AA+: what changed
You see two financial years side by side: what moved most in the balance sheet and the result, why the result rose or fell and where the money went.
AA+
Largest movements
- Receivables within one year -€573,028
down €573,028 (-94.1%), from €608,939 to €35,911
- Tangible fixed assets +€382,676
up €382,676 (+100%), from €381,759 to €764,435
of which Land and buildings: +€380,339
- Receivables after one year +€222,000
up €222,000 (+44.4%), from €500,000 to €722,000
- Revaluation surpluses +€390,000
new in 2025: €390,000
- Debts after one year -€292,711
down €292,711 (-34.7%), from €843,369 to €550,658
of which Financial debts: -€223,247
- Other debts -€56,350
down €56,350 (-11.4%), from €495,881 to €439,531
- Taxes -€18,388
down €18,388 (-47.1%), from €39,026 to €20,638
- Gross operating margin +€15,827
up €15,827 (+159%), from €9,942 to €25,769
- Financial income -€14,663
no longer reported in 2025 (was €14,663)
- Financial charges -€2,345
down €2,345 (-28.1%), from €8,335 to €5,990
- Other operating charges +€674
up €674 (+19.9%), from €3,390 to €4,064
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 | €1,784,127 | €1,813,904 | +€29,777 | +1.7% |
| Fixed assets | 21/28 | €673,292 | €1,055,968 | +€382,676 | +56.8% |
| Tangible fixed assets | 22/27 | €381,759 | €764,435 | +€382,676 | +100% |
| Land and buildings | 22 | €378,511 | €758,850 | +€380,339 | +100% |
| Plant, machinery and equipment | 23 | €300 | €3,263 | +€2,963 | +988% |
| Other tangible fixed assets | 26 | €2,948 | €2,321 | -€627 | -21.3% |
| Financial fixed assets | 28 | €291,533 | €291,533 | +€0 | 0.0% |
| Current assets | 29/58 | €1,110,835 | €757,936 | -€352,899 | -31.8% |
| Amounts receivable after more than one year | 29 | €500,000 | €722,000 | +€222,000 | +44.4% |
| Other amounts receivable | 291 | €500,000 | €722,000 | +€222,000 | +44.4% |
| Amounts receivable within one year | 40/41 | €608,939 | €35,911 | -€573,028 | -94.1% |
| Other amounts receivable | 41 | €608,939 | €35,911 | -€573,028 | -94.1% |
| Cash at bank and in hand | 54/58 | €1,546 | €25 | -€1,521 | -98.4% |
| Deferred charges and accrued income | 490/1 | €350 | - | -€350 | |
| Total equity and liabilities | 10/49 | €1,784,127 | €1,813,904 | +€29,777 | +1.7% |
| Equity | 10/15 | €402,749 | €777,539 | +€374,790 | +93.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Revaluation surpluses | 12 | - | €390,000 | +€390,000 | |
| Reserves | 13 | €202,018 | €202,018 | -€0 | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €13,750 | €13,750 | = | 0.0% |
| Distributable reserves | 133 | €186,408 | €186,408 | -€0 | 0.0% |
| Profit (loss) carried forward | 14 | €182,131 | €166,921 | -€15,210 | -8.4% |
| Amounts payable | 17/49 | €1,381,378 | €1,036,365 | -€345,013 | -25.0% |
| Amounts payable after more than one year | 17 | €843,369 | €550,658 | -€292,711 | -34.7% |
| Financial debts | 170/4 | €367,869 | €144,622 | -€223,247 | -60.7% |
| Other amounts payable | 178/9 | €475,500 | €406,036 | -€69,464 | -14.6% |
| Amounts payable within one year | 42/48 | €538,009 | €485,707 | -€52,302 | -9.7% |
| Current portion of amounts payable after more than one year | 42 | €37,321 | €37,321 | +€0 | 0.0% |
| Financial debts | 43 | - | €1,250 | +€1,250 | |
| Credit institutions | 430/8 | - | €1,250 | +€1,250 | |
| Trade debts | 44 | €4,807 | €7,605 | +€2,798 | +58.2% |
| Suppliers | 440/4 | €4,807 | €7,605 | +€2,798 | +58.2% |
| Other amounts payable | 47/48 | €495,881 | €439,531 | -€56,350 | -11.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,621 | €10,287 | -€334 | -3.1% |
| Other operating charges | 640/8 | €3,390 | €4,064 | +€674 | +19.9% |
| Non-recurring operating charges | 66A | €1,726 | - | -€1,726 | |
| Gross operating margin | 9900 | €9,942 | €25,769 | +€15,827 | +159% |
| Operating profit (loss) | 9901 | -€5,795 | €11,418 | +€17,213 | |
| Financial income | 75/76B | €14,663 | - | -€14,663 | |
| Recurring financial income | 75 | €14,663 | - | -€14,663 | |
| Financial charges | 65/66B | €8,335 | €5,990 | -€2,345 | -28.1% |
| Recurring financial charges | 65 | €8,335 | €5,990 | -€2,345 | -28.1% |
| Profit (loss) for the period before taxes | 9903 | €533 | €5,428 | +€4,895 | +918% |
| Income taxes | 67/77 | €39,026 | €20,638 | -€18,388 | -47.1% |
| Profit (loss) for the period | 9904 | -€38,493 | -€15,211 | +€23,282 | +60.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€38,493 | -€15,211 | +€23,282 | +60.5% |
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 1 November 2026 via checked.be.