Why2What: 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.
Why2What
Largest movements
- Current investments +€98,553
up €98,553 (+78.8%), from €125,144 to €223,696
- Receivables within one year +€11,952
up €11,952 (+36.0%), from €33,237 to €45,189
- Cash +€7,603
up €7,603 (+3.3%), from €231,063 to €238,666
mainly Net result for the year (+€127,404) and Depreciation (+€3,499)
- Reserves +€127,404
up €127,404 (+34.3%), from €371,831 to €499,235
of which Distributable reserves: +€127,404
- Tax, wage and social debts -€13,716
down €13,716 (-55.5%), from €24,718 to €11,002
- Gross operating margin -€15,741
down €15,741 (-7.8%), from €202,052 to €186,311
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 | €402,199 | €517,436 | +€115,237 | +28.7% |
| Fixed assets | 21/28 | €10,413 | €6,914 | -€3,499 | -33.6% |
| Tangible fixed assets | 22/27 | €10,413 | €6,914 | -€3,499 | -33.6% |
| Plant, machinery and equipment | 23 | €1,341 | €711 | -€630 | -47.0% |
| Furniture and vehicles | 24 | €5,297 | €2,938 | -€2,359 | -44.5% |
| Other tangible fixed assets | 26 | €3,775 | €3,265 | -€510 | -13.5% |
| Current assets | 29/58 | €391,786 | €510,522 | +€118,736 | +30.3% |
| Amounts receivable within one year | 40/41 | €33,237 | €45,189 | +€11,952 | +36.0% |
| Trade receivables | 40 | €33,237 | €45,189 | +€11,952 | +36.0% |
| Current investments | 50/53 | €125,144 | €223,696 | +€98,553 | +78.8% |
| Cash at bank and in hand | 54/58 | €231,063 | €238,666 | +€7,603 | +3.3% |
| Deferred charges and accrued income | 490/1 | €2,343 | €2,971 | +€628 | +26.8% |
| Total equity and liabilities | 10/49 | €402,199 | €517,436 | +€115,237 | +28.7% |
| Equity | 10/15 | €373,831 | €501,235 | +€127,404 | +34.1% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €371,831 | €499,235 | +€127,404 | +34.3% |
| Tax-exempt reserves | 132 | €105,250 | €105,250 | = | 0.0% |
| Distributable reserves | 133 | €266,581 | €393,985 | +€127,404 | +47.8% |
| Amounts payable | 17/49 | €28,368 | €16,200 | -€12,167 | -42.9% |
| Amounts payable within one year | 42/48 | €28,368 | €16,200 | -€12,167 | -42.9% |
| Financial debts | 43 | €348 | €394 | +€46 | +13.2% |
| Credit institutions | 430/8 | €348 | €394 | +€46 | +13.2% |
| Trade debts | 44 | €201 | €2,043 | +€1,842 | +916.5% |
| Suppliers | 440/4 | €201 | €2,043 | +€1,842 | +916.5% |
| Taxes, remuneration and social security | 45 | €24,718 | €11,002 | -€13,716 | -55.5% |
| Taxes | 450/3 | €24,718 | €11,002 | -€13,716 | -55.5% |
| Other amounts payable | 47/48 | €3,101 | €2,761 | -€339 | -10.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,096 | €3,499 | +€403 | +13.0% |
| Other operating charges | 640/8 | €641 | €911 | +€270 | +42.1% |
| Gross operating margin | 9900 | €202,052 | €186,311 | -€15,741 | -7.8% |
| Operating profit (loss) | 9901 | €198,314 | €181,900 | -€16,414 | -8.3% |
| Financial income | 75/76B | €1,875 | €2,426 | +€552 | +29.4% |
| Recurring financial income | 75 | €1,875 | €2,426 | +€552 | +29.4% |
| Financial charges | 65/66B | €986 | €2,677 | +€1,691 | +171.5% |
| Recurring financial charges | 65 | €986 | €2,677 | +€1,691 | +171.5% |
| Profit (loss) for the period before taxes | 9903 | €199,203 | €181,650 | -€17,553 | -8.8% |
| Income taxes | 67/77 | €55,042 | €54,246 | -€797 | -1.4% |
| Profit (loss) for the period | 9904 | €144,161 | €127,404 | -€16,756 | -11.6% |
| Transfer to tax-exempt reserves | 689 | €54,730 | €0 | -€54,730 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €89,431 | €127,404 | +€37,974 | +42.5% |
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.