UNDERLINED: 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.
UNDERLINED
Largest movements
- Tangible fixed assets -€14,421
down €14,421 (-2.5%), from €573,076 to €558,655
of which Furniture and vehicles: -€9,583
- Cash -€8,516
down €8,516 (-5.9%), from €145,174 to €136,658
mainly Other debts (-€100,493) and Investment in fixed assets (net) (-€21,166)
- Reserves +€112,426
up €112,426 (+28.1%), from €400,732 to €513,158
of which Distributable reserves: +€112,426
- Other debts -€100,493
down €100,493 (-99.9%), from €100,545 to €52
- Debts after one year -€20,438
down €20,438 (-9.2%), from €222,583 to €202,145
- Gross operating margin -€58,660
down €58,660 (-22.6%), from €259,125 to €200,465
- Taxes -€14,601
down €14,601 (-31.9%), from €45,713 to €31,112
- Financial charges +€12,772
up €12,772 (+447%), from €2,858 to €15,630
- Depreciation -€12,199
down €12,199 (-25.5%), from €47,786 to €35,586
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 | €775,991 | €763,240 | -€12,751 | -1.6% |
| Fixed assets | 21/28 | €573,077 | €558,656 | -€14,421 | -2.5% |
| Intangible fixed assets | 21 | €1 | €1 | = | 0.0% |
| Tangible fixed assets | 22/27 | €573,076 | €558,655 | -€14,421 | -2.5% |
| Land and buildings | 22 | €536,349 | €531,512 | -€4,838 | -0.9% |
| Furniture and vehicles | 24 | €36,267 | €26,684 | -€9,583 | -26.4% |
| Other tangible fixed assets | 26 | €460 | €460 | = | 0.0% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €202,914 | €204,584 | +€1,670 | +0.8% |
| Amounts receivable within one year | 40/41 | €57,549 | €61,095 | +€3,546 | +6.2% |
| Trade receivables | 40 | €45,018 | €38,449 | -€6,568 | -14.6% |
| Other amounts receivable | 41 | €12,531 | €22,646 | +€10,114 | +80.7% |
| Current investments | 50/53 | - | €6,830 | +€6,830 | |
| Cash at bank and in hand | 54/58 | €145,174 | €136,658 | -€8,516 | -5.9% |
| Deferred charges and accrued income | 490/1 | €191 | €0 | -€191 | -100% |
| Total equity and liabilities | 10/49 | €775,991 | €763,240 | -€12,751 | -1.6% |
| Equity | 10/15 | €419,332 | €531,758 | +€112,426 | +26.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €400,732 | €513,158 | +€112,426 | +28.1% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €24,142 | €24,142 | = | 0.0% |
| Distributable reserves | 133 | €376,589 | €489,016 | +€112,426 | +29.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €356,659 | €231,482 | -€125,178 | -35.1% |
| Amounts payable after more than one year | 17 | €222,583 | €202,145 | -€20,438 | -9.2% |
| Financial debts | 170/4 | €222,583 | €202,145 | -€20,438 | -9.2% |
| Amounts payable within one year | 42/48 | €133,732 | €28,992 | -€104,740 | -78.3% |
| Current portion of amounts payable after more than one year | 42 | €20,211 | €20,438 | +€227 | +1.1% |
| Trade debts | 44 | €12,975 | €5,920 | -€7,055 | -54.4% |
| Suppliers | 440/4 | €12,975 | €5,920 | -€7,055 | -54.4% |
| Taxes, remuneration and social security | 45 | €0 | €2,582 | +€2,582 | |
| Taxes | 450/3 | €0 | €2,582 | +€2,582 | |
| Other amounts payable | 47/48 | €100,545 | €52 | -€100,493 | -99.9% |
| Accrued charges and deferred income | 492/3 | €345 | €345 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,786 | €35,586 | -€12,199 | -25.5% |
| Other operating charges | 640/8 | €5,867 | €6,792 | +€925 | +15.8% |
| Gross operating margin | 9900 | €259,125 | €200,465 | -€58,660 | -22.6% |
| Operating profit (loss) | 9901 | €205,473 | €158,087 | -€47,386 | -23.1% |
| Financial income | 75/76B | €262 | €1,081 | +€819 | +313% |
| Recurring financial income | 75 | €262 | €1,081 | +€819 | +313% |
| Financial charges | 65/66B | €2,858 | €15,630 | +€12,772 | +447% |
| Recurring financial charges | 65 | €2,858 | €15,630 | +€12,772 | +447% |
| Profit (loss) for the period before taxes | 9903 | €202,876 | €143,538 | -€59,339 | -29.2% |
| Income taxes | 67/77 | €45,713 | €31,112 | -€14,601 | -31.9% |
| Profit (loss) for the period | 9904 | €157,163 | €112,426 | -€44,737 | -28.5% |
| Profit (loss) for the period to be appropriated | 9905 | €157,163 | €112,426 | -€44,737 | -28.5% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.