While we're here: 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.
While we're here
Largest movements
- Intangible fixed assets +€226,477
up €226,477 (+88.0%), from €257,374 to €483,851
- Cash -€50,248
down €50,248 (-27.3%), from €183,904 to €133,657
mainly Contributions, distributions and other (-€272,221) and Investment in fixed assets (net) (-€226,477)
- Tangible fixed assets -€24,501
down €24,501 (-8.1%), from €301,341 to €276,840
of which Land and buildings: -€14,280
- Debts after one year +€399,581
up €399,581 (+183.4%), from €217,880 to €617,461
of which Other amounts payable: +€267,225
- Investment grants -€201,096
down €201,096 (-58.8%), from €341,729 to €140,634
- Provisions -€75,132
down €75,132 (-66.0%), from €113,910 to €38,778
- Reserves -€46,214
no longer reported in 2025 (was €46,214)
- Other debts +€37,954
up €37,954 (+1248.8%), from €3,039 to €40,993
- Gross operating margin +€60,347
up €60,347 (+2075.8%), from €2,907 to €63,255
- Financial charges +€2,454
up €2,454 (+24.3%), from €10,080 to €12,534
- Depreciation +€1,930
up €1,930 (+8.6%), from €22,571 to €24,501
- Financial income +€975
new in 2025: €975
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 | €777,178 | €932,231 | +€155,053 | +20.0% |
| Fixed assets | 21/28 | €559,307 | €761,283 | +€201,976 | +36.1% |
| Intangible fixed assets | 21 | €257,374 | €483,851 | +€226,477 | +88.0% |
| Tangible fixed assets | 22/27 | €301,341 | €276,840 | -€24,501 | -8.1% |
| Land and buildings | 22 | €263,104 | €248,824 | -€14,280 | -5.4% |
| Plant, machinery and equipment | 23 | €7,528 | €5,255 | -€2,273 | -30.2% |
| Furniture and vehicles | 24 | €30,709 | €22,761 | -€7,948 | -25.9% |
| Financial fixed assets | 28 | €592 | €592 | = | 0.0% |
| Current assets | 29/58 | €217,870 | €170,948 | -€46,923 | -21.5% |
| Amounts receivable within one year | 40/41 | €33,636 | €36,415 | +€2,779 | +8.3% |
| Trade receivables | 40 | €18,250 | €21,324 | +€3,074 | +16.8% |
| Other amounts receivable | 41 | €15,386 | €15,091 | -€294 | -1.9% |
| Cash at bank and in hand | 54/58 | €183,904 | €133,657 | -€50,248 | -27.3% |
| Deferred charges and accrued income | 490/1 | €330 | €876 | +€546 | +165.3% |
| Total equity and liabilities | 10/49 | €777,178 | €932,231 | +€155,053 | +20.0% |
| Equity | 10/15 | €392,943 | €145,634 | -€247,310 | -62.9% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €46,214 | - | -€46,214 | |
| Distributable reserves | 133 | €46,214 | - | -€46,214 | |
| Investment grants | 15 | €341,729 | €140,634 | -€201,096 | -58.8% |
| Provisions and deferred taxes | 16 | €113,910 | €38,778 | -€75,132 | -66.0% |
| Deferred taxes | 168 | €113,910 | €38,778 | -€75,132 | -66.0% |
| Amounts payable | 17/49 | €270,325 | €747,819 | +€477,495 | +176.6% |
| Amounts payable after more than one year | 17 | €217,880 | €617,461 | +€399,581 | +183.4% |
| Financial debts | 170/4 | €217,880 | €350,236 | +€132,356 | +60.7% |
| Other amounts payable | 178/9 | - | €267,225 | +€267,225 | |
| Amounts payable within one year | 42/48 | €52,445 | €130,359 | +€77,914 | +148.6% |
| Current portion of amounts payable after more than one year | 42 | €20,015 | €20,144 | +€129 | +0.6% |
| Trade debts | 44 | €26,332 | €49,831 | +€23,499 | +89.2% |
| Suppliers | 440/4 | €26,332 | €49,831 | +€23,499 | +89.2% |
| Taxes, remuneration and social security | 45 | €3,059 | €19,390 | +€16,331 | +533.9% |
| Taxes | 450/3 | €3,059 | €11,390 | +€8,331 | +272.4% |
| Remuneration and social security | 454/9 | - | €8,000 | +€8,000 | |
| Other amounts payable | 47/48 | €3,039 | €40,993 | +€37,954 | +1248.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,571 | €24,501 | +€1,930 | +8.6% |
| Other operating charges | 640/8 | €2,258 | €2,133 | -€125 | -5.5% |
| Gross operating margin | 9900 | €2,907 | €63,255 | +€60,347 | +2075.8% |
| Operating profit (loss) | 9901 | -€21,921 | €36,620 | +€58,542 | |
| Financial income | 75/76B | - | €975 | +€975 | |
| Recurring financial income | 75 | - | €975 | +€975 | |
| Financial charges | 65/66B | €10,080 | €12,534 | +€2,454 | +24.3% |
| Recurring financial charges | 65 | €10,080 | €12,534 | +€2,454 | +24.3% |
| Profit (loss) for the period before taxes | 9903 | -€32,001 | €25,062 | +€57,063 | |
| Income taxes | 67/77 | €116 | €150 | +€34 | +29.8% |
| Profit (loss) for the period | 9904 | -€32,117 | €24,912 | +€57,029 | |
| Profit (loss) for the period to be appropriated | 9905 | -€32,117 | €24,912 | +€57,029 |
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 11 October 2026 via checked.be.