4 L: what changed
Two financial 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.
4 L
Largest movements
- Tangible fixed assets +€299,331
up €299,331 (+5,161%), from €5,800 to €305,131
of which Land and buildings: +€297,031
- Receivables after one year -€74,511
down €74,511 (-2.9%), from €2.5m to €2.5m
- Cash +€39,044
up €39,044 (+18.8%), from €207,228 to €246,272
mainly Debts after one year (+€170,749) and Net result for the year (+€81,813)
- Debts after one year +€170,749
up €170,749 (+98.9%), from €172,676 to €343,425
of which Financial debts: +€234,960
- Profit (loss) carried forward +€81,813
up €81,813 (+3.1%), from €2.6m to €2.7m
- Gross operating margin +€11,942
up €11,942 (+15.2%), from €78,766 to €90,708
- Depreciation +€5,497
up €5,497 (+419%), from €1,311 to €6,808
- Financial charges +€2,604
up €2,604 (+963%), from €270 to €2,874
- Taxes +€2,076
up €2,076 (+9.9%), from €20,927 to €23,003
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.
Derived cash bridge
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 | €2,807,492 | €3,075,005 | +€267,513 | +9.5% |
| Fixed assets | 21/28 | €5,800 | €305,131 | +€299,331 | +5,161% |
| Tangible fixed assets | 22/27 | €5,800 | €305,131 | +€299,331 | +5,161% |
| Land and buildings | 22 | - | €297,031 | +€297,031 | |
| Furniture and vehicles | 24 | €1,124 | €3,910 | +€2,786 | +248% |
| Other tangible fixed assets | 26 | €4,676 | €4,190 | -€486 | -10.4% |
| Current assets | 29/58 | €2,801,692 | €2,769,874 | -€31,818 | -1.1% |
| Amounts receivable after more than one year | 29 | €2,548,902 | €2,474,391 | -€74,511 | -2.9% |
| Other amounts receivable | 291 | €2,548,902 | €2,474,391 | -€74,511 | -2.9% |
| Amounts receivable within one year | 40/41 | €19,914 | €23,447 | +€3,533 | +17.7% |
| Trade receivables | 40 | €14,904 | €22,337 | +€7,433 | +49.9% |
| Other amounts receivable | 41 | €5,010 | €1,110 | -€3,900 | -77.8% |
| Cash at bank and in hand | 54/58 | €207,228 | €246,272 | +€39,044 | +18.8% |
| Deferred charges and accrued income | 490/1 | €25,648 | €25,763 | +€115 | +0.4% |
| Total equity and liabilities | 10/49 | €2,807,492 | €3,075,005 | +€267,513 | +9.5% |
| Equity | 10/15 | €2,622,320 | €2,704,133 | +€81,813 | +3.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,603,720 | €2,685,533 | +€81,813 | +3.1% |
| Amounts payable | 17/49 | €185,171 | €370,872 | +€185,700 | +100% |
| Amounts payable after more than one year | 17 | €172,676 | €343,425 | +€170,749 | +98.9% |
| Financial debts | 170/4 | - | €234,960 | +€234,960 | |
| Other amounts payable | 178/9 | €172,676 | €108,465 | -€64,211 | -37.2% |
| Amounts payable within one year | 42/48 | €11,535 | €23,806 | +€12,270 | +106% |
| Current portion of amounts payable after more than one year | 42 | - | €13,986 | +€13,986 | |
| Trade debts | 44 | €1,453 | €126 | -€1,327 | -91.3% |
| Suppliers | 440/4 | €1,453 | €126 | -€1,327 | -91.3% |
| Taxes, remuneration and social security | 45 | €10,082 | €9,694 | -€388 | -3.9% |
| Taxes | 450/3 | €10,082 | €9,694 | -€388 | -3.9% |
| Accrued charges and deferred income | 492/3 | €960 | €3,641 | +€2,681 | +279% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,311 | €6,808 | +€5,497 | +419% |
| Other operating charges | 640/8 | €1,409 | €1,391 | -€19 | -1.3% |
| Gross operating margin | 9900 | €78,766 | €90,708 | +€11,942 | +15.2% |
| Operating profit (loss) | 9901 | €76,045 | €82,509 | +€6,464 | +8.5% |
| Financial income | 75/76B | €25,704 | €25,181 | -€524 | -2.0% |
| Recurring financial income | 75 | €25,704 | €25,181 | -€524 | -2.0% |
| Financial charges | 65/66B | €270 | €2,874 | +€2,604 | +963% |
| Recurring financial charges | 65 | €270 | €2,874 | +€2,604 | +963% |
| Profit (loss) for the period before taxes | 9903 | €101,479 | €104,816 | +€3,337 | +3.3% |
| Income taxes | 67/77 | €20,927 | €23,003 | +€2,076 | +9.9% |
| Profit (loss) for the period | 9904 | €80,552 | €81,813 | +€1,261 | +1.6% |
| Profit (loss) for the period to be appropriated | 9905 | €80,552 | €81,813 | +€1,261 | +1.6% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.