2th: 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.
2th
Largest movements
- Cash -€25,802
down €25,802 (-37.5%), from €68,785 to €42,982
mainly Other debts (-€23,700) and Debts after one year (-€10,573)
- Tangible fixed assets -€10,563
down €10,563 (-36.5%), from €28,934 to €18,371
of which Leasing and similar rights: -€10,399
- Receivables within one year +€2,065
up €2,065 (+80.0%), from €2,580 to €4,644
- Other debts -€23,700
down €23,700 (-79.0%), from €30,013 to €6,313
- Debts after one year -€10,573
down €10,573 (-59.7%), from €17,696 to €7,123
- Tax, wage and social debts -€1,051
no longer reported in 2025 (was €1,051)
- Gross operating margin -€17,867
down €17,867 (-58.6%), from €30,476 to €12,609
- Taxes -€3,773
down €3,773 (-88.0%), from €4,285 to €512
- Financial income -€960
down €960 (-78.9%), from €1,216 to €256
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 | €100,517 | €66,295 | -€34,222 | -34.0% |
| Fixed assets | 21/28 | €28,934 | €18,371 | -€10,563 | -36.5% |
| Tangible fixed assets | 22/27 | €28,934 | €18,371 | -€10,563 | -36.5% |
| Plant, machinery and equipment | 23 | €1,204 | €1,040 | -€164 | -13.6% |
| Leasing and similar rights | 25 | €27,730 | €17,331 | -€10,399 | -37.5% |
| Current assets | 29/58 | €71,584 | €47,925 | -€23,659 | -33.1% |
| Amounts receivable within one year | 40/41 | €2,580 | €4,644 | +€2,065 | +80.0% |
| Other amounts receivable | 41 | €2,580 | €4,644 | +€2,065 | +80.0% |
| Cash at bank and in hand | 54/58 | €68,785 | €42,982 | -€25,802 | -37.5% |
| Deferred charges and accrued income | 490/1 | €219 | €298 | +€79 | +35.9% |
| Total equity and liabilities | 10/49 | €100,517 | €66,295 | -€34,222 | -34.0% |
| Equity | 10/15 | €40,384 | €41,354 | +€970 | +2.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €35,384 | €36,354 | +€970 | +2.7% |
| Distributable reserves | 133 | €35,384 | €36,354 | +€970 | +2.7% |
| Amounts payable | 17/49 | €60,133 | €24,942 | -€35,191 | -58.5% |
| Amounts payable after more than one year | 17 | €17,696 | €7,123 | -€10,573 | -59.7% |
| Financial debts | 170/4 | €17,696 | €7,123 | -€10,573 | -59.7% |
| Amounts payable within one year | 42/48 | €42,438 | €17,819 | -€24,619 | -58.0% |
| Current portion of amounts payable after more than one year | 42 | €10,441 | €10,573 | +€132 | +1.3% |
| Trade debts | 44 | €932 | €933 | +€1 | +0.1% |
| Suppliers | 440/4 | €932 | €933 | +€1 | +0.1% |
| Taxes, remuneration and social security | 45 | €1,051 | - | -€1,051 | |
| Taxes | 450/3 | €1,051 | - | -€1,051 | |
| Other amounts payable | 47/48 | €30,013 | €6,313 | -€23,700 | -79.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,563 | €10,563 | = | 0.0% |
| Other operating charges | 640/8 | €640 | €465 | -€175 | -27.4% |
| Gross operating margin | 9900 | €30,476 | €12,609 | -€17,867 | -58.6% |
| Operating profit (loss) | 9901 | €19,274 | €1,582 | -€17,692 | -91.8% |
| Financial income | 75/76B | €1,216 | €256 | -€960 | -78.9% |
| Recurring financial income | 75 | €1,216 | €256 | -€960 | -78.9% |
| Financial charges | 65/66B | €489 | €356 | -€133 | -27.1% |
| Recurring financial charges | 65 | €489 | €356 | -€133 | -27.1% |
| Profit (loss) for the period before taxes | 9903 | €20,001 | €1,482 | -€18,519 | -92.6% |
| Income taxes | 67/77 | €4,285 | €512 | -€3,773 | -88.0% |
| Profit (loss) for the period | 9904 | €15,716 | €970 | -€14,747 | -93.8% |
| Profit (loss) for the period to be appropriated | 9905 | €15,716 | €970 | -€14,747 | -93.8% |
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 28 September 2026 via checked.be.