Alex Behaeghe: 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.
Alex Behaeghe
Largest movements
- Cash +€53,258
up €53,258 (+54.6%), from €97,504 to €150,762
mainly Net result for the year (+€110,956) and Other debts (+€98,610)
- Receivables within one year +€27,845
up €27,845 (+132%), from €21,058 to €48,904
of which Trade receivables: +€35,145
- Financial fixed assets -€16,108
down €16,108 (-8.1%), from €199,218 to €183,111
- Other debts +€98,610
up €98,610 (+96.5%), from €102,170 to €200,779
- Reserves -€43,828
down €43,828 (-22.1%), from €198,076 to €154,248
- Tax, wage and social debts +€12,868
up €12,868 (+262%), from €4,908 to €17,776
- Trade debts +€4,980
up €4,980 (+697%), from €714 to €5,695
- Gross operating margin +€142,373
up €142,373 (+817%), from €17,416 to €159,789
- Taxes +€39,207
up €39,207 (+1,874%), from €2,093 to €41,300
- Financial charges -€4,793
down €4,793 (-62.3%), from €7,692 to €2,899
- Depreciation -€1,734
down €1,734 (-29.9%), from €5,805 to €4,071
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 | €327,709 | €397,083 | +€69,374 | +21.2% |
| Fixed assets | 21/28 | €206,135 | €191,918 | -€14,217 | -6.9% |
| Tangible fixed assets | 22/27 | €6,917 | €8,808 | +€1,891 | +27.3% |
| Plant, machinery and equipment | 23 | €64 | €1,201 | +€1,137 | +1,766% |
| Furniture and vehicles | 24 | €2,670 | €5,595 | +€2,925 | +110% |
| Other tangible fixed assets | 26 | €4,182 | €2,011 | -€2,171 | -51.9% |
| Financial fixed assets | 28 | €199,218 | €183,111 | -€16,108 | -8.1% |
| Current assets | 29/58 | €121,574 | €205,165 | +€83,591 | +68.8% |
| Amounts receivable within one year | 40/41 | €21,058 | €48,904 | +€27,845 | +132% |
| Trade receivables | 40 | €8,151 | €43,296 | +€35,145 | +431% |
| Other amounts receivable | 41 | €12,907 | €5,607 | -€7,300 | -56.6% |
| Cash at bank and in hand | 54/58 | €97,504 | €150,762 | +€53,258 | +54.6% |
| Deferred charges and accrued income | 490/1 | €3,011 | €5,499 | +€2,488 | +82.6% |
| Total equity and liabilities | 10/49 | €327,709 | €397,083 | +€69,374 | +21.2% |
| Equity | 10/15 | €216,626 | €172,798 | -€43,828 | -20.2% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €198,076 | €154,248 | -€43,828 | -22.1% |
| Distributable reserves | 133 | €198,076 | €154,248 | -€43,828 | -22.1% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €111,083 | €224,285 | +€113,203 | +102% |
| Amounts payable within one year | 42/48 | €107,792 | €224,250 | +€116,458 | +108% |
| Trade debts | 44 | €714 | €5,695 | +€4,980 | +697% |
| Suppliers | 440/4 | €714 | €5,695 | +€4,980 | +697% |
| Taxes, remuneration and social security | 45 | €4,908 | €17,776 | +€12,868 | +262% |
| Taxes | 450/3 | €4,908 | €17,776 | +€12,868 | +262% |
| Other amounts payable | 47/48 | €102,170 | €200,779 | +€98,610 | +96.5% |
| Accrued charges and deferred income | 492/3 | €3,291 | €35 | -€3,255 | -98.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,805 | €4,071 | -€1,734 | -29.9% |
| Other operating charges | 640/8 | €387 | €563 | +€176 | +45.4% |
| Gross operating margin | 9900 | €17,416 | €159,789 | +€142,373 | +817% |
| Operating profit (loss) | 9901 | €11,224 | €155,155 | +€143,931 | +1,282% |
| Financial income | 75/76B | €0 | €0 | = | 0.0% |
| Recurring financial income | 75 | €0 | €0 | = | 0.0% |
| Financial charges | 65/66B | €7,692 | €2,899 | -€4,793 | -62.3% |
| Recurring financial charges | 65 | €7,692 | €2,899 | -€4,793 | -62.3% |
| Profit (loss) for the period before taxes | 9903 | €3,532 | €152,256 | +€148,724 | +4,211% |
| Income taxes | 67/77 | €2,093 | €41,300 | +€39,207 | +1,874% |
| Profit (loss) for the period | 9904 | €1,440 | €110,956 | +€109,517 | +7,608% |
| Profit (loss) for the period to be appropriated | 9905 | €1,440 | €110,956 | +€109,517 | +7,608% |
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 29 October 2026 via checked.be.