RADICES: 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.
RADICES
Largest movements
- Tangible fixed assets +€313,438
up €313,438 (+1,293%), from €24,245 to €337,683
of which Land and buildings: +€312,951
- Debts after one year +€314,643
new in 2025: €314,643
- Other debts +€54,754
up €54,754 (+20.7%), from €264,597 to €319,351
- Profit (loss) carried forward -€34,893
down €34,893 (-134%), from -€26,082 to -€60,975
- Trade debts -€28,674
down €28,674 (-99.5%), from €28,816 to €142
- Current portion of long-term debt +€12,792
up €12,792 (+6.6%), from €192,960 to €205,752
- Depreciation +€12,585
up €12,585 (+8,656%), from €145 to €12,731
- Financial charges +€5,786
up €5,786 (+114%), from €5,069 to €10,855
- Gross operating margin -€1,306
down €1,306 (-15.3%), from -€8,521 to -€9,827
- Other operating charges +€967
up €967 (+188%), from €513 to €1,481
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 | €561,797 | €880,927 | +€319,130 | +56.8% |
| Fixed assets | 21/28 | €24,245 | €337,683 | +€313,438 | +1,293% |
| Tangible fixed assets | 22/27 | €24,245 | €337,683 | +€313,438 | +1,293% |
| Land and buildings | 22 | €24,245 | €337,196 | +€312,951 | +1,291% |
| Furniture and vehicles | 24 | - | €488 | +€488 | |
| Current assets | 29/58 | €537,552 | €543,243 | +€5,691 | +1.1% |
| Stocks and contracts in progress | 3 | €537,551 | €543,177 | +€5,626 | +1.0% |
| Stocks | 30/36 | €537,551 | €543,177 | +€5,626 | +1.0% |
| Amounts receivable within one year | 40/41 | - | €66 | +€66 | |
| Other amounts receivable | 41 | - | €66 | +€66 | |
| Cash at bank and in hand | 54/58 | €1 | - | -€1 | |
| Total equity and liabilities | 10/49 | €561,797 | €880,927 | +€319,130 | +56.8% |
| Equity | 10/15 | -€23,082 | -€57,975 | -€34,893 | -151% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€26,082 | -€60,975 | -€34,893 | -134% |
| Amounts payable | 17/49 | €584,879 | €938,902 | +€354,023 | +60.5% |
| Amounts payable after more than one year | 17 | - | €314,643 | +€314,643 | |
| Financial debts | 170/4 | - | €314,643 | +€314,643 | |
| Amounts payable within one year | 42/48 | €581,373 | €619,781 | +€38,407 | +6.6% |
| Current portion of amounts payable after more than one year | 42 | €192,960 | €205,752 | +€12,792 | +6.6% |
| Financial debts | 43 | €95,000 | €94,535 | -€465 | -0.5% |
| Credit institutions | 430/8 | €95,000 | €94,535 | -€465 | -0.5% |
| Trade debts | 44 | €28,816 | €142 | -€28,674 | -99.5% |
| Suppliers | 440/4 | €28,816 | €142 | -€28,674 | -99.5% |
| Other amounts payable | 47/48 | €264,597 | €319,351 | +€54,754 | +20.7% |
| Accrued charges and deferred income | 492/3 | €3,506 | €4,478 | +€973 | +27.7% |
| Non-recurring operating income | 76A | - | €3,825 | +€3,825 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €145 | €12,731 | +€12,585 | +8,656% |
| Other operating charges | 640/8 | €513 | €1,481 | +€967 | +188% |
| Gross operating margin | 9900 | -€8,521 | -€9,827 | -€1,306 | -15.3% |
| Operating profit (loss) | 9901 | -€9,179 | -€24,038 | -€14,858 | -162% |
| Financial charges | 65/66B | €5,069 | €10,855 | +€5,786 | +114% |
| Recurring financial charges | 65 | €5,069 | €10,855 | +€5,786 | +114% |
| Profit (loss) for the period before taxes | 9903 | -€14,249 | -€34,893 | -€20,645 | -145% |
| Profit (loss) for the period | 9904 | -€14,249 | -€34,893 | -€20,645 | -145% |
| Profit (loss) for the period to be appropriated | 9905 | -€14,249 | -€34,893 | -€20,645 | -145% |
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 31 October 2026 via checked.be.