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.
ERALO
Largest movements
- Tangible fixed assets -€37,123
down €37,123 (-1.6%), from €2.3m to €2.2m
of which Land and buildings: -€36,580
- Other debts +€232,574
up €232,574 (+129.1%), from €180,210 to €412,784
- Debts after one year -€170,229
down €170,229 (-13.9%), from €1.2m to €1.1m
- Current portion of long-term debt -€54,218
down €54,218 (-22.9%), from €236,719 to €182,501
- Tax, wage and social debts -€43,526
down €43,526 (-44.3%), from €98,306 to €54,780
of which Taxes: -€40,946
- Gross operating margin -€38,666
down €38,666 (-18.1%), from €213,151 to €174,485
- Taxes -€14,869
down €14,869 (-51.6%), from €28,795 to €13,926
- Financial charges +€13,139
up €13,139 (+33.5%), from €39,257 to €52,395
- Depreciation +€4,582
up €4,582 (+6.8%), from €67,727 to €72,309
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,516,445 | €2,492,552 | -€23,893 | -0.9% |
| Fixed assets | 21/28 | €2,257,752 | €2,220,629 | -€37,123 | -1.6% |
| Tangible fixed assets | 22/27 | €2,257,752 | €2,220,629 | -€37,123 | -1.6% |
| Land and buildings | 22 | €2,174,732 | €2,138,152 | -€36,580 | -1.7% |
| Plant, machinery and equipment | 23 | €15,496 | €16,613 | +€1,117 | +7.2% |
| Furniture and vehicles | 24 | €3,874 | €2,215 | -€1,660 | -42.8% |
| Other tangible fixed assets | 26 | €63,650 | €63,650 | = | 0.0% |
| Current assets | 29/58 | €258,693 | €271,923 | +€13,230 | +5.1% |
| Amounts receivable within one year | 40/41 | €244,601 | €257,629 | +€13,028 | +5.3% |
| Trade receivables | 40 | €244,601 | €257,590 | +€12,989 | +5.3% |
| Other amounts receivable | 41 | - | €39 | +€39 | |
| Deferred charges and accrued income | 490/1 | €14,092 | €14,294 | +€202 | +1.4% |
| Total equity and liabilities | 10/49 | €2,516,445 | €2,492,552 | -€23,893 | -0.9% |
| Equity | 10/15 | €603,172 | €603,386 | +€213 | 0.0% |
| Contributions | 10/11 | €62,585 | €62,585 | = | 0.0% |
| Reserves | 13 | €540,587 | €540,801 | +€213 | 0.0% |
| Distributable reserves | 133 | €540,587 | €540,801 | +€213 | 0.0% |
| Amounts payable | 17/49 | €1,913,273 | €1,889,167 | -€24,106 | -1.3% |
| Amounts payable after more than one year | 17 | €1,220,568 | €1,050,340 | -€170,229 | -13.9% |
| Financial debts | 170/4 | €1,220,568 | €1,050,340 | -€170,229 | -13.9% |
| Amounts payable within one year | 42/48 | €687,357 | €836,402 | +€149,045 | +21.7% |
| Current portion of amounts payable after more than one year | 42 | €236,719 | €182,501 | -€54,218 | -22.9% |
| Financial debts | 43 | €124,710 | €125,000 | +€290 | +0.2% |
| Credit institutions | 430/8 | €124,710 | €125,000 | +€290 | +0.2% |
| Trade debts | 44 | €47,412 | €61,337 | +€13,924 | +29.4% |
| Suppliers | 440/4 | €47,412 | €61,337 | +€13,924 | +29.4% |
| Taxes, remuneration and social security | 45 | €98,306 | €54,780 | -€43,526 | -44.3% |
| Taxes | 450/3 | €91,723 | €50,777 | -€40,946 | -44.6% |
| Remuneration and social security | 454/9 | €6,583 | €4,003 | -€2,580 | -39.2% |
| Other amounts payable | 47/48 | €180,210 | €412,784 | +€232,574 | +129.1% |
| Accrued charges and deferred income | 492/3 | €5,347 | €2,425 | -€2,922 | -54.6% |
| Remuneration, social security and pensions | 62 | €28,778 | €29,736 | +€958 | +3.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €67,727 | €72,309 | +€4,582 | +6.8% |
| Other operating charges | 640/8 | €4,166 | €5,905 | +€1,739 | +41.7% |
| Gross operating margin | 9900 | €213,151 | €174,485 | -€38,666 | -18.1% |
| Operating profit (loss) | 9901 | €112,479 | €66,534 | -€45,945 | -40.8% |
| Financial income | 75/76B | €0 | €0 | -€0 | -90.5% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -90.5% |
| Financial charges | 65/66B | €39,257 | €52,395 | +€13,139 | +33.5% |
| Recurring financial charges | 65 | €39,257 | €52,395 | +€13,139 | +33.5% |
| Profit (loss) for the period before taxes | 9903 | €73,223 | €14,139 | -€59,084 | -80.7% |
| Income taxes | 67/77 | €28,795 | €13,926 | -€14,869 | -51.6% |
| Profit (loss) for the period | 9904 | €44,428 | €213 | -€44,215 | -99.5% |
| Profit (loss) for the period to be appropriated | 9905 | €44,428 | €213 | -€44,215 | -99.5% |
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 28 September 2026 via checked.be.