vent portant: 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.
vent portant
Largest movements
- Cash -€135,314
down €135,314 (-48.9%), from €276,450 to €141,136
mainly Contributions, distributions and other (-€157,653) and Investment in fixed assets (net) (-€114,036)
- Intangible fixed assets +€88,710
up €88,710 (+126%), from €70,268 to €158,978
- Receivables within one year -€5,549
down €5,549 (-22.9%), from €24,198 to €18,649
of which Other amounts receivable: -€4,752
- Tangible fixed assets +€5,068
up €5,068 (+8.1%), from €62,373 to €67,441
of which Other tangible fixed assets: +€13,964
- Reserves -€87,653
down €87,653 (-75.4%), from €116,190 to €28,537
- Other debts +€42,634
up €42,634 (+22.1%), from €192,947 to €235,580
- Profit (loss) carried forward -€11,150
down €11,150 (-9.7%), from €114,976 to €103,826
- Tax, wage and social debts +€5,573
new in 2025: €5,573
- Gross operating margin +€14,189
up €14,189 (+17.6%), from €80,611 to €94,800
- Taxes +€3,176
up €3,176 (+22.7%), from €13,979 to €17,155
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 | €438,516 | €390,190 | -€48,326 | -11.0% |
| Fixed assets | 21/28 | €133,489 | €227,267 | +€93,778 | +70.3% |
| Intangible fixed assets | 21 | €70,268 | €158,978 | +€88,710 | +126% |
| Tangible fixed assets | 22/27 | €62,373 | €67,441 | +€5,068 | +8.1% |
| Plant, machinery and equipment | 23 | €51 | €9,756 | +€9,705 | +19,108% |
| Furniture and vehicles | 24 | €62,322 | €43,721 | -€18,601 | -29.8% |
| Other tangible fixed assets | 26 | - | €13,964 | +€13,964 | |
| Financial fixed assets | 28 | €848 | €848 | = | 0.0% |
| Current assets | 29/58 | €305,027 | €162,924 | -€142,104 | -46.6% |
| Amounts receivable within one year | 40/41 | €24,198 | €18,649 | -€5,549 | -22.9% |
| Trade receivables | 40 | €18,948 | €18,150 | -€798 | -4.2% |
| Other amounts receivable | 41 | €5,251 | €499 | -€4,752 | -90.5% |
| Cash at bank and in hand | 54/58 | €276,450 | €141,136 | -€135,314 | -48.9% |
| Deferred charges and accrued income | 490/1 | €4,379 | €3,139 | -€1,241 | -28.3% |
| Total equity and liabilities | 10/49 | €438,516 | €390,190 | -€48,326 | -11.0% |
| Equity | 10/15 | €231,166 | €132,363 | -€98,803 | -42.7% |
| Reserves | 13 | €116,190 | €28,537 | -€87,653 | -75.4% |
| Distributable reserves | 133 | €116,190 | €28,537 | -€87,653 | -75.4% |
| Profit (loss) carried forward | 14 | €114,976 | €103,826 | -€11,150 | -9.7% |
| Amounts payable | 17/49 | €207,350 | €257,827 | +€50,477 | +24.3% |
| Amounts payable within one year | 42/48 | €206,963 | €256,727 | +€49,765 | +24.0% |
| Trade debts | 44 | €14,016 | €15,574 | +€1,559 | +11.1% |
| Suppliers | 440/4 | €14,016 | €15,574 | +€1,559 | +11.1% |
| Taxes, remuneration and social security | 45 | - | €5,573 | +€5,573 | |
| Taxes | 450/3 | - | €5,573 | +€5,573 | |
| Other amounts payable | 47/48 | €192,947 | €235,580 | +€42,634 | +22.1% |
| Accrued charges and deferred income | 492/3 | €387 | €1,100 | +€712 | +184% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,060 | €20,258 | +€198 | +1.0% |
| Other operating charges | 640/8 | €387 | €12 | -€375 | -96.8% |
| Gross operating margin | 9900 | €80,611 | €94,800 | +€14,189 | +17.6% |
| Operating profit (loss) | 9901 | €60,163 | €74,530 | +€14,366 | +23.9% |
| Financial income | 75/76B | €2,144 | €1,750 | -€394 | -18.4% |
| Recurring financial income | 75 | €2,144 | €1,750 | -€394 | -18.4% |
| Financial charges | 65/66B | €378 | €275 | -€103 | -27.3% |
| Recurring financial charges | 65 | €378 | €275 | -€103 | -27.3% |
| Profit (loss) for the period before taxes | 9903 | €61,929 | €76,005 | +€14,075 | +22.7% |
| Income taxes | 67/77 | €13,979 | €17,155 | +€3,176 | +22.7% |
| Profit (loss) for the period | 9904 | €47,951 | €58,850 | +€10,900 | +22.7% |
| Profit (loss) for the period to be appropriated | 9905 | €47,951 | €58,850 | +€10,900 | +22.7% |
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 29 October 2026 via checked.be.