Always Keep Learning: 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.
Always Keep Learning
Largest movements
- Cash +€6.9m
up €6.9m (+438%), from €1.6m to €8.5m
mainly Accrued charges and deferred income (+€4.6m) and Net result for the year (+€1.8m)
- Accrued charges and deferred income +€4.6m
up €4.6m (+455%), from €1.0m to €5.6m
- Profit (loss) carried forward +€1.4m
up €1.4m (+236%), from €612,882 to €2.1m
- Tax, wage and social debts +€445,930
up €445,930 (+167%), from €267,302 to €713,232
of which Taxes: +€444,302
- Reserves +€315,750
up €315,750 (+150%), from €210,500 to €526,250
- Gross operating margin +€1.5m
up €1.5m (+145%), from €1.0m to €2.5m
- Taxes +€329,499
up €329,499 (+132%), from €250,111 to €579,610
- Financial charges +€218,832
up €218,832 (+350%), from €62,465 to €281,297
of which Financial charges: +€218,833
- Financial income +€94,186
up €94,186 (+222%), from €42,409 to €136,594
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 | €2,121,288 | €8,953,099 | +€6.8m | +322% |
| Fixed assets | 21/28 | - | €22,927 | +€22,927 | |
| Intangible fixed assets | 21 | - | €22,927 | +€22,927 | |
| Current assets | 29/58 | €2,121,288 | €8,930,173 | +€6.8m | +321% |
| Amounts receivable within one year | 40/41 | €92,037 | €20,552 | -€71,485 | -77.7% |
| Trade receivables | 40 | €86,689 | €20,462 | -€66,228 | -76.4% |
| Other amounts receivable | 41 | €5,348 | €90 | -€5,258 | -98.3% |
| Current investments | 50/53 | €458,817 | €456,251 | -€2,566 | -0.6% |
| Cash at bank and in hand | 54/58 | €1,570,434 | €8,453,370 | +€6.9m | +438% |
| Total equity and liabilities | 10/49 | €2,121,288 | €8,953,099 | +€6.8m | +322% |
| Equity | 10/15 | €824,883 | €2,587,702 | +€1.8m | +214% |
| Contributions | 10/11 | €1,501 | €1,501 | = | 0.0% |
| Reserves | 13 | €210,500 | €526,250 | +€315,750 | +150% |
| Tax-exempt reserves | 132 | €210,500 | €526,250 | +€315,750 | +150% |
| Profit (loss) carried forward | 14 | €612,882 | €2,059,951 | +€1.4m | +236% |
| Amounts payable | 17/49 | €1,296,405 | €6,365,397 | +€5.1m | +391% |
| Amounts payable within one year | 42/48 | €279,832 | €718,394 | +€438,562 | +157% |
| Trade debts | 44 | €12,530 | €821 | -€11,709 | -93.5% |
| Suppliers | 440/4 | €12,530 | €821 | -€11,709 | -93.5% |
| Taxes, remuneration and social security | 45 | €267,302 | €713,232 | +€445,930 | +167% |
| Taxes | 450/3 | €267,302 | €711,604 | +€444,302 | +166% |
| Remuneration and social security | 454/9 | - | €1,628 | +€1,628 | |
| Other amounts payable | 47/48 | - | €4,341 | +€4,341 | |
| Accrued charges and deferred income | 492/3 | €1,016,573 | €5,647,003 | +€4.6m | +455% |
| Remuneration, social security and pensions | 62 | - | €2,035 | +€2,035 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €76 | +€76 | |
| Other operating charges | 640/8 | €505 | €866 | +€361 | +71.4% |
| Gross operating margin | 9900 | €1,015,612 | €2,490,109 | +€1.5m | +145% |
| Operating profit (loss) | 9901 | €1,015,106 | €2,487,132 | +€1.5m | +145% |
| Financial income | 75/76B | €42,409 | €136,594 | +€94,186 | +222% |
| Recurring financial income | 75 | €42,409 | €136,594 | +€94,186 | +222% |
| Financial charges | 65/66B | €62,465 | €281,297 | +€218,832 | +350% |
| Recurring financial charges | 65 | €62,464 | €281,297 | +€218,833 | +350% |
| Non-recurring financial charges | 66B | €1 | - | -€1 | |
| Profit (loss) for the period before taxes | 9903 | €995,050 | €2,342,429 | +€1.3m | +135% |
| Income taxes | 67/77 | €250,111 | €579,610 | +€329,499 | +132% |
| Profit (loss) for the period | 9904 | €744,939 | €1,762,819 | +€1.0m | +137% |
| Transfer to tax-exempt reserves | 689 | €210,500 | €315,750 | +€105,250 | +50.0% |
| Profit (loss) for the period to be appropriated | 9905 | €534,439 | €1,447,069 | +€912,630 | +171% |
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 16 October 2026 via checked.be.