UNDER-COVER: 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.
UNDER-COVER
Largest movements
- Current investments -€253,307
down €253,307 (-39.5%), from €641,463 to €388,156
- Receivables after one year +€181,848
up €181,848 (+55.9%), from €325,496 to €507,344
- Receivables within one year +€152,028
up €152,028 (+18.7%), from €811,232 to €963,260
of which Trade receivables: +€157,476
- Reserves +€86,113
up €86,113 (+6.0%), from €1.4m to €1.5m
- Trade debts -€23,869
down €23,869 (-73.8%), from €32,336 to €8,467
- Other debts +€21,216
up €21,216 (+2,488%), from €853 to €22,068
- Financial charges -€139,439
down €139,439 (-85.1%), from €163,876 to €24,437
of which Non-recurring financial charges: -€138,438
- Gross operating margin +€137,792
up €137,792, from -€79,139 to €58,652
- Financial income -€24,877
down €24,877 (-31.1%), from €80,002 to €55,125
- Other operating charges -€17,252
down €17,252 (-93.0%), from €18,556 to €1,304
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 | €1,880,650 | €1,961,509 | +€80,859 | +4.3% |
| Fixed assets | 21/28 | €3,752 | €1,829 | -€1,924 | -51.3% |
| Tangible fixed assets | 22/27 | €3,752 | €1,829 | -€1,924 | -51.3% |
| Furniture and vehicles | 24 | €3,752 | €1,829 | -€1,924 | -51.3% |
| Current assets | 29/58 | €1,876,898 | €1,959,680 | +€82,782 | +4.4% |
| Amounts receivable after more than one year | 29 | €325,496 | €507,344 | +€181,848 | +55.9% |
| Other amounts receivable | 291 | €325,496 | €507,344 | +€181,848 | +55.9% |
| Stocks and contracts in progress | 3 | €39,574 | €36,278 | -€3,295 | -8.3% |
| Stocks | 30/36 | €39,574 | €36,278 | -€3,295 | -8.3% |
| Amounts receivable within one year | 40/41 | €811,232 | €963,260 | +€152,028 | +18.7% |
| Trade receivables | 40 | €803,827 | €961,303 | +€157,476 | +19.6% |
| Other amounts receivable | 41 | €7,405 | €1,956 | -€5,449 | -73.6% |
| Current investments | 50/53 | €641,463 | €388,156 | -€253,307 | -39.5% |
| Cash at bank and in hand | 54/58 | €58,568 | €63,907 | +€5,339 | +9.1% |
| Deferred charges and accrued income | 490/1 | €565 | €735 | +€170 | +30.1% |
| Total equity and liabilities | 10/49 | €1,880,650 | €1,961,509 | +€80,859 | +4.3% |
| Equity | 10/15 | €1,836,701 | €1,922,814 | +€86,113 | +4.7% |
| Contributions | 10/11 | €394,848 | €394,848 | = | 0.0% |
| Reserves | 13 | €1,441,853 | €1,527,965 | +€86,113 | +6.0% |
| Distributable reserves | 133 | €1,441,853 | €1,527,965 | +€86,113 | +6.0% |
| Amounts payable | 17/49 | €43,949 | €38,695 | -€5,254 | -12.0% |
| Amounts payable within one year | 42/48 | €43,949 | €38,695 | -€5,254 | -12.0% |
| Trade debts | 44 | €32,336 | €8,467 | -€23,869 | -73.8% |
| Suppliers | 440/4 | €32,336 | €8,467 | -€23,869 | -73.8% |
| Taxes, remuneration and social security | 45 | €10,761 | €8,160 | -€2,601 | -24.2% |
| Taxes | 450/3 | €10,761 | €8,160 | -€2,601 | -24.2% |
| Other amounts payable | 47/48 | €853 | €22,068 | +€21,216 | +2,488% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,924 | €1,924 | = | 0.0% |
| Other operating charges | 640/8 | €18,556 | €1,304 | -€17,252 | -93.0% |
| Gross operating margin | 9900 | -€79,139 | €58,652 | +€137,792 | |
| Operating profit (loss) | 9901 | -€99,619 | €55,425 | +€155,044 | |
| Financial income | 75/76B | €80,002 | €55,125 | -€24,877 | -31.1% |
| Recurring financial income | 75 | €80,002 | €55,125 | -€24,877 | -31.1% |
| Financial charges | 65/66B | €163,876 | €24,437 | -€139,439 | -85.1% |
| Recurring financial charges | 65 | €16,986 | €15,986 | -€1,000 | -5.9% |
| Non-recurring financial charges | 66B | €146,890 | €8,452 | -€138,438 | -94.2% |
| Profit (loss) for the period before taxes | 9903 | -€183,493 | €86,113 | +€269,606 | |
| Profit (loss) for the period | 9904 | -€183,493 | €86,113 | +€269,606 | |
| Profit (loss) for the period to be appropriated | 9905 | -€183,493 | €86,113 | +€269,606 |
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 23 October 2026 via checked.be.