@vice: what changed
Two fiscal 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.
@vice
Largest movements
- Current investments +€4.2m
up €4.2m (+21.4%), from €19.7m to €24.0m
- Receivables after one year +€2.6m
up €2.6m (+34.3%), from €7.5m to €10.1m
- Financial fixed assets -€1.2m
down €1.2m (-23.9%), from €5.1m to €3.9m
- Cash +€1.1m
up €1.1m (+169.2%), from €667,783 to €1.8m
mainly Net result for the year (+€6.8m) and Investment in fixed assets (net) (+€1.2m)
- Reserves +€6.8m
up €6.8m (+19.8%), from €34.5m to €41.4m
- Financial income +€2.6m
up €2.6m (+57.7%), from €4.6m to €7.2m
of which Financial income: +€2.7m
- Financial charges +€603,845
up €603,845 (+484.7%), from €124,576 to €728,422
- Gross operating margin +€398,047
up €398,047 (+449.1%), from €88,638 to €486,686
- Taxes -€88,200
down €88,200 (-44.5%), from €198,191 to €109,991
- Depreciation +€9,487
up €9,487 (+31.8%), from €29,880 to €39,367
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 | €38,768,693 | €45,693,695 | +€6.9m | +17.9% |
| Fixed assets | 21/28 | €8,594,510 | €7,348,871 | -€1.2m | -14.5% |
| Tangible fixed assets | 22/27 | €3,517,134 | €3,486,507 | -€30,627 | -0.9% |
| Land and buildings | 22 | €3,467,500 | €3,431,382 | -€36,118 | -1.0% |
| Plant, machinery and equipment | 23 | €2,552 | €2,256 | -€297 | -11.6% |
| Furniture and vehicles | 24 | €12,019 | €17,806 | +€5,788 | +48.2% |
| Other tangible fixed assets | 26 | €35,063 | €35,063 | = | 0.0% |
| Financial fixed assets | 28 | €5,077,376 | €3,862,364 | -€1.2m | -23.9% |
| Current assets | 29/58 | €30,174,183 | €38,344,824 | +€8.2m | +27.1% |
| Amounts receivable after more than one year | 29 | €7,483,758 | €10,054,312 | +€2.6m | +34.3% |
| Other amounts receivable | 291 | €7,483,758 | €10,054,312 | +€2.6m | +34.3% |
| Amounts receivable within one year | 40/41 | €2,174,880 | €2,230,795 | +€55,916 | +2.6% |
| Trade receivables | 40 | €175,830 | €268,821 | +€92,991 | +52.9% |
| Other amounts receivable | 41 | €1,999,050 | €1,961,975 | -€37,075 | -1.9% |
| Current investments | 50/53 | €19,732,348 | €23,960,348 | +€4.2m | +21.4% |
| Cash at bank and in hand | 54/58 | €667,783 | €1,797,664 | +€1.1m | +169.2% |
| Deferred charges and accrued income | 490/1 | €115,414 | €301,705 | +€186,291 | +161.4% |
| Total equity and liabilities | 10/49 | €38,768,693 | €45,693,695 | +€6.9m | +17.9% |
| Equity | 10/15 | €37,066,697 | €43,905,949 | +€6.8m | +18.5% |
| Contributions | 10/11 | €2,553,412 | €2,553,412 | = | 0.0% |
| Reserves | 13 | €34,513,285 | €41,352,537 | +€6.8m | +19.8% |
| Distributable reserves | 133 | €34,513,285 | €41,352,537 | +€6.8m | +19.8% |
| Amounts payable | 17/49 | €1,701,996 | €1,787,746 | +€85,750 | +5.0% |
| Amounts payable after more than one year | 17 | €1,544,902 | €1,517,128 | -€27,774 | -1.8% |
| Financial debts | 170/4 | €1,544,902 | €1,517,128 | -€27,774 | -1.8% |
| Amounts payable within one year | 42/48 | €69,863 | €108,742 | +€38,879 | +55.6% |
| Financial debts | 43 | €192 | €1,240 | +€1,048 | +545.8% |
| Credit institutions | 430/8 | €192 | €1,240 | +€1,048 | +545.8% |
| Other loans | 439 | €0 | - | = | |
| Trade debts | 44 | €6,282 | €8,282 | +€2,001 | +31.8% |
| Suppliers | 440/4 | €6,282 | €8,282 | +€2,001 | +31.8% |
| Taxes, remuneration and social security | 45 | €63,389 | €99,219 | +€35,830 | +56.5% |
| Taxes | 450/3 | €63,389 | €99,219 | +€35,830 | +56.5% |
| Accrued charges and deferred income | 492/3 | €87,231 | €161,876 | +€74,645 | +85.6% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,880 | €39,367 | +€9,487 | +31.8% |
| Other operating charges | 640/8 | €5,952 | €5,894 | -€58 | -1.0% |
| Gross operating margin | 9900 | €88,638 | €486,686 | +€398,047 | +449.1% |
| Operating profit (loss) | 9901 | €52,806 | €441,424 | +€388,618 | +735.9% |
| Financial income | 75/76B | €4,588,354 | €7,236,240 | +€2.6m | +57.7% |
| Recurring financial income | 75 | €4,576,183 | €7,236,240 | +€2.7m | +58.1% |
| Non-recurring financial income | 76B | €12,171 | €0 | -€12,171 | -100.0% |
| Financial charges | 65/66B | €124,576 | €728,422 | +€603,845 | +484.7% |
| Recurring financial charges | 65 | €124,576 | €728,422 | +€603,845 | +484.7% |
| Profit (loss) for the period before taxes | 9903 | €4,516,584 | €6,949,243 | +€2.4m | +53.9% |
| Income taxes | 67/77 | €198,191 | €109,991 | -€88,200 | -44.5% |
| Profit (loss) for the period | 9904 | €4,318,393 | €6,839,252 | +€2.5m | +58.4% |
| Transfer from tax-exempt reserves | 789 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €4,318,393 | €6,839,252 | +€2.5m | +58.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.