AA+: 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.
AA+
Largest movements
- Tangible fixed assets -€7,293
down €7,293 (-56.3%), from €12,944 to €5,651
of which Plant, machinery and equipment: -€4,661
- Cash +€2,000
up €2,000 (+13.0%), from €15,403 to €17,403
mainly Depreciation (+€7,293) and Other debts (+€3,903)
- Receivables within one year -€1,127
down €1,127 (-28.7%), from €3,927 to €2,799
of which Other amounts receivable: -€947
- Deferred charges and accrued income -€612
no longer reported in 2025 (was €612)
- Profit (loss) carried forward -€9,791
new in 2025: -€9,791
- Other debts +€3,903
up €3,903 (+73.1%), from €5,341 to €9,244
- Trade debts -€1,145
down €1,145 (-81.2%), from €1,410 to €265
- Gross operating margin -€5,166
down €5,166, from €3,543 to -€1,623
- Depreciation -€672
down €672 (-8.4%), from €7,965 to €7,293
- Other operating charges +€114
up €114 (+17.4%), from €657 to €771
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 | €32,886 | €25,853 | -€7,033 | -21.4% |
| Fixed assets | 21/28 | €12,944 | €5,651 | -€7,293 | -56.3% |
| Tangible fixed assets | 22/27 | €12,944 | €5,651 | -€7,293 | -56.3% |
| Land and buildings | 22 | €4,739 | €2,108 | -€2,632 | -55.5% |
| Plant, machinery and equipment | 23 | €8,205 | €3,543 | -€4,661 | -56.8% |
| Current assets | 29/58 | €19,942 | €20,202 | +€261 | +1.3% |
| Amounts receivable within one year | 40/41 | €3,927 | €2,799 | -€1,127 | -28.7% |
| Trade receivables | 40 | €2,663 | €2,483 | -€180 | -6.8% |
| Other amounts receivable | 41 | €1,263 | €316 | -€947 | -75.0% |
| Cash at bank and in hand | 54/58 | €15,403 | €17,403 | +€2,000 | +13.0% |
| Deferred charges and accrued income | 490/1 | €612 | - | -€612 | |
| Total equity and liabilities | 10/49 | €32,886 | €25,853 | -€7,033 | -21.4% |
| Equity | 10/15 | €26,135 | €16,344 | -€9,791 | -37.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €7,535 | €7,535 | = | 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 | €5,675 | €5,675 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€9,791 | -€9,791 | |
| Amounts payable | 17/49 | €6,751 | €9,509 | +€2,759 | +40.9% |
| Amounts payable within one year | 42/48 | €6,751 | €9,509 | +€2,759 | +40.9% |
| Trade debts | 44 | €1,410 | €265 | -€1,145 | -81.2% |
| Suppliers | 440/4 | €1,410 | €265 | -€1,145 | -81.2% |
| Other amounts payable | 47/48 | €5,341 | €9,244 | +€3,903 | +73.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,965 | €7,293 | -€672 | -8.4% |
| Other operating charges | 640/8 | €657 | €771 | +€114 | +17.4% |
| Gross operating margin | 9900 | €3,543 | -€1,623 | -€5,166 | |
| Operating profit (loss) | 9901 | -€5,079 | -€9,687 | -€4,608 | -90.7% |
| Financial charges | 65/66B | €104 | €104 | = | 0.0% |
| Recurring financial charges | 65 | €104 | €104 | = | 0.0% |
| Profit (loss) for the period before taxes | 9903 | -€5,183 | -€9,791 | -€4,608 | -88.9% |
| Profit (loss) for the period | 9904 | -€5,183 | -€9,791 | -€4,608 | -88.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€5,183 | -€9,791 | -€4,608 | -88.9% |
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 28 September 2026 via checked.be.