A12: what changed
Two fiscal 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.
A12
Largest movements
- Receivables within one year -€55,667
down €55,667 (-70.7%), from €78,760 to €23,094
of which Trade receivables: -€52,283
- Cash +€16,515
up €16,515 (+45.0%), from €36,674 to €53,189
mainly Net result for the year (+€64,973) and Receivables within one year (+€55,667)
- Tangible fixed assets -€6,348
down €6,348 (-26.3%), from €24,093 to €17,745
- Stocks and contracts +€6,301
up €6,301 (+31.2%), from €20,177 to €26,479
- Other debts -€41,402
down €41,402 (-32.6%), from €126,981 to €85,579
- Advances received +€10,070
new in 2025: €10,070
- Current portion of long-term debt -€5,716
down €5,716 (-82.9%), from €6,892 to €1,176
- Trade debts -€3,823
down €3,823 (-51.3%), from €7,454 to €3,631
- Tax, wage and social debts +€1,875
up €1,875 (+410.1%), from €457 to €2,333
- Gross operating margin -€47,722
down €47,722 (-35.2%), from €135,526 to €87,804
- Taxes -€6,136
down €6,136 (-30.4%), from €20,188 to €14,051
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.
Cash bridge derived
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 | €163,420 | €123,248 | -€40,172 | -24.6% |
| Fixed assets | 21/28 | €26,409 | €19,850 | -€6,559 | -24.8% |
| Intangible fixed assets | 21 | €211 | €0 | -€211 | -100.0% |
| Tangible fixed assets | 22/27 | €24,093 | €17,745 | -€6,348 | -26.3% |
| Furniture and vehicles | 24 | €24,093 | €17,745 | -€6,348 | -26.3% |
| Financial fixed assets | 28 | €2,105 | €2,105 | = | 0.0% |
| Current assets | 29/58 | €137,011 | €103,398 | -€33,613 | -24.5% |
| Stocks and contracts in progress | 3 | €20,177 | €26,479 | +€6,301 | +31.2% |
| Stocks | 30/36 | €20,177 | €26,479 | +€6,301 | +31.2% |
| Amounts receivable within one year | 40/41 | €78,760 | €23,094 | -€55,667 | -70.7% |
| Trade receivables | 40 | €64,616 | €12,333 | -€52,283 | -80.9% |
| Other amounts receivable | 41 | €14,144 | €10,761 | -€3,384 | -23.9% |
| Cash at bank and in hand | 54/58 | €36,674 | €53,189 | +€16,515 | +45.0% |
| Deferred charges and accrued income | 490/1 | €1,399 | €636 | -€763 | -54.5% |
| Total equity and liabilities | 10/49 | €163,420 | €123,248 | -€40,172 | -24.6% |
| Equity | 10/15 | €20,460 | €20,460 | = | 0.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €142,960 | €102,788 | -€40,172 | -28.1% |
| Amounts payable after more than one year | 17 | €1,176 | €0 | -€1,176 | -100.0% |
| Financial debts | 170/4 | €1,176 | €0 | -€1,176 | -100.0% |
| Amounts payable within one year | 42/48 | €141,784 | €102,788 | -€38,996 | -27.5% |
| Current portion of amounts payable after more than one year | 42 | €6,892 | €1,176 | -€5,716 | -82.9% |
| Trade debts | 44 | €7,454 | €3,631 | -€3,823 | -51.3% |
| Suppliers | 440/4 | €7,454 | €3,631 | -€3,823 | -51.3% |
| Advances received on contracts in progress | 46 | - | €10,070 | +€10,070 | |
| Taxes, remuneration and social security | 45 | €457 | €2,333 | +€1,875 | +410.1% |
| Taxes | 450/3 | €457 | €2,333 | +€1,875 | +410.1% |
| Other amounts payable | 47/48 | €126,981 | €85,579 | -€41,402 | -32.6% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,586 | €7,830 | +€244 | +3.2% |
| Other operating charges | 640/8 | €1,712 | €1,452 | -€260 | -15.2% |
| Gross operating margin | 9900 | €135,526 | €87,804 | -€47,722 | -35.2% |
| Operating profit (loss) | 9901 | €126,228 | €78,522 | -€47,706 | -37.8% |
| Financial income | 75/76B | €2,385 | €2,474 | +€89 | +3.7% |
| Recurring financial income | 75 | €2,385 | €2,474 | +€89 | +3.7% |
| Financial charges | 65/66B | €2,233 | €1,971 | -€261 | -11.7% |
| Recurring financial charges | 65 | €2,233 | €1,971 | -€261 | -11.7% |
| Profit (loss) for the period before taxes | 9903 | €126,380 | €79,024 | -€47,356 | -37.5% |
| Income taxes | 67/77 | €20,188 | €14,051 | -€6,136 | -30.4% |
| Profit (loss) for the period | 9904 | €106,192 | €64,973 | -€41,219 | -38.8% |
| Profit (loss) for the period to be appropriated | 9905 | €106,192 | €64,973 | -€41,219 | -38.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.