All Specialty Underwriting: what changed
All Specialty Underwriting
Largest movements
- Receivables within one year +€595,367
up €595,367 (+627%), from €94,946 to €690,313
of which Trade receivables: +€349,099
- Cash +€422,794
up €422,794 (+3,872%), from €10,918 to €433,712
mainly Other debts (+€495,294) and Short-term financial debts (+€300,089)
- Intangible fixed assets +€251,653
up €251,653 (+46.1%), from €546,091 to €797,744
- Deferred charges and accrued income -€21,566
down €21,566 (-100%), from €21,566 to €0
- Other debts +€495,294
up €495,294 (+216%), from €229,696 to €724,990
- Short-term financial debts +€300,089
up €300,089 (+632%), from €47,508 to €347,597
of which Other loans: +€300,000
- Profit (loss) carried forward +€240,204
up €240,204 (+27.4%), from -€877,937 to -€637,733
- Trade debts +€186,163
up €186,163 (+24.6%), from €755,930 to €942,093
- Tax, wage and social debts +€31,581
up €31,581 (+237%), from €13,325 to €44,906
of which Taxes: +€22,857
- Gross operating margin +€1.0m
up €1.0m, from -€494,658 to €542,573
- Staff costs +€163,458
up €163,458 (+373%), from €43,769 to €207,227
- Depreciation +€57,615
up €57,615 (+189%), from €30,518 to €88,133
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €673,521 | €1,926,853 | +€1.3m | +186% |
| Fixed assets | 21/28 | €546,091 | €802,828 | +€256,737 | +47.0% |
| Intangible fixed assets | 21 | €546,091 | €797,744 | +€251,653 | +46.1% |
| Tangible fixed assets | 22/27 | - | €5,084 | +€5,084 | |
| Furniture and vehicles | 24 | - | €5,084 | +€5,084 | |
| Current assets | 29/58 | €127,430 | €1,124,025 | +€996,594 | +782% |
| Amounts receivable within one year | 40/41 | €94,946 | €690,313 | +€595,367 | +627% |
| Trade receivables | 40 | €0 | €349,099 | +€349,099 | |
| Other amounts receivable | 41 | €94,946 | €341,214 | +€246,268 | +259% |
| Cash at bank and in hand | 54/58 | €10,918 | €433,712 | +€422,794 | +3,872% |
| Deferred charges and accrued income | 490/1 | €21,566 | €0 | -€21,566 | -100% |
| Total equity and liabilities | 10/49 | €673,521 | €1,926,853 | +€1.3m | +186% |
| Equity | 10/15 | -€372,937 | -€132,733 | +€240,204 | +64.4% |
| Contributions | 10/11 | €505,000 | €505,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€877,937 | -€637,733 | +€240,204 | +27.4% |
| Amounts payable | 17/49 | €1,046,459 | €2,059,586 | +€1.0m | +96.8% |
| Amounts payable within one year | 42/48 | €1,046,459 | €2,059,586 | +€1.0m | +96.8% |
| Financial debts | 43 | €47,508 | €347,597 | +€300,089 | +632% |
| Credit institutions | 430/8 | €47,508 | €47,597 | +€89 | +0.2% |
| Other loans | 439 | - | €300,000 | +€300,000 | |
| Trade debts | 44 | €755,930 | €942,093 | +€186,163 | +24.6% |
| Suppliers | 440/4 | €755,930 | €942,093 | +€186,163 | +24.6% |
| Taxes, remuneration and social security | 45 | €13,325 | €44,906 | +€31,581 | +237% |
| Taxes | 450/3 | €3,626 | €26,484 | +€22,857 | +630% |
| Remuneration and social security | 454/9 | €9,699 | €18,422 | +€8,723 | +89.9% |
| Other amounts payable | 47/48 | €229,696 | €724,990 | +€495,294 | +216% |
| Remuneration, social security and pensions | 62 | €43,769 | €207,227 | +€163,458 | +373% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,518 | €88,133 | +€57,615 | +189% |
| Other operating charges | 640/8 | €112 | €0 | -€112 | -100% |
| Gross operating margin | 9900 | -€494,658 | €542,573 | +€1.0m | |
| Operating profit (loss) | 9901 | -€569,057 | €247,213 | +€816,270 | |
| Financial income | 75/76B | €11 | €0 | -€11 | -98.7% |
| Recurring financial income | 75 | €11 | €0 | -€11 | -98.7% |
| Financial charges | 65/66B | €3,413 | €6,782 | +€3,368 | +98.7% |
| Recurring financial charges | 65 | €3,413 | €6,782 | +€3,368 | +98.7% |
| Profit (loss) for the period before taxes | 9903 | -€572,459 | €240,432 | +€812,891 | |
| Income taxes | 67/77 | - | €227 | +€227 | |
| Profit (loss) for the period | 9904 | -€572,459 | €240,204 | +€812,663 | |
| Profit (loss) for the period to be appropriated | 9905 | -€572,459 | €240,204 | +€812,663 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.