TWELVE LAW: 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.
TWELVE LAW
Largest movements
- Cash +€190,756
up €190,756 (+18.0%), from €1.1m to €1.2m
mainly Net result for the year (+€320,146) and Tax, wage and social debts (+€44,796)
- Receivables within one year +€132,885
up €132,885 (+38.6%), from €343,925 to €476,810
of which Other amounts receivable: +€116,685
- Tangible fixed assets -€31,396
down €31,396 (-4.4%), from €707,235 to €675,839
of which Land and buildings: -€21,945
- Reserves +€320,200
up €320,200 (+26.8%), from €1.2m to €1.5m
- Tax, wage and social debts +€44,796
up €44,796 (+13.7%), from €326,774 to €371,570
- Trade debts -€40,027
down €40,027 (-72.4%), from €55,260 to €15,233
- Debts after one year -€29,259
down €29,259 (-5.9%), from €499,069 to €469,810
- Gross operating margin -€53,459
down €53,459 (-9.1%), from €585,016 to €531,557
- Taxes +€25,028
up €25,028 (+17.1%), from €146,650 to €171,678
- Financial income +€7,860
up €7,860 (+63.8%), from €12,313 to €20,173
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 | €2,110,050 | €2,406,016 | +€295,966 | +14.0% |
| Fixed assets | 21/28 | €707,235 | €675,839 | -€31,396 | -4.4% |
| Tangible fixed assets | 22/27 | €707,235 | €675,839 | -€31,396 | -4.4% |
| Land and buildings | 22 | €677,735 | €655,790 | -€21,945 | -3.2% |
| Furniture and vehicles | 24 | €29,500 | €20,049 | -€9,451 | -32.0% |
| Current assets | 29/58 | €1,402,815 | €1,730,177 | +€327,362 | +23.3% |
| Amounts receivable within one year | 40/41 | €343,925 | €476,810 | +€132,885 | +38.6% |
| Trade receivables | 40 | €30,010 | €46,210 | +€16,200 | +54.0% |
| Other amounts receivable | 41 | €313,915 | €430,600 | +€116,685 | +37.2% |
| Cash at bank and in hand | 54/58 | €1,058,223 | €1,248,979 | +€190,756 | +18.0% |
| Deferred charges and accrued income | 490/1 | €667 | €4,388 | +€3,721 | +558% |
| Total equity and liabilities | 10/49 | €2,110,050 | €2,406,016 | +€295,966 | +14.0% |
| Equity | 10/15 | €1,199,999 | €1,520,145 | +€320,146 | +26.7% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €1,194,900 | €1,515,100 | +€320,200 | +26.8% |
| Distributable reserves | 133 | €1,194,900 | €1,515,100 | +€320,200 | +26.8% |
| Profit (loss) carried forward | 14 | €99 | €45 | -€54 | -54.4% |
| Amounts payable | 17/49 | €910,051 | €885,872 | -€24,180 | -2.7% |
| Amounts payable after more than one year | 17 | €499,069 | €469,810 | -€29,259 | -5.9% |
| Financial debts | 170/4 | €499,069 | €469,810 | -€29,259 | -5.9% |
| Amounts payable within one year | 42/48 | €410,983 | €416,062 | +€5,079 | +1.2% |
| Current portion of amounts payable after more than one year | 42 | €28,949 | €29,259 | +€310 | +1.1% |
| Trade debts | 44 | €55,260 | €15,233 | -€40,027 | -72.4% |
| Suppliers | 440/4 | €55,260 | €15,233 | -€40,027 | -72.4% |
| Taxes, remuneration and social security | 45 | €326,774 | €371,570 | +€44,796 | +13.7% |
| Taxes | 450/3 | €326,774 | €371,570 | +€44,796 | +13.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,788 | €33,194 | +€406 | +1.2% |
| Other operating charges | 640/8 | €9,030 | €11,006 | +€1,977 | +21.9% |
| Gross operating margin | 9900 | €585,016 | €531,557 | -€53,459 | -9.1% |
| Operating profit (loss) | 9901 | €543,198 | €487,356 | -€55,842 | -10.3% |
| Financial income | 75/76B | €12,313 | €20,173 | +€7,860 | +63.8% |
| Recurring financial income | 75 | €12,313 | €20,173 | +€7,860 | +63.8% |
| Financial charges | 65/66B | €16,741 | €15,705 | -€1,036 | -6.2% |
| Recurring financial charges | 65 | €16,741 | €15,705 | -€1,036 | -6.2% |
| Profit (loss) for the period before taxes | 9903 | €538,770 | €491,824 | -€46,946 | -8.7% |
| Income taxes | 67/77 | €146,650 | €171,678 | +€25,028 | +17.1% |
| Profit (loss) for the period | 9904 | €392,120 | €320,146 | -€71,973 | -18.4% |
| Profit (loss) for the period to be appropriated | 9905 | €392,120 | €320,146 | -€71,973 | -18.4% |
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 27 October 2026 via checked.be.