V12: 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.
V12
Largest movements
- Financial fixed assets -€711,311
down €711,311 (-6.8%), from €10.4m to €9.7m
- Cash +€467,881
up €467,881 (+79.7%), from €586,806 to €1.1m
mainly Investment in fixed assets (net) (+€711,311) and Net result for the year (+€573,084)
- Receivables within one year +€356,204
up €356,204 (+85.4%), from €417,115 to €773,318
of which Other amounts receivable: +€201,593
- Reserves +€573,084
up €573,084 (+23.2%), from €2.5m to €3.0m
of which Distributable reserves: +€573,084
- Trade debts -€292,059
down €292,059 (-50.6%), from €576,782 to €284,723
- Debts after one year -€135,675
down €135,675 (-3.0%), from €4.5m to €4.4m
- Turnover -€525,890
down €525,890 (-13.4%), from €3.9m to €3.4m
- Financial charges -€288,226
down €288,226 (-50.9%), from €566,131 to €277,905
- Financial income -€69,223
down €69,223 (-17.2%), from €402,138 to €332,916
- Services and other goods -€46,601
down €46,601 (-1.7%), from €2.7m to €2.7m
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 | €11,392,257 | €11,505,032 | +€112,774 | +1.0% |
| Fixed assets | 21/28 | €10,388,337 | €9,677,026 | -€711,311 | -6.8% |
| Financial fixed assets | 28 | €10,388,337 | €9,677,026 | -€711,311 | -6.8% |
| Affiliated companies | 280/1 | €10,388,337 | €9,677,026 | -€711,311 | -6.8% |
| Participating interests | 280 | €4,894,126 | €4,894,126 | = | 0.0% |
| Amounts receivable | 281 | €5,494,211 | €4,782,900 | -€711,311 | -12.9% |
| Current assets | 29/58 | €1,003,920 | €1,828,005 | +€824,085 | +82.1% |
| Stocks and contracts in progress | 3 | - | €0 | = | |
| Amounts receivable within one year | 40/41 | €417,115 | €773,318 | +€356,204 | +85.4% |
| Trade receivables | 40 | €395,115 | €549,725 | +€154,611 | +39.1% |
| Other amounts receivable | 41 | €22,000 | €223,593 | +€201,593 | +916.3% |
| Cash at bank and in hand | 54/58 | €586,806 | €1,054,687 | +€467,881 | +79.7% |
| Total equity and liabilities | 10/49 | €11,392,257 | €11,505,032 | +€112,774 | +1.0% |
| Equity | 10/15 | €5,936,481 | €6,509,565 | +€573,084 | +9.7% |
| Contributions | 10/11 | €3,470,000 | €3,470,000 | = | 0.0% |
| Capital | 10 | €3,470,000 | €3,470,000 | = | 0.0% |
| Issued capital | 100 | €3,470,000 | €3,470,000 | = | 0.0% |
| Reserves | 13 | €2,466,481 | €3,039,565 | +€573,084 | +23.2% |
| Non-distributable reserves | 130/1 | €347,000 | €347,000 | = | 0.0% |
| Legal reserve | 130 | €347,000 | €347,000 | = | 0.0% |
| Distributable reserves | 133 | €2,119,481 | €2,692,565 | +€573,084 | +27.0% |
| Amounts payable | 17/49 | €5,455,777 | €4,995,467 | -€460,310 | -8.4% |
| Amounts payable after more than one year | 17 | €4,496,419 | €4,360,744 | -€135,675 | -3.0% |
| Other amounts payable | 178/9 | €4,496,419 | €4,360,744 | -€135,675 | -3.0% |
| Amounts payable within one year | 42/48 | €959,357 | €634,723 | -€324,635 | -33.8% |
| Trade debts | 44 | €576,782 | €284,723 | -€292,059 | -50.6% |
| Suppliers | 440/4 | €576,782 | €284,723 | -€292,059 | -50.6% |
| Taxes, remuneration and social security | 45 | €32,575 | €0 | -€32,575 | -100.0% |
| Taxes | 450/3 | €32,575 | €0 | -€32,575 | -100.0% |
| Other amounts payable | 47/48 | €350,000 | €350,000 | = | 0.0% |
| Operating income | 70/76A | €3,918,492 | €3,392,602 | -€525,890 | -13.4% |
| Turnover | 70 | €3,918,492 | €3,392,602 | -€525,890 | -13.4% |
| Operating charges | 60/66A | €2,728,677 | €2,682,076 | -€46,601 | -1.7% |
| Services and other goods | 61 | €2,728,677 | €2,682,076 | -€46,601 | -1.7% |
| Operating profit (loss) | 9901 | €1,189,815 | €710,527 | -€479,288 | -40.3% |
| Financial income | 75/76B | €402,138 | €332,916 | -€69,223 | -17.2% |
| Recurring financial income | 75 | €402,138 | €332,916 | -€69,223 | -17.2% |
| Income from financial fixed assets | 750 | €402,138 | €332,916 | -€69,223 | -17.2% |
| Financial charges | 65/66B | €566,131 | €277,905 | -€288,226 | -50.9% |
| Recurring financial charges | 65 | €566,131 | €277,905 | -€288,226 | -50.9% |
| Debt charges | 650 | €565,593 | €277,337 | -€288,256 | -51.0% |
| Other financial charges | 652/9 | €538 | €568 | +€30 | +5.6% |
| Profit (loss) for the period before taxes | 9903 | €1,025,822 | €765,537 | -€260,285 | -25.4% |
| Income taxes | 67/77 | €228,000 | €192,453 | -€35,547 | -15.6% |
| Taxes | 670/3 | €228,000 | €192,453 | -€35,547 | -15.6% |
| Profit (loss) for the period | 9904 | €797,822 | €573,084 | -€224,738 | -28.2% |
| Profit (loss) for the period to be appropriated | 9905 | €797,822 | €573,084 | -€224,738 | -28.2% |
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 12 October 2026 via checked.be.