18: 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.
18
Largest movements
- Cash -€33,609
down €33,609 (-99.2%), from €33,885 to €277
mainly Net result for the year (-€50,212) and Stocks and contracts (-€20,067)
- Stocks and contracts +€20,067
up €20,067 (+39.5%), from €50,828 to €70,895
- Financial fixed assets +€13,500
new in 2026: €13,500
- Tangible fixed assets -€11,342
down €11,342 (-28.0%), from €40,503 to €29,161
of which Furniture and vehicles: -€10,789
- Receivables within one year +€2,066
up €2,066 (+13.4%), from €15,369 to €17,436
of which Other amounts receivable: +€1,899
- Profit (loss) carried forward -€50,212
down €50,212, from €4,931 to -€45,281
- Other debts +€46,940
up €46,940 (+284.6%), from €16,493 to €63,434
- Short-term financial debts -€10,000
down €10,000 (-100.0%), from €10,000 to €0
- Trade debts +€7,766
up €7,766 (+64.5%), from €12,041 to €19,807
- Debts after one year -€5,374
down €5,374 (-34.8%), from €15,442 to €10,068
- Gross operating margin -€54,462
down €54,462, from €14,602 to -€39,859
- Write-downs -€10,804
down €10,804, from €7,392 to -€3,412
- Other operating charges -€3,894
down €3,894 (-85.2%), from €4,568 to €674
- Financial charges -€734
down €734 (-32.8%), from €2,235 to €1,501
- Staff costs -€403
down €403 (-82.6%), from €487 to €85
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €140,586 | €131,508 | -€9,077 | -6.5% |
| Fixed assets | 21/28 | €40,503 | €42,661 | +€2,158 | +5.3% |
| Tangible fixed assets | 22/27 | €40,503 | €29,161 | -€11,342 | -28.0% |
| Furniture and vehicles | 24 | €39,312 | €28,524 | -€10,789 | -27.4% |
| Other tangible fixed assets | 26 | €1,190 | €637 | -€553 | -46.5% |
| Financial fixed assets | 28 | - | €13,500 | +€13,500 | |
| Current assets | 29/58 | €100,083 | €88,848 | -€11,236 | -11.2% |
| Stocks and contracts in progress | 3 | €50,828 | €70,895 | +€20,067 | +39.5% |
| Stocks | 30/36 | €50,828 | €70,895 | +€20,067 | +39.5% |
| Amounts receivable within one year | 40/41 | €15,369 | €17,436 | +€2,066 | +13.4% |
| Trade receivables | 40 | €2,876 | €3,043 | +€167 | +5.8% |
| Other amounts receivable | 41 | €12,493 | €14,393 | +€1,899 | +15.2% |
| Cash at bank and in hand | 54/58 | €33,885 | €277 | -€33,609 | -99.2% |
| Deferred charges and accrued income | 490/1 | - | €240 | +€240 | |
| Total equity and liabilities | 10/49 | €140,586 | €131,508 | -€9,077 | -6.5% |
| Equity | 10/15 | €77,509 | €27,297 | -€50,212 | -64.8% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €22,578 | €22,578 | = | 0.0% |
| Non-distributable reserves | 130/1 | €303 | €303 | = | 0.0% |
| Reserves not available under the articles | 1311 | €303 | €303 | = | 0.0% |
| Distributable reserves | 133 | €22,275 | €22,275 | = | 0.0% |
| Profit (loss) carried forward | 14 | €4,931 | -€45,281 | -€50,212 | |
| Amounts payable | 17/49 | €63,077 | €104,212 | +€41,134 | +65.2% |
| Amounts payable after more than one year | 17 | €15,442 | €10,068 | -€5,374 | -34.8% |
| Financial debts | 170/4 | €15,442 | €10,068 | -€5,374 | -34.8% |
| Amounts payable within one year | 42/48 | €47,635 | €94,144 | +€46,509 | +97.6% |
| Current portion of amounts payable after more than one year | 42 | €5,115 | €5,374 | +€259 | +5.1% |
| Financial debts | 43 | €10,000 | €0 | -€10,000 | -100.0% |
| Credit institutions | 430/8 | €10,000 | €0 | -€10,000 | -100.0% |
| Trade debts | 44 | €12,041 | €19,807 | +€7,766 | +64.5% |
| Suppliers | 440/4 | €12,041 | €19,807 | +€7,766 | +64.5% |
| Taxes, remuneration and social security | 45 | €3,985 | €5,529 | +€1,543 | +38.7% |
| Taxes | 450/3 | €3,985 | €5,529 | +€1,543 | +38.7% |
| Other amounts payable | 47/48 | €16,493 | €63,434 | +€46,940 | +284.6% |
| Remuneration, social security and pensions | 62 | €487 | €85 | -€403 | -82.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,342 | €11,342 | = | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €7,392 | -€3,412 | -€10,804 | |
| Other operating charges | 640/8 | €4,568 | €674 | -€3,894 | -85.2% |
| Gross operating margin | 9900 | €14,602 | -€39,859 | -€54,462 | |
| Operating profit (loss) | 9901 | -€9,187 | -€48,547 | -€39,360 | -428.4% |
| Financial income | 75/76B | €119 | €0 | -€119 | -100.0% |
| Recurring financial income | 75 | €119 | €0 | -€119 | -100.0% |
| Financial charges | 65/66B | €2,235 | €1,501 | -€734 | -32.8% |
| Recurring financial charges | 65 | €2,235 | €1,501 | -€734 | -32.8% |
| Profit (loss) for the period before taxes | 9903 | -€11,303 | -€50,049 | -€38,746 | -342.8% |
| Income taxes | 67/77 | €174 | €163 | -€11 | -6.2% |
| Profit (loss) for the period | 9904 | -€11,477 | -€50,212 | -€38,735 | -337.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€11,477 | -€50,212 | -€38,735 | -337.5% |
Source: filed annual accounts (NBB), fiscal years ended 1 February 2025 and 1 February 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.