2ACTIVATE: 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.
2ACTIVATE
Largest movements
- Receivables within one year -€92,655
down €92,655 (-50.3%), from €184,317 to €91,662
of which Trade receivables: -€54,660
- Cash +€69,911
up €69,911 (+124.0%), from €56,401 to €126,312
mainly Net result for the year (+€118,209) and Receivables within one year (+€92,655)
- Tangible fixed assets -€7,828
down €7,828 (-4.3%), from €181,313 to €173,485
of which Land and buildings: -€5,545
- Other debts -€26,851
down €26,851 (-19.5%), from €137,901 to €111,050
- Gross operating margin -€47,462
down €47,462 (-22.3%), from €213,260 to €165,798
- Taxes -€14,909
down €14,909 (-30.8%), from €48,342 to €33,433
- Financial income -€9,948
down €9,948 (-98.2%), from €10,129 to €181
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 | €430,407 | €399,633 | -€30,774 | -7.2% |
| Fixed assets | 21/28 | €181,313 | €173,485 | -€7,828 | -4.3% |
| Tangible fixed assets | 22/27 | €181,313 | €173,485 | -€7,828 | -4.3% |
| Land and buildings | 22 | €173,725 | €168,180 | -€5,545 | -3.2% |
| Plant, machinery and equipment | 23 | €7,588 | €5,305 | -€2,283 | -30.1% |
| Current assets | 29/58 | €249,094 | €226,148 | -€22,946 | -9.2% |
| Amounts receivable within one year | 40/41 | €184,317 | €91,662 | -€92,655 | -50.3% |
| Trade receivables | 40 | €146,322 | €91,662 | -€54,660 | -37.4% |
| Other amounts receivable | 41 | €37,995 | - | -€37,995 | |
| Cash at bank and in hand | 54/58 | €56,401 | €126,312 | +€69,911 | +124.0% |
| Deferred charges and accrued income | 490/1 | €8,376 | €8,174 | -€202 | -2.4% |
| Total equity and liabilities | 10/49 | €430,407 | €399,633 | -€30,774 | -7.2% |
| Equity | 10/15 | €255,551 | €255,551 | = | 0.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €236,951 | €236,951 | = | 0.0% |
| Amounts payable | 17/49 | €174,857 | €144,082 | -€30,774 | -17.6% |
| Amounts payable within one year | 42/48 | €174,857 | €144,082 | -€30,774 | -17.6% |
| Trade debts | 44 | €4,765 | €3,514 | -€1,251 | -26.3% |
| Suppliers | 440/4 | €4,765 | €3,514 | -€1,251 | -26.3% |
| Taxes, remuneration and social security | 45 | €32,190 | €29,518 | -€2,672 | -8.3% |
| Taxes | 450/3 | €32,190 | €29,518 | -€2,672 | -8.3% |
| Other amounts payable | 47/48 | €137,901 | €111,050 | -€26,851 | -19.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,795 | €9,015 | +€1,220 | +15.7% |
| Other operating charges | 640/8 | €1,448 | €1,905 | +€457 | +31.6% |
| Gross operating margin | 9900 | €213,260 | €165,798 | -€47,462 | -22.3% |
| Operating profit (loss) | 9901 | €204,018 | €154,878 | -€49,139 | -24.1% |
| Financial income | 75/76B | €10,129 | €181 | -€9,948 | -98.2% |
| Recurring financial income | 75 | €10,129 | €181 | -€9,948 | -98.2% |
| Financial charges | 65/66B | €3,568 | €3,417 | -€151 | -4.2% |
| Recurring financial charges | 65 | €3,568 | €3,417 | -€151 | -4.2% |
| Profit (loss) for the period before taxes | 9903 | €210,579 | €151,643 | -€58,936 | -28.0% |
| Income taxes | 67/77 | €48,342 | €33,433 | -€14,909 | -30.8% |
| Profit (loss) for the period | 9904 | €162,237 | €118,209 | -€44,027 | -27.1% |
| Profit (loss) for the period to be appropriated | 9905 | €162,237 | €118,209 | -€44,027 | -27.1% |
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 6 October 2026 via checked.be.