18 april: 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 april
Largest movements
- Stocks and contracts -€29,010
down €29,010 (-45.5%), from €63,777 to €34,767
- Tangible fixed assets -€12,965
down €12,965 (-33.8%), from €38,382 to €25,417
of which Other tangible fixed assets: -€11,393
- Deferred charges and accrued income +€2,522
up €2,522 (+159.7%), from €1,579 to €4,102
- Other debts -€20,078
down €20,078 (-34.4%), from €58,442 to €38,365
- Profit (loss) carried forward -€19,316
down €19,316, from €929 to -€18,387
- Advances received +€5,236
up €5,236 (+64.3%), from €8,139 to €13,375
- Trade debts -€4,259
down €4,259 (-52.7%), from €8,086 to €3,828
- Tax, wage and social debts -€1,325
down €1,325 (-89.7%), from €1,478 to €152
- Gross operating margin -€11,043
down €11,043 (-94.6%), from €11,679 to €636
- Depreciation -€846
down €846 (-9.0%), from €9,451 to €8,605
- Other operating charges -€396
down €396 (-31.6%), from €1,255 to €859
- Financial income -€280
down €280 (-98.1%), from €286 to €5
- Taxes +€204
up €204 (+24.5%), from €832 to €1,036
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 | €104,502 | €66,030 | -€38,472 | -36.8% |
| Fixed assets | 21/28 | €38,442 | €25,477 | -€12,965 | -33.7% |
| Tangible fixed assets | 22/27 | €38,382 | €25,417 | -€12,965 | -33.8% |
| Furniture and vehicles | 24 | €26,989 | €25,417 | -€1,572 | -5.8% |
| Other tangible fixed assets | 26 | €11,393 | - | -€11,393 | |
| Financial fixed assets | 28 | €60 | €60 | = | 0.0% |
| Current assets | 29/58 | €66,060 | €40,553 | -€25,507 | -38.6% |
| Stocks and contracts in progress | 3 | €63,777 | €34,767 | -€29,010 | -45.5% |
| Stocks | 30/36 | €63,777 | €34,767 | -€29,010 | -45.5% |
| Amounts receivable within one year | 40/41 | €531 | €1,516 | +€985 | +185.6% |
| Trade receivables | 40 | €531 | €1,386 | +€855 | +161.1% |
| Other amounts receivable | 41 | - | €130 | +€130 | |
| Cash at bank and in hand | 54/58 | €173 | €168 | -€5 | -3.1% |
| Deferred charges and accrued income | 490/1 | €1,579 | €4,102 | +€2,522 | +159.7% |
| Total equity and liabilities | 10/49 | €104,502 | €66,030 | -€38,472 | -36.8% |
| Equity | 10/15 | €26,429 | €7,113 | -€19,316 | -73.1% |
| Contributions | 10/11 | €18,000 | €18,000 | = | 0.0% |
| Reserves | 13 | €7,500 | €7,500 | = | 0.0% |
| Distributable reserves | 133 | €7,500 | €7,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €929 | -€18,387 | -€19,316 | |
| Amounts payable | 17/49 | €78,073 | €58,917 | -€19,156 | -24.5% |
| Amounts payable within one year | 42/48 | €76,145 | €55,719 | -€20,426 | -26.8% |
| Trade debts | 44 | €8,086 | €3,828 | -€4,259 | -52.7% |
| Suppliers | 440/4 | €8,086 | €3,828 | -€4,259 | -52.7% |
| Advances received on contracts in progress | 46 | €8,139 | €13,375 | +€5,236 | +64.3% |
| Taxes, remuneration and social security | 45 | €1,478 | €152 | -€1,325 | -89.7% |
| Taxes | 450/3 | €1,478 | €152 | -€1,325 | -89.7% |
| Other amounts payable | 47/48 | €58,442 | €38,365 | -€20,078 | -34.4% |
| Accrued charges and deferred income | 492/3 | €1,928 | €3,198 | +€1,269 | +65.8% |
| Non-recurring operating income | 76A | - | €500 | +€500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,451 | €8,605 | -€846 | -9.0% |
| Other operating charges | 640/8 | €1,255 | €859 | -€396 | -31.6% |
| Non-recurring operating charges | 66A | - | €9,374 | +€9,374 | |
| Gross operating margin | 9900 | €11,679 | €636 | -€11,043 | -94.6% |
| Operating profit (loss) | 9901 | €973 | -€18,202 | -€19,175 | |
| Financial income | 75/76B | €286 | €5 | -€280 | -98.1% |
| Recurring financial income | 75 | €286 | €5 | -€280 | -98.1% |
| Financial charges | 65/66B | €58 | €84 | +€25 | +43.7% |
| Recurring financial charges | 65 | €58 | €84 | +€25 | +43.7% |
| Profit (loss) for the period before taxes | 9903 | €1,200 | -€18,280 | -€19,480 | |
| Income taxes | 67/77 | €832 | €1,036 | +€204 | +24.5% |
| Profit (loss) for the period | 9904 | €368 | -€19,316 | -€19,684 | |
| Profit (loss) for the period to be appropriated | 9905 | €368 | -€19,316 | -€19,684 |
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 8 October 2026 via checked.be.