2ND STAGE: 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.
2ND STAGE
Largest movements
- Tangible fixed assets -€10,812
down €10,812 (-5.1%), from €211,584 to €200,773
of which Furniture and vehicles: -€6,192
- Cash +€4,633
up €4,633 (+20.5%), from €22,647 to €27,280
mainly Depreciation (+€17,774) and Net result for the year (+€7,728)
- Debts after one year -€10,138
down €10,138 (-3.2%), from €321,781 to €311,643
- Profit (loss) carried forward +€7,728
up €7,728 (+4.9%), from -€159,015 to -€151,287
- Trade debts -€2,668
down €2,668 (-72.3%), from €3,692 to €1,024
- Write-downs +€2,061
no longer reported in 2025 (was -€2,061)
- Depreciation +€1,189
up €1,189 (+7.2%), from €16,586 to €17,774
- Other operating charges -€1,132
down €1,132 (-23.3%), from €4,850 to €3,718
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 | €239,703 | €235,006 | -€4,697 | -2.0% |
| Fixed assets | 21/28 | €211,584 | €200,773 | -€10,812 | -5.1% |
| Tangible fixed assets | 22/27 | €211,584 | €200,773 | -€10,812 | -5.1% |
| Land and buildings | 22 | €175,505 | €172,267 | -€3,238 | -1.8% |
| Plant, machinery and equipment | 23 | €23,934 | €22,553 | -€1,381 | -5.8% |
| Furniture and vehicles | 24 | €12,145 | €5,953 | -€6,192 | -51.0% |
| Current assets | 29/58 | €28,119 | €34,233 | +€6,114 | +21.7% |
| Amounts receivable within one year | 40/41 | €2,360 | €4,473 | +€2,113 | +89.5% |
| Trade receivables | 40 | €1,249 | €2,991 | +€1,742 | +139% |
| Other amounts receivable | 41 | €1,111 | €1,482 | +€371 | +33.4% |
| Cash at bank and in hand | 54/58 | €22,647 | €27,280 | +€4,633 | +20.5% |
| Deferred charges and accrued income | 490/1 | €3,111 | €2,480 | -€631 | -20.3% |
| Total equity and liabilities | 10/49 | €239,703 | €235,006 | -€4,697 | -2.0% |
| Equity | 10/15 | -€91,365 | -€83,636 | +€7,728 | +8.5% |
| Contributions | 10/11 | €61,501 | €61,501 | = | 0.0% |
| Reserves | 13 | €6,150 | €6,150 | = | 0.0% |
| Distributable reserves | 133 | €6,150 | €6,150 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€159,015 | -€151,287 | +€7,728 | +4.9% |
| Amounts payable | 17/49 | €331,067 | €318,642 | -€12,425 | -3.8% |
| Amounts payable after more than one year | 17 | €321,781 | €311,643 | -€10,138 | -3.2% |
| Financial debts | 170/4 | €321,781 | €311,643 | -€10,138 | -3.2% |
| Amounts payable within one year | 42/48 | €9,287 | €6,999 | -€2,288 | -24.6% |
| Current portion of amounts payable after more than one year | 42 | €5,238 | €5,483 | +€246 | +4.7% |
| Trade debts | 44 | €3,692 | €1,024 | -€2,668 | -72.3% |
| Suppliers | 440/4 | €3,692 | €1,024 | -€2,668 | -72.3% |
| Taxes, remuneration and social security | 45 | €357 | €414 | +€57 | +16.0% |
| Taxes | 450/3 | €357 | €414 | +€57 | +16.0% |
| Other amounts payable | 47/48 | - | €78 | +€78 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,586 | €17,774 | +€1,189 | +7.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€2,061 | - | +€2,061 | |
| Other operating charges | 640/8 | €4,850 | €3,718 | -€1,132 | -23.3% |
| Gross operating margin | 9900 | €30,532 | €30,723 | +€191 | +0.6% |
| Operating profit (loss) | 9901 | €11,158 | €9,231 | -€1,927 | -17.3% |
| Financial income | 75/76B | - | €39 | +€39 | |
| Recurring financial income | 75 | - | €39 | +€39 | |
| Financial charges | 65/66B | €1,582 | €1,347 | -€235 | -14.8% |
| Recurring financial charges | 65 | €1,582 | €1,347 | -€235 | -14.8% |
| Profit (loss) for the period before taxes | 9903 | €9,576 | €7,923 | -€1,652 | -17.3% |
| Income taxes | 67/77 | €177 | €195 | +€18 | +10.3% |
| Profit (loss) for the period | 9904 | €9,399 | €7,728 | -€1,671 | -17.8% |
| Profit (loss) for the period to be appropriated | 9905 | €9,399 | €7,728 | -€1,671 | -17.8% |
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 25 October 2026 via checked.be.