B-LOGIC: 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.
B-LOGIC
Largest movements
- Receivables within one year -€555,518
down €555,518 (-70.7%), from €786,271 to €230,753
of which Other amounts receivable: -€563,267
- Cash +€354,005
up €354,005 (+46.7%), from €758,633 to €1.1m
mainly Receivables within one year (+€555,518) and Depreciation (+€205,524)
- Tangible fixed assets +€95,746
up €95,746 (+1.7%), from €5.7m to €5.8m
of which Land and buildings: +€102,080
- Trade debts -€214,888
down €214,888 (-96.0%), from €223,842 to €8,953
- Reserves +€138,979
up €138,979 (+2.1%), from €6.7m to €6.9m
of which Distributable reserves: +€138,979
- Debts after one year -€98,886
down €98,886 (-29.4%), from €336,091 to €237,204
- Financial income -€106,773
down €106,773 (-62.1%), from €172,069 to €65,297
- Depreciation +€32,011
up €32,011 (+18.4%), from €173,513 to €205,524
- Gross operating margin +€26,909
up €26,909 (+7.6%), from €355,345 to €382,254
- Taxes -€19,818
down €19,818 (-30.2%), from €65,594 to €45,775
- Financial charges -€7,880
down €7,880 (-28.7%), from €27,488 to €19,608
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 | €8,416,662 | €8,315,429 | -€101,233 | -1.2% |
| Fixed assets | 21/28 | €5,739,359 | €5,835,105 | +€95,746 | +1.7% |
| Tangible fixed assets | 22/27 | €5,739,359 | €5,835,105 | +€95,746 | +1.7% |
| Land and buildings | 22 | €5,731,537 | €5,833,617 | +€102,080 | +1.8% |
| Plant, machinery and equipment | 23 | €2,975 | €1,487 | -€1,487 | -50.0% |
| Furniture and vehicles | 24 | €4,847 | €0 | -€4,847 | -100% |
| Current assets | 29/58 | €2,677,303 | €2,480,324 | -€196,979 | -7.4% |
| Amounts receivable within one year | 40/41 | €786,271 | €230,753 | -€555,518 | -70.7% |
| Trade receivables | 40 | €71,508 | €79,257 | +€7,749 | +10.8% |
| Other amounts receivable | 41 | €714,763 | €151,496 | -€563,267 | -78.8% |
| Current investments | 50/53 | €1,104,703 | €1,132,094 | +€27,391 | +2.5% |
| Cash at bank and in hand | 54/58 | €758,633 | €1,112,639 | +€354,005 | +46.7% |
| Deferred charges and accrued income | 490/1 | €27,696 | €4,839 | -€22,857 | -82.5% |
| Total equity and liabilities | 10/49 | €8,416,662 | €8,315,429 | -€101,233 | -1.2% |
| Equity | 10/15 | €7,541,298 | €7,679,719 | +€138,421 | +1.8% |
| Contributions | 10/11 | €809,330 | €809,330 | = | 0.0% |
| Capital | 10 | €809,330 | €809,330 | = | 0.0% |
| Issued capital | 100 | €809,330 | €809,330 | = | 0.0% |
| Reserves | 13 | €6,720,813 | €6,859,792 | +€138,979 | +2.1% |
| Non-distributable reserves | 130/1 | €80,933 | €80,933 | = | 0.0% |
| Legal reserve | 130 | €80,933 | €80,933 | = | 0.0% |
| Distributable reserves | 133 | €6,639,880 | €6,778,859 | +€138,979 | +2.1% |
| Investment grants | 15 | €11,154 | €10,596 | -€558 | -5.0% |
| Provisions and deferred taxes | 16 | €3,718 | €3,532 | -€186 | -5.0% |
| Deferred taxes | 168 | €3,718 | €3,532 | -€186 | -5.0% |
| Amounts payable | 17/49 | €871,646 | €632,178 | -€239,468 | -27.5% |
| Amounts payable after more than one year | 17 | €336,091 | €237,204 | -€98,886 | -29.4% |
| Financial debts | 170/4 | €336,091 | €237,204 | -€98,886 | -29.4% |
| Amounts payable within one year | 42/48 | €535,556 | €394,974 | -€140,582 | -26.2% |
| Current portion of amounts payable after more than one year | 42 | €95,078 | €98,886 | +€3,808 | +4.0% |
| Trade debts | 44 | €223,842 | €8,953 | -€214,888 | -96.0% |
| Suppliers | 440/4 | €223,842 | €8,953 | -€214,888 | -96.0% |
| Advances received on contracts in progress | 46 | €72,000 | €72,000 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €51,236 | €53,618 | +€2,383 | +4.7% |
| Taxes | 450/3 | €51,236 | €53,618 | +€2,383 | +4.7% |
| Other amounts payable | 47/48 | €93,401 | €161,516 | +€68,115 | +72.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €173,513 | €205,524 | +€32,011 | +18.4% |
| Other operating charges | 640/8 | €35,263 | €37,851 | +€2,588 | +7.3% |
| Gross operating margin | 9900 | €355,345 | €382,254 | +€26,909 | +7.6% |
| Operating profit (loss) | 9901 | €146,570 | €138,880 | -€7,690 | -5.2% |
| Financial income | 75/76B | €172,069 | €65,297 | -€106,773 | -62.1% |
| Recurring financial income | 75 | €172,069 | €65,297 | -€106,773 | -62.1% |
| Financial charges | 65/66B | €27,488 | €19,608 | -€7,880 | -28.7% |
| Recurring financial charges | 65 | €27,488 | €19,608 | -€7,880 | -28.7% |
| Profit (loss) for the period before taxes | 9903 | €291,151 | €184,568 | -€106,583 | -36.6% |
| Transfer from deferred taxes | 780 | €96 | €186 | +€90 | +92.8% |
| Income taxes | 67/77 | €65,594 | €45,775 | -€19,818 | -30.2% |
| Profit (loss) for the period | 9904 | €225,653 | €138,979 | -€86,675 | -38.4% |
| Profit (loss) for the period to be appropriated | 9905 | €225,653 | €138,979 | -€86,675 | -38.4% |
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 18 October 2026 via checked.be.