2-H: 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-H
Largest movements
- Tangible fixed assets -€141,206
down €141,206 (-33.3%), from €423,513 to €282,307
of which Plant, machinery and equipment: -€144,078
- Cash +€112,178
up €112,178 (+258%), from €43,445 to €155,623
mainly Depreciation (+€178,703) and Net result for the year (+€111,205)
- Current portion of long-term debt -€221,100
down €221,100 (-68.2%), from €324,237 to €103,137
- Profit (loss) carried forward +€111,205
up €111,205, from -€24,170 to €87,035
- Trade debts +€82,995
up €82,995 (+145,045%), from €57 to €83,052
- Debts after one year -€77,524
down €77,524 (-43.7%), from €177,524 to €100,000
- Other debts +€59,250
new in 2025: €59,250
- Gross operating margin +€246,866
up €246,866 (+318%), from €77,729 to €324,595
- Depreciation +€95,112
up €95,112 (+114%), from €83,591 to €178,703
- Taxes +€15,325
new in 2025: €15,325
- Financial charges +€13,889
up €13,889 (+79.4%), from €17,487 to €31,376
- Financial income +€13,089
new in 2025: €13,089
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 | €498,958 | €469,933 | -€29,025 | -5.8% |
| Fixed assets | 21/28 | €423,513 | €282,307 | -€141,206 | -33.3% |
| Tangible fixed assets | 22/27 | €423,513 | €282,307 | -€141,206 | -33.3% |
| Land and buildings | 22 | - | €1,796 | +€1,796 | |
| Plant, machinery and equipment | 23 | €423,513 | €279,435 | -€144,078 | -34.0% |
| Furniture and vehicles | 24 | - | €1,077 | +€1,077 | |
| Current assets | 29/58 | €75,445 | €187,626 | +€112,181 | +149% |
| Amounts receivable within one year | 40/41 | €32,000 | €32,003 | +€3 | 0.0% |
| Trade receivables | 40 | €32,000 | €32,000 | = | 0.0% |
| Other amounts receivable | 41 | - | €3 | +€3 | |
| Cash at bank and in hand | 54/58 | €43,445 | €155,623 | +€112,178 | +258% |
| Total equity and liabilities | 10/49 | €498,958 | €469,933 | -€29,025 | -5.8% |
| Equity | 10/15 | -€22,170 | €89,035 | +€111,205 | |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€24,170 | €87,035 | +€111,205 | |
| Amounts payable | 17/49 | €521,128 | €380,898 | -€140,230 | -26.9% |
| Amounts payable after more than one year | 17 | €177,524 | €100,000 | -€77,524 | -43.7% |
| Financial debts | 170/4 | €177,524 | €100,000 | -€77,524 | -43.7% |
| Amounts payable within one year | 42/48 | €335,919 | €264,589 | -€71,330 | -21.2% |
| Current portion of amounts payable after more than one year | 42 | €324,237 | €103,137 | -€221,100 | -68.2% |
| Trade debts | 44 | €57 | €83,052 | +€82,995 | +145,045% |
| Suppliers | 440/4 | €57 | €83,052 | +€82,995 | +145,045% |
| Taxes, remuneration and social security | 45 | €11,626 | €19,151 | +€7,525 | +64.7% |
| Taxes | 450/3 | €11,626 | €19,151 | +€7,525 | +64.7% |
| Other amounts payable | 47/48 | - | €59,250 | +€59,250 | |
| Accrued charges and deferred income | 492/3 | €7,684 | €16,308 | +€8,624 | +112% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €83,591 | €178,703 | +€95,112 | +114% |
| Other operating charges | 640/8 | €822 | €1,074 | +€252 | +30.7% |
| Gross operating margin | 9900 | €77,729 | €324,595 | +€246,866 | +318% |
| Operating profit (loss) | 9901 | -€6,684 | €144,818 | +€151,501 | |
| Financial income | 75/76B | - | €13,089 | +€13,089 | |
| Recurring financial income | 75 | - | €13,089 | +€13,089 | |
| Financial charges | 65/66B | €17,487 | €31,376 | +€13,889 | +79.4% |
| Recurring financial charges | 65 | €17,487 | €31,376 | +€13,889 | +79.4% |
| Profit (loss) for the period before taxes | 9903 | -€24,170 | €126,531 | +€150,701 | |
| Income taxes | 67/77 | - | €15,325 | +€15,325 | |
| Profit (loss) for the period | 9904 | -€24,170 | €111,205 | +€135,376 | |
| Profit (loss) for the period to be appropriated | 9905 | -€24,170 | €111,205 | +€135,376 |
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.