404: 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.
404
Largest movements
- Cash +€45,099
up €45,099 (+36.9%), from €122,221 to €167,319
mainly Net result for the year (+€52,039) and Depreciation (+€1,587)
- Receivables within one year +€6,684
up €6,684 (+51.9%), from €12,877 to €19,561
of which Trade receivables: +€7,536
- Reserves +€52,039
up €52,039 (+27.4%), from €189,869 to €241,909
of which Distributable reserves: +€52,039
- Gross operating margin +€9,376
up €9,376 (+16.0%), from €58,587 to €67,963
- Financial income +€5,894
up €5,894 (+1442.8%), from €409 to €6,303
- Taxes +€4,364
up €4,364 (+28.1%), from €15,509 to €19,873
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 | €204,331 | €257,037 | +€52,706 | +25.8% |
| Fixed assets | 21/28 | €2,779 | €3,667 | +€889 | +32.0% |
| Tangible fixed assets | 22/27 | €2,779 | €3,667 | +€889 | +32.0% |
| Furniture and vehicles | 24 | €2,779 | €3,667 | +€889 | +32.0% |
| Current assets | 29/58 | €201,553 | €253,369 | +€51,817 | +25.7% |
| Amounts receivable within one year | 40/41 | €12,877 | €19,561 | +€6,684 | +51.9% |
| Trade receivables | 40 | €10,181 | €17,717 | +€7,536 | +74.0% |
| Other amounts receivable | 41 | €2,696 | €1,844 | -€852 | -31.6% |
| Current investments | 50/53 | €65,922 | €65,922 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €122,221 | €167,319 | +€45,099 | +36.9% |
| Deferred charges and accrued income | 490/1 | €532 | €567 | +€34 | +6.4% |
| Total equity and liabilities | 10/49 | €204,331 | €257,037 | +€52,706 | +25.8% |
| Equity | 10/15 | €202,269 | €254,309 | +€52,039 | +25.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €189,869 | €241,909 | +€52,039 | +27.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €188,009 | €240,049 | +€52,039 | +27.7% |
| Amounts payable | 17/49 | €2,062 | €2,728 | +€666 | +32.3% |
| Amounts payable within one year | 42/48 | €2,062 | €2,728 | +€666 | +32.3% |
| Trade debts | 44 | €1,675 | €1,746 | +€70 | +4.2% |
| Suppliers | 440/4 | €1,675 | €1,746 | +€70 | +4.2% |
| Taxes, remuneration and social security | 45 | €386 | €982 | +€596 | +154.2% |
| Taxes | 450/3 | €386 | €982 | +€596 | +154.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,598 | €1,587 | -€11 | -0.7% |
| Other operating charges | 640/8 | €593 | €611 | +€18 | +3.0% |
| Gross operating margin | 9900 | €58,587 | €67,963 | +€9,376 | +16.0% |
| Operating profit (loss) | 9901 | €56,395 | €65,765 | +€9,370 | +16.6% |
| Financial income | 75/76B | €409 | €6,303 | +€5,894 | +1442.8% |
| Recurring financial income | 75 | €409 | €6,303 | +€5,894 | +1442.8% |
| Financial charges | 65/66B | €661 | €155 | -€506 | -76.5% |
| Recurring financial charges | 65 | €661 | €155 | -€506 | -76.5% |
| Profit (loss) for the period before taxes | 9903 | €56,143 | €71,913 | +€15,770 | +28.1% |
| Income taxes | 67/77 | €15,509 | €19,873 | +€4,364 | +28.1% |
| Profit (loss) for the period | 9904 | €40,634 | €52,039 | +€11,405 | +28.1% |
| Profit (loss) for the period to be appropriated | 9905 | €40,634 | €52,039 | +€11,405 | +28.1% |
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 5 October 2026 via checked.be.