VOLUME 15: 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.
VOLUME 15
Largest movements
- Tangible fixed assets -€3,771
down €3,771 (-9.2%), from €41,109 to €37,338
- Profit (loss) carried forward -€14,103
down €14,103 (-17.9%), from €78,587 to €64,484
- Other debts +€8,266
up €8,266 (+7.7%), from €107,582 to €115,848
- Financial income -€353
no longer reported in 2025 (was €353)
- Other operating charges +€294
up €294 (+3.4%), from €8,589 to €8,883
- Gross operating margin +€13
up €13 (+1.0%), from -€1,271 to -€1,258
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 | €356,669 | €350,833 | -€5,836 | -1.6% |
| Fixed assets | 21/28 | €41,109 | €37,338 | -€3,771 | -9.2% |
| Tangible fixed assets | 22/27 | €41,109 | €37,338 | -€3,771 | -9.2% |
| Land and buildings | 22 | €41,109 | €37,338 | -€3,771 | -9.2% |
| Current assets | 29/58 | €315,560 | €313,495 | -€2,065 | -0.7% |
| Stocks and contracts in progress | 3 | €313,383 | €313,383 | = | 0.0% |
| Stocks | 30/36 | €313,383 | €313,383 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €1,845 | - | -€1,845 | |
| Other amounts receivable | 41 | €1,845 | - | -€1,845 | |
| Cash at bank and in hand | 54/58 | €332 | €112 | -€220 | -66.3% |
| Total equity and liabilities | 10/49 | €356,669 | €350,833 | -€5,836 | -1.6% |
| Equity | 10/15 | €249,087 | €234,984 | -€14,103 | -5.7% |
| Contributions | 10/11 | €155,000 | €155,000 | = | 0.0% |
| Capital | 10 | €155,000 | €155,000 | = | 0.0% |
| Issued capital | 100 | €155,000 | €155,000 | = | 0.0% |
| Reserves | 13 | €15,500 | €15,500 | = | 0.0% |
| Non-distributable reserves | 130/1 | €15,500 | €15,500 | = | 0.0% |
| Legal reserve | 130 | €15,500 | €15,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €78,587 | €64,484 | -€14,103 | -17.9% |
| Amounts payable | 17/49 | €107,582 | €115,849 | +€8,267 | +7.7% |
| Amounts payable within one year | 42/48 | €107,582 | €115,848 | +€8,266 | +7.7% |
| Other amounts payable | 47/48 | €107,582 | €115,848 | +€8,266 | +7.7% |
| Accrued charges and deferred income | 492/3 | - | €1 | +€1 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,772 | €3,772 | = | 0.0% |
| Other operating charges | 640/8 | €8,589 | €8,883 | +€294 | +3.4% |
| Gross operating margin | 9900 | -€1,271 | -€1,258 | +€13 | +1.0% |
| Operating profit (loss) | 9901 | -€13,632 | -€13,913 | -€281 | -2.1% |
| Financial income | 75/76B | €353 | - | -€353 | |
| Recurring financial income | 75 | €353 | - | -€353 | |
| Financial charges | 65/66B | €190 | €190 | = | 0.0% |
| Recurring financial charges | 65 | €190 | €190 | = | 0.0% |
| Profit (loss) for the period before taxes | 9903 | -€13,469 | -€14,103 | -€634 | -4.7% |
| Profit (loss) for the period | 9904 | -€13,469 | -€14,103 | -€634 | -4.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€13,469 | -€14,103 | -€634 | -4.7% |
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 30 September 2026 via checked.be.