NEXT STEP: what changed
NEXT STEP
Largest movements
- Current investments +€36,979
up €36,979 (+27.5%), from €134,707 to €171,686
- Tangible fixed assets -€29,978
down €29,978 (-24.4%), from €122,968 to €92,990
of which Furniture and vehicles: -€28,787
- Receivables within one year -€16,297
down €16,297 (-84.6%), from €19,269 to €2,972
of which Trade receivables: -€19,269
- Cash -€11,066
down €11,066 (-9.4%), from €118,348 to €107,282
mainly Contributions, distributions and other (-€88,303) and Current investments (-€36,979)
- Financial fixed assets -€10,000
down €10,000 (-16.7%), from €60,000 to €50,000
- Reserves -€77,888
down €77,888 (-24.5%), from €318,189 to €240,302
- Other debts +€73,985
up €73,985 (+621%), from €11,905 to €85,890
- Debts after one year -€15,368
down €15,368 (-36.0%), from €42,690 to €27,322
- Tax, wage and social debts -€10,231
down €10,231 (-21.2%), from €48,287 to €38,056
- Gross operating margin -€80,440
down €80,440 (-60.2%), from €133,585 to €53,146
- Taxes -€25,595
down €25,595 (-75.1%), from €34,084 to €8,489
- Financial income -€18,571
down €18,571 (-79.8%), from €23,269 to €4,698
- Financial charges -€1,519
down €1,519 (-25.5%), from €5,961 to €4,443
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €461,441 | €435,404 | -€26,037 | -5.6% |
| Fixed assets | 21/28 | €182,968 | €142,990 | -€39,978 | -21.8% |
| Tangible fixed assets | 22/27 | €122,968 | €92,990 | -€29,978 | -24.4% |
| Furniture and vehicles | 24 | €112,367 | €83,580 | -€28,787 | -25.6% |
| Other tangible fixed assets | 26 | €10,601 | €9,410 | -€1,191 | -11.2% |
| Financial fixed assets | 28 | €60,000 | €50,000 | -€10,000 | -16.7% |
| Current assets | 29/58 | €278,474 | €292,414 | +€13,941 | +5.0% |
| Amounts receivable within one year | 40/41 | €19,269 | €2,972 | -€16,297 | -84.6% |
| Trade receivables | 40 | €19,269 | €0 | -€19,269 | -100% |
| Other amounts receivable | 41 | €0 | €2,972 | +€2,972 | |
| Current investments | 50/53 | €134,707 | €171,686 | +€36,979 | +27.5% |
| Cash at bank and in hand | 54/58 | €118,348 | €107,282 | -€11,066 | -9.4% |
| Deferred charges and accrued income | 490/1 | €6,150 | €10,475 | +€4,325 | +70.3% |
| Total equity and liabilities | 10/49 | €461,441 | €435,404 | -€26,037 | -5.6% |
| Equity | 10/15 | €342,694 | €264,806 | -€77,888 | -22.7% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €318,189 | €240,302 | -€77,888 | -24.5% |
| Distributable reserves | 133 | €318,189 | €240,302 | -€77,888 | -24.5% |
| Profit (loss) carried forward | 14 | €4,044 | €4,044 | = | 0.0% |
| Amounts payable | 17/49 | €118,747 | €170,598 | +€51,851 | +43.7% |
| Amounts payable after more than one year | 17 | €42,690 | €27,322 | -€15,368 | -36.0% |
| Financial debts | 170/4 | €42,690 | €27,322 | -€15,368 | -36.0% |
| Amounts payable within one year | 42/48 | €76,058 | €143,276 | +€67,218 | +88.4% |
| Current portion of amounts payable after more than one year | 42 | €14,642 | €15,368 | +€725 | +5.0% |
| Trade debts | 44 | €1,223 | €3,939 | +€2,716 | +222% |
| Suppliers | 440/4 | €1,223 | €3,939 | +€2,716 | +222% |
| Advances received on contracts in progress | 46 | - | €23 | +€23 | |
| Taxes, remuneration and social security | 45 | €48,287 | €38,056 | -€10,231 | -21.2% |
| Taxes | 450/3 | €48,287 | €38,056 | -€10,231 | -21.2% |
| Other amounts payable | 47/48 | €11,905 | €85,890 | +€73,985 | +621% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,310 | €34,089 | +€779 | +2.3% |
| Other operating charges | 640/8 | €772 | €408 | -€364 | -47.2% |
| Gross operating margin | 9900 | €133,585 | €53,146 | -€80,440 | -60.2% |
| Operating profit (loss) | 9901 | €99,504 | €18,649 | -€80,855 | -81.3% |
| Financial income | 75/76B | €23,269 | €4,698 | -€18,571 | -79.8% |
| Recurring financial income | 75 | €23,269 | €4,698 | -€18,571 | -79.8% |
| Financial charges | 65/66B | €5,961 | €4,443 | -€1,519 | -25.5% |
| Recurring financial charges | 65 | €5,961 | €4,443 | -€1,519 | -25.5% |
| Profit (loss) for the period before taxes | 9903 | €116,812 | €18,905 | -€97,907 | -83.8% |
| Income taxes | 67/77 | €34,084 | €8,489 | -€25,595 | -75.1% |
| Profit (loss) for the period | 9904 | €82,728 | €10,416 | -€72,312 | -87.4% |
| Profit (loss) for the period to be appropriated | 9905 | €82,728 | €10,416 | -€72,312 | -87.4% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.