ALEXANDRA MARCHANT: 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.
ALEXANDRA MARCHANT
Largest movements
- Intangible fixed assets +€8,561
up €8,561 (+28.7%), from €29,867 to €38,429
- Cash +€1,748
up €1,748 (+1,988%), from €88 to €1,836
mainly Other debts (+€58,927) and Depreciation (+€10,878)
- Deferred charges and accrued income +€1,212
up €1,212 (+19.8%), from €6,121 to €7,334
- Stocks and contracts +€1,145
new in 2026: €1,145
- Tangible fixed assets -€1,085
down €1,085 (-19.0%), from €5,716 to €4,632
- Other debts +€58,927
up €58,927 (+43.8%), from €134,607 to €193,534
- Profit (loss) carried forward -€46,572
down €46,572 (-47.4%), from -€98,340 to -€144,912
- Trade debts -€1,119
down €1,119 (-22.1%), from €5,074 to €3,955
- Depreciation +€6,692
up €6,692 (+160%), from €4,186 to €10,878
- Gross operating margin -€2,772
down €2,772 (-8.7%), from -€31,836 to -€34,608
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €44,393 | €55,741 | +€11,348 | +25.6% |
| Fixed assets | 21/28 | €35,584 | €43,061 | +€7,477 | +21.0% |
| Intangible fixed assets | 21 | €29,867 | €38,429 | +€8,561 | +28.7% |
| Tangible fixed assets | 22/27 | €5,716 | €4,632 | -€1,085 | -19.0% |
| Furniture and vehicles | 24 | €5,716 | €4,632 | -€1,085 | -19.0% |
| Current assets | 29/58 | €8,809 | €12,681 | +€3,872 | +43.9% |
| Stocks and contracts in progress | 3 | - | €1,145 | +€1,145 | |
| Stocks | 30/36 | - | €1,145 | +€1,145 | |
| Amounts receivable within one year | 40/41 | €2,600 | €2,366 | -€234 | -9.0% |
| Trade receivables | 40 | €644 | €530 | -€114 | -17.7% |
| Other amounts receivable | 41 | €1,956 | €1,836 | -€120 | -6.1% |
| Cash at bank and in hand | 54/58 | €88 | €1,836 | +€1,748 | +1,988% |
| Deferred charges and accrued income | 490/1 | €6,121 | €7,334 | +€1,212 | +19.8% |
| Total equity and liabilities | 10/49 | €44,393 | €55,741 | +€11,348 | +25.6% |
| Equity | 10/15 | -€95,340 | -€141,912 | -€46,572 | -48.8% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€98,340 | -€144,912 | -€46,572 | -47.4% |
| Amounts payable | 17/49 | €139,733 | €197,653 | +€57,920 | +41.5% |
| Amounts payable within one year | 42/48 | €139,733 | €197,636 | +€57,903 | +41.4% |
| Trade debts | 44 | €5,074 | €3,955 | -€1,119 | -22.1% |
| Suppliers | 440/4 | €5,074 | €3,955 | -€1,119 | -22.1% |
| Taxes, remuneration and social security | 45 | €52 | €147 | +€95 | +183% |
| Taxes | 450/3 | €52 | €147 | +€95 | +183% |
| Other amounts payable | 47/48 | €134,607 | €193,534 | +€58,927 | +43.8% |
| Accrued charges and deferred income | 492/3 | - | €17 | +€17 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,186 | €10,878 | +€6,692 | +160% |
| Other operating charges | 640/8 | €687 | €452 | -€236 | -34.3% |
| Gross operating margin | 9900 | -€31,836 | -€34,608 | -€2,772 | -8.7% |
| Operating profit (loss) | 9901 | -€36,709 | -€45,938 | -€9,229 | -25.1% |
| Financial income | 75/76B | €10 | - | -€10 | |
| Recurring financial income | 75 | €10 | - | -€10 | |
| Financial charges | 65/66B | €585 | €487 | -€98 | -16.8% |
| Recurring financial charges | 65 | €585 | €487 | -€98 | -16.8% |
| Profit (loss) for the period before taxes | 9903 | -€37,284 | -€46,425 | -€9,141 | -24.5% |
| Income taxes | 67/77 | €150 | €147 | -€3 | -2.0% |
| Profit (loss) for the period | 9904 | -€37,434 | -€46,572 | -€9,138 | -24.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€37,434 | -€46,572 | -€9,138 | -24.4% |
Source: filed annual accounts (NBB), financial years ended 30 April 2025 and 30 April 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.