A - TRADE: 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 - TRADE
Largest movements
- Receivables within one year -€28,895
down €28,895 (-16.9%), from €170,961 to €142,066
of which Trade receivables: -€29,400
- Tangible fixed assets -€12,716
down €12,716 (-12.5%), from €101,330 to €88,613
of which Land and buildings: -€12,716
- Profit (loss) carried forward -€93,802
down €93,802 (-13.0%), from -€721,017 to -€814,818
- Accrued charges and deferred income +€61,480
up €61,480 (+62.4%), from €98,552 to €160,032
- Other debts -€11,305
down €11,305 (-84.9%), from €13,317 to €2,012
- Tax, wage and social debts +€5,094
up €5,094 (+375%), from €1,358 to €6,452
- Trade debts -€4,870
down €4,870 (-18.8%), from €25,934 to €21,063
- Gross operating margin -€41,205
down €41,205, from €27,824 to -€13,381
- Other operating charges -€9,029
down €9,029 (-75.6%), from €11,941 to €2,912
- Financial charges +€4,624
up €4,624 (+7.7%), from €60,004 to €64,628
- Depreciation -€788
down €788 (-5.8%), from €13,504 to €12,716
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 | €280,965 | €237,992 | -€42,972 | -15.3% |
| Fixed assets | 21/28 | €101,434 | €88,717 | -€12,716 | -12.5% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €101,330 | €88,613 | -€12,716 | -12.5% |
| Land and buildings | 22 | €101,330 | €88,613 | -€12,716 | -12.5% |
| Plant, machinery and equipment | 23 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €0 | €0 | = | |
| Financial fixed assets | 28 | €104 | €104 | = | 0.0% |
| Current assets | 29/58 | €179,531 | €149,275 | -€30,256 | -16.9% |
| Stocks and contracts in progress | 3 | €6,793 | €6,793 | = | 0.0% |
| Stocks | 30/36 | €6,793 | €6,793 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €170,961 | €142,066 | -€28,895 | -16.9% |
| Trade receivables | 40 | €170,875 | €141,475 | -€29,400 | -17.2% |
| Other amounts receivable | 41 | €86 | €591 | +€505 | +590% |
| Cash at bank and in hand | 54/58 | €1,038 | €417 | -€622 | -59.9% |
| Deferred charges and accrued income | 490/1 | €740 | - | -€740 | |
| Total equity and liabilities | 10/49 | €280,965 | €237,992 | -€42,972 | -15.3% |
| Equity | 10/15 | -€650,557 | -€744,358 | -€93,802 | -14.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €51,860 | €51,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €50,000 | €50,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€721,017 | -€814,818 | -€93,802 | -13.0% |
| Amounts payable | 17/49 | €931,521 | €982,351 | +€50,830 | +5.5% |
| Amounts payable after more than one year | 17 | €765,782 | €765,782 | = | 0.0% |
| Other amounts payable | 178/9 | €765,782 | €765,782 | = | 0.0% |
| Amounts payable within one year | 42/48 | €67,187 | €56,537 | -€10,651 | -15.9% |
| Financial debts | 43 | €9,415 | €9,846 | +€430 | +4.6% |
| Credit institutions | 430/8 | €9,415 | €9,846 | +€430 | +4.6% |
| Trade debts | 44 | €25,934 | €21,063 | -€4,870 | -18.8% |
| Suppliers | 440/4 | €25,934 | €21,063 | -€4,870 | -18.8% |
| Advances received on contracts in progress | 46 | €17,164 | €17,164 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €1,358 | €6,452 | +€5,094 | +375% |
| Taxes | 450/3 | €1,358 | €6,452 | +€5,094 | +375% |
| Other amounts payable | 47/48 | €13,317 | €2,012 | -€11,305 | -84.9% |
| Accrued charges and deferred income | 492/3 | €98,552 | €160,032 | +€61,480 | +62.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,504 | €12,716 | -€788 | -5.8% |
| Other operating charges | 640/8 | €11,941 | €2,912 | -€9,029 | -75.6% |
| Gross operating margin | 9900 | €27,824 | -€13,381 | -€41,205 | |
| Operating profit (loss) | 9901 | €2,378 | -€29,010 | -€31,388 | |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €60,004 | €64,628 | +€4,624 | +7.7% |
| Recurring financial charges | 65 | €60,004 | €64,628 | +€4,624 | +7.7% |
| Profit (loss) for the period before taxes | 9903 | -€57,626 | -€93,638 | -€36,012 | -62.5% |
| Income taxes | 67/77 | €149 | €164 | +€15 | +10.0% |
| Profit (loss) for the period | 9904 | -€57,775 | -€93,802 | -€36,027 | -62.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€57,775 | -€93,802 | -€36,027 | -62.4% |
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.