ACHIEVING EFFICIENCY: 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.
ACHIEVING EFFICIENCY
Largest movements
- Stocks and contracts +€3,360
up €3,360 (+115.7%), from €2,904 to €6,264
- Deferred charges and accrued income -€824
down €824 (-52.0%), from €1,585 to €761
- Cash +€599
up €599 (+40.7%), from €1,471 to €2,070
mainly Other debts (+€25,496) and Short-term financial debts (+€1,630)
- Receivables within one year +€399
up €399 (+8.8%), from €4,514 to €4,913
of which Trade receivables: +€223
- Other debts +€25,496
up €25,496 (+54.2%), from €46,999 to €72,495
- Profit (loss) carried forward -€23,046
down €23,046 (-48.5%), from -€47,551 to -€70,596
- Short-term financial debts +€1,630
up €1,630 (+626.3%), from €260 to €1,891
- Trade debts -€497
down €497 (-17.1%), from €2,904 to €2,407
- Depreciation -€4,449
down €4,449 (-76.3%), from €5,831 to €1,382
- Gross operating margin +€4,042
up €4,042 (+16.1%), from -€25,080 to -€21,038
- Other operating charges -€975
down €975 (-70.9%), from €1,374 to €400
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 | €12,613 | €16,197 | +€3,584 | +28.4% |
| Fixed assets | 21/28 | €2,138 | €2,188 | +€50 | +2.3% |
| Tangible fixed assets | 22/27 | €1,888 | €1,938 | +€50 | +2.6% |
| Plant, machinery and equipment | 23 | €465 | €32 | -€434 | -93.2% |
| Furniture and vehicles | 24 | €1,423 | €1,906 | +€484 | +34.0% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €10,475 | €14,009 | +€3,534 | +33.7% |
| Stocks and contracts in progress | 3 | €2,904 | €6,264 | +€3,360 | +115.7% |
| Stocks | 30/36 | €2,904 | €6,264 | +€3,360 | +115.7% |
| Amounts receivable within one year | 40/41 | €4,514 | €4,913 | +€399 | +8.8% |
| Trade receivables | 40 | €2,904 | €3,128 | +€223 | +7.7% |
| Other amounts receivable | 41 | €1,610 | €1,786 | +€175 | +10.9% |
| Cash at bank and in hand | 54/58 | €1,471 | €2,070 | +€599 | +40.7% |
| Deferred charges and accrued income | 490/1 | €1,585 | €761 | -€824 | -52.0% |
| Total equity and liabilities | 10/49 | €12,613 | €16,197 | +€3,584 | +28.4% |
| Equity | 10/15 | -€37,551 | -€60,596 | -€23,046 | -61.4% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€47,551 | -€70,596 | -€23,046 | -48.5% |
| Amounts payable | 17/49 | €50,163 | €76,793 | +€26,630 | +53.1% |
| Amounts payable within one year | 42/48 | €50,163 | €76,793 | +€26,630 | +53.1% |
| Financial debts | 43 | €260 | €1,891 | +€1,630 | +626.3% |
| Credit institutions | 430/8 | €260 | €1,891 | +€1,630 | +626.3% |
| Trade debts | 44 | €2,904 | €2,407 | -€497 | -17.1% |
| Suppliers | 440/4 | €2,904 | €2,407 | -€497 | -17.1% |
| Other amounts payable | 47/48 | €46,999 | €72,495 | +€25,496 | +54.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,831 | €1,382 | -€4,449 | -76.3% |
| Other operating charges | 640/8 | €1,374 | €400 | -€975 | -70.9% |
| Gross operating margin | 9900 | -€25,080 | -€21,038 | +€4,042 | +16.1% |
| Operating profit (loss) | 9901 | -€32,286 | -€22,820 | +€9,466 | +29.3% |
| Financial income | 75/76B | €1 | €2 | +€1 | +119.8% |
| Recurring financial income | 75 | €1 | €2 | +€1 | +119.8% |
| Financial charges | 65/66B | €100 | €96 | -€4 | -4.3% |
| Recurring financial charges | 65 | €100 | €96 | -€4 | -4.3% |
| Profit (loss) for the period before taxes | 9903 | -€32,385 | -€22,914 | +€9,471 | +29.2% |
| Income taxes | 67/77 | €128 | €132 | +€4 | +3.1% |
| Profit (loss) for the period | 9904 | -€32,513 | -€23,046 | +€9,467 | +29.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€32,513 | -€23,046 | +€9,467 | +29.1% |
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 6 October 2026 via checked.be.