2 STREAM: 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 STREAM
Largest movements
- Tangible fixed assets +€16,139
up €16,139 (+45.7%), from €35,277 to €51,416
of which Plant, machinery and equipment: +€8,771
- Cash -€7,345
down €7,345 (-37.3%), from €19,716 to €12,371
mainly Net result for the year (-€93,282) and Investment in fixed assets (net) (-€29,674)
- Deferred charges and accrued income +€7,265
up €7,265 (+132.5%), from €5,485 to €12,749
- Intangible fixed assets +€3,283
up €3,283 (+64.6%), from €5,084 to €8,367
- Receivables within one year -€2,391
down €2,391 (-6.7%), from €35,427 to €33,036
of which Trade receivables: -€2,078
- Profit (loss) carried forward -€93,282
down €93,282 (-153.5%), from -€60,772 to -€154,054
- Other debts +€61,529
up €61,529 (+104.7%), from €58,759 to €120,289
- Trade debts +€32,701
up €32,701 (+134.4%), from €24,338 to €57,039
- Current portion of long-term debt +€23,945
new in 2025: €23,945
- Debts after one year -€8,945
down €8,945 (-10.5%), from €85,000 to €76,055
- Gross operating margin -€18,480
down €18,480 (-32.5%), from -€56,837 to -€75,317
- Financial charges +€7,117
up €7,117 (+3386.8%), from €210 to €7,327
- Depreciation +€6,911
up €6,911 (+206.9%), from €3,340 to €10,252
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 | €111,264 | €128,215 | +€16,951 | +15.2% |
| Fixed assets | 21/28 | €50,636 | €70,058 | +€19,422 | +38.4% |
| Intangible fixed assets | 21 | €5,084 | €8,367 | +€3,283 | +64.6% |
| Tangible fixed assets | 22/27 | €35,277 | €51,416 | +€16,139 | +45.7% |
| Plant, machinery and equipment | 23 | €29,987 | €38,758 | +€8,771 | +29.2% |
| Furniture and vehicles | 24 | €1,140 | €3,034 | +€1,894 | +166.1% |
| Other tangible fixed assets | 26 | €4,149 | €9,623 | +€5,474 | +131.9% |
| Financial fixed assets | 28 | €10,275 | €10,275 | = | 0.0% |
| Current assets | 29/58 | €60,628 | €58,157 | -€2,472 | -4.1% |
| Amounts receivable within one year | 40/41 | €35,427 | €33,036 | -€2,391 | -6.7% |
| Trade receivables | 40 | €34,426 | €32,347 | -€2,078 | -6.0% |
| Other amounts receivable | 41 | €1,002 | €689 | -€313 | -31.2% |
| Cash at bank and in hand | 54/58 | €19,716 | €12,371 | -€7,345 | -37.3% |
| Deferred charges and accrued income | 490/1 | €5,485 | €12,749 | +€7,265 | +132.5% |
| Total equity and liabilities | 10/49 | €111,264 | €128,215 | +€16,951 | +15.2% |
| Equity | 10/15 | -€57,772 | -€151,054 | -€93,282 | -161.5% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€60,772 | -€154,054 | -€93,282 | -153.5% |
| Amounts payable | 17/49 | €169,036 | €279,269 | +€110,232 | +65.2% |
| Amounts payable after more than one year | 17 | €85,000 | €76,055 | -€8,945 | -10.5% |
| Financial debts | 170/4 | €85,000 | €76,055 | -€8,945 | -10.5% |
| Amounts payable within one year | 42/48 | €84,036 | €203,214 | +€119,178 | +141.8% |
| Current portion of amounts payable after more than one year | 42 | - | €23,945 | +€23,945 | |
| Financial debts | 43 | - | €700 | +€700 | |
| Credit institutions | 430/8 | - | €700 | +€700 | |
| Trade debts | 44 | €24,338 | €57,039 | +€32,701 | +134.4% |
| Suppliers | 440/4 | €24,338 | €57,039 | +€32,701 | +134.4% |
| Taxes, remuneration and social security | 45 | €939 | €1,241 | +€302 | +32.2% |
| Taxes | 450/3 | €939 | €1,241 | +€302 | +32.2% |
| Other amounts payable | 47/48 | €58,759 | €120,289 | +€61,529 | +104.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,340 | €10,252 | +€6,911 | +206.9% |
| Other operating charges | 640/8 | €387 | €427 | +€40 | +10.4% |
| Gross operating margin | 9900 | -€56,837 | -€75,317 | -€18,480 | -32.5% |
| Operating profit (loss) | 9901 | -€60,565 | -€85,996 | -€25,432 | -42.0% |
| Financial income | 75/76B | €2 | €41 | +€39 | +1582.5% |
| Recurring financial income | 75 | €2 | €41 | +€39 | +1582.5% |
| Financial charges | 65/66B | €210 | €7,327 | +€7,117 | +3386.8% |
| Recurring financial charges | 65 | €210 | €7,327 | +€7,117 | +3386.8% |
| Profit (loss) for the period before taxes | 9903 | -€60,772 | -€93,282 | -€32,510 | -53.5% |
| Profit (loss) for the period | 9904 | -€60,772 | -€93,282 | -€32,510 | -53.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€60,772 | -€93,282 | -€32,510 | -53.5% |
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.