33REASONS: 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.
33REASONS
Largest movements
- Receivables within one year +€327,326
up €327,326 (+138%), from €238,043 to €565,369
of which Trade receivables: +€324,772
- Cash -€141,465
down €141,465 (-56.6%), from €249,822 to €108,357
mainly Net result for the year (-€513,353) and Receivables within one year (-€327,326)
- Deferred charges and accrued income +€85,583
up €85,583 (+546%), from €15,678 to €101,261
- Profit (loss) carried forward -€513,353
down €513,353 (-125%), from -€411,336 to -€924,689
- Contributions +€500,000
up €500,000 (+102%), from €492,000 to €992,000
- Trade debts +€409,780
up €409,780 (+178%), from €229,761 to €639,540
- Debts after one year -€100,490
down €100,490 (-21.2%), from €473,799 to €373,309
- Investment grants -€41,662
down €41,662 (-100%), from €41,662 to €0
- Staff costs +€412,211
up €412,211 (+211%), from €195,228 to €607,439
- Depreciation +€48,182
up €48,182 (+24.1%), from €199,886 to €248,068
- Financial charges +€20,848
up €20,848 (+80.0%), from €26,046 to €46,894
- Write-downs -€13,860
down €13,860, from €11,738 to -€2,123
- Gross operating margin -€9,457
down €9,457 (-2.7%), from €345,027 to €335,569
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 | €1,022,056 | €1,304,030 | +€281,974 | +27.6% |
| Fixed assets | 21/28 | €518,514 | €529,043 | +€10,530 | +2.0% |
| Intangible fixed assets | 21 | €518,227 | €527,008 | +€8,781 | +1.7% |
| Tangible fixed assets | 22/27 | €286 | €2,035 | +€1,749 | +611% |
| Furniture and vehicles | 24 | €286 | €2,035 | +€1,749 | +611% |
| Current assets | 29/58 | €503,543 | €774,987 | +€271,444 | +53.9% |
| Amounts receivable within one year | 40/41 | €238,043 | €565,369 | +€327,326 | +138% |
| Trade receivables | 40 | €181,617 | €506,389 | +€324,772 | +179% |
| Other amounts receivable | 41 | €56,426 | €58,979 | +€2,554 | +4.5% |
| Cash at bank and in hand | 54/58 | €249,822 | €108,357 | -€141,465 | -56.6% |
| Deferred charges and accrued income | 490/1 | €15,678 | €101,261 | +€85,583 | +546% |
| Total equity and liabilities | 10/49 | €1,022,056 | €1,304,030 | +€281,974 | +27.6% |
| Equity | 10/15 | €122,326 | €67,311 | -€55,015 | -45.0% |
| Contributions | 10/11 | €492,000 | €992,000 | +€500,000 | +102% |
| Capital | 10 | €492,000 | €992,000 | +€500,000 | +102% |
| Issued capital | 100 | €492,000 | €992,000 | +€500,000 | +102% |
| Profit (loss) carried forward | 14 | -€411,336 | -€924,689 | -€513,353 | -125% |
| Investment grants | 15 | €41,662 | €0 | -€41,662 | -100% |
| Amounts payable | 17/49 | €899,731 | €1,236,719 | +€336,988 | +37.5% |
| Amounts payable after more than one year | 17 | €473,799 | €373,309 | -€100,490 | -21.2% |
| Financial debts | 170/4 | €473,799 | €373,309 | -€100,490 | -21.2% |
| Amounts payable within one year | 42/48 | €421,544 | €856,463 | +€434,919 | +103% |
| Current portion of amounts payable after more than one year | 42 | €138,034 | €130,490 | -€7,544 | -5.5% |
| Trade debts | 44 | €229,761 | €639,540 | +€409,780 | +178% |
| Suppliers | 440/4 | €229,761 | €639,540 | +€409,780 | +178% |
| Taxes, remuneration and social security | 45 | €53,684 | €86,432 | +€32,748 | +61.0% |
| Taxes | 450/3 | - | €3,715 | +€3,715 | |
| Remuneration and social security | 454/9 | €53,684 | €82,717 | +€29,033 | +54.1% |
| Other amounts payable | 47/48 | €65 | €0 | -€65 | -100% |
| Accrued charges and deferred income | 492/3 | €4,387 | €6,947 | +€2,560 | +58.3% |
| Remuneration, social security and pensions | 62 | €195,228 | €607,439 | +€412,211 | +211% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €199,886 | €248,068 | +€48,182 | +24.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €11,738 | -€2,123 | -€13,860 | |
| Other operating charges | 640/8 | €756 | €5,244 | +€4,488 | +594% |
| Gross operating margin | 9900 | €345,027 | €335,569 | -€9,457 | -2.7% |
| Operating profit (loss) | 9901 | -€62,581 | -€523,059 | -€460,478 | -736% |
| Financial income | 75/76B | €45,099 | €41,689 | -€3,410 | -7.6% |
| Recurring financial income | 75 | €45,099 | €41,689 | -€3,410 | -7.6% |
| Financial charges | 65/66B | €26,046 | €46,894 | +€20,848 | +80.0% |
| Recurring financial charges | 65 | €26,046 | €46,894 | +€20,848 | +80.0% |
| Profit (loss) for the period before taxes | 9903 | -€43,528 | -€528,264 | -€484,735 | -1,114% |
| Income taxes | 67/77 | -€10,066 | -€14,911 | -€4,845 | -48.1% |
| Profit (loss) for the period | 9904 | -€33,463 | -€513,353 | -€479,890 | -1,434% |
| Profit (loss) for the period to be appropriated | 9905 | -€33,463 | -€513,353 | -€479,890 | -1,434% |
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 24 October 2026 via checked.be.