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.
M
Largest movements
- Current investments +€140,000
new in 2025: €140,000
- Cash -€126,021
down €126,021 (-61.0%), from €206,536 to €80,515
mainly Contributions, distributions and other (-€200,000) and Current investments (-€140,000)
- Tangible fixed assets +€30,194
up €30,194 (+2.5%), from €1.2m to €1.2m
of which Land and buildings: +€21,180
- Receivables within one year +€20,731
up €20,731 (+60.6%), from €34,214 to €54,945
of which Other amounts receivable: +€14,305
- Other debts +€153,501
up €153,501 (+7101.4%), from €2,162 to €155,662
- Reserves -€72,270
down €72,270 (-16.3%), from €442,782 to €370,511
of which Distributable reserves: -€72,270
- Debts after one year -€33,900
down €33,900 (-3.8%), from €884,415 to €850,515
of which Financial debts: -€33,900
- Tax, wage and social debts +€20,720
up €20,720 (+61.4%), from €33,769 to €54,490
- Depreciation -€65,060
down €65,060 (-51.5%), from €126,422 to €61,362
- Gross operating margin +€45,558
up €45,558 (+21.6%), from €210,468 to €256,026
- Taxes +€22,173
up €22,173 (+134.5%), from €16,480 to €38,653
- Financial charges +€6,049
up €6,049 (+47.0%), from €12,865 to €18,914
- Other operating charges +€5,583
up €5,583 (+118.5%), from €4,711 to €10,294
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 | €1,427,095 | €1,491,998 | +€64,904 | +4.5% |
| Fixed assets | 21/28 | €1,186,344 | €1,216,538 | +€30,194 | +2.5% |
| Tangible fixed assets | 22/27 | €1,186,344 | €1,216,538 | +€30,194 | +2.5% |
| Land and buildings | 22 | €1,181,161 | €1,202,341 | +€21,180 | +1.8% |
| Furniture and vehicles | 24 | €5,184 | €14,197 | +€9,014 | +173.9% |
| Current assets | 29/58 | €240,750 | €275,460 | +€34,710 | +14.4% |
| Amounts receivable within one year | 40/41 | €34,214 | €54,945 | +€20,731 | +60.6% |
| Trade receivables | 40 | €32,854 | €39,280 | +€6,426 | +19.6% |
| Other amounts receivable | 41 | €1,360 | €15,665 | +€14,305 | +1052.1% |
| Current investments | 50/53 | - | €140,000 | +€140,000 | |
| Cash at bank and in hand | 54/58 | €206,536 | €80,515 | -€126,021 | -61.0% |
| Total equity and liabilities | 10/49 | €1,427,095 | €1,491,998 | +€64,904 | +4.5% |
| Equity | 10/15 | €461,382 | €389,111 | -€72,270 | -15.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Outside capital | 11 | €18,600 | €18,600 | = | 0.0% |
| Other | 1109/19 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €442,782 | €370,511 | -€72,270 | -16.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €440,922 | €368,651 | -€72,270 | -16.4% |
| Amounts payable | 17/49 | €965,713 | €1,102,887 | +€137,174 | +14.2% |
| Amounts payable after more than one year | 17 | €884,415 | €850,515 | -€33,900 | -3.8% |
| Financial debts | 170/4 | €734,415 | €700,515 | -€33,900 | -4.6% |
| Other amounts payable | 178/9 | €150,000 | €150,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €81,298 | €252,372 | +€171,074 | +210.4% |
| Current portion of amounts payable after more than one year | 42 | €34,284 | €36,687 | +€2,403 | +7.0% |
| Trade debts | 44 | €11,082 | €5,533 | -€5,550 | -50.1% |
| Suppliers | 440/4 | €11,082 | €5,533 | -€5,550 | -50.1% |
| Taxes, remuneration and social security | 45 | €33,769 | €54,490 | +€20,720 | +61.4% |
| Taxes | 450/3 | €33,769 | €54,490 | +€20,720 | +61.4% |
| Other amounts payable | 47/48 | €2,162 | €155,662 | +€153,501 | +7101.4% |
| Non-recurring operating income | 76A | €2,513 | €2,334 | -€180 | -7.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €126,422 | €61,362 | -€65,060 | -51.5% |
| Other operating charges | 640/8 | €4,711 | €10,294 | +€5,583 | +118.5% |
| Gross operating margin | 9900 | €210,468 | €256,026 | +€45,558 | +21.6% |
| Operating profit (loss) | 9901 | €79,335 | €184,370 | +€105,034 | +132.4% |
| Financial income | 75/76B | €520 | €926 | +€406 | +77.9% |
| Recurring financial income | 75 | €520 | €926 | +€406 | +77.9% |
| Financial charges | 65/66B | €12,865 | €18,914 | +€6,049 | +47.0% |
| Recurring financial charges | 65 | €12,865 | €18,914 | +€6,049 | +47.0% |
| Profit (loss) for the period before taxes | 9903 | €66,991 | €166,382 | +€99,391 | +148.4% |
| Income taxes | 67/77 | €16,480 | €38,653 | +€22,173 | +134.5% |
| Profit (loss) for the period | 9904 | €50,511 | €127,730 | +€77,218 | +152.9% |
| Profit (loss) for the period to be appropriated | 9905 | €50,511 | €127,730 | +€77,218 | +152.9% |
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 27 September 2026 via checked.be.