17 DAYS: 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.
17 DAYS
Largest movements
- Tangible fixed assets +€469,809
new in 2025: €469,809
of which Assets under construction and advance payments: +€352,328
- Receivables within one year +€43,820
up €43,820 (+39.5%), from €110,835 to €154,655
of which Other amounts receivable: +€120,181
- Cash +€10,723
up €10,723 (+89.5%), from €11,975 to €22,698
mainly Debts after one year (+€392,500) and Other debts (+€101,023)
- Debts after one year +€392,500
new in 2025: €392,500
- Other debts +€101,023
up €101,023 (+146.4%), from €69,015 to €170,038
- Short-term financial debts +€100,000
new in 2025: €100,000
- Trade debts -€48,339
down €48,339 (-60.0%), from €80,556 to €32,216
- Tax, wage and social debts -€12,235
no longer reported in 2025 (was €12,235)
- Financial charges +€3,963
up €3,963 (+329.8%), from €1,201 to €5,164
- Gross operating margin -€3,232
down €3,232, from €1,073 to -€2,159
- Depreciation +€952
new in 2025: €952
- Other operating charges +€214
up €214 (+42.4%), from €505 to €720
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 | €172,810 | €697,163 | +€524,352 | +303.4% |
| Fixed assets | 21/28 | €50,000 | €519,809 | +€469,809 | +939.6% |
| Tangible fixed assets | 22/27 | - | €469,809 | +€469,809 | |
| Land and buildings | 22 | - | €117,482 | +€117,482 | |
| Assets under construction and advance payments | 27 | - | €352,328 | +€352,328 | |
| Financial fixed assets | 28 | €50,000 | €50,000 | = | 0.0% |
| Current assets | 29/58 | €122,810 | €177,353 | +€54,543 | +44.4% |
| Amounts receivable within one year | 40/41 | €110,835 | €154,655 | +€43,820 | +39.5% |
| Trade receivables | 40 | €107,216 | €30,855 | -€76,361 | -71.2% |
| Other amounts receivable | 41 | €3,620 | €123,800 | +€120,181 | +3320.0% |
| Cash at bank and in hand | 54/58 | €11,975 | €22,698 | +€10,723 | +89.5% |
| Total equity and liabilities | 10/49 | €172,810 | €697,163 | +€524,352 | +303.4% |
| Equity | 10/15 | €11,004 | €2,009 | -€8,996 | -81.7% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €8,004 | - | -€8,004 | |
| Distributable reserves | 133 | €8,004 | - | -€8,004 | |
| Profit (loss) carried forward | 14 | - | -€991 | -€991 | |
| Amounts payable | 17/49 | €161,806 | €695,154 | +€533,348 | +329.6% |
| Amounts payable after more than one year | 17 | - | €392,500 | +€392,500 | |
| Financial debts | 170/4 | - | €392,500 | +€392,500 | |
| Amounts payable within one year | 42/48 | €161,806 | €302,254 | +€140,448 | +86.8% |
| Financial debts | 43 | - | €100,000 | +€100,000 | |
| Credit institutions | 430/8 | - | €100,000 | +€100,000 | |
| Trade debts | 44 | €80,556 | €32,216 | -€48,339 | -60.0% |
| Suppliers | 440/4 | €80,556 | €32,216 | -€48,339 | -60.0% |
| Taxes, remuneration and social security | 45 | €12,235 | - | -€12,235 | |
| Taxes | 450/3 | €12,235 | - | -€12,235 | |
| Other amounts payable | 47/48 | €69,015 | €170,038 | +€101,023 | +146.4% |
| Accrued charges and deferred income | 492/3 | - | €400 | +€400 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €952 | +€952 | |
| Other operating charges | 640/8 | €505 | €720 | +€214 | +42.4% |
| Gross operating margin | 9900 | €1,073 | -€2,159 | -€3,232 | |
| Operating profit (loss) | 9901 | €567 | -€3,831 | -€4,399 | |
| Financial charges | 65/66B | €1,201 | €5,164 | +€3,963 | +329.8% |
| Recurring financial charges | 65 | €1,201 | €5,164 | +€3,963 | +329.8% |
| Profit (loss) for the period before taxes | 9903 | -€634 | -€8,996 | -€8,361 | -1318.6% |
| Profit (loss) for the period | 9904 | -€634 | -€8,996 | -€8,361 | -1318.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€634 | -€8,996 | -€8,361 | -1318.6% |
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 12 October 2026 via checked.be.