2 ELEMENTS: 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.
2 ELEMENTS
Largest movements
- Cash +€47,796
up €47,796 (+839.6%), from €5,693 to €53,489
mainly Current portion of long-term debt (+€55,351) and Receivables within one year (+€28,319)
- Receivables within one year -€28,319
down €28,319 (-48.8%), from €58,007 to €29,688
of which Trade receivables: -€17,934
- Stocks and contracts +€20,052
new in 2025: €20,052
- Tangible fixed assets +€10,662
up €10,662 (+15.6%), from €68,185 to €78,847
of which Furniture and vehicles: +€12,896
- Financial fixed assets +€2,000
up €2,000 (+126.8%), from €1,577 to €3,577
- Current portion of long-term debt +€55,351
up €55,351 (+271.1%), from €20,419 to €75,770
- Trade debts -€22,028
down €22,028 (-49.7%), from €44,366 to €22,338
- Debts after one year +€17,953
up €17,953 (+74.8%), from €23,995 to €41,948
- Profit (loss) carried forward +€7,177
up €7,177 (+11.5%), from -€62,659 to -€55,482
- Tax, wage and social debts -€4,461
down €4,461 (-51.3%), from €8,693 to €4,232
of which Remuneration and social security: -€3,989
- Gross operating margin +€47,519
up €47,519 (+39.2%), from €121,342 to €168,861
- Staff costs -€8,902
down €8,902 (-6.8%), from €130,745 to €121,843
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 | €140,007 | €191,539 | +€51,532 | +36.8% |
| Fixed assets | 21/28 | €69,762 | €82,424 | +€12,662 | +18.2% |
| Tangible fixed assets | 22/27 | €68,185 | €78,847 | +€10,662 | +15.6% |
| Plant, machinery and equipment | 23 | €4,112 | €3,051 | -€1,061 | -25.8% |
| Furniture and vehicles | 24 | €58,161 | €71,057 | +€12,896 | +22.2% |
| Other tangible fixed assets | 26 | €5,912 | €4,739 | -€1,173 | -19.8% |
| Financial fixed assets | 28 | €1,577 | €3,577 | +€2,000 | +126.8% |
| Current assets | 29/58 | €70,245 | €109,115 | +€38,870 | +55.3% |
| Stocks and contracts in progress | 3 | - | €20,052 | +€20,052 | |
| Stocks | 30/36 | - | €20,052 | +€20,052 | |
| Amounts receivable within one year | 40/41 | €58,007 | €29,688 | -€28,319 | -48.8% |
| Trade receivables | 40 | €30,022 | €12,088 | -€17,934 | -59.7% |
| Other amounts receivable | 41 | €27,985 | €17,600 | -€10,385 | -37.1% |
| Cash at bank and in hand | 54/58 | €5,693 | €53,489 | +€47,796 | +839.6% |
| Deferred charges and accrued income | 490/1 | €6,545 | €5,886 | -€659 | -10.1% |
| Total equity and liabilities | 10/49 | €140,007 | €191,539 | +€51,532 | +36.8% |
| Equity | 10/15 | €23,001 | €30,178 | +€7,177 | +31.2% |
| Contributions | 10/11 | €6,500 | €6,500 | = | 0.0% |
| Reserves | 13 | €79,160 | €79,160 | = | 0.0% |
| Distributable reserves | 133 | €79,160 | €79,160 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€62,659 | -€55,482 | +€7,177 | +11.5% |
| Amounts payable | 17/49 | €117,006 | €161,361 | +€44,355 | +37.9% |
| Amounts payable after more than one year | 17 | €23,995 | €41,948 | +€17,953 | +74.8% |
| Financial debts | 170/4 | €23,995 | €41,948 | +€17,953 | +74.8% |
| Amounts payable within one year | 42/48 | €91,394 | €119,111 | +€27,717 | +30.3% |
| Current portion of amounts payable after more than one year | 42 | €20,419 | €75,770 | +€55,351 | +271.1% |
| Trade debts | 44 | €44,366 | €22,338 | -€22,028 | -49.7% |
| Suppliers | 440/4 | €44,366 | €22,338 | -€22,028 | -49.7% |
| Taxes, remuneration and social security | 45 | €8,693 | €4,232 | -€4,461 | -51.3% |
| Taxes | 450/3 | €4,477 | €4,005 | -€472 | -10.5% |
| Remuneration and social security | 454/9 | €4,216 | €227 | -€3,989 | -94.6% |
| Other amounts payable | 47/48 | €17,916 | €16,771 | -€1,145 | -6.4% |
| Accrued charges and deferred income | 492/3 | €1,617 | €302 | -€1,315 | -81.3% |
| Non-recurring operating income | 76A | - | €16,961 | +€16,961 | |
| Remuneration, social security and pensions | 62 | €130,745 | €121,843 | -€8,902 | -6.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,544 | €26,229 | +€1,685 | +6.9% |
| Other operating charges | 640/8 | €666 | €1,799 | +€1,133 | +170.1% |
| Non-recurring operating charges | 66A | €231 | €6,900 | +€6,669 | +2887.0% |
| Gross operating margin | 9900 | €121,342 | €168,861 | +€47,519 | +39.2% |
| Operating profit (loss) | 9901 | -€34,844 | €12,090 | +€46,934 | |
| Financial income | 75/76B | €76 | €73 | -€3 | -3.9% |
| Recurring financial income | 75 | €76 | €73 | -€3 | -3.9% |
| Financial charges | 65/66B | €3,204 | €4,778 | +€1,574 | +49.1% |
| Recurring financial charges | 65 | €3,204 | €4,778 | +€1,574 | +49.1% |
| Profit (loss) for the period before taxes | 9903 | -€37,972 | €7,385 | +€45,357 | |
| Income taxes | 67/77 | €209 | €208 | -€1 | -0.5% |
| Profit (loss) for the period | 9904 | -€38,181 | €7,177 | +€45,358 | |
| Profit (loss) for the period to be appropriated | 9905 | -€38,181 | €7,177 | +€45,358 |
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 29 September 2026 via checked.be.