GROUP-E: 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.
GROUP-E
Largest movements
- Tangible fixed assets +€165,405
up €165,405 (+186%), from €88,770 to €254,175
of which Land and buildings: +€152,218
- Receivables within one year +€35,745
up €35,745 (+158%), from €22,628 to €58,373
of which Trade receivables: +€33,125
- Cash -€29,127
down €29,127 (-42.6%), from €68,371 to €39,243
mainly Investment in fixed assets (net) (-€171,540) and Contributions, distributions and other (-€50,623)
- Intangible fixed assets -€8,917
down €8,917 (-30.8%), from €28,938 to €20,021
- Debts after one year +€142,806
up €142,806 (+1,046%), from €13,658 to €156,463
- Profit (loss) carried forward -€57,584
down €57,584 (-49.7%), from €115,969 to €58,386
- Reserves +€50,000
new in 2025: €50,000
- Trade debts +€43,985
up €43,985 (+2,013%), from €2,185 to €46,170
- Other debts -€12,103
down €12,103 (-25.7%), from €47,103 to €35,000
- Financial income -€5,484
down €5,484 (-72.3%), from €7,587 to €2,103
- Gross operating margin -€5,481
down €5,481 (-5.9%), from €93,074 to €87,593
- Taxes +€2,612
up €2,612 (+15.8%), from €16,516 to €19,127
- Depreciation +€1,346
up €1,346 (+9.8%), from €13,706 to €15,052
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 | €251,760 | €416,041 | +€164,281 | +65.3% |
| Fixed assets | 21/28 | €117,762 | €274,250 | +€156,488 | +133% |
| Intangible fixed assets | 21 | €28,938 | €20,021 | -€8,917 | -30.8% |
| Tangible fixed assets | 22/27 | €88,770 | €254,175 | +€165,405 | +186% |
| Land and buildings | 22 | €81,220 | €233,438 | +€152,218 | +187% |
| Plant, machinery and equipment | 23 | €5,221 | €3,940 | -€1,281 | -24.5% |
| Furniture and vehicles | 24 | €2,328 | €2,123 | -€205 | -8.8% |
| Other tangible fixed assets | 26 | - | €14,674 | +€14,674 | |
| Financial fixed assets | 28 | €54 | €54 | = | 0.0% |
| Current assets | 29/58 | €133,998 | €141,790 | +€7,793 | +5.8% |
| Amounts receivable within one year | 40/41 | €22,628 | €58,373 | +€35,745 | +158% |
| Trade receivables | 40 | €13,249 | €46,375 | +€33,125 | +250% |
| Other amounts receivable | 41 | €9,379 | €11,999 | +€2,620 | +27.9% |
| Current investments | 50/53 | €42,999 | €44,174 | +€1,175 | +2.7% |
| Cash at bank and in hand | 54/58 | €68,371 | €39,243 | -€29,127 | -42.6% |
| Total equity and liabilities | 10/49 | €251,760 | €416,041 | +€164,281 | +65.3% |
| Equity | 10/15 | €139,103 | €130,896 | -€8,207 | -5.9% |
| Contributions | 10/11 | €11,000 | €11,000 | = | 0.0% |
| Reserves | 13 | - | €50,000 | +€50,000 | |
| Distributable reserves | 133 | - | €50,000 | +€50,000 | |
| Profit (loss) carried forward | 14 | €115,969 | €58,386 | -€57,584 | -49.7% |
| Investment grants | 15 | €12,134 | €11,510 | -€623 | -5.1% |
| Amounts payable | 17/49 | €112,657 | €285,145 | +€172,488 | +153% |
| Amounts payable after more than one year | 17 | €13,658 | €156,463 | +€142,806 | +1,046% |
| Financial debts | 170/4 | €13,658 | €156,463 | +€142,806 | +1,046% |
| Amounts payable within one year | 42/48 | €98,999 | €128,682 | +€29,683 | +30.0% |
| Current portion of amounts payable after more than one year | 42 | €11,436 | €11,778 | +€342 | +3.0% |
| Trade debts | 44 | €2,185 | €46,170 | +€43,985 | +2,013% |
| Suppliers | 440/4 | €2,185 | €46,170 | +€43,985 | +2,013% |
| Taxes, remuneration and social security | 45 | €38,276 | €35,734 | -€2,541 | -6.6% |
| Taxes | 450/3 | €38,276 | €35,734 | -€2,541 | -6.6% |
| Other amounts payable | 47/48 | €47,103 | €35,000 | -€12,103 | -25.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,706 | €15,052 | +€1,346 | +9.8% |
| Other operating charges | 640/8 | €1,395 | €1,043 | -€352 | -25.3% |
| Non-recurring operating charges | 66A | €0 | €7,513 | +€7,513 | |
| Gross operating margin | 9900 | €93,074 | €87,593 | -€5,481 | -5.9% |
| Operating profit (loss) | 9901 | €77,973 | €63,985 | -€13,988 | -17.9% |
| Financial income | 75/76B | €7,587 | €2,103 | -€5,484 | -72.3% |
| Recurring financial income | 75 | €7,587 | €2,103 | -€5,484 | -72.3% |
| Financial charges | 65/66B | €4,986 | €4,544 | -€442 | -8.9% |
| Recurring financial charges | 65 | €4,986 | €4,544 | -€442 | -8.9% |
| Profit (loss) for the period before taxes | 9903 | €80,574 | €61,544 | -€19,030 | -23.6% |
| Income taxes | 67/77 | €16,516 | €19,127 | +€2,612 | +15.8% |
| Profit (loss) for the period | 9904 | €64,058 | €42,416 | -€21,642 | -33.8% |
| Profit (loss) for the period to be appropriated | 9905 | €64,058 | €42,416 | -€21,642 | -33.8% |
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 23 October 2026 via checked.be.