A PROPOS: what changed
A PROPOS
Largest movements
- Tangible fixed assets +€372,243
up €372,243 (+143%), from €261,122 to €633,366
of which Other tangible fixed assets: +€346,017
- Receivables within one year +€271,924
up €271,924 (+42.2%), from €644,138 to €916,062
of which Other amounts receivable: +€338,983
- Cash -€184,491
down €184,491 (-24.3%), from €759,457 to €574,966
mainly Investment in fixed assets (net) (-€389,066) and Net result for the year (-€279,777)
- Trade debts +€800,169
up €800,169 (+66.2%), from €1.2m to €2.0m
- Profit (loss) carried forward -€279,777
down €279,777, from €39,724 to -€240,053
- Other debts -€60,000
no longer reported in 2025 (was €60,000)
- Advances received -€21,495
down €21,495 (-10.3%), from €207,890 to €186,395
- Gross operating margin -€235,917
down €235,917 (-68.9%), from €342,411 to €106,494
- Staff costs +€94,656
up €94,656 (+34.7%), from €272,883 to €367,539
- Taxes -€15,002
down €15,002 (-97.2%), from €15,434 to €432
- Financial income +€7,344
up €7,344 (+105%), from €7,025 to €14,369
- Other operating charges +€5,246
up €5,246 (+78.3%), from €6,702 to €11,949
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 | €1,673,302 | €2,127,505 | +€454,204 | +27.1% |
| Fixed assets | 21/28 | €264,234 | €636,478 | +€372,243 | +141% |
| Tangible fixed assets | 22/27 | €261,122 | €633,366 | +€372,243 | +143% |
| Furniture and vehicles | 24 | €565 | €26,792 | +€26,227 | +4,639% |
| Other tangible fixed assets | 26 | €260,557 | €606,574 | +€346,017 | +133% |
| Financial fixed assets | 28 | €3,112 | €3,112 | = | 0.0% |
| Current assets | 29/58 | €1,409,067 | €1,491,028 | +€81,960 | +5.8% |
| Stocks and contracts in progress | 3 | €1,057 | - | -€1,057 | |
| Stocks | 30/36 | €1,057 | - | -€1,057 | |
| Amounts receivable within one year | 40/41 | €644,138 | €916,062 | +€271,924 | +42.2% |
| Trade receivables | 40 | €496,858 | €429,798 | -€67,059 | -13.5% |
| Other amounts receivable | 41 | €147,281 | €486,264 | +€338,983 | +230% |
| Cash at bank and in hand | 54/58 | €759,457 | €574,966 | -€184,491 | -24.3% |
| Deferred charges and accrued income | 490/1 | €4,415 | - | -€4,415 | |
| Total equity and liabilities | 10/49 | €1,673,302 | €2,127,505 | +€454,204 | +27.1% |
| Equity | 10/15 | €107,924 | -€171,853 | -€279,777 | |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €6,200 | €6,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €39,724 | -€240,053 | -€279,777 | |
| Amounts payable | 17/49 | €1,565,377 | €2,299,358 | +€733,981 | +46.9% |
| Amounts payable after more than one year | 17 | - | €17,612 | +€17,612 | |
| Financial debts | 170/4 | - | €17,612 | +€17,612 | |
| Amounts payable within one year | 42/48 | €1,565,377 | €2,281,746 | +€716,368 | +45.8% |
| Current portion of amounts payable after more than one year | 42 | - | €5,032 | +€5,032 | |
| Trade debts | 44 | €1,208,020 | €2,008,189 | +€800,169 | +66.2% |
| Suppliers | 440/4 | €1,208,020 | €2,008,189 | +€800,169 | +66.2% |
| Advances received on contracts in progress | 46 | €207,890 | €186,395 | -€21,495 | -10.3% |
| Taxes, remuneration and social security | 45 | €89,467 | €82,129 | -€7,338 | -8.2% |
| Taxes | 450/3 | €60,383 | €29,803 | -€30,580 | -50.6% |
| Remuneration and social security | 454/9 | €29,084 | €52,326 | +€23,242 | +79.9% |
| Other amounts payable | 47/48 | €60,000 | - | -€60,000 | |
| Remuneration, social security and pensions | 62 | €272,883 | €367,539 | +€94,656 | +34.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,685 | €16,822 | +€3,137 | +22.9% |
| Other operating charges | 640/8 | €6,702 | €11,949 | +€5,246 | +78.3% |
| Gross operating margin | 9900 | €342,411 | €106,494 | -€235,917 | -68.9% |
| Operating profit (loss) | 9901 | €49,141 | -€289,817 | -€338,957 | |
| Financial income | 75/76B | €7,025 | €14,369 | +€7,344 | +105% |
| Recurring financial income | 75 | €7,025 | €14,369 | +€7,344 | +105% |
| Financial charges | 65/66B | €1,933 | €3,898 | +€1,965 | +102% |
| Recurring financial charges | 65 | €1,933 | €3,898 | +€1,965 | +102% |
| Profit (loss) for the period before taxes | 9903 | €54,232 | -€279,346 | -€333,578 | |
| Income taxes | 67/77 | €15,434 | €432 | -€15,002 | -97.2% |
| Profit (loss) for the period | 9904 | €38,798 | -€279,777 | -€318,576 | |
| Profit (loss) for the period to be appropriated | 9905 | €38,798 | -€279,777 | -€318,576 |
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 7 November 2026 via checked.be.