ABC: 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.
ABC
Largest movements
- Stocks and contracts -€640,946
down €640,946 (-43.8%), from €1.5m to €821,503
- Cash -€74,495
down €74,495 (-98.9%), from €75,329 to €834
mainly Debts after one year (-€482,871) and Other debts (-€270,392)
- Tangible fixed assets -€61,143
down €61,143 (-76.8%), from €79,583 to €18,440
of which Furniture and vehicles: -€68,282
- Debts after one year -€482,871
down €482,871 (-95.0%), from €508,068 to €25,197
- Other debts -€270,392
down €270,392 (-52.9%), from €511,236 to €240,844
- Short-term financial debts -€108,501
down €108,501 (-20.1%), from €538,960 to €430,459
- Reserves +€56,289
up €56,289 (+234%), from €24,061 to €80,350
- Trade debts +€19,082
up €19,082 (+128%), from €14,880 to €33,962
- Gross operating margin +€95,465
up €95,465 (+217%), from €44,029 to €139,494
- Taxes +€16,787
up €16,787 (+3,270%), from €513 to €17,300
- Depreciation -€16,756
down €16,756 (-93.4%), from €17,946 to €1,190
- Other operating charges +€11,606
up €11,606 (+400%), from €2,902 to €14,508
- Financial charges +€7,441
up €7,441 (+17.2%), from €43,279 to €50,721
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 | €1,619,380 | €845,496 | -€773,883 | -47.8% |
| Fixed assets | 21/28 | €79,583 | €18,440 | -€61,143 | -76.8% |
| Tangible fixed assets | 22/27 | €79,583 | €18,440 | -€61,143 | -76.8% |
| Plant, machinery and equipment | 23 | €11,301 | €18,440 | +€7,139 | +63.2% |
| Furniture and vehicles | 24 | €68,282 | €0 | -€68,282 | -100% |
| Current assets | 29/58 | €1,539,797 | €827,056 | -€712,741 | -46.3% |
| Stocks and contracts in progress | 3 | €1,462,449 | €821,503 | -€640,946 | -43.8% |
| Stocks | 30/36 | €1,462,449 | €821,503 | -€640,946 | -43.8% |
| Amounts receivable within one year | 40/41 | - | €2,200 | +€2,200 | |
| Other amounts receivable | 41 | - | €2,200 | +€2,200 | |
| Cash at bank and in hand | 54/58 | €75,329 | €834 | -€74,495 | -98.9% |
| Deferred charges and accrued income | 490/1 | €2,018 | €2,520 | +€501 | +24.8% |
| Total equity and liabilities | 10/49 | €1,619,380 | €845,496 | -€773,883 | -47.8% |
| Equity | 10/15 | €29,061 | €85,350 | +€56,289 | +194% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €24,061 | €80,350 | +€56,289 | +234% |
| Distributable reserves | 133 | €24,061 | €80,350 | +€56,289 | +234% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €1,590,319 | €760,147 | -€830,173 | -52.2% |
| Amounts payable after more than one year | 17 | €508,068 | €25,197 | -€482,871 | -95.0% |
| Financial debts | 170/4 | €508,068 | €25,197 | -€482,871 | -95.0% |
| Amounts payable within one year | 42/48 | €1,082,047 | €734,950 | -€347,098 | -32.1% |
| Current portion of amounts payable after more than one year | 42 | €12,291 | €12,871 | +€580 | +4.7% |
| Financial debts | 43 | €538,960 | €430,459 | -€108,501 | -20.1% |
| Credit institutions | 430/8 | €538,960 | €430,459 | -€108,501 | -20.1% |
| Trade debts | 44 | €14,880 | €33,962 | +€19,082 | +128% |
| Suppliers | 440/4 | €14,880 | €33,962 | +€19,082 | +128% |
| Taxes, remuneration and social security | 45 | €4,680 | €16,813 | +€12,133 | +259% |
| Taxes | 450/3 | €4,680 | €16,813 | +€12,133 | +259% |
| Other amounts payable | 47/48 | €511,236 | €240,844 | -€270,392 | -52.9% |
| Accrued charges and deferred income | 492/3 | €204 | €0 | -€204 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,946 | €1,190 | -€16,756 | -93.4% |
| Other operating charges | 640/8 | €2,902 | €14,508 | +€11,606 | +400% |
| Gross operating margin | 9900 | €44,029 | €139,494 | +€95,465 | +217% |
| Operating profit (loss) | 9901 | €23,181 | €123,795 | +€100,615 | +434% |
| Financial income | 75/76B | €234 | €514 | +€280 | +119% |
| Recurring financial income | 75 | €234 | €514 | +€280 | +119% |
| Financial charges | 65/66B | €43,279 | €50,721 | +€7,441 | +17.2% |
| Recurring financial charges | 65 | €43,279 | €50,721 | +€7,441 | +17.2% |
| Profit (loss) for the period before taxes | 9903 | -€19,864 | €73,589 | +€93,453 | |
| Income taxes | 67/77 | €513 | €17,300 | +€16,787 | +3,270% |
| Profit (loss) for the period | 9904 | -€20,378 | €56,289 | +€76,667 | |
| Profit (loss) for the period to be appropriated | 9905 | -€20,378 | €56,289 | +€76,667 |
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 21 October 2026 via checked.be.