ALPHA KEY: what changed
Two fiscal 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.
ALPHA KEY
Largest movements
- Current investments +€849,759
new in 2025: €849,759
- Cash -€789,763
down €789,763 (-96.9%), from €814,763 to €25,000
mainly Current investments (-€849,759) and Other debts (-€206,025)
- Receivables within one year +€118,808
up €118,808 (+27.3%), from €435,643 to €554,451
of which Trade receivables: +€96,207
- Intangible fixed assets -€28,200
down €28,200 (-11.9%), from €236,765 to €208,565
- Profit (loss) carried forward +€248,474
up €248,474 (+61.6%), from €403,065 to €651,539
- Other debts -€206,025
down €206,025 (-96.5%), from €213,462 to €7,437
- Reserves +€94,725
up €94,725 (+96.3%), from €98,400 to €193,125
of which Tax-exempt reserves: +€94,725
- Tax, wage and social debts -€23,275
down €23,275 (-8.4%), from €276,196 to €252,921
of which Taxes: -€20,939
- Accrued charges and deferred income +€22,293
new in 2025: €22,293
- Staff costs -€119,372
down €119,372 (-7.8%), from €1.5m to €1.4m
- Gross operating margin -€59,996
down €59,996 (-3.0%), from €2.0m to €2.0m
- Taxes +€27,347
up €27,347 (+21.8%), from €125,516 to €152,863
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 | €1,491,742 | €1,639,506 | +€147,764 | +9.9% |
| Fixed assets | 21/28 | €238,958 | €210,296 | -€28,662 | -12.0% |
| Intangible fixed assets | 21 | €236,765 | €208,565 | -€28,200 | -11.9% |
| Tangible fixed assets | 22/27 | €2,193 | €1,731 | -€462 | -21.1% |
| Other tangible fixed assets | 26 | €2,193 | €1,731 | -€462 | -21.1% |
| Current assets | 29/58 | €1,252,784 | €1,429,210 | +€176,426 | +14.1% |
| Amounts receivable within one year | 40/41 | €435,643 | €554,451 | +€118,808 | +27.3% |
| Trade receivables | 40 | €434,277 | €530,484 | +€96,207 | +22.2% |
| Other amounts receivable | 41 | €1,366 | €23,967 | +€22,601 | +1654.5% |
| Current investments | 50/53 | - | €849,759 | +€849,759 | |
| Cash at bank and in hand | 54/58 | €814,763 | €25,000 | -€789,763 | -96.9% |
| Deferred charges and accrued income | 490/1 | €2,378 | - | -€2,378 | |
| Total equity and liabilities | 10/49 | €1,491,742 | €1,639,506 | +€147,764 | +9.9% |
| Equity | 10/15 | €865,465 | €1,208,664 | +€343,199 | +39.7% |
| Contributions | 10/11 | €364,000 | €364,000 | = | 0.0% |
| Capital | 10 | €364,000 | €364,000 | = | 0.0% |
| Issued capital | 100 | €364,000 | €364,000 | = | 0.0% |
| Reserves | 13 | €98,400 | €193,125 | +€94,725 | +96.3% |
| Non-distributable reserves | 130/1 | €36,400 | €36,400 | = | 0.0% |
| Legal reserve | 130 | €36,400 | €36,400 | = | 0.0% |
| Tax-exempt reserves | 132 | €62,000 | €156,725 | +€94,725 | +152.8% |
| Profit (loss) carried forward | 14 | €403,065 | €651,539 | +€248,474 | +61.6% |
| Amounts payable | 17/49 | €626,277 | €430,842 | -€195,435 | -31.2% |
| Amounts payable within one year | 42/48 | €626,277 | €408,549 | -€217,728 | -34.8% |
| Trade debts | 44 | €136,619 | €148,191 | +€11,572 | +8.5% |
| Suppliers | 440/4 | €136,619 | €148,191 | +€11,572 | +8.5% |
| Taxes, remuneration and social security | 45 | €276,196 | €252,921 | -€23,275 | -8.4% |
| Taxes | 450/3 | €73,112 | €52,173 | -€20,939 | -28.6% |
| Remuneration and social security | 454/9 | €203,084 | €200,748 | -€2,336 | -1.2% |
| Other amounts payable | 47/48 | €213,462 | €7,437 | -€206,025 | -96.5% |
| Accrued charges and deferred income | 492/3 | - | €22,293 | +€22,293 | |
| Remuneration, social security and pensions | 62 | €1,530,570 | €1,411,198 | -€119,372 | -7.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,084 | €54,233 | +€10,149 | +23.0% |
| Other operating charges | 640/8 | €1,977 | €2,847 | +€870 | +44.0% |
| Gross operating margin | 9900 | €2,018,411 | €1,958,415 | -€59,996 | -3.0% |
| Operating profit (loss) | 9901 | €441,780 | €490,137 | +€48,357 | +10.9% |
| Financial income | 75/76B | €27,890 | €10,499 | -€17,391 | -62.4% |
| Recurring financial income | 75 | €27,890 | €10,499 | -€17,391 | -62.4% |
| Financial charges | 65/66B | €764 | €4,574 | +€3,810 | +498.7% |
| Recurring financial charges | 65 | €764 | €4,574 | +€3,810 | +498.7% |
| Profit (loss) for the period before taxes | 9903 | €468,906 | €496,062 | +€27,156 | +5.8% |
| Income taxes | 67/77 | €125,516 | €152,863 | +€27,347 | +21.8% |
| Profit (loss) for the period | 9904 | €343,390 | €343,199 | -€191 | -0.1% |
| Transfer to tax-exempt reserves | 689 | €62,000 | €94,725 | +€32,725 | +52.8% |
| Profit (loss) for the period to be appropriated | 9905 | €281,390 | €248,474 | -€32,916 | -11.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.