44 INVEST: what changed
44 INVEST
Largest movements
- Intangible fixed assets -€5,857
down €5,857 (-14.9%), from €39,288 to €33,431
- Cash +€5,565
up €5,565 (+203%), from €2,740 to €8,305
mainly Net result for the year (+€26,779) and Other debts (+€13,344)
- Stocks and contracts +€3,588
new in 2025: €3,588
- Receivables within one year -€594
no longer reported in 2025 (was €594)
- Trade debts -€37,919
down €37,919 (-91.6%), from €41,414 to €3,495
- Profit (loss) carried forward +€21,779
up €21,779, from -€5,161 to €16,619
- Other debts +€13,344
up €13,344 (+1,249%), from €1,068 to €14,412
- Tax, wage and social debts +€5,498
new in 2025: €5,498
- Gross operating margin +€41,889
up €41,889, from -€3,380 to €38,509
- Taxes +€4,656
new in 2025: €4,656
- Depreciation +€4,145
up €4,145 (+242%), from €1,712 to €5,857
- Other operating charges +€1,268
new in 2025: €1,268
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €42,622 | €45,323 | +€2,702 | +6.3% |
| Fixed assets | 21/28 | €39,288 | €33,431 | -€5,857 | -14.9% |
| Intangible fixed assets | 21 | €39,288 | €33,431 | -€5,857 | -14.9% |
| Current assets | 29/58 | €3,334 | €11,893 | +€8,559 | +257% |
| Stocks and contracts in progress | 3 | - | €3,588 | +€3,588 | |
| Stocks | 30/36 | - | €3,588 | +€3,588 | |
| Amounts receivable within one year | 40/41 | €594 | - | -€594 | |
| Other amounts receivable | 41 | €594 | - | -€594 | |
| Cash at bank and in hand | 54/58 | €2,740 | €8,305 | +€5,565 | +203% |
| Total equity and liabilities | 10/49 | €42,622 | €45,323 | +€2,702 | +6.3% |
| Equity | 10/15 | €139 | €21,919 | +€21,779 | +15,619% |
| Contributions | 10/11 | €5,300 | €5,300 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€5,161 | €16,619 | +€21,779 | |
| Amounts payable | 17/49 | €42,482 | €23,405 | -€19,077 | -44.9% |
| Amounts payable within one year | 42/48 | €42,482 | €23,405 | -€19,077 | -44.9% |
| Trade debts | 44 | €41,414 | €3,495 | -€37,919 | -91.6% |
| Suppliers | 440/4 | €41,414 | €3,495 | -€37,919 | -91.6% |
| Taxes, remuneration and social security | 45 | - | €5,498 | +€5,498 | |
| Taxes | 450/3 | - | €5,498 | +€5,498 | |
| Other amounts payable | 47/48 | €1,068 | €14,412 | +€13,344 | +1,249% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,712 | €5,857 | +€4,145 | +242% |
| Other operating charges | 640/8 | - | €1,268 | +€1,268 | |
| Gross operating margin | 9900 | -€3,380 | €38,509 | +€41,889 | |
| Operating profit (loss) | 9901 | -€5,092 | €31,384 | +€36,476 | |
| Financial income | 75/76B | - | €153 | +€153 | |
| Recurring financial income | 75 | - | €153 | +€153 | |
| Financial charges | 65/66B | €68 | €102 | +€33 | +48.6% |
| Recurring financial charges | 65 | €68 | €102 | +€33 | +48.6% |
| Profit (loss) for the period before taxes | 9903 | -€5,161 | €31,436 | +€36,596 | |
| Income taxes | 67/77 | - | €4,656 | +€4,656 | |
| Profit (loss) for the period | 9904 | -€5,161 | €26,779 | +€31,940 | |
| Profit (loss) for the period to be appropriated | 9905 | -€5,161 | €26,779 | +€31,940 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.