2 BE SEEN: 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.
2 BE SEEN
Largest movements
- Receivables within one year -€17,320
down €17,320 (-38.1%), from €45,514 to €28,194
of which Trade receivables: -€17,746
- Cash +€13,152
up €13,152 (+167%), from €7,859 to €21,011
mainly Receivables within one year (+€17,320) and Stocks and contracts (+€3,999)
- Stocks and contracts -€3,999
down €3,999 (-87.4%), from €4,575 to €576
- Tangible fixed assets -€931
down €931 (-26.0%), from €3,588 to €2,657
of which Plant, machinery and equipment: -€1,165
- Reserves -€4,054
down €4,054 (-52.5%), from €7,727 to €3,673
of which Distributable reserves: -€4,054
- Other debts -€2,883
down €2,883 (-49.7%), from €5,796 to €2,914
- Trade debts -€1,195
down €1,195 (-4.0%), from €29,581 to €28,386
- Tax, wage and social debts -€1,006
no longer reported in 2025 (was €1,006)
of which Remuneration and social security: -€600
- Gross operating margin -€12,735
down €12,735, from €11,245 to -€1,490
- Financial charges -€1,394
down €1,394 (-72.5%), from €1,922 to €528
of which Non-recurring financial charges: -€1,482
- Financial income +€533
up €533 (+35,051%), from €2 to €534
of which Non-recurring financial income: +€377
- Depreciation -€319
down €319 (-12.2%), from €2,600 to €2,282
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 | €62,710 | €53,572 | -€9,138 | -14.6% |
| Fixed assets | 21/28 | €3,678 | €2,747 | -€931 | -25.3% |
| Tangible fixed assets | 22/27 | €3,588 | €2,657 | -€931 | -26.0% |
| Plant, machinery and equipment | 23 | €1,590 | €424 | -€1,165 | -73.3% |
| Furniture and vehicles | 24 | €1,753 | €2,232 | +€479 | +27.4% |
| Other tangible fixed assets | 26 | €246 | - | -€246 | |
| Financial fixed assets | 28 | €90 | €90 | = | 0.0% |
| Current assets | 29/58 | €59,032 | €50,826 | -€8,207 | -13.9% |
| Stocks and contracts in progress | 3 | €4,575 | €576 | -€3,999 | -87.4% |
| Stocks | 30/36 | €4,575 | €576 | -€3,999 | -87.4% |
| Amounts receivable within one year | 40/41 | €45,514 | €28,194 | -€17,320 | -38.1% |
| Trade receivables | 40 | €45,433 | €27,687 | -€17,746 | -39.1% |
| Other amounts receivable | 41 | €81 | €507 | +€426 | +525% |
| Cash at bank and in hand | 54/58 | €7,859 | €21,011 | +€13,152 | +167% |
| Deferred charges and accrued income | 490/1 | €1,084 | €1,045 | -€40 | -3.7% |
| Total equity and liabilities | 10/49 | €62,710 | €53,572 | -€9,138 | -14.6% |
| Equity | 10/15 | €26,327 | €22,273 | -€4,054 | -15.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €7,727 | €3,673 | -€4,054 | -52.5% |
| Non-distributable reserves | 130/1 | €1,302 | €1,302 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,302 | €1,302 | = | 0.0% |
| Distributable reserves | 133 | €6,426 | €2,371 | -€4,054 | -63.1% |
| Amounts payable | 17/49 | €36,383 | €31,299 | -€5,084 | -14.0% |
| Amounts payable within one year | 42/48 | €36,383 | €31,299 | -€5,084 | -14.0% |
| Trade debts | 44 | €29,581 | €28,386 | -€1,195 | -4.0% |
| Suppliers | 440/4 | €29,581 | €28,386 | -€1,195 | -4.0% |
| Taxes, remuneration and social security | 45 | €1,006 | - | -€1,006 | |
| Taxes | 450/3 | €406 | - | -€406 | |
| Remuneration and social security | 454/9 | €600 | - | -€600 | |
| Other amounts payable | 47/48 | €5,796 | €2,914 | -€2,883 | -49.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,600 | €2,282 | -€319 | -12.2% |
| Other operating charges | 640/8 | €298 | €288 | -€10 | -3.3% |
| Gross operating margin | 9900 | €11,245 | -€1,490 | -€12,735 | |
| Operating profit (loss) | 9901 | €8,347 | -€4,060 | -€12,407 | |
| Financial income | 75/76B | €2 | €534 | +€533 | +35,051% |
| Recurring financial income | 75 | €2 | €157 | +€156 | +10,251% |
| Non-recurring financial income | 76B | - | €377 | +€377 | |
| Financial charges | 65/66B | €1,922 | €528 | -€1,394 | -72.5% |
| Recurring financial charges | 65 | €247 | €335 | +€88 | +35.4% |
| Non-recurring financial charges | 66B | €1,675 | €194 | -€1,482 | -88.4% |
| Profit (loss) for the period before taxes | 9903 | €6,426 | -€4,054 | -€10,480 | |
| Profit (loss) for the period | 9904 | €6,426 | -€4,054 | -€10,480 | |
| Profit (loss) for the period to be appropriated | 9905 | €6,426 | -€4,054 | -€10,480 |
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 16 October 2026 via checked.be.