TWENTY THREE: 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.
TWENTY THREE
Largest movements
- Tangible fixed assets +€201,918
up €201,918 (+121.9%), from €165,689 to €367,607
of which Assets under construction and advance payments: +€202,071
- Cash -€82,668
down €82,668 (-92.8%), from €89,048 to €6,380
mainly Investment in fixed assets (net) (-€202,071) and Net result for the year (-€13,127)
- Debts after one year +€127,681
up €127,681 (+1088.9%), from €11,726 to €139,407
- Profit (loss) carried forward -€13,127
down €13,127, from €6,128 to -€6,999
- Financial charges -€5,790
down €5,790 (-59.8%), from €9,681 to €3,892
- Gross operating margin -€3,278
down €3,278 (-111.8%), from -€2,931 to -€6,209
- Financial income -€807
down €807 (-93.9%), from €859 to €52
- Other operating charges +€89
up €89 (+3.1%), from €2,836 to €2,925
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 | €255,998 | €374,419 | +€118,421 | +46.3% |
| Fixed assets | 21/28 | €165,689 | €367,607 | +€201,918 | +121.9% |
| Tangible fixed assets | 22/27 | €165,689 | €367,607 | +€201,918 | +121.9% |
| Land and buildings | 22 | €42,900 | €42,900 | = | 0.0% |
| Plant, machinery and equipment | 23 | €448 | €383 | -€65 | -14.5% |
| Furniture and vehicles | 24 | €155 | €67 | -€88 | -56.6% |
| Assets under construction and advance payments | 27 | €122,186 | €324,257 | +€202,071 | +165.4% |
| Current assets | 29/58 | €90,309 | €6,812 | -€83,497 | -92.5% |
| Amounts receivable within one year | 40/41 | €367 | €273 | -€93 | -25.5% |
| Other amounts receivable | 41 | €367 | €273 | -€93 | -25.5% |
| Cash at bank and in hand | 54/58 | €89,048 | €6,380 | -€82,668 | -92.8% |
| Deferred charges and accrued income | 490/1 | €894 | €159 | -€735 | -82.2% |
| Total equity and liabilities | 10/49 | €255,998 | €374,419 | +€118,421 | +46.3% |
| Equity | 10/15 | €201,218 | €188,091 | -€13,127 | -6.5% |
| Contributions | 10/11 | €81,805 | €81,805 | = | 0.0% |
| Capital | 10 | €81,805 | €81,805 | = | 0.0% |
| Issued capital | 100 | €81,805 | €81,805 | = | 0.0% |
| Reserves | 13 | €113,285 | €113,285 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,902 | €3,902 | = | 0.0% |
| Legal reserve | 130 | €3,902 | €3,902 | = | 0.0% |
| Tax-exempt reserves | 132 | €109,383 | €109,383 | = | 0.0% |
| Profit (loss) carried forward | 14 | €6,128 | -€6,999 | -€13,127 | |
| Provisions and deferred taxes | 16 | €36,461 | €36,461 | = | 0.0% |
| Deferred taxes | 168 | €36,461 | €36,461 | = | 0.0% |
| Amounts payable | 17/49 | €18,319 | €149,867 | +€131,548 | +718.1% |
| Amounts payable after more than one year | 17 | €11,726 | €139,407 | +€127,681 | +1088.9% |
| Financial debts | 170/4 | €11,726 | €139,407 | +€127,681 | +1088.9% |
| Amounts payable within one year | 42/48 | €6,380 | €8,537 | +€2,157 | +33.8% |
| Current portion of amounts payable after more than one year | 42 | €612 | €2,536 | +€1,925 | +314.7% |
| Trade debts | 44 | €88 | €320 | +€232 | +265.3% |
| Suppliers | 440/4 | €88 | €320 | +€232 | +265.3% |
| Other amounts payable | 47/48 | €5,681 | €5,681 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €213 | €1,923 | +€1,710 | +803.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €153 | €153 | = | 0.0% |
| Other operating charges | 640/8 | €2,836 | €2,925 | +€89 | +3.1% |
| Gross operating margin | 9900 | -€2,931 | -€6,209 | -€3,278 | -111.8% |
| Operating profit (loss) | 9901 | -€5,920 | -€9,287 | -€3,367 | -56.9% |
| Financial income | 75/76B | €859 | €52 | -€807 | -93.9% |
| Recurring financial income | 75 | €859 | €52 | -€807 | -93.9% |
| Financial charges | 65/66B | €9,681 | €3,892 | -€5,790 | -59.8% |
| Recurring financial charges | 65 | €9,681 | €3,892 | -€5,790 | -59.8% |
| Profit (loss) for the period before taxes | 9903 | -€14,743 | -€13,127 | +€1,616 | +11.0% |
| Profit (loss) for the period | 9904 | -€14,743 | -€13,127 | +€1,616 | +11.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€14,743 | -€13,127 | +€1,616 | +11.0% |
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 4 October 2026 via checked.be.