19PM: 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.
19PM
Largest movements
- Cash +€16,609
up €16,609 (+89.8%), from €18,494 to €35,103
mainly Net result for the year (+€32,614) and Tax, wage and social debts (+€6,222)
- Receivables within one year +€14,912
up €14,912 (+26.4%), from €56,584 to €71,495
of which Trade receivables: +€14,912
- Profit (loss) carried forward +€32,614
up €32,614 (+44.4%), from -€73,502 to -€40,888
- Debts after one year -€7,273
down €7,273 (-100.0%), from €7,273 to €0
- Tax, wage and social debts +€6,222
up €6,222 (+37.9%), from €16,405 to €22,628
of which Taxes: +€6,222
- Current portion of long-term debt -€5,024
down €5,024 (-40.9%), from €12,297 to €7,273
- Gross operating margin +€11,077
up €11,077 (+32.2%), from €34,427 to €45,504
- Other operating charges -€3,846
down €3,846 (-61.3%), from €6,274 to €2,428
- Financial charges +€2,106
up €2,106 (+24.8%), from €8,504 to €10,610
- Taxes -€2,007
down €2,007, from €761 to -€1,246
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 | €429,658 | €460,537 | +€30,880 | +7.2% |
| Fixed assets | 21/28 | €183,670 | €186,784 | +€3,114 | +1.7% |
| Tangible fixed assets | 22/27 | €3,254 | €6,367 | +€3,114 | +95.7% |
| Plant, machinery and equipment | 23 | - | €4,373 | +€4,373 | |
| Furniture and vehicles | 24 | €3,254 | €1,994 | -€1,260 | -38.7% |
| Financial fixed assets | 28 | €180,417 | €180,417 | = | 0.0% |
| Current assets | 29/58 | €245,987 | €273,753 | +€27,766 | +11.3% |
| Amounts receivable after more than one year | 29 | €162,500 | €162,500 | = | 0.0% |
| Other amounts receivable | 291 | €162,500 | €162,500 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €56,584 | €71,495 | +€14,912 | +26.4% |
| Trade receivables | 40 | €56,584 | €71,495 | +€14,912 | +26.4% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €18,494 | €35,103 | +€16,609 | +89.8% |
| Deferred charges and accrued income | 490/1 | €8,410 | €4,655 | -€3,755 | -44.6% |
| Total equity and liabilities | 10/49 | €429,658 | €460,537 | +€30,880 | +7.2% |
| Equity | 10/15 | €126,124 | €158,738 | +€32,614 | +25.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €193,426 | €193,426 | = | 0.0% |
| Distributable reserves | 133 | €193,426 | €193,426 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€73,502 | -€40,888 | +€32,614 | +44.4% |
| Amounts payable | 17/49 | €303,534 | €301,800 | -€1,734 | -0.6% |
| Amounts payable after more than one year | 17 | €7,273 | €0 | -€7,273 | -100.0% |
| Financial debts | 170/4 | €7,273 | €0 | -€7,273 | -100.0% |
| Amounts payable within one year | 42/48 | €282,145 | €283,204 | +€1,059 | +0.4% |
| Current portion of amounts payable after more than one year | 42 | €12,297 | €7,273 | -€5,024 | -40.9% |
| Financial debts | 43 | €0 | €12 | +€12 | |
| Credit institutions | 430/8 | €0 | €12 | +€12 | |
| Trade debts | 44 | €77 | €22 | -€55 | -71.9% |
| Suppliers | 440/4 | €77 | €22 | -€55 | -71.9% |
| Taxes, remuneration and social security | 45 | €16,405 | €22,628 | +€6,222 | +37.9% |
| Taxes | 450/3 | €11,686 | €17,909 | +€6,222 | +53.2% |
| Remuneration and social security | 454/9 | €4,719 | €4,719 | = | 0.0% |
| Other amounts payable | 47/48 | €253,365 | €253,269 | -€96 | 0.0% |
| Accrued charges and deferred income | 492/3 | €14,116 | €18,596 | +€4,480 | +31.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,642 | €1,398 | -€244 | -14.8% |
| Other operating charges | 640/8 | €6,274 | €2,428 | -€3,846 | -61.3% |
| Gross operating margin | 9900 | €34,427 | €45,504 | +€11,077 | +32.2% |
| Operating profit (loss) | 9901 | €26,511 | €41,678 | +€15,167 | +57.2% |
| Financial income | 75/76B | €33 | €300 | +€267 | +811.6% |
| Recurring financial income | 75 | €33 | €300 | +€267 | +811.6% |
| Financial charges | 65/66B | €8,504 | €10,610 | +€2,106 | +24.8% |
| Recurring financial charges | 65 | €8,504 | €10,610 | +€2,106 | +24.8% |
| Profit (loss) for the period before taxes | 9903 | €18,040 | €31,368 | +€13,328 | +73.9% |
| Income taxes | 67/77 | €761 | -€1,246 | -€2,007 | |
| Profit (loss) for the period | 9904 | €17,279 | €32,614 | +€15,336 | +88.8% |
| Profit (loss) for the period to be appropriated | 9905 | €17,279 | €32,614 | +€15,336 | +88.8% |
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 2 October 2026 via checked.be.