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.
STOCKMANAGEMENT
Largest movements
- Cash -€152,425
down €152,425 (-98.1%), from €155,401 to €2,976
mainly Debts after one year (-€89,564) and Investment in fixed assets (net) (-€46,438)
- Tangible fixed assets +€27,133
up €27,133 (+10.2%), from €265,581 to €292,715
of which Furniture and vehicles: +€37,772
- Debts after one year -€89,564
down €89,564 (-7.7%), from €1.2m to €1.1m
- Trade debts -€39,556
down €39,556 (-53.7%), from €73,606 to €34,050
- Accrued charges and deferred income -€28,000
no longer reported in 2025 (was €28,000)
- Reserves +€27,492
up €27,492 (+4.1%), from €666,058 to €693,550
of which Distributable reserves: +€27,492
- Financial income -€244,359
down €244,359 (-87.5%), from €279,278 to €34,919
- Gross operating margin +€37,165
up €37,165 (+721.2%), from €5,153 to €42,318
- Financial charges -€24,677
down €24,677 (-49.7%), from €49,664 to €24,988
- Other operating charges +€4,127
up €4,127 (+1612.0%), from €256 to €4,383
- Depreciation +€3,480
up €3,480 (+22.0%), from €15,825 to €19,305
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 | €2,253,200 | €2,119,940 | -€133,260 | -5.9% |
| Fixed assets | 21/28 | €2,057,575 | €2,084,708 | +€27,133 | +1.3% |
| Tangible fixed assets | 22/27 | €265,581 | €292,715 | +€27,133 | +10.2% |
| Land and buildings | 22 | €258,886 | €245,646 | -€13,241 | -5.1% |
| Plant, machinery and equipment | 23 | €998 | €3,600 | +€2,602 | +260.7% |
| Furniture and vehicles | 24 | €5,697 | €43,469 | +€37,772 | +663.0% |
| Financial fixed assets | 28 | €1,791,993 | €1,791,993 | = | 0.0% |
| Current assets | 29/58 | €195,625 | €35,232 | -€160,393 | -82.0% |
| Amounts receivable within one year | 40/41 | €39,878 | €31,936 | -€7,942 | -19.9% |
| Other amounts receivable | 41 | €39,878 | €31,936 | -€7,942 | -19.9% |
| Cash at bank and in hand | 54/58 | €155,401 | €2,976 | -€152,425 | -98.1% |
| Deferred charges and accrued income | 490/1 | €346 | €320 | -€26 | -7.5% |
| Total equity and liabilities | 10/49 | €2,253,200 | €2,119,940 | -€133,260 | -5.9% |
| Equity | 10/15 | €928,558 | €956,050 | +€27,492 | +3.0% |
| Contributions | 10/11 | €262,500 | €262,500 | = | 0.0% |
| Capital | 10 | €262,500 | €262,500 | = | 0.0% |
| Issued capital | 100 | €262,500 | €262,500 | = | 0.0% |
| Reserves | 13 | €666,058 | €693,550 | +€27,492 | +4.1% |
| Non-distributable reserves | 130/1 | €26,250 | €26,250 | = | 0.0% |
| Legal reserve | 130 | €26,250 | €26,250 | = | 0.0% |
| Distributable reserves | 133 | €639,808 | €667,300 | +€27,492 | +4.3% |
| Amounts payable | 17/49 | €1,324,642 | €1,163,890 | -€160,752 | -12.1% |
| Amounts payable after more than one year | 17 | €1,158,143 | €1,068,579 | -€89,564 | -7.7% |
| Financial debts | 170/4 | €1,158,143 | €1,068,579 | -€89,564 | -7.7% |
| Amounts payable within one year | 42/48 | €138,500 | €95,311 | -€43,188 | -31.2% |
| Current portion of amounts payable after more than one year | 42 | €54,787 | €60,804 | +€6,017 | +11.0% |
| Trade debts | 44 | €73,606 | €34,050 | -€39,556 | -53.7% |
| Suppliers | 440/4 | €73,606 | €34,050 | -€39,556 | -53.7% |
| Taxes, remuneration and social security | 45 | €10,107 | €457 | -€9,649 | -95.5% |
| Taxes | 450/3 | €10,107 | €457 | -€9,649 | -95.5% |
| Accrued charges and deferred income | 492/3 | €28,000 | - | -€28,000 | |
| Remuneration, social security and pensions | 62 | €968 | €998 | +€31 | +3.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,825 | €19,305 | +€3,480 | +22.0% |
| Other operating charges | 640/8 | €256 | €4,383 | +€4,127 | +1612.0% |
| Gross operating margin | 9900 | €5,153 | €42,318 | +€37,165 | +721.2% |
| Operating profit (loss) | 9901 | -€11,895 | €17,632 | +€29,528 | |
| Financial income | 75/76B | €279,278 | €34,919 | -€244,359 | -87.5% |
| Recurring financial income | 75 | €279,278 | €34,919 | -€244,359 | -87.5% |
| Financial charges | 65/66B | €49,664 | €24,988 | -€24,677 | -49.7% |
| Recurring financial charges | 65 | €49,664 | €24,988 | -€24,677 | -49.7% |
| Profit (loss) for the period before taxes | 9903 | €217,718 | €27,564 | -€190,154 | -87.3% |
| Income taxes | 67/77 | - | €72 | +€72 | |
| Profit (loss) for the period | 9904 | €217,718 | €27,492 | -€190,226 | -87.4% |
| Profit (loss) for the period to be appropriated | 9905 | €217,718 | €27,492 | -€190,226 | -87.4% |
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.