2 ORIGINAL: 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 ORIGINAL
Largest movements
- Current investments -€600,000
no longer reported in 2025 (was €600,000)
- Cash +€321,092
up €321,092 (+118%), from €273,232 to €594,324
mainly Current investments (+€600,000) and Other debts (+€139,060)
- Receivables within one year -€100,339
down €100,339 (-93.3%), from €107,578 to €7,238
of which Trade receivables: -€55,454
- Tangible fixed assets -€12,687
down €12,687 (-26.7%), from €47,584 to €34,898
of which Furniture and vehicles: -€6,702
- Reserves -€300,000
down €300,000 (-51.6%), from €581,465 to €281,465
of which Distributable reserves: -€300,000
- Profit (loss) carried forward -€264,048
down €264,048 (-89.8%), from €294,159 to €30,110
- Other debts +€139,060
up €139,060 (+145%), from €95,940 to €235,000
- Tax, wage and social debts +€34,387
up €34,387 (+107%), from €32,080 to €66,466
- Gross operating margin -€70,803
down €70,803, from €56,794 to -€14,009
- Other operating charges -€16,094
down €16,094 (-93.4%), from €17,238 to €1,145
- Taxes -€14,575
down €14,575 (-95.3%), from €15,288 to €713
- Depreciation +€4,714
up €4,714 (+59.1%), from €7,973 to €12,687
- Financial income -€4,692
down €4,692 (-41.4%), from €11,320 to €6,628
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 | €1,028,394 | €636,460 | -€391,934 | -38.1% |
| Fixed assets | 21/28 | €47,584 | €34,898 | -€12,687 | -26.7% |
| Tangible fixed assets | 22/27 | €47,584 | €34,898 | -€12,687 | -26.7% |
| Plant, machinery and equipment | 23 | €354 | €85 | -€269 | -76.0% |
| Furniture and vehicles | 24 | €30,913 | €24,210 | -€6,702 | -21.7% |
| Other tangible fixed assets | 26 | €16,317 | €10,602 | -€5,715 | -35.0% |
| Current assets | 29/58 | €980,809 | €601,562 | -€379,247 | -38.7% |
| Amounts receivable within one year | 40/41 | €107,578 | €7,238 | -€100,339 | -93.3% |
| Trade receivables | 40 | €59,626 | €4,171 | -€55,454 | -93.0% |
| Other amounts receivable | 41 | €47,952 | €3,067 | -€44,885 | -93.6% |
| Current investments | 50/53 | €600,000 | - | -€600,000 | |
| Cash at bank and in hand | 54/58 | €273,232 | €594,324 | +€321,092 | +118% |
| Total equity and liabilities | 10/49 | €1,028,394 | €636,460 | -€391,934 | -38.1% |
| Equity | 10/15 | €894,224 | €330,176 | -€564,048 | -63.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €581,465 | €281,465 | -€300,000 | -51.6% |
| Tax-exempt reserves | 132 | €52 | €52 | = | 0.0% |
| Distributable reserves | 133 | €581,413 | €281,413 | -€300,000 | -51.6% |
| Profit (loss) carried forward | 14 | €294,159 | €30,110 | -€264,048 | -89.8% |
| Amounts payable | 17/49 | €134,170 | €306,284 | +€172,114 | +128% |
| Amounts payable within one year | 42/48 | €134,170 | €306,284 | +€172,114 | +128% |
| Trade debts | 44 | €6,150 | €4,817 | -€1,333 | -21.7% |
| Suppliers | 440/4 | €6,150 | €4,817 | -€1,333 | -21.7% |
| Taxes, remuneration and social security | 45 | €32,080 | €66,466 | +€34,387 | +107% |
| Taxes | 450/3 | €32,080 | €66,466 | +€34,387 | +107% |
| Other amounts payable | 47/48 | €95,940 | €235,000 | +€139,060 | +145% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,973 | €12,687 | +€4,714 | +59.1% |
| Other operating charges | 640/8 | €17,238 | €1,145 | -€16,094 | -93.4% |
| Non-recurring operating charges | 66A | - | €36,298 | +€36,298 | |
| Gross operating margin | 9900 | €56,794 | -€14,009 | -€70,803 | |
| Operating profit (loss) | 9901 | €31,583 | -€64,139 | -€95,722 | |
| Financial income | 75/76B | €11,320 | €6,628 | -€4,692 | -41.4% |
| Recurring financial income | 75 | €11,320 | €6,628 | -€4,692 | -41.4% |
| Financial charges | 65/66B | €6,365 | €5,825 | -€540 | -8.5% |
| Recurring financial charges | 65 | €6,365 | €5,825 | -€540 | -8.5% |
| Profit (loss) for the period before taxes | 9903 | €36,538 | -€63,335 | -€99,874 | |
| Income taxes | 67/77 | €15,288 | €713 | -€14,575 | -95.3% |
| Profit (loss) for the period | 9904 | €21,250 | -€64,048 | -€85,299 | |
| Profit (loss) for the period to be appropriated | 9905 | €21,250 | -€64,048 | -€85,299 |
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 20 October 2026 via checked.be.