +€9,126 | +485.6% |
| Financial fixed assets | 28 | €10,232 | €232 | -€10,000 | -97.7% |
| Current assets | 29/58 | €431,962 | €374,321 | -€57,641 | -13.3% |
| Stocks and contracts in progress | 3 | €146,838 | €139,572 | -€7,266 | -4.9% |
| Stocks | 30/36 | €146,838 | €139,572 | -€7,266 | -4.9% |
| Amounts receivable within one year | 40/41 | €113,805 | €106,522 | -€7,283 | -6.4% |
| Trade receivables | 40 | €100,306 | €96,256 | -€4,050 | -4.0% |
| Other amounts receivable | 41 | €13,499 | €10,266 | -€3,233 | -24.0% |
| Current investments | 50/53 | €5,378 | €5,378 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €152,668 | €115,841 | -€36,827 | -24.1% |
| Deferred charges and accrued income | 490/1 | €13,272 | €7,008 | -€6,265 | -47.2% |
| Total equity and liabilities | 10/49 | €603,170 | €532,534 | -€70,636 | -11.7% |
| Equity | 10/15 | €208,366 | €148,421 | -€59,945 | -28.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €188,366 | €142,742 | -€45,624 | -24.2% |
| Distributable reserves | 133 | €188,366 | €142,742 | -€45,624 | -24.2% |
| Profit (loss) carried forward | 14 | - | -€14,321 | -€14,321 | |
| Amounts payable | 17/49 | €394,804 | €384,113 | -€10,691 | -2.7% |
| Amounts payable within one year | 42/48 | €393,369 | €365,757 | -€27,612 | -7.0% |
| Financial debts | 43 | - | €23 | +€23 | |
| Credit institutions | 430/8 | - | €23 | +€23 | |
| Trade debts | 44 | €85,830 | €71,443 | -€14,387 | -16.8% |
| Suppliers | 440/4 | €85,830 | €71,443 | -€14,387 | -16.8% |
| Taxes, remuneration and social security | 45 | €31,213 | €26,644 | -€4,569 | -14.6% |
| Taxes | 450/3 | €5,669 | - | -€5,669 | |
| Remuneration and social security | 454/9 | €25,544 | €26,644 | +€1,100 | +4.3% |
| Other amounts payable | 47/48 | €276,326 | €267,647 | -€8,679 | -3.1% |
| Accrued charges and deferred income | 492/3 | €1,435 | €18,356 | +€16,921 | +1179.5% |
| Non-recurring operating income | 76A | - | €4,587 | +€4,587 | |
| Remuneration, social security and pensions | 62 | €201,043 | €209,664 | +€8,621 | +4.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,049 | €15,986 | +€1,938 | +13.8% |
| Other operating charges | 640/8 | €5,419 | €3,331 | -€2,089 | -38.5% |
| Gross operating margin | 9900 | €289,979 | €227,335 | -€62,644 | -21.6% |
| Operating profit (loss) | 9901 | €69,467 | -€1,646 | -€71,113 | |
| Financial income | 75/76B | €2,835 | €1,879 | -€956 | -33.7% |
| Recurring financial income | 75 | €2,835 | €1,879 | -€956 | -33.7% |
| Financial charges | 65/66B | €16,805 | €13,687 | -€3,118 | -18.6% |
| Recurring financial charges | 65 | €16,805 | €13,687 | -€3,118 | -18.6% |
| Profit (loss) for the period before taxes | 9903 | €55,497 | -€13,455 | -€68,952 | |
| Income taxes | 67/77 | €20,231 | €867 | -€19,364 | -95.7% |
| Profit (loss) for the period | 9904 | €35,266 | -€14,321 | -€49,588 | |
| Profit (loss) for the period to be appropriated | 9905 | €35,266 | -€14,321 | -€49,588 |
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 8 October 2026 via checked.be.