@44: 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.
@44
Largest movements
- Cash -€17,706
down €17,706 (-63.7%), from €27,790 to €10,084
mainly Investment in fixed assets (net) (-€16,460) and Tax, wage and social debts (-€4,059)
- Tangible fixed assets +€10,134
up €10,134 (+245.3%), from €4,131 to €14,265
of which Furniture and vehicles: +€12,193
- Receivables within one year -€5,392
down €5,392 (-15.1%), from €35,822 to €30,430
of which Trade receivables: -€13,270
- Tax, wage and social debts -€4,059
down €4,059 (-32.7%), from €12,421 to €8,362
- Debts after one year -€3,773
no longer reported in 2025 (was €3,773)
- Profit (loss) carried forward -€2,667
new in 2025: -€2,667
- Current portion of long-term debt -€1,272
down €1,272 (-26.3%), from €4,834 to €3,562
- Trade debts -€1,194
down €1,194 (-99.3%), from €1,202 to €9
- Gross operating margin -€27,567
down €27,567 (-78.5%), from €35,132 to €7,565
- Taxes -€5,623
down €5,623 (-88.3%), from €6,367 to €744
- Depreciation +€4,542
up €4,542 (+254.6%), from €1,784 to €6,326
- Staff costs -€2,463
down €2,463 (-97.0%), from €2,539 to €76
- Other operating charges +€1,456
up €1,456 (+97.6%), from €1,493 to €2,949
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 | €67,743 | €54,779 | -€12,965 | -19.1% |
| Fixed assets | 21/28 | €4,131 | €14,265 | +€10,134 | +245.3% |
| Tangible fixed assets | 22/27 | €4,131 | €14,265 | +€10,134 | +245.3% |
| Plant, machinery and equipment | 23 | €4,131 | €2,072 | -€2,059 | -49.8% |
| Furniture and vehicles | 24 | - | €12,193 | +€12,193 | |
| Current assets | 29/58 | €63,612 | €40,514 | -€23,098 | -36.3% |
| Amounts receivable within one year | 40/41 | €35,822 | €30,430 | -€5,392 | -15.1% |
| Trade receivables | 40 | €19,540 | €6,270 | -€13,270 | -67.9% |
| Other amounts receivable | 41 | €16,282 | €24,160 | +€7,878 | +48.4% |
| Cash at bank and in hand | 54/58 | €27,790 | €10,084 | -€17,706 | -63.7% |
| Total equity and liabilities | 10/49 | €67,743 | €54,779 | -€12,965 | -19.1% |
| Equity | 10/15 | €45,513 | €42,846 | -€2,667 | -5.9% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €42,513 | €42,513 | = | 0.0% |
| Distributable reserves | 133 | €42,513 | €42,513 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€2,667 | -€2,667 | |
| Amounts payable | 17/49 | €22,230 | €11,933 | -€10,298 | -46.3% |
| Amounts payable after more than one year | 17 | €3,773 | - | -€3,773 | |
| Financial debts | 170/4 | €3,773 | - | -€3,773 | |
| Amounts payable within one year | 42/48 | €18,458 | €11,933 | -€6,525 | -35.4% |
| Current portion of amounts payable after more than one year | 42 | €4,834 | €3,562 | -€1,272 | -26.3% |
| Trade debts | 44 | €1,202 | €9 | -€1,194 | -99.3% |
| Suppliers | 440/4 | €1,202 | €9 | -€1,194 | -99.3% |
| Taxes, remuneration and social security | 45 | €12,421 | €8,362 | -€4,059 | -32.7% |
| Taxes | 450/3 | €12,421 | €8,362 | -€4,059 | -32.7% |
| Remuneration, social security and pensions | 62 | €2,539 | €76 | -€2,463 | -97.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,784 | €6,326 | +€4,542 | +254.6% |
| Other operating charges | 640/8 | €1,493 | €2,949 | +€1,456 | +97.6% |
| Gross operating margin | 9900 | €35,132 | €7,565 | -€27,567 | -78.5% |
| Operating profit (loss) | 9901 | €29,316 | -€1,786 | -€31,102 | |
| Financial income | 75/76B | €835 | €414 | -€422 | -50.5% |
| Recurring financial income | 75 | €835 | €414 | -€422 | -50.5% |
| Financial charges | 65/66B | €653 | €551 | -€102 | -15.6% |
| Recurring financial charges | 65 | €653 | €551 | -€102 | -15.6% |
| Profit (loss) for the period before taxes | 9903 | €29,498 | -€1,923 | -€31,422 | |
| Income taxes | 67/77 | €6,367 | €744 | -€5,623 | -88.3% |
| Profit (loss) for the period | 9904 | €23,131 | -€2,667 | -€25,798 | |
| Profit (loss) for the period to be appropriated | 9905 | €23,131 | -€2,667 | -€25,798 |
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.