A Speculative Present: 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 Speculative Present
Largest movements
- Cash -€69,493
down €69,493 (-32.9%), from €210,988 to €141,495
mainly Contributions, distributions and other (-€80,000) and Other debts (-€14,786)
- Receivables within one year +€12,587
up €12,587 (+29.3%), from €42,979 to €55,565
of which Other amounts receivable: +€12,000
- Tangible fixed assets -€8,619
down €8,619 (-7.2%), from €119,572 to €110,953
of which Other tangible fixed assets: -€5,697
- Reserves -€76,064
down €76,064 (-23.0%), from €330,409 to €254,345
- Trade debts +€22,575
up €22,575 (+736%), from €3,069 to €25,644
- Other debts -€14,786
down €14,786 (-61.0%), from €24,223 to €9,437
- Gross operating margin -€47,870
down €47,870 (-56.1%), from €85,384 to €37,513
- Other operating charges -€21,416
down €21,416 (-54.4%), from €39,398 to €17,982
- Taxes -€4,588
down €4,588 (-66.8%), from €6,871 to €2,283
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 | €374,966 | €309,482 | -€65,484 | -17.5% |
| Fixed assets | 21/28 | €119,572 | €110,953 | -€8,619 | -7.2% |
| Tangible fixed assets | 22/27 | €119,572 | €110,953 | -€8,619 | -7.2% |
| Furniture and vehicles | 24 | €17,916 | €14,994 | -€2,922 | -16.3% |
| Other tangible fixed assets | 26 | €101,656 | €95,959 | -€5,697 | -5.6% |
| Current assets | 29/58 | €255,394 | €198,529 | -€56,865 | -22.3% |
| Amounts receivable within one year | 40/41 | €42,979 | €55,565 | +€12,587 | +29.3% |
| Trade receivables | 40 | €42,979 | €43,565 | +€587 | +1.4% |
| Other amounts receivable | 41 | - | €12,000 | +€12,000 | |
| Cash at bank and in hand | 54/58 | €210,988 | €141,495 | -€69,493 | -32.9% |
| Deferred charges and accrued income | 490/1 | €1,428 | €1,469 | +€41 | +2.9% |
| Total equity and liabilities | 10/49 | €374,966 | €309,482 | -€65,484 | -17.5% |
| Equity | 10/15 | €335,409 | €259,345 | -€76,064 | -22.7% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €330,409 | €254,345 | -€76,064 | -23.0% |
| Distributable reserves | 133 | €330,409 | €254,345 | -€76,064 | -23.0% |
| Amounts payable | 17/49 | €39,557 | €50,137 | +€10,580 | +26.7% |
| Amounts payable within one year | 42/48 | €39,557 | €50,137 | +€10,580 | +26.7% |
| Trade debts | 44 | €3,069 | €25,644 | +€22,575 | +736% |
| Suppliers | 440/4 | €3,069 | €25,644 | +€22,575 | +736% |
| Taxes, remuneration and social security | 45 | €12,266 | €15,056 | +€2,791 | +22.8% |
| Taxes | 450/3 | €12,266 | €15,056 | +€2,791 | +22.8% |
| Other amounts payable | 47/48 | €24,223 | €9,437 | -€14,786 | -61.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,457 | €13,119 | -€338 | -2.5% |
| Other operating charges | 640/8 | €39,398 | €17,982 | -€21,416 | -54.4% |
| Gross operating margin | 9900 | €85,384 | €37,513 | -€47,870 | -56.1% |
| Operating profit (loss) | 9901 | €32,530 | €6,413 | -€26,117 | -80.3% |
| Financial income | 75/76B | €3 | - | -€3 | |
| Recurring financial income | 75 | €3 | - | -€3 | |
| Financial charges | 65/66B | €233 | €194 | -€40 | -17.0% |
| Recurring financial charges | 65 | €233 | €194 | -€40 | -17.0% |
| Profit (loss) for the period before taxes | 9903 | €32,299 | €6,219 | -€26,080 | -80.7% |
| Income taxes | 67/77 | €6,871 | €2,283 | -€4,588 | -66.8% |
| Profit (loss) for the period | 9904 | €25,428 | €3,936 | -€21,492 | -84.5% |
| Profit (loss) for the period to be appropriated | 9905 | €25,428 | €3,936 | -€21,492 | -84.5% |
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 14 October 2026 via checked.be.