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.
SARAH PERNEEL
Largest movements
- Current investments +€36,398
up €36,398 (+23.9%), from €152,055 to €188,454
- Tangible fixed assets -€24,852
down €24,852 (-13.0%), from €191,802 to €166,950
of which Land and buildings: -€25,162
- Receivables within one year +€5,101
up €5,101 (+11.8%), from €43,202 to €48,303
of which Other amounts receivable: +€6,885
- Reserves +€20,684
up €20,684 (+8.1%), from €254,683 to €275,367
- Debts after one year -€20,409
down €20,409 (-15.4%), from €132,739 to €112,330
- Tax, wage and social debts +€10,631
up €10,631 (+363.7%), from €2,923 to €13,553
- Short-term financial debts +€5,333
up €5,333 (+106.7%), from €5,000 to €10,333
- Gross operating margin +€33,268
up €33,268 (+47.1%), from €70,686 to €103,954
- Taxes +€14,441
up €14,441 (+135.0%), from €10,696 to €25,137
- Financial charges -€2,417
down €2,417 (-43.4%), from €5,576 to €3,158
- Other operating charges -€2,053
down €2,053 (-52.0%), from €3,950 to €1,897
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 | €431,134 | €446,180 | +€15,046 | +3.5% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €192,302 | €167,450 | -€24,852 | -12.9% |
| Tangible fixed assets | 22/27 | €191,802 | €166,950 | -€24,852 | -13.0% |
| Land and buildings | 22 | €187,833 | €162,671 | -€25,162 | -13.4% |
| Plant, machinery and equipment | 23 | €3,223 | €2,139 | -€1,084 | -33.6% |
| Furniture and vehicles | 24 | €746 | €2,140 | +€1,394 | +186.8% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €238,831 | €278,730 | +€39,898 | +16.7% |
| Amounts receivable within one year | 40/41 | €43,202 | €48,303 | +€5,101 | +11.8% |
| Trade receivables | 40 | €23,898 | €22,114 | -€1,784 | -7.5% |
| Other amounts receivable | 41 | €19,304 | €26,189 | +€6,885 | +35.7% |
| Current investments | 50/53 | €152,055 | €188,454 | +€36,398 | +23.9% |
| Cash at bank and in hand | 54/58 | €42,853 | €40,204 | -€2,650 | -6.2% |
| Deferred charges and accrued income | 490/1 | €721 | €1,770 | +€1,049 | +145.5% |
| Total equity and liabilities | 10/49 | €431,134 | €446,180 | +€15,046 | +3.5% |
| Equity | 10/15 | €268,242 | €289,121 | +€20,879 | +7.8% |
| Contributions | 10/11 | €12,500 | €12,500 | = | 0.0% |
| Reserves | 13 | €254,683 | €275,367 | +€20,684 | +8.1% |
| Distributable reserves | 133 | €254,683 | €275,367 | +€20,684 | +8.1% |
| Profit (loss) carried forward | 14 | €1,060 | €1,254 | +€195 | +18.4% |
| Amounts payable | 17/49 | €162,891 | €157,058 | -€5,833 | -3.6% |
| Amounts payable after more than one year | 17 | €132,739 | €112,330 | -€20,409 | -15.4% |
| Financial debts | 170/4 | €132,739 | €112,330 | -€20,409 | -15.4% |
| Amounts payable within one year | 42/48 | €30,152 | €44,728 | +€14,576 | +48.3% |
| Current portion of amounts payable after more than one year | 42 | €20,028 | €20,409 | +€381 | +1.9% |
| Financial debts | 43 | €5,000 | €10,333 | +€5,333 | +106.7% |
| Credit institutions | 430/8 | €5,000 | €10,333 | +€5,333 | +106.7% |
| Trade debts | 44 | €740 | €433 | -€307 | -41.5% |
| Suppliers | 440/4 | €740 | €433 | -€307 | -41.5% |
| Taxes, remuneration and social security | 45 | €2,923 | €13,553 | +€10,631 | +363.7% |
| Taxes | 450/3 | €2,923 | €13,553 | +€10,631 | +363.7% |
| Other amounts payable | 47/48 | €1,462 | - | -€1,462 | |
| Non-recurring operating income | 76A | - | €2,040 | +€2,040 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,579 | €26,971 | +€392 | +1.5% |
| Other operating charges | 640/8 | €3,950 | €1,897 | -€2,053 | -52.0% |
| Gross operating margin | 9900 | €70,686 | €103,954 | +€33,268 | +47.1% |
| Operating profit (loss) | 9901 | €40,157 | €75,086 | +€34,929 | +87.0% |
| Financial income | 75/76B | €2 | €404 | +€403 | +24848.8% |
| Recurring financial income | 75 | €2 | €404 | +€403 | +24848.8% |
| Financial charges | 65/66B | €5,576 | €3,158 | -€2,417 | -43.4% |
| Recurring financial charges | 65 | €5,576 | €3,158 | -€2,417 | -43.4% |
| Profit (loss) for the period before taxes | 9903 | €34,583 | €72,331 | +€37,748 | +109.2% |
| Income taxes | 67/77 | €10,696 | €25,137 | +€14,441 | +135.0% |
| Profit (loss) for the period | 9904 | €23,887 | €47,195 | +€23,308 | +97.6% |
| Profit (loss) for the period to be appropriated | 9905 | €23,887 | €47,195 | +€23,308 | +97.6% |
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.