A-ROUND: 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-ROUND
Largest movements
- Receivables within one year -€35,331
down €35,331 (-12.7%), from €277,386 to €242,055
of which Other amounts receivable: -€27,668
- Cash -€14,657
down €14,657 (-45.1%), from €32,479 to €17,822
mainly Trade debts (-€141,988) and Investment in fixed assets (net) (-€8,556)
- Tangible fixed assets +€4,643
up €4,643 (+56.1%), from €8,273 to €12,915
- Stocks and contracts -€3,827
down €3,827 (-27.0%), from €14,192 to €10,365
- Trade debts -€141,988
down €141,988 (-37.1%), from €382,803 to €240,815
- Profit (loss) carried forward +€90,491
up €90,491 (+27.1%), from -€334,507 to -€244,016
- Accrued charges and deferred income +€8,370
new in 2025: €8,370
- Reserves -€7,097
down €7,097 (-100%), from €7,097 to €0
- Gross operating margin +€154,101
up €154,101 (+90.2%), from €170,760 to €324,862
- Staff costs +€4,332
up €4,332 (+1.9%), from €229,111 to €233,443
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 | €343,772 | €296,551 | -€47,220 | -13.7% |
| Fixed assets | 21/28 | €8,673 | €13,315 | +€4,643 | +53.5% |
| Tangible fixed assets | 22/27 | €8,273 | €12,915 | +€4,643 | +56.1% |
| Furniture and vehicles | 24 | €8,273 | €12,915 | +€4,643 | +56.1% |
| Financial fixed assets | 28 | €400 | €400 | = | 0.0% |
| Current assets | 29/58 | €335,099 | €283,236 | -€51,863 | -15.5% |
| Stocks and contracts in progress | 3 | €14,192 | €10,365 | -€3,827 | -27.0% |
| Contracts in progress | 37 | €14,192 | €10,365 | -€3,827 | -27.0% |
| Amounts receivable within one year | 40/41 | €277,386 | €242,055 | -€35,331 | -12.7% |
| Trade receivables | 40 | €243,674 | €236,012 | -€7,662 | -3.1% |
| Other amounts receivable | 41 | €33,712 | €6,043 | -€27,668 | -82.1% |
| Cash at bank and in hand | 54/58 | €32,479 | €17,822 | -€14,657 | -45.1% |
| Deferred charges and accrued income | 490/1 | €11,043 | €12,993 | +€1,951 | +17.7% |
| Total equity and liabilities | 10/49 | €343,772 | €296,551 | -€47,220 | -13.7% |
| Equity | 10/15 | -€66,410 | €16,984 | +€83,394 | |
| Contributions | 10/11 | €261,000 | €261,000 | = | 0.0% |
| Reserves | 13 | €7,097 | €0 | -€7,097 | -100% |
| Non-distributable reserves | 130/1 | €7,097 | €0 | -€7,097 | -100% |
| Reserves not available under the articles | 1311 | €7,097 | €0 | -€7,097 | -100% |
| Profit (loss) carried forward | 14 | -€334,507 | -€244,016 | +€90,491 | +27.1% |
| Amounts payable | 17/49 | €410,182 | €279,568 | -€130,614 | -31.8% |
| Amounts payable within one year | 42/48 | €410,182 | €271,198 | -€138,984 | -33.9% |
| Financial debts | 43 | €1,307 | €3,508 | +€2,200 | +168% |
| Credit institutions | 430/8 | €1,307 | €3,508 | +€2,200 | +168% |
| Trade debts | 44 | €382,803 | €240,815 | -€141,988 | -37.1% |
| Suppliers | 440/4 | €382,803 | €240,815 | -€141,988 | -37.1% |
| Taxes, remuneration and social security | 45 | €25,595 | €26,426 | +€831 | +3.2% |
| Remuneration and social security | 454/9 | €25,595 | €26,426 | +€831 | +3.2% |
| Other amounts payable | 47/48 | €477 | €449 | -€27 | -5.7% |
| Accrued charges and deferred income | 492/3 | - | €8,370 | +€8,370 | |
| Remuneration, social security and pensions | 62 | €229,111 | €233,443 | +€4,332 | +1.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,179 | €3,913 | -€1,265 | -24.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€251 | €0 | +€251 | |
| Other operating charges | 640/8 | €4,243 | €2,855 | -€1,387 | -32.7% |
| Gross operating margin | 9900 | €170,760 | €324,862 | +€154,101 | +90.2% |
| Operating profit (loss) | 9901 | -€67,521 | €84,650 | +€152,171 | |
| Financial income | 75/76B | €100 | €1,118 | +€1,019 | +1,022% |
| Recurring financial income | 75 | €100 | €699 | +€599 | +601% |
| Non-recurring financial income | 76B | - | €419 | +€419 | |
| Financial charges | 65/66B | €3,049 | €2,375 | -€674 | -22.1% |
| Recurring financial charges | 65 | €3,049 | €2,375 | -€674 | -22.1% |
| Profit (loss) for the period before taxes | 9903 | -€70,470 | €83,394 | +€153,863 | |
| Profit (loss) for the period | 9904 | -€70,470 | €83,394 | +€153,863 | |
| Profit (loss) for the period to be appropriated | 9905 | -€70,470 | €83,394 | +€153,863 |
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 13 October 2026 via checked.be.