40 Love: 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.
40 Love
Largest movements
- Receivables within one year -€74,064
down €74,064 (-52.4%), from €141,383 to €67,319
of which Trade receivables: -€72,364
- Cash +€33,124
up €33,124 (+148%), from €22,341 to €55,465
mainly Receivables within one year (+€74,064) and Advances received (+€27,940)
- Stocks and contracts -€3,861
down €3,861 (-13.4%), from €28,861 to €25,000
- Intangible fixed assets -€2,493
no longer reported in 2025 (was €2,493)
- Trade debts -€66,631
down €66,631 (-44.3%), from €150,271 to €83,640
- Advances received +€27,940
up €27,940 (+112%), from €25,000 to €52,940
- Profit (loss) carried forward -€18,967
down €18,967 (-79.5%), from -€23,865 to -€42,832
- Debts after one year +€10,218
up €10,218 (+83.9%), from €12,177 to €22,395
- Current portion of long-term debt +€3,965
up €3,965 (+78.2%), from €5,071 to €9,037
- Depreciation -€7,312
down €7,312 (-73.1%), from €10,000 to €2,688
- Other operating charges +€3,701
up €3,701 (+67.3%), from €5,503 to €9,205
- Gross operating margin +€1,429
up €1,429 (+19.9%), from -€7,169 to -€5,740
- Financial income -€377
down €377 (-89.4%), from €422 to €45
- Financial charges -€236
down €236 (-14.6%), from €1,614 to €1,379
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 | €198,676 | €152,316 | -€46,360 | -23.3% |
| Fixed assets | 21/28 | €2,498 | €867 | -€1,631 | -65.3% |
| Intangible fixed assets | 21 | €2,493 | - | -€2,493 | |
| Tangible fixed assets | 22/27 | - | €862 | +€862 | |
| Plant, machinery and equipment | 23 | - | €862 | +€862 | |
| Financial fixed assets | 28 | €5 | €5 | = | 0.0% |
| Current assets | 29/58 | €196,178 | €151,449 | -€44,729 | -22.8% |
| Stocks and contracts in progress | 3 | €28,861 | €25,000 | -€3,861 | -13.4% |
| Stocks | 30/36 | €28,861 | €25,000 | -€3,861 | -13.4% |
| Amounts receivable within one year | 40/41 | €141,383 | €67,319 | -€74,064 | -52.4% |
| Trade receivables | 40 | €133,469 | €61,105 | -€72,364 | -54.2% |
| Other amounts receivable | 41 | €7,913 | €6,214 | -€1,700 | -21.5% |
| Cash at bank and in hand | 54/58 | €22,341 | €55,465 | +€33,124 | +148% |
| Deferred charges and accrued income | 490/1 | €3,594 | €3,665 | +€71 | +2.0% |
| Total equity and liabilities | 10/49 | €198,676 | €152,316 | -€46,360 | -23.3% |
| Equity | 10/15 | €2,619 | -€16,348 | -€18,967 | |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €21,484 | €21,484 | = | 0.0% |
| Distributable reserves | 133 | €21,484 | €21,484 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€23,865 | -€42,832 | -€18,967 | -79.5% |
| Amounts payable | 17/49 | €196,057 | €168,663 | -€27,393 | -14.0% |
| Amounts payable after more than one year | 17 | €12,177 | €22,395 | +€10,218 | +83.9% |
| Financial debts | 170/4 | €12,177 | €22,395 | +€10,218 | +83.9% |
| Amounts payable within one year | 42/48 | €183,880 | €146,268 | -€37,612 | -20.5% |
| Current portion of amounts payable after more than one year | 42 | €5,071 | €9,037 | +€3,965 | +78.2% |
| Trade debts | 44 | €150,271 | €83,640 | -€66,631 | -44.3% |
| Suppliers | 440/4 | €150,271 | €83,640 | -€66,631 | -44.3% |
| Advances received on contracts in progress | 46 | €25,000 | €52,940 | +€27,940 | +112% |
| Taxes, remuneration and social security | 45 | €3,538 | €501 | -€3,037 | -85.8% |
| Taxes | 450/3 | €3,538 | €501 | -€3,037 | -85.8% |
| Other amounts payable | 47/48 | - | €151 | +€151 | |
| Non-recurring operating income | 76A | - | €1,250 | +€1,250 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,000 | €2,688 | -€7,312 | -73.1% |
| Other operating charges | 640/8 | €5,503 | €9,205 | +€3,701 | +67.3% |
| Gross operating margin | 9900 | -€7,169 | -€5,740 | +€1,429 | +19.9% |
| Operating profit (loss) | 9901 | -€22,672 | -€17,633 | +€5,040 | +22.2% |
| Financial income | 75/76B | €422 | €45 | -€377 | -89.4% |
| Recurring financial income | 75 | €422 | €45 | -€377 | -89.4% |
| Financial charges | 65/66B | €1,614 | €1,379 | -€236 | -14.6% |
| Recurring financial charges | 65 | €1,614 | €1,379 | -€236 | -14.6% |
| Profit (loss) for the period before taxes | 9903 | -€23,865 | -€18,967 | +€4,898 | +20.5% |
| Profit (loss) for the period | 9904 | -€23,865 | -€18,967 | +€4,898 | +20.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€23,865 | -€18,967 | +€4,898 | +20.5% |
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 26 October 2026 via checked.be.