WHY NOT: 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.
WHY NOT
Largest movements
- Deferred charges and accrued income -€42,782
down €42,782 (-9.1%), from €472,284 to €429,502
- Cash +€10,240
up €10,240 (+49.3%), from €20,756 to €30,996
mainly Debts after one year (+€1.1m) and Deferred charges and accrued income (+€42,782)
- Debts after one year +€1.1m
new in 2025: €1.1m
- Other debts -€1.1m
down €1.1m (-99.6%), from €1.1m to €4,448
- Profit (loss) carried forward -€80,042
down €80,042 (-24.5%), from -€326,361 to -€406,403
- Financial charges -€33,707
down €33,707 (-97.3%), from €34,634 to €926
- Gross operating margin +€10,319
up €10,319 (+24.2%), from -€42,609 to -€32,291
- Other operating charges -€834
down €834 (-74.9%), from €1,115 to €280
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 | €868,465 | €824,630 | -€43,835 | -5.0% |
| Fixed assets | 21/28 | €339,210 | €332,716 | -€6,494 | -1.9% |
| Tangible fixed assets | 22/27 | €339,210 | €332,716 | -€6,494 | -1.9% |
| Leasing and similar rights | 25 | €175,273 | €175,273 | = | 0.0% |
| Other tangible fixed assets | 26 | €163,937 | €157,443 | -€6,494 | -4.0% |
| Current assets | 29/58 | €529,255 | €491,914 | -€37,341 | -7.1% |
| Amounts receivable within one year | 40/41 | €36,216 | €31,417 | -€4,799 | -13.3% |
| Trade receivables | 40 | €13,600 | €6,365 | -€7,235 | -53.2% |
| Other amounts receivable | 41 | €22,616 | €25,052 | +€2,436 | +10.8% |
| Cash at bank and in hand | 54/58 | €20,756 | €30,996 | +€10,240 | +49.3% |
| Deferred charges and accrued income | 490/1 | €472,284 | €429,502 | -€42,782 | -9.1% |
| Total equity and liabilities | 10/49 | €868,465 | €824,630 | -€43,835 | -5.0% |
| Equity | 10/15 | -€241,622 | -€321,664 | -€80,042 | -33.1% |
| Contributions | 10/11 | €38,600 | €38,600 | = | 0.0% |
| Reserves | 13 | €46,139 | €46,139 | = | 0.0% |
| Distributable reserves | 133 | €46,139 | €46,139 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€326,361 | -€406,403 | -€80,042 | -24.5% |
| Amounts payable | 17/49 | €1,110,087 | €1,146,294 | +€36,207 | +3.3% |
| Amounts payable after more than one year | 17 | - | €1,109,532 | +€1.1m | |
| Other amounts payable | 178/9 | - | €1,109,532 | +€1.1m | |
| Amounts payable within one year | 42/48 | €1,109,594 | €36,697 | -€1.1m | -96.7% |
| Trade debts | 44 | €32,865 | €32,250 | -€615 | -1.9% |
| Suppliers | 440/4 | €32,865 | €32,250 | -€615 | -1.9% |
| Other amounts payable | 47/48 | €1,076,729 | €4,448 | -€1.1m | -99.6% |
| Accrued charges and deferred income | 492/3 | €493 | €65 | -€428 | -86.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,494 | €6,494 | = | 0.0% |
| Other operating charges | 640/8 | €1,115 | €280 | -€834 | -74.9% |
| Non-recurring operating charges | 66A | €40,737 | €40,737 | = | 0.0% |
| Gross operating margin | 9900 | -€42,609 | -€32,291 | +€10,319 | +24.2% |
| Operating profit (loss) | 9901 | -€90,955 | -€79,802 | +€11,153 | +12.3% |
| Financial income | 75/76B | €663 | €686 | +€23 | +3.5% |
| Recurring financial income | 75 | €663 | €686 | +€23 | +3.5% |
| Financial charges | 65/66B | €34,634 | €926 | -€33,707 | -97.3% |
| Recurring financial charges | 65 | €34,634 | €926 | -€33,707 | -97.3% |
| Profit (loss) for the period before taxes | 9903 | -€124,926 | -€80,042 | +€44,884 | +35.9% |
| Profit (loss) for the period | 9904 | -€124,926 | -€80,042 | +€44,884 | +35.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€124,926 | -€80,042 | +€44,884 | +35.9% |
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 13 October 2026 via checked.be.