Won: 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.
Won
Largest movements
- Cash +€83,600
up €83,600 (+233.7%), from €35,777 to €119,377
mainly Net result for the year (+€60,137) and Receivables within one year (+€42,146)
- Receivables within one year -€42,146
down €42,146 (-56.8%), from €74,148 to €32,001
of which Trade receivables: -€37,060
- Reserves +€60,137
up €60,137 (+3.0%), from €2.0m to €2.1m
of which Distributable reserves: +€76,733
- Taxes -€69,378
down €69,378 (-85.3%), from €81,341 to €11,964
- Financial income +€59,391
up €59,391 (+130.9%), from €45,380 to €104,771
- Gross operating margin -€27,203
down €27,203 (-96.2%), from €28,281 to €1,078
- Financial charges -€3,367
down €3,367 (-9.8%), from €34,381 to €31,014
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 | €2,214,549 | €2,266,803 | +€52,254 | +2.4% |
| Fixed assets | 21/28 | €30,282 | €28,934 | -€1,348 | -4.5% |
| Tangible fixed assets | 22/27 | €4,763 | €3,415 | -€1,348 | -28.3% |
| Furniture and vehicles | 24 | €1,066 | €352 | -€714 | -67.0% |
| Other tangible fixed assets | 26 | €3,696 | €3,063 | -€634 | -17.1% |
| Financial fixed assets | 28 | €25,520 | €25,520 | = | 0.0% |
| Current assets | 29/58 | €2,184,266 | €2,237,868 | +€53,602 | +2.5% |
| Amounts receivable within one year | 40/41 | €74,148 | €32,001 | -€42,146 | -56.8% |
| Trade receivables | 40 | €57,167 | €20,107 | -€37,060 | -64.8% |
| Other amounts receivable | 41 | €16,980 | €11,894 | -€5,087 | -30.0% |
| Current investments | 50/53 | €2,074,342 | €2,071,490 | -€2,851 | -0.1% |
| Cash at bank and in hand | 54/58 | €35,777 | €119,377 | +€83,600 | +233.7% |
| Deferred charges and accrued income | 490/1 | - | €15,000 | +€15,000 | |
| Total equity and liabilities | 10/49 | €2,214,549 | €2,266,803 | +€52,254 | +2.4% |
| Equity | 10/15 | €2,159,661 | €2,219,798 | +€60,137 | +2.8% |
| Contributions | 10/11 | €135,600 | €135,600 | = | 0.0% |
| Reserves | 13 | €2,024,061 | €2,084,198 | +€60,137 | +3.0% |
| Tax-exempt reserves | 132 | €135,339 | €118,743 | -€16,596 | -12.3% |
| Distributable reserves | 133 | €1,888,722 | €1,965,455 | +€76,733 | +4.1% |
| Amounts payable | 17/49 | €54,888 | €47,005 | -€7,883 | -14.4% |
| Amounts payable within one year | 42/48 | €32,893 | €43,105 | +€10,212 | +31.0% |
| Trade debts | 44 | €1,443 | - | -€1,443 | |
| Suppliers | 440/4 | €1,443 | - | -€1,443 | |
| Taxes, remuneration and social security | 45 | €31,450 | €29,600 | -€1,850 | -5.9% |
| Taxes | 450/3 | €29,600 | €29,600 | = | 0.0% |
| Remuneration and social security | 454/9 | €1,850 | - | -€1,850 | |
| Other amounts payable | 47/48 | - | €13,505 | +€13,505 | |
| Accrued charges and deferred income | 492/3 | €21,995 | €3,900 | -€18,095 | -82.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,348 | €1,348 | = | 0.0% |
| Other operating charges | 640/8 | €1,375 | €1,387 | +€12 | +0.9% |
| Gross operating margin | 9900 | €28,281 | €1,078 | -€27,203 | -96.2% |
| Operating profit (loss) | 9901 | €25,558 | -€1,656 | -€27,214 | |
| Financial income | 75/76B | €45,380 | €104,771 | +€59,391 | +130.9% |
| Recurring financial income | 75 | €45,380 | €104,771 | +€59,391 | +130.9% |
| Financial charges | 65/66B | €34,381 | €31,014 | -€3,367 | -9.8% |
| Recurring financial charges | 65 | €34,381 | €31,014 | -€3,367 | -9.8% |
| Profit (loss) for the period before taxes | 9903 | €36,557 | €72,101 | +€35,543 | +97.2% |
| Income taxes | 67/77 | €81,341 | €11,964 | -€69,378 | -85.3% |
| Profit (loss) for the period | 9904 | -€44,784 | €60,137 | +€104,921 | |
| Transfer from tax-exempt reserves | 789 | €207,412 | €16,596 | -€190,816 | -92.0% |
| Profit (loss) for the period to be appropriated | 9905 | €162,628 | €76,733 | -€85,895 | -52.8% |
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.