Un pas de côté: 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.
Un pas de côté
Largest movements
- Tangible fixed assets +€451,593
up €451,593 (+35.8%), from €1.3m to €1.7m
of which Assets under construction and advance payments: +€365,376
- Cash +€103,112
up €103,112 (+35.3%), from €292,349 to €395,461
mainly Net result for the year (+€475,408) and Debts after one year (+€76,000)
- Profit (loss) carried forward +€475,408
up €475,408, from -€27,690 to €447,718
- Debts after one year +€76,000
up €76,000 (+9.7%), from €785,000 to €861,000
- Gross operating margin +€518,767
up €518,767, from -€13,021 to €505,746
- Staff costs +€9,032
new in 2025: €9,032
- Financial charges +€5,929
up €5,929 (+75.8%), from €7,823 to €13,752
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 | €1,567,231 | €2,136,012 | +€568,781 | +36.3% |
| Fixed assets | 21/28 | €1,263,417 | €1,713,692 | +€450,275 | +35.6% |
| Intangible fixed assets | 21 | €2,853 | €1,535 | -€1,318 | -46.2% |
| Tangible fixed assets | 22/27 | €1,260,564 | €1,712,157 | +€451,593 | +35.8% |
| Land and buildings | 22 | €856,240 | €942,457 | +€86,217 | +10.1% |
| Assets under construction and advance payments | 27 | €404,324 | €769,701 | +€365,376 | +90.4% |
| Current assets | 29/58 | €303,814 | €422,319 | +€118,506 | +39.0% |
| Amounts receivable within one year | 40/41 | €10,440 | €24,104 | +€13,664 | +131% |
| Trade receivables | 40 | €10,440 | €112 | -€10,328 | -98.9% |
| Other amounts receivable | 41 | - | €23,992 | +€23,992 | |
| Cash at bank and in hand | 54/58 | €292,349 | €395,461 | +€103,112 | +35.3% |
| Deferred charges and accrued income | 490/1 | €1,025 | €2,755 | +€1,730 | +169% |
| Total equity and liabilities | 10/49 | €1,567,231 | €2,136,012 | +€568,781 | +36.3% |
| Equity | 10/15 | €777,310 | €1,252,718 | +€475,408 | +61.2% |
| Contributions | 10/11 | €805,000 | €805,000 | = | 0.0% |
| Capital | 10 | €805,000 | €805,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€27,690 | €447,718 | +€475,408 | |
| Amounts payable | 17/49 | €789,921 | €883,293 | +€93,373 | +11.8% |
| Amounts payable after more than one year | 17 | €785,000 | €861,000 | +€76,000 | +9.7% |
| Financial debts | 170/4 | €785,000 | €861,000 | +€76,000 | +9.7% |
| Amounts payable within one year | 42/48 | €1,052 | €18,330 | +€17,278 | +1,642% |
| Trade debts | 44 | €1,052 | €3,330 | +€2,278 | +216% |
| Suppliers | 440/4 | €1,052 | €3,330 | +€2,278 | +216% |
| Advances received on contracts in progress | 46 | - | €15,000 | +€15,000 | |
| Accrued charges and deferred income | 492/3 | €3,869 | €3,963 | +€95 | +2.5% |
| Remuneration, social security and pensions | 62 | - | €9,032 | +€9,032 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €651 | €1,318 | +€667 | +103% |
| Other operating charges | 640/8 | €6,196 | €6,470 | +€274 | +4.4% |
| Gross operating margin | 9900 | -€13,021 | €505,746 | +€518,767 | |
| Operating profit (loss) | 9901 | -€19,868 | €488,926 | +€508,794 | |
| Financial income | 75/76B | €1 | €335 | +€334 | +32,769% |
| Recurring financial income | 75 | €1 | €335 | +€334 | +32,769% |
| Financial charges | 65/66B | €7,823 | €13,752 | +€5,929 | +75.8% |
| Recurring financial charges | 65 | €7,823 | €13,752 | +€5,929 | +75.8% |
| Profit (loss) for the period before taxes | 9903 | -€27,690 | €475,509 | +€503,198 | |
| Income taxes | 67/77 | - | €101 | +€101 | |
| Profit (loss) for the period | 9904 | -€27,690 | €475,408 | +€503,098 | |
| Profit (loss) for the period to be appropriated | 9905 | -€27,690 | €475,408 | +€503,098 |
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 25 October 2026 via checked.be.