1M: 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.
1M
Largest movements
- Tangible fixed assets +€768,126
new in 2025: €768,126
- Cash -€545,727
down €545,727 (-71.7%), from €760,955 to €215,227
mainly Investment in fixed assets (net) (-€828,750) and Receivables within one year (-€22,583)
- Receivables after one year -€211,662
down €211,662 (-100%), from €211,662 to €0
- Receivables within one year +€22,583
up €22,583 (+1,397%), from €1,617 to €24,200
of which Trade receivables: +€24,200
- Profit (loss) carried forward +€23,429
up €23,429 (+3.4%), from -€699,062 to -€675,633
- Gross operating margin +€61,844
up €61,844 (+210%), from €29,400 to €91,244
- Depreciation +€60,624
new in 2025: €60,624
- Taxes +€6,677
up €6,677 (+480%), from €1,392 to €8,068
- Financial income -€5,583
down €5,583 (-73.2%), from €7,623 to €2,040
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.
Derived cash bridge
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 | €974,234 | €1,007,554 | +€33,320 | +3.4% |
| Fixed assets | 21/28 | - | €768,126 | +€768,126 | |
| Tangible fixed assets | 22/27 | - | €768,126 | +€768,126 | |
| Plant, machinery and equipment | 23 | - | €768,126 | +€768,126 | |
| Current assets | 29/58 | €974,234 | €239,427 | -€734,807 | -75.4% |
| Amounts receivable after more than one year | 29 | €211,662 | €0 | -€211,662 | -100% |
| Other amounts receivable | 291 | €211,662 | €0 | -€211,662 | -100% |
| Amounts receivable within one year | 40/41 | €1,617 | €24,200 | +€22,583 | +1,397% |
| Trade receivables | 40 | - | €24,200 | +€24,200 | |
| Other amounts receivable | 41 | €1,617 | €0 | -€1,617 | -100% |
| Cash at bank and in hand | 54/58 | €760,955 | €215,227 | -€545,727 | -71.7% |
| Total equity and liabilities | 10/49 | €974,234 | €1,007,554 | +€33,320 | +3.4% |
| Equity | 10/15 | €950,604 | €974,033 | +€23,429 | +2.5% |
| Contributions | 10/11 | €1,649,666 | €1,649,666 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€699,062 | -€675,633 | +€23,429 | +3.4% |
| Amounts payable | 17/49 | €23,630 | €33,521 | +€9,890 | +41.9% |
| Amounts payable within one year | 42/48 | €23,630 | €33,521 | +€9,890 | +41.9% |
| Trade debts | 44 | €0 | - | = | |
| Suppliers | 440/4 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €2,967 | €8,261 | +€5,294 | +178% |
| Taxes | 450/3 | €2,967 | €8,261 | +€5,294 | +178% |
| Other amounts payable | 47/48 | €20,664 | €25,260 | +€4,596 | +22.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €60,624 | +€60,624 | |
| Other operating charges | 640/8 | €1,171 | €1,118 | -€52 | -4.5% |
| Gross operating margin | 9900 | €29,400 | €91,244 | +€61,844 | +210% |
| Operating profit (loss) | 9901 | €28,229 | €29,502 | +€1,273 | +4.5% |
| Financial income | 75/76B | €7,623 | €2,040 | -€5,583 | -73.2% |
| Recurring financial income | 75 | €7,623 | €2,040 | -€5,583 | -73.2% |
| Financial charges | 65/66B | €44 | €45 | +€2 | +3.4% |
| Recurring financial charges | 65 | €44 | €45 | +€2 | +3.4% |
| Profit (loss) for the period before taxes | 9903 | €35,809 | €31,498 | -€4,312 | -12.0% |
| Income taxes | 67/77 | €1,392 | €8,068 | +€6,677 | +480% |
| Profit (loss) for the period | 9904 | €34,418 | €23,429 | -€10,989 | -31.9% |
| Profit (loss) for the period to be appropriated | 9905 | €34,418 | €23,429 | -€10,989 | -31.9% |
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 18 October 2026 via checked.be.