6 AM: 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.
6 AM
Largest movements
- Receivables within one year -€843,766
down €843,766 (-99.7%), from €846,186 to €2,420
of which Trade receivables: -€806,505
- Cash +€75,332
up €75,332 (+42.0%), from €179,289 to €254,621
mainly Receivables within one year (+€843,766) and Depreciation (+€26,590)
- Tangible fixed assets -€26,590
down €26,590 (-11.7%), from €227,446 to €200,856
of which Plant, machinery and equipment: -€16,339
- Other debts -€634,314
down €634,314 (-63.2%), from €1.0m to €369,192
- Profit (loss) carried forward -€100,207
down €100,207, from €44,241 to -€55,966
- Trade debts -€39,687
down €39,687 (-73.7%), from €53,878 to €14,191
- Gross operating margin -€178,047
down €178,047, from €125,830 to -€52,216
- Staff costs -€75,099
no longer reported in 2025 (was €75,099)
- Financial charges -€15,716
down €15,716 (-43.6%), from €36,047 to €20,331
- Depreciation +€14,220
up €14,220 (+114.9%), from €12,371 to €26,590
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 | €1,252,981 | €457,957 | -€795,024 | -63.5% |
| Fixed assets | 21/28 | €227,506 | €200,916 | -€26,590 | -11.7% |
| Tangible fixed assets | 22/27 | €227,446 | €200,856 | -€26,590 | -11.7% |
| Plant, machinery and equipment | 23 | €198,930 | €182,591 | -€16,339 | -8.2% |
| Furniture and vehicles | 24 | €5,426 | €2,660 | -€2,766 | -51.0% |
| Leasing and similar rights | 25 | €23,090 | €15,605 | -€7,485 | -32.4% |
| Financial fixed assets | 28 | €60 | €60 | = | 0.0% |
| Current assets | 29/58 | €1,025,475 | €257,041 | -€768,434 | -74.9% |
| Amounts receivable within one year | 40/41 | €846,186 | €2,420 | -€843,766 | -99.7% |
| Trade receivables | 40 | €808,925 | €2,420 | -€806,505 | -99.7% |
| Other amounts receivable | 41 | €37,260 | - | -€37,260 | |
| Cash at bank and in hand | 54/58 | €179,289 | €254,621 | +€75,332 | +42.0% |
| Total equity and liabilities | 10/49 | €1,252,981 | €457,957 | -€795,024 | -63.5% |
| Equity | 10/15 | €154,241 | €54,034 | -€100,207 | -65.0% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €10,000 | €10,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Legal reserve | 130 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €44,241 | -€55,966 | -€100,207 | |
| Amounts payable | 17/49 | €1,098,740 | €403,923 | -€694,817 | -63.2% |
| Amounts payable after more than one year | 17 | €10,763 | €1,570 | -€9,193 | -85.4% |
| Financial debts | 170/4 | €10,763 | €1,570 | -€9,193 | -85.4% |
| Amounts payable within one year | 42/48 | €1,087,839 | €402,353 | -€685,486 | -63.0% |
| Current portion of amounts payable after more than one year | 42 | €8,813 | €9,193 | +€380 | +4.3% |
| Trade debts | 44 | €53,878 | €14,191 | -€39,687 | -73.7% |
| Suppliers | 440/4 | €53,878 | €14,191 | -€39,687 | -73.7% |
| Taxes, remuneration and social security | 45 | €21,642 | €9,776 | -€11,866 | -54.8% |
| Taxes | 450/3 | €21,642 | €9,776 | -€11,866 | -54.8% |
| Other amounts payable | 47/48 | €1,003,506 | €369,192 | -€634,314 | -63.2% |
| Accrued charges and deferred income | 492/3 | €138 | - | -€138 | |
| Remuneration, social security and pensions | 62 | €75,099 | - | -€75,099 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,371 | €26,590 | +€14,220 | +114.9% |
| Other operating charges | 640/8 | €1,028 | €1,069 | +€42 | +4.1% |
| Gross operating margin | 9900 | €125,830 | -€52,216 | -€178,047 | |
| Operating profit (loss) | 9901 | €37,333 | -€79,876 | -€117,209 | |
| Financial charges | 65/66B | €36,047 | €20,331 | -€15,716 | -43.6% |
| Recurring financial charges | 65 | €36,047 | €20,331 | -€15,716 | -43.6% |
| Profit (loss) for the period before taxes | 9903 | €1,286 | -€100,207 | -€101,492 | |
| Income taxes | 67/77 | €1,029 | - | -€1,029 | |
| Profit (loss) for the period | 9904 | €256 | -€100,207 | -€100,463 | |
| Profit (loss) for the period to be appropriated | 9905 | €256 | -€100,207 | -€100,463 |
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.