A-O Concept: 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-O Concept
Largest movements
- Tangible fixed assets -€45,459
down €45,459 (-59.7%), from €76,174 to €30,716
of which Leasing and similar rights: -€44,627
- Receivables within one year +€25,436
up €25,436 (+48.3%), from €52,666 to €78,102
of which Trade receivables: +€28,540
- Cash +€18,102
up €18,102 (+86.3%), from €20,982 to €39,084
mainly Investment in fixed assets (net) (+€35,539) and Trade debts (+€32,278)
- Stocks and contracts +€3,564
up €3,564 (+106%), from €3,350 to €6,914
- Debts after one year -€35,380
down €35,380 (-87.6%), from €40,408 to €5,028
- Trade debts +€32,278
up €32,278 (+413%), from €7,809 to €40,087
- Reserves +€17,700
up €17,700 (+44.9%), from €39,461 to €57,161
of which Distributable reserves: +€19,700
- Advances received -€12,631
down €12,631 (-95.9%), from €13,170 to €538
- Tax, wage and social debts +€7,688
up €7,688 (+72.0%), from €10,676 to €18,363
- Turnover -€189,724
no longer reported in 2025 (was €189,724)
- Purchases and services -€141,718
no longer reported in 2025 (was €141,718)
- Staff costs -€10,185
down €10,185 (-98.3%), from €10,366 to €181
- Gross operating margin -€8,652
down €8,652 (-17.6%), from €49,127 to €40,475
- Other operating charges -€1,975
down €1,975 (-69.9%), from €2,823 to €848
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.
Derived cash bridge
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 | €153,802 | €156,417 | +€2,615 | +1.7% |
| Fixed assets | 21/28 | €76,524 | €30,716 | -€45,809 | -59.9% |
| Tangible fixed assets | 22/27 | €76,174 | €30,716 | -€45,459 | -59.7% |
| Plant, machinery and equipment | 23 | €2,091 | €3,822 | +€1,732 | +82.8% |
| Furniture and vehicles | 24 | €6,742 | €4,685 | -€2,057 | -30.5% |
| Leasing and similar rights | 25 | €62,980 | €18,353 | -€44,627 | -70.9% |
| Other tangible fixed assets | 26 | €4,362 | €3,855 | -€507 | -11.6% |
| Financial fixed assets | 28 | €350 | €0 | -€350 | -100% |
| Current assets | 29/58 | €77,278 | €125,702 | +€48,424 | +62.7% |
| Stocks and contracts in progress | 3 | €3,350 | €6,914 | +€3,564 | +106% |
| Stocks | 30/36 | €3,350 | €6,914 | +€3,564 | +106% |
| Amounts receivable within one year | 40/41 | €52,666 | €78,102 | +€25,436 | +48.3% |
| Trade receivables | 40 | €45,923 | €74,463 | +€28,540 | +62.1% |
| Other amounts receivable | 41 | €6,743 | €3,639 | -€3,104 | -46.0% |
| Cash at bank and in hand | 54/58 | €20,982 | €39,084 | +€18,102 | +86.3% |
| Deferred charges and accrued income | 490/1 | €279 | €1,601 | +€1,322 | +473% |
| Total equity and liabilities | 10/49 | €153,802 | €156,417 | +€2,615 | +1.7% |
| Equity | 10/15 | €69,978 | €87,768 | +€17,789 | +25.4% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Capital | 10 | €20,000 | - | -€20,000 | |
| Issued capital | 100 | €20,000 | - | -€20,000 | |
| Reserves | 13 | €39,461 | €57,161 | +€17,700 | +44.9% |
| Non-distributable reserves | 130/1 | €2,000 | €0 | -€2,000 | -100% |
| Legal reserve | 130 | €2,000 | - | -€2,000 | |
| Reserves not available under the articles | 1311 | - | €0 | = | |
| Distributable reserves | 133 | €37,461 | €57,161 | +€19,700 | +52.6% |
| Profit (loss) carried forward | 14 | €10,517 | €10,606 | +€89 | +0.8% |
| Amounts payable | 17/49 | €83,824 | €68,649 | -€15,174 | -18.1% |
| Amounts payable after more than one year | 17 | €40,408 | €5,028 | -€35,380 | -87.6% |
| Financial debts | 170/4 | €40,408 | €5,028 | -€35,380 | -87.6% |
| Amounts payable within one year | 42/48 | €43,416 | €63,596 | +€20,181 | +46.5% |
| Current portion of amounts payable after more than one year | 42 | €11,246 | €4,607 | -€6,638 | -59.0% |
| Trade debts | 44 | €7,809 | €40,087 | +€32,278 | +413% |
| Suppliers | 440/4 | €7,809 | €40,087 | +€32,278 | +413% |
| Advances received on contracts in progress | 46 | €13,170 | €538 | -€12,631 | -95.9% |
| Taxes, remuneration and social security | 45 | €10,676 | €18,363 | +€7,688 | +72.0% |
| Taxes | 450/3 | €10,676 | €18,363 | +€7,688 | +72.0% |
| Other amounts payable | 47/48 | €515 | €0 | -€515 | -100% |
| Accrued charges and deferred income | 492/3 | - | €25 | +€25 | |
| Turnover | 70 | €189,724 | - | -€189,724 | |
| Goods, raw materials, services and sundry goods | 60/61 | €141,718 | - | -€141,718 | |
| Remuneration, social security and pensions | 62 | €10,366 | €181 | -€10,185 | -98.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,320 | €10,270 | -€1,051 | -9.3% |
| Other operating charges | 640/8 | €2,823 | €848 | -€1,975 | -69.9% |
| Non-recurring operating charges | 66A | - | €575 | +€575 | |
| Gross operating margin | 9900 | €49,127 | €40,475 | -€8,652 | -17.6% |
| Operating profit (loss) | 9901 | €24,617 | €28,600 | +€3,983 | +16.2% |
| Financial income | 75/76B | €11 | €126 | +€116 | +1,097% |
| Recurring financial income | 75 | €11 | €126 | +€116 | +1,097% |
| Financial charges | 65/66B | €3,461 | €3,559 | +€99 | +2.8% |
| Recurring financial charges | 65 | €3,461 | €3,559 | +€99 | +2.8% |
| Profit (loss) for the period before taxes | 9903 | €21,167 | €25,167 | +€4,000 | +18.9% |
| Income taxes | 67/77 | €6,235 | €7,378 | +€1,143 | +18.3% |
| Profit (loss) for the period | 9904 | €14,932 | €17,789 | +€2,857 | +19.1% |
| Profit (loss) for the period to be appropriated | 9905 | €14,932 | €17,789 | +€2,857 | +19.1% |
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 17 October 2026 via checked.be.