7 Waves: 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.
7 Waves
Largest movements
- Current investments -€51,456
down €51,456 (-100.0%), from €51,456 to €0
- Cash -€14,074
down €14,074 (-30.1%), from €46,754 to €32,680
mainly Contributions, distributions and other (-€58,850) and Receivables within one year (-€6,514)
- Receivables within one year +€6,514
up €6,514 (+114.2%), from €5,703 to €12,217
of which Other amounts receivable: +€6,514
- Reserves -€64,088
down €64,088 (-75.2%), from €85,260 to €21,172
- Short-term financial debts +€5,111
up €5,111, from €0 to €5,111
- Trade debts -€1,060
down €1,060 (-61.6%), from €1,720 to €660
- Gross operating margin +€4,046
up €4,046 (+41.9%), from -€9,662 to -€5,616
- Financial charges -€1,653
down €1,653, from €978 to -€675
- Financial income -€1,291
down €1,291 (-50.6%), from €2,554 to €1,262
- Other operating charges -€556
down €556 (-54.4%), from €1,022 to €465
- Depreciation -€220
down €220 (-17.7%), from €1,241 to €1,021
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 | €105,580 | €45,542 | -€60,037 | -56.9% |
| Fixed assets | 21/28 | €1,666 | €645 | -€1,021 | -61.3% |
| Tangible fixed assets | 22/27 | €1,666 | €645 | -€1,021 | -61.3% |
| Plant, machinery and equipment | 23 | €939 | €178 | -€761 | -81.0% |
| Furniture and vehicles | 24 | €727 | €467 | -€260 | -35.8% |
| Current assets | 29/58 | €103,914 | €44,897 | -€59,016 | -56.8% |
| Amounts receivable within one year | 40/41 | €5,703 | €12,217 | +€6,514 | +114.2% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €5,703 | €12,217 | +€6,514 | +114.2% |
| Current investments | 50/53 | €51,456 | €0 | -€51,456 | -100.0% |
| Cash at bank and in hand | 54/58 | €46,754 | €32,680 | -€14,074 | -30.1% |
| Total equity and liabilities | 10/49 | €105,580 | €45,542 | -€60,037 | -56.9% |
| Equity | 10/15 | €103,860 | €39,772 | -€64,088 | -61.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €85,260 | €21,172 | -€64,088 | -75.2% |
| Distributable reserves | 133 | €85,260 | €21,172 | -€64,088 | -75.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,720 | €5,770 | +€4,050 | +235.5% |
| Amounts payable within one year | 42/48 | €1,720 | €5,770 | +€4,050 | +235.5% |
| Financial debts | 43 | €0 | €5,111 | +€5,111 | |
| Credit institutions | 430/8 | €0 | €5,111 | +€5,111 | |
| Trade debts | 44 | €1,720 | €660 | -€1,060 | -61.6% |
| Suppliers | 440/4 | €1,720 | €660 | -€1,060 | -61.6% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,241 | €1,021 | -€220 | -17.7% |
| Other operating charges | 640/8 | €1,022 | €465 | -€556 | -54.4% |
| Gross operating margin | 9900 | -€9,662 | -€5,616 | +€4,046 | +41.9% |
| Operating profit (loss) | 9901 | -€11,924 | -€7,102 | +€4,822 | +40.4% |
| Financial income | 75/76B | €2,554 | €1,262 | -€1,291 | -50.6% |
| Recurring financial income | 75 | €2,554 | €1,262 | -€1,291 | -50.6% |
| Financial charges | 65/66B | €978 | -€675 | -€1,653 | |
| Recurring financial charges | 65 | €978 | -€675 | -€1,653 | |
| Profit (loss) for the period before taxes | 9903 | -€10,348 | -€5,165 | +€5,184 | +50.1% |
| Income taxes | 67/77 | €0 | €73 | +€73 | |
| Profit (loss) for the period | 9904 | -€10,348 | -€5,238 | +€5,111 | +49.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€10,348 | -€5,238 | +€5,111 | +49.4% |
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 3 October 2026 via checked.be.