AHEAD: 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.
AHEAD
Largest movements
- Receivables within one year -€47,237
down €47,237 (-63.2%), from €74,728 to €27,491
of which Trade receivables: -€27,910
- Cash -€46,942
down €46,942 (-38.1%), from €123,096 to €76,155
mainly Net result for the year (-€77,352) and Trade debts (-€15,352)
- Tangible fixed assets -€3,777
down €3,777 (-19.3%), from €19,561 to €15,784
of which Other tangible fixed assets: -€2,471
- Profit (loss) carried forward -€77,352
down €77,352, from €5,613 to -€71,739
- Trade debts -€15,352
down €15,352 (-98.2%), from €15,641 to €289
- Accrued charges and deferred income -€4,788
down €4,788 (-14.7%), from €32,636 to €27,848
- Gross operating margin -€80,566
down €80,566 (-53.6%), from €150,378 to €69,812
- Other operating charges -€4,194
down €4,194 (-41.8%), from €10,028 to €5,834
- Taxes -€2,411
down €2,411 (-100%), from €2,411 to €0
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 | €229,281 | €130,525 | -€98,756 | -43.1% |
| Fixed assets | 21/28 | €21,190 | €17,033 | -€4,157 | -19.6% |
| Intangible fixed assets | 21 | €999 | €619 | -€380 | -38.1% |
| Tangible fixed assets | 22/27 | €19,561 | €15,784 | -€3,777 | -19.3% |
| Plant, machinery and equipment | 23 | €10,425 | €9,119 | -€1,306 | -12.5% |
| Other tangible fixed assets | 26 | €9,136 | €6,665 | -€2,471 | -27.0% |
| Financial fixed assets | 28 | €631 | €631 | = | 0.0% |
| Current assets | 29/58 | €208,091 | €113,492 | -€94,599 | -45.5% |
| Amounts receivable within one year | 40/41 | €74,728 | €27,491 | -€47,237 | -63.2% |
| Trade receivables | 40 | €48,789 | €20,879 | -€27,910 | -57.2% |
| Other amounts receivable | 41 | €25,940 | €6,613 | -€19,327 | -74.5% |
| Cash at bank and in hand | 54/58 | €123,096 | €76,155 | -€46,942 | -38.1% |
| Deferred charges and accrued income | 490/1 | €10,266 | €9,846 | -€420 | -4.1% |
| Total equity and liabilities | 10/49 | €229,281 | €130,525 | -€98,756 | -43.1% |
| Equity | 10/15 | €156,672 | €79,320 | -€77,352 | -49.4% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €89,059 | €89,059 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €82,859 | €82,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | €5,613 | -€71,739 | -€77,352 | |
| Amounts payable | 17/49 | €72,609 | €51,205 | -€21,404 | -29.5% |
| Amounts payable within one year | 42/48 | €39,973 | €23,357 | -€16,616 | -41.6% |
| Trade debts | 44 | €15,641 | €289 | -€15,352 | -98.2% |
| Suppliers | 440/4 | €15,641 | €289 | -€15,352 | -98.2% |
| Taxes, remuneration and social security | 45 | €24,332 | €23,068 | -€1,264 | -5.2% |
| Taxes | 450/3 | €2,402 | €1,212 | -€1,190 | -49.5% |
| Remuneration and social security | 454/9 | €21,930 | €21,856 | -€74 | -0.3% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €32,636 | €27,848 | -€4,788 | -14.7% |
| Remuneration, social security and pensions | 62 | €136,083 | €135,916 | -€167 | -0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,906 | €5,248 | -€658 | -11.1% |
| Other operating charges | 640/8 | €10,028 | €5,834 | -€4,194 | -41.8% |
| Gross operating margin | 9900 | €150,378 | €69,812 | -€80,566 | -53.6% |
| Operating profit (loss) | 9901 | -€1,639 | -€77,186 | -€75,547 | -4,610% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €164 | €166 | +€2 | +1.1% |
| Recurring financial charges | 65 | €164 | €166 | +€2 | +1.1% |
| Profit (loss) for the period before taxes | 9903 | -€1,803 | -€77,352 | -€75,549 | -4,191% |
| Income taxes | 67/77 | €2,411 | €0 | -€2,411 | -100% |
| Profit (loss) for the period | 9904 | -€4,214 | -€77,352 | -€73,138 | -1,736% |
| Profit (loss) for the period to be appropriated | 9905 | -€4,214 | -€77,352 | -€73,138 | -1,736% |
Source: filed annual accounts (NBB), financial years ended 31 October 2024 and 31 October 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.