What changed?
Two fiscal 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.
BRAINCODE
Largest movements
- Cash -€380,308
down €380,308 (-88.2%), from €431,334 to €51,026
mainly Contributions, distributions and other (-€311,411) and Current investments (-€200,000)
- Current investments +€200,000
new in 2025: €200,000
- Tangible fixed assets -€38,231
down €38,231 (-4.8%), from €794,138 to €755,907
of which Land and buildings: -€23,809
- Other debts -€110,637
down €110,637 (-89.5%), from €123,666 to €13,029
- Reserves -€74,221
down €74,221 (-6.2%), from €1.2m to €1.1m
of which Distributable reserves: -€74,221
- Tax, wage and social debts -€37,602
down €37,602 (-44.7%), from €84,190 to €46,588
of which Taxes: -€33,097
- Gross operating margin -€162,304
down €162,304 (-29.5%), from €550,731 to €388,427
- Taxes -€55,479
down €55,479 (-34.7%), from €160,023 to €104,544
- Depreciation -€8,875
down €8,875 (-16.5%), from €53,857 to €44,982
- Financial income -€7,127
down €7,127 (-71.7%), from €9,933 to €2,806
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.
Cash bridge derived
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 | €1,444,372 | €1,233,601 | -€210,771 | -14.6% |
| Fixed assets | 21/28 | €974,323 | €936,092 | -€38,231 | -3.9% |
| Tangible fixed assets | 22/27 | €794,138 | €755,907 | -€38,231 | -4.8% |
| Land and buildings | 22 | €752,020 | €728,211 | -€23,809 | -3.2% |
| Plant, machinery and equipment | 23 | €3,247 | €1,934 | -€1,313 | -40.4% |
| Furniture and vehicles | 24 | €38,871 | €25,762 | -€13,109 | -33.7% |
| Financial fixed assets | 28 | €180,185 | €180,185 | = | 0.0% |
| Current assets | 29/58 | €470,049 | €297,509 | -€172,540 | -36.7% |
| Amounts receivable within one year | 40/41 | €35,550 | €44,239 | +€8,688 | +24.4% |
| Trade receivables | 40 | €35,550 | €44,239 | +€8,688 | +24.4% |
| Current investments | 50/53 | - | €200,000 | +€200,000 | |
| Cash at bank and in hand | 54/58 | €431,334 | €51,026 | -€380,308 | -88.2% |
| Deferred charges and accrued income | 490/1 | €3,165 | €2,244 | -€920 | -29.1% |
| Total equity and liabilities | 10/49 | €1,444,372 | €1,233,601 | -€210,771 | -14.6% |
| Equity | 10/15 | €1,222,124 | €1,147,903 | -€74,221 | -6.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,203,524 | €1,129,303 | -€74,221 | -6.2% |
| 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 | €44,845 | €44,845 | = | 0.0% |
| Distributable reserves | 133 | €1,156,820 | €1,082,599 | -€74,221 | -6.4% |
| Amounts payable | 17/49 | €222,247 | €85,698 | -€136,549 | -61.4% |
| Amounts payable within one year | 42/48 | €222,247 | €85,698 | -€136,549 | -61.4% |
| Trade debts | 44 | €14,391 | €26,081 | +€11,690 | +81.2% |
| Suppliers | 440/4 | €14,391 | €26,081 | +€11,690 | +81.2% |
| Taxes, remuneration and social security | 45 | €84,190 | €46,588 | -€37,602 | -44.7% |
| Taxes | 450/3 | €75,225 | €42,128 | -€33,097 | -44.0% |
| Remuneration and social security | 454/9 | €8,965 | €4,460 | -€4,506 | -50.3% |
| Other amounts payable | 47/48 | €123,666 | €13,029 | -€110,637 | -89.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,857 | €44,982 | -€8,875 | -16.5% |
| Other operating charges | 640/8 | €3,972 | €4,421 | +€448 | +11.3% |
| Gross operating margin | 9900 | €550,731 | €388,427 | -€162,304 | -29.5% |
| Operating profit (loss) | 9901 | €492,902 | €339,024 | -€153,878 | -31.2% |
| Financial income | 75/76B | €9,933 | €2,806 | -€7,127 | -71.7% |
| Recurring financial income | 75 | €9,933 | €2,806 | -€7,127 | -71.7% |
| Financial charges | 65/66B | €608 | €97 | -€511 | -84.1% |
| Recurring financial charges | 65 | €608 | €97 | -€511 | -84.1% |
| Profit (loss) for the period before taxes | 9903 | €502,226 | €341,734 | -€160,493 | -32.0% |
| Income taxes | 67/77 | €160,023 | €104,544 | -€55,479 | -34.7% |
| Profit (loss) for the period | 9904 | €342,203 | €237,190 | -€105,014 | -30.7% |
| Profit (loss) for the period to be appropriated | 9905 | €342,203 | €237,190 | -€105,014 | -30.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 September 2026 via checked.be.