A DIFFERENT TRACK: what changed
Two financial 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.
A DIFFERENT TRACK
Largest movements
- Tangible fixed assets +€75,779
up €75,779 (+13867.3%), from €546 to €76,325
of which Plant, machinery and equipment: +€43,721
- Cash -€65,226
down €65,226 (-85.0%), from €76,760 to €11,534
mainly Investment in fixed assets (net) (-€83,420) and Net result for the year (-€9,378)
- Receivables within one year +€4,530
up €4,530 (+831.2%), from €545 to €5,075
of which Trade receivables: +€2,755
- Deferred charges and accrued income +€3,791
up €3,791 (+204.7%), from €1,852 to €5,643
- Other debts +€14,867
up €14,867 (+435.0%), from €3,418 to €18,285
- Trade debts +€10,153
up €10,153 (+2259.2%), from €449 to €10,602
- Profit (loss) carried forward -€9,378
down €9,378, from €0 to -€9,378
- Tax, wage and social debts +€2,150
up €2,150 (+109.5%), from €1,964 to €4,114
of which Remuneration and social security: +€1,088
- Staff costs +€10,938
new in 2025: €10,938
- Depreciation +€5,388
up €5,388 (+171.9%), from €3,135 to €8,523
- Gross operating margin -€4,588
down €4,588 (-29.9%), from €15,328 to €10,740
- Taxes -€1,154
down €1,154, from €1,140 to -€14
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 | €80,585 | €98,577 | +€17,992 | +22.3% |
| Fixed assets | 21/28 | €1,429 | €76,325 | +€74,897 | +5242.9% |
| Intangible fixed assets | 21 | €882 | €0 | -€882 | -100.0% |
| Tangible fixed assets | 22/27 | €546 | €76,325 | +€75,779 | +13867.3% |
| Plant, machinery and equipment | 23 | €431 | €44,152 | +€43,721 | +10150.4% |
| Furniture and vehicles | 24 | €116 | €32,174 | +€32,058 | +27700.8% |
| Current assets | 29/58 | €79,157 | €22,251 | -€56,905 | -71.9% |
| Amounts receivable within one year | 40/41 | €545 | €5,075 | +€4,530 | +831.2% |
| Trade receivables | 40 | €320 | €3,075 | +€2,755 | +860.9% |
| Other amounts receivable | 41 | €225 | €2,000 | +€1,775 | +788.9% |
| Cash at bank and in hand | 54/58 | €76,760 | €11,534 | -€65,226 | -85.0% |
| Deferred charges and accrued income | 490/1 | €1,852 | €5,643 | +€3,791 | +204.7% |
| Total equity and liabilities | 10/49 | €80,585 | €98,577 | +€17,992 | +22.3% |
| Equity | 10/15 | €24,015 | €14,637 | -€9,378 | -39.1% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €4,015 | €4,015 | = | 0.0% |
| Distributable reserves | 133 | €4,015 | €4,015 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | -€9,378 | -€9,378 | |
| Amounts payable | 17/49 | €56,570 | €83,940 | +€27,370 | +48.4% |
| Amounts payable after more than one year | 17 | €50,000 | €50,000 | = | 0.0% |
| Financial debts | 170/4 | €50,000 | €50,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €5,945 | €33,075 | +€27,130 | +456.3% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €449 | €10,602 | +€10,153 | +2259.2% |
| Suppliers | 440/4 | €449 | €10,602 | +€10,153 | +2259.2% |
| Advances received on contracts in progress | 46 | €114 | €75 | -€39 | -34.2% |
| Taxes, remuneration and social security | 45 | €1,964 | €4,114 | +€2,150 | +109.5% |
| Taxes | 450/3 | €1,964 | €3,026 | +€1,062 | +54.1% |
| Remuneration and social security | 454/9 | - | €1,088 | +€1,088 | |
| Other amounts payable | 47/48 | €3,418 | €18,285 | +€14,867 | +435.0% |
| Accrued charges and deferred income | 492/3 | €625 | €865 | +€240 | +38.3% |
| Remuneration, social security and pensions | 62 | - | €10,938 | +€10,938 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,135 | €8,523 | +€5,388 | +171.9% |
| Other operating charges | 640/8 | €118 | €194 | +€76 | +64.3% |
| Gross operating margin | 9900 | €15,328 | €10,740 | -€4,588 | -29.9% |
| Operating profit (loss) | 9901 | €12,075 | -€8,915 | -€20,990 | |
| Financial income | 75/76B | €0 | €0 | -€0 | -94.4% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -94.4% |
| Financial charges | 65/66B | €531 | €477 | -€54 | -10.2% |
| Recurring financial charges | 65 | €531 | €477 | -€54 | -10.2% |
| Profit (loss) for the period before taxes | 9903 | €11,544 | -€9,392 | -€20,936 | |
| Income taxes | 67/77 | €1,140 | -€14 | -€1,154 | |
| Profit (loss) for the period | 9904 | €10,404 | -€9,378 | -€19,782 | |
| Profit (loss) for the period to be appropriated | 9905 | €10,404 | -€9,378 | -€19,782 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.