US: 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.
US
Largest movements
- Cash -€97,664
down €97,664 (-51.1%), from €191,046 to €93,382
mainly Contributions, distributions and other (-€172,882) and Debts after one year (-€26,577)
- Tangible fixed assets -€40,846
down €40,846 (-12.2%), from €334,180 to €293,334
of which Land and buildings: -€37,027
- Receivables within one year +€13,936
up €13,936 (+16.9%), from €82,477 to €96,412
of which Other amounts receivable: +€12,821
- Reserves -€115,118
down €115,118 (-57.6%), from €199,905 to €84,787
- Debts after one year -€26,577
down €26,577 (-12.7%), from €209,753 to €183,176
- Other debts +€11,400
up €11,400 (+10.8%), from €105,882 to €117,282
- Gross operating margin +€69,622
up €69,622 (+118.4%), from €58,809 to €128,431
- Taxes +€17,310
up €17,310 (+598.8%), from €2,891 to €20,200
- Other operating charges +€3,435
up €3,435 (+100.3%), from €3,426 to €6,862
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 | €610,465 | €485,141 | -€125,324 | -20.5% |
| Fixed assets | 21/28 | €336,943 | €295,346 | -€41,596 | -12.3% |
| Intangible fixed assets | 21 | €2,762 | €2,012 | -€750 | -27.2% |
| Tangible fixed assets | 22/27 | €334,180 | €293,334 | -€40,846 | -12.2% |
| Land and buildings | 22 | €323,129 | €286,102 | -€37,027 | -11.5% |
| Plant, machinery and equipment | 23 | €3,725 | €2,482 | -€1,243 | -33.4% |
| Furniture and vehicles | 24 | €7,327 | €4,751 | -€2,576 | -35.2% |
| Current assets | 29/58 | €273,522 | €189,794 | -€83,728 | -30.6% |
| Amounts receivable within one year | 40/41 | €82,477 | €96,412 | +€13,936 | +16.9% |
| Trade receivables | 40 | €65,692 | €66,808 | +€1,115 | +1.7% |
| Other amounts receivable | 41 | €16,784 | €29,605 | +€12,821 | +76.4% |
| Cash at bank and in hand | 54/58 | €191,046 | €93,382 | -€97,664 | -51.1% |
| Total equity and liabilities | 10/49 | €610,465 | €485,141 | -€125,324 | -20.5% |
| Equity | 10/15 | €218,505 | €103,387 | -€115,118 | -52.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €199,905 | €84,787 | -€115,118 | -57.6% |
| Distributable reserves | 133 | €199,905 | €84,787 | -€115,118 | -57.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €391,960 | €381,754 | -€10,207 | -2.6% |
| Amounts payable after more than one year | 17 | €209,753 | €183,176 | -€26,577 | -12.7% |
| Financial debts | 170/4 | €209,753 | €183,176 | -€26,577 | -12.7% |
| Amounts payable within one year | 42/48 | €182,208 | €198,578 | +€16,370 | +9.0% |
| Current portion of amounts payable after more than one year | 42 | €26,338 | €26,577 | +€239 | +0.9% |
| Trade debts | 44 | €45,563 | €44,928 | -€635 | -1.4% |
| Suppliers | 440/4 | €45,563 | €44,928 | -€635 | -1.4% |
| Taxes, remuneration and social security | 45 | €4,425 | €9,791 | +€5,367 | +121.3% |
| Taxes | 450/3 | €4,425 | €9,791 | +€5,367 | +121.3% |
| Other amounts payable | 47/48 | €105,882 | €117,282 | +€11,400 | +10.8% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | -€214 | €0 | +€214 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,596 | €41,596 | = | 0.0% |
| Other operating charges | 640/8 | €3,426 | €6,862 | +€3,435 | +100.3% |
| Gross operating margin | 9900 | €58,809 | €128,431 | +€69,622 | +118.4% |
| Operating profit (loss) | 9901 | €14,000 | €79,974 | +€65,973 | +471.2% |
| Financial income | 75/76B | €1 | €157 | +€157 | +19826.6% |
| Recurring financial income | 75 | €1 | €157 | +€157 | +19826.6% |
| Financial charges | 65/66B | €3,108 | €2,166 | -€942 | -30.3% |
| Recurring financial charges | 65 | €3,108 | €2,166 | -€942 | -30.3% |
| Profit (loss) for the period before taxes | 9903 | €10,893 | €77,965 | +€67,072 | +615.7% |
| Income taxes | 67/77 | €2,891 | €20,200 | +€17,310 | +598.8% |
| Profit (loss) for the period | 9904 | €8,002 | €57,764 | +€49,762 | +621.9% |
| Profit (loss) for the period to be appropriated | 9905 | €8,002 | €57,764 | +€49,762 | +621.9% |
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 9 October 2026 via checked.be.