2 Build: 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 Build
Largest movements
- Stocks and contracts -€675,683
down €675,683 (-42.0%), from €1.6m to €934,408
- Short-term financial debts -€746,027
down €746,027 (-65.6%), from €1.1m to €391,773
- Other debts +€132,360
up €132,360 (+128.3%), from €103,129 to €235,489
- Current portion of long-term debt -€100,000
down €100,000 (-25.0%), from €400,000 to €300,000
- Profit (loss) carried forward +€43,316
up €43,316 (+65.9%), from -€65,721 to -€22,405
- Gross operating margin +€54,738
up €54,738 (+100.1%), from €54,674 to €109,411
- Financial charges -€32,959
down €32,959 (-35.3%), from €93,355 to €60,396
- Other operating charges +€4,288
up €4,288 (+289.6%), from €1,481 to €5,769
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 | €1,623,149 | €951,047 | -€672,102 | -41.4% |
| Fixed assets | 21/28 | €9,300 | €9,300 | = | 0.0% |
| Financial fixed assets | 28 | €9,300 | €9,300 | = | 0.0% |
| Current assets | 29/58 | €1,613,849 | €941,747 | -€672,102 | -41.6% |
| Stocks and contracts in progress | 3 | €1,610,091 | €934,408 | -€675,683 | -42.0% |
| Stocks | 30/36 | €1,610,091 | €934,408 | -€675,683 | -42.0% |
| Amounts receivable within one year | 40/41 | €800 | €800 | = | 0.0% |
| Trade receivables | 40 | €800 | €800 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €2,958 | €6,392 | +€3,434 | +116.1% |
| Deferred charges and accrued income | 490/1 | - | €147 | +€147 | |
| Total equity and liabilities | 10/49 | €1,623,149 | €951,047 | -€672,102 | -41.4% |
| Equity | 10/15 | -€45,261 | -€1,945 | +€43,316 | +95.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€65,721 | -€22,405 | +€43,316 | +65.9% |
| Amounts payable | 17/49 | €1,668,410 | €952,992 | -€715,418 | -42.9% |
| Amounts payable within one year | 42/48 | €1,644,410 | €928,992 | -€715,418 | -43.5% |
| Current portion of amounts payable after more than one year | 42 | €400,000 | €300,000 | -€100,000 | -25.0% |
| Financial debts | 43 | €1,137,800 | €391,773 | -€746,027 | -65.6% |
| Credit institutions | 430/8 | €1,137,800 | €391,773 | -€746,027 | -65.6% |
| Trade debts | 44 | €3,480 | €1,730 | -€1,751 | -50.3% |
| Suppliers | 440/4 | €3,480 | €1,730 | -€1,751 | -50.3% |
| Other amounts payable | 47/48 | €103,129 | €235,489 | +€132,360 | +128.3% |
| Accrued charges and deferred income | 492/3 | €24,000 | €24,000 | = | 0.0% |
| Non-recurring operating income | 76A | - | €13,666 | +€13,666 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €0 | - | = | |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €1,481 | €5,769 | +€4,288 | +289.6% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €54,674 | €109,411 | +€54,738 | +100.1% |
| Operating profit (loss) | 9901 | €53,193 | €103,642 | +€50,449 | +94.8% |
| Financial income | 75/76B | €0 | €70 | +€70 | +699200.0% |
| Recurring financial income | 75 | €0 | €70 | +€70 | +699200.0% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €93,355 | €60,396 | -€32,959 | -35.3% |
| Recurring financial charges | 65 | €93,355 | €60,396 | -€32,959 | -35.3% |
| Profit (loss) for the period before taxes | 9903 | -€40,162 | €43,316 | +€83,478 | |
| Profit (loss) for the period | 9904 | -€40,162 | €43,316 | +€83,478 | |
| Profit (loss) for the period to be appropriated | 9905 | -€40,162 | €43,316 | +€83,478 |
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 10 October 2026 via checked.be.