2LEARN: what changed
2LEARN
Largest movements
- Receivables within one year -€54,115
down €54,115 (-9.4%), from €573,827 to €519,712
of which Trade receivables: -€51,343
- Cash -€39,598
down €39,598 (-52.3%), from €75,723 to €36,125
mainly Trade debts (-€174,457) and Current portion of long-term debt (-€42,377)
- Intangible fixed assets -€29,514
down €29,514 (-45.2%), from €65,291 to €35,777
- Deferred charges and accrued income +€22,581
up €22,581 (+425%), from €5,308 to €27,889
- Trade debts -€174,457
down €174,457 (-53.3%), from €327,556 to €153,099
- Debts after one year +€95,969
up €95,969 (+68.2%), from €140,689 to €236,658
- Current portion of long-term debt -€42,377
down €42,377 (-33.5%), from €126,344 to €83,968
- Profit (loss) carried forward +€20,619
up €20,619 (+10.6%), from -€194,131 to -€173,511
- Gross operating margin +€95,540
up €95,540 (+47.7%), from €200,244 to €295,784
- Depreciation -€25,585
down €25,585 (-42.8%), from €59,846 to €34,261
- Financial income -€19,731
down €19,731 (-28.1%), from €70,188 to €50,457
of which Non-recurring financial income: -€18,380
- Financial charges +€9,945
up €9,945 (+52.7%), from €18,855 to €28,800
of which Non-recurring financial charges: +€11,454
- Other operating charges -€4,956
down €4,956 (-78.5%), from €6,313 to €1,358
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €734,250 | €634,100 | -€100,149 | -13.6% |
| Fixed assets | 21/28 | €79,391 | €50,375 | -€29,016 | -36.5% |
| Intangible fixed assets | 21 | €65,291 | €35,777 | -€29,514 | -45.2% |
| Tangible fixed assets | 22/27 | €6,902 | €7,400 | +€498 | +7.2% |
| Plant, machinery and equipment | 23 | €1,083 | €855 | -€228 | -21.1% |
| Furniture and vehicles | 24 | €5,819 | €1,300 | -€4,519 | -77.7% |
| Assets under construction and advance payments | 27 | - | €5,245 | +€5,245 | |
| Financial fixed assets | 28 | €7,198 | €7,198 | = | 0.0% |
| Current assets | 29/58 | €654,859 | €583,726 | -€71,133 | -10.9% |
| Amounts receivable within one year | 40/41 | €573,827 | €519,712 | -€54,115 | -9.4% |
| Trade receivables | 40 | €571,055 | €519,712 | -€51,343 | -9.0% |
| Other amounts receivable | 41 | €2,773 | - | -€2,773 | |
| Cash at bank and in hand | 54/58 | €75,723 | €36,125 | -€39,598 | -52.3% |
| Deferred charges and accrued income | 490/1 | €5,308 | €27,889 | +€22,581 | +425% |
| Total equity and liabilities | 10/49 | €734,250 | €634,100 | -€100,149 | -13.6% |
| Equity | 10/15 | €12,910 | €33,530 | +€20,619 | +160% |
| Contributions | 10/11 | €205,936 | €205,936 | = | 0.0% |
| Capital | 10 | €205,936 | €205,936 | = | 0.0% |
| Issued capital | 100 | €205,936 | €205,936 | = | 0.0% |
| Reserves | 13 | €1,105 | €1,105 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,105 | €1,105 | = | 0.0% |
| Legal reserve | 130 | €1,105 | €1,105 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€194,131 | -€173,511 | +€20,619 | +10.6% |
| Amounts payable | 17/49 | €721,340 | €600,571 | -€120,769 | -16.7% |
| Amounts payable after more than one year | 17 | €140,689 | €236,658 | +€95,969 | +68.2% |
| Financial debts | 170/4 | €140,689 | €236,658 | +€95,969 | +68.2% |
| Amounts payable within one year | 42/48 | €578,901 | €359,003 | -€219,897 | -38.0% |
| Current portion of amounts payable after more than one year | 42 | €126,344 | €83,968 | -€42,377 | -33.5% |
| Trade debts | 44 | €327,556 | €153,099 | -€174,457 | -53.3% |
| Suppliers | 440/4 | €327,556 | €153,099 | -€174,457 | -53.3% |
| Taxes, remuneration and social security | 45 | €114,273 | €108,673 | -€5,601 | -4.9% |
| Taxes | 450/3 | €86,089 | €74,814 | -€11,275 | -13.1% |
| Remuneration and social security | 454/9 | €28,184 | €33,859 | +€5,675 | +20.1% |
| Other amounts payable | 47/48 | €10,727 | €13,264 | +€2,537 | +23.7% |
| Accrued charges and deferred income | 492/3 | €1,750 | €4,910 | +€3,160 | +181% |
| Remuneration, social security and pensions | 62 | €179,248 | €183,126 | +€3,879 | +2.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €59,846 | €34,261 | -€25,585 | -42.8% |
| Other operating charges | 640/8 | €6,313 | €1,358 | -€4,956 | -78.5% |
| Non-recurring operating charges | 66A | - | €78,076 | +€78,076 | |
| Gross operating margin | 9900 | €200,244 | €295,784 | +€95,540 | +47.7% |
| Operating profit (loss) | 9901 | -€45,163 | -€1,037 | +€44,126 | +97.7% |
| Financial income | 75/76B | €70,188 | €50,457 | -€19,731 | -28.1% |
| Recurring financial income | 75 | €1,451 | €101 | -€1,350 | -93.0% |
| Non-recurring financial income | 76B | €68,737 | €50,356 | -€18,380 | -26.7% |
| Financial charges | 65/66B | €18,855 | €28,800 | +€9,945 | +52.7% |
| Recurring financial charges | 65 | €18,855 | €17,346 | -€1,509 | -8.0% |
| Non-recurring financial charges | 66B | - | €11,454 | +€11,454 | |
| Profit (loss) for the period before taxes | 9903 | €6,170 | €20,621 | +€14,450 | +234% |
| Income taxes | 67/77 | €353 | €1 | -€352 | -99.7% |
| Profit (loss) for the period | 9904 | €5,817 | €20,619 | +€14,802 | +254% |
| Profit (loss) for the period to be appropriated | 9905 | €5,817 | €20,619 | +€14,802 | +254% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.