ACCOUNTING: 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.
ACCOUNTING
Largest movements
- Cash -€32,642
down €32,642 (-19.0%), from €171,720 to €139,078
mainly Other debts (-€112,452) and Current investments (-€9,435)
- Receivables within one year -€20,602
down €20,602 (-8.8%), from €233,414 to €212,812
of which Trade receivables: -€25,195
- Current investments +€9,435
up €9,435 (+3.7%), from €253,068 to €262,503
- Other debts -€112,452
no longer reported in 2025 (was €112,452)
- Reserves +€81,762
up €81,762 (+15.6%), from €522,810 to €604,572
- Tax, wage and social debts -€9,193
no longer reported in 2025 (was €9,193)
of which Remuneration and social security: -€6,420
- Gross operating margin -€75,396
down €75,396 (-32.5%), from €232,228 to €156,832
- Write-downs -€49,266
down €49,266 (-98.0%), from €50,249 to €983
- Financial income +€12,957
up €12,957 (+175%), from €7,389 to €20,346
- Taxes -€6,599
down €6,599 (-16.0%), from €41,226 to €34,626
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 | €672,237 | €626,647 | -€45,590 | -6.8% |
| Fixed assets | 21/28 | €13,279 | €11,063 | -€2,216 | -16.7% |
| Tangible fixed assets | 22/27 | €7,154 | €4,938 | -€2,216 | -31.0% |
| Furniture and vehicles | 24 | €6,992 | €4,938 | -€2,054 | -29.4% |
| Other tangible fixed assets | 26 | €162 | - | -€162 | |
| Financial fixed assets | 28 | €6,125 | €6,125 | = | 0.0% |
| Current assets | 29/58 | €658,958 | €615,584 | -€43,374 | -6.6% |
| Amounts receivable within one year | 40/41 | €233,414 | €212,812 | -€20,602 | -8.8% |
| Trade receivables | 40 | €227,423 | €202,228 | -€25,195 | -11.1% |
| Other amounts receivable | 41 | €5,991 | €10,584 | +€4,593 | +76.7% |
| Current investments | 50/53 | €253,068 | €262,503 | +€9,435 | +3.7% |
| Cash at bank and in hand | 54/58 | €171,720 | €139,078 | -€32,642 | -19.0% |
| Deferred charges and accrued income | 490/1 | €755 | €1,190 | +€435 | +57.6% |
| Total equity and liabilities | 10/49 | €672,237 | €626,647 | -€45,590 | -6.8% |
| Equity | 10/15 | €541,402 | €623,164 | +€81,762 | +15.1% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €522,810 | €604,572 | +€81,762 | +15.6% |
| Distributable reserves | 133 | €522,810 | €604,572 | +€81,762 | +15.6% |
| Amounts payable | 17/49 | €130,835 | €3,483 | -€127,352 | -97.3% |
| Amounts payable within one year | 42/48 | €127,685 | €3,483 | -€124,202 | -97.3% |
| Trade debts | 44 | €6,040 | €3,483 | -€2,557 | -42.3% |
| Suppliers | 440/4 | €6,040 | €3,483 | -€2,557 | -42.3% |
| Taxes, remuneration and social security | 45 | €9,193 | - | -€9,193 | |
| Taxes | 450/3 | €2,773 | - | -€2,773 | |
| Remuneration and social security | 454/9 | €6,420 | - | -€6,420 | |
| Other amounts payable | 47/48 | €112,452 | - | -€112,452 | |
| Accrued charges and deferred income | 492/3 | €3,150 | - | -€3,150 | |
| Remuneration, social security and pensions | 62 | €55,289 | €53,703 | -€1,586 | -2.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,093 | €2,216 | +€123 | +5.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €50,249 | €983 | -€49,266 | -98.0% |
| Other operating charges | 640/8 | €2,815 | €2,142 | -€673 | -23.9% |
| Gross operating margin | 9900 | €232,228 | €156,832 | -€75,396 | -32.5% |
| Operating profit (loss) | 9901 | €121,782 | €97,788 | -€23,994 | -19.7% |
| Financial income | 75/76B | €7,389 | €20,346 | +€12,957 | +175% |
| Recurring financial income | 75 | €7,389 | €20,346 | +€12,957 | +175% |
| Financial charges | 65/66B | €1,605 | €1,746 | +€141 | +8.8% |
| Recurring financial charges | 65 | €1,605 | €1,746 | +€141 | +8.8% |
| Profit (loss) for the period before taxes | 9903 | €127,566 | €116,388 | -€11,178 | -8.8% |
| Income taxes | 67/77 | €41,226 | €34,626 | -€6,599 | -16.0% |
| Profit (loss) for the period | 9904 | €86,340 | €81,762 | -€4,578 | -5.3% |
| Profit (loss) for the period to be appropriated | 9905 | €86,340 | €81,762 | -€4,578 | -5.3% |
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.