Alex Devos: 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 Devos
Largest movements
- Tangible fixed assets +€27,828
up €27,828 (+260.6%), from €10,679 to €38,506
of which Furniture and vehicles: +€28,205
- Cash +€7,923
up €7,923 (+63.6%), from €12,467 to €20,390
mainly Debts after one year (+€21,556) and Trade debts (+€8,489)
- Receivables within one year -€2,729
down €2,729 (-34.4%), from €7,939 to €5,210
of which Trade receivables: -€4,033
- Deferred charges and accrued income +€2,472
up €2,472 (+4051.8%), from €61 to €2,533
- Debts after one year +€21,556
new in 2025: €21,556
- Trade debts +€8,489
up €8,489 (+915.5%), from €927 to €9,416
- Current portion of long-term debt +€5,182
new in 2025: €5,182
- Tax, wage and social debts +€1,336
up €1,336 (+79.5%), from €1,680 to €3,016
of which Remuneration and social security: +€1,336
- Other debts -€1,164
down €1,164 (-9.4%), from €12,420 to €11,256
- Gross operating margin -€14,329
down €14,329 (-72.4%), from €19,781 to €5,452
- Taxes -€3,680
down €3,680 (-100.0%), from €3,680 to €0
- Depreciation +€2,538
up €2,538 (+178.0%), from €1,426 to €3,964
- Other operating charges +€385
up €385 (+135.3%), from €285 to €670
- Financial charges +€310
up €310 (+74.9%), from €414 to €724
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 | €31,146 | €66,640 | +€35,494 | +114.0% |
| Fixed assets | 21/28 | €10,679 | €38,506 | +€27,828 | +260.6% |
| Tangible fixed assets | 22/27 | €10,679 | €38,506 | +€27,828 | +260.6% |
| Plant, machinery and equipment | 23 | €1,603 | €1,225 | -€378 | -23.6% |
| Furniture and vehicles | 24 | €9,076 | €37,281 | +€28,205 | +310.8% |
| Current assets | 29/58 | €20,467 | €28,134 | +€7,666 | +37.5% |
| Amounts receivable within one year | 40/41 | €7,939 | €5,210 | -€2,729 | -34.4% |
| Trade receivables | 40 | €7,236 | €3,203 | -€4,033 | -55.7% |
| Other amounts receivable | 41 | €703 | €2,006 | +€1,303 | +185.4% |
| Cash at bank and in hand | 54/58 | €12,467 | €20,390 | +€7,923 | +63.6% |
| Deferred charges and accrued income | 490/1 | €61 | €2,533 | +€2,472 | +4051.8% |
| Total equity and liabilities | 10/49 | €31,146 | €66,640 | +€35,494 | +114.0% |
| Equity | 10/15 | €16,118 | €16,213 | +€95 | +0.6% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €13,118 | €13,213 | +€95 | +0.7% |
| Distributable reserves | 133 | €13,118 | €13,213 | +€95 | +0.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €15,028 | €50,427 | +€35,399 | +235.6% |
| Amounts payable after more than one year | 17 | - | €21,556 | +€21,556 | |
| Financial debts | 170/4 | - | €21,556 | +€21,556 | |
| Amounts payable within one year | 42/48 | €15,028 | €28,871 | +€13,843 | +92.1% |
| Current portion of amounts payable after more than one year | 42 | - | €5,182 | +€5,182 | |
| Trade debts | 44 | €927 | €9,416 | +€8,489 | +915.5% |
| Suppliers | 440/4 | €927 | €9,416 | +€8,489 | +915.5% |
| Taxes, remuneration and social security | 45 | €1,680 | €3,016 | +€1,336 | +79.5% |
| Taxes | 450/3 | €1,680 | €1,680 | = | 0.0% |
| Remuneration and social security | 454/9 | - | €1,336 | +€1,336 | |
| Other amounts payable | 47/48 | €12,420 | €11,256 | -€1,164 | -9.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,426 | €3,964 | +€2,538 | +178.0% |
| Other operating charges | 640/8 | €285 | €670 | +€385 | +135.3% |
| Gross operating margin | 9900 | €19,781 | €5,452 | -€14,329 | -72.4% |
| Operating profit (loss) | 9901 | €18,071 | €819 | -€17,253 | -95.5% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €414 | €724 | +€310 | +74.9% |
| Recurring financial charges | 65 | €414 | €724 | +€310 | +74.9% |
| Profit (loss) for the period before taxes | 9903 | €17,657 | €95 | -€17,563 | -99.5% |
| Income taxes | 67/77 | €3,680 | €0 | -€3,680 | -100.0% |
| Profit (loss) for the period | 9904 | €13,977 | €95 | -€13,882 | -99.3% |
| Profit (loss) for the period to be appropriated | 9905 | €13,977 | €95 | -€13,882 | -99.3% |
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 10 October 2026 via checked.be.