ALTERNATIVE: what changed
ALTERNATIVE
Largest movements
- Receivables within one year +€32,372
up €32,372 (+171%), from €18,977 to €51,350
of which Other amounts receivable: +€27,105
- Cash -€9,751
down €9,751 (-84.8%), from €11,505 to €1,754
mainly Receivables within one year (-€32,372) and Investment in fixed assets (net) (-€1,049)
- Tangible fixed assets -€1,962
down €1,962 (-19.8%), from €9,888 to €7,927
of which Plant, machinery and equipment: -€1,710
- Trade debts +€14,132
up €14,132 (+223%), from €6,339 to €20,471
- Profit (loss) carried forward +€4,907
up €4,907 (+18.6%), from €26,327 to €31,235
- Tax, wage and social debts +€1,044
up €1,044 (+102%), from €1,020 to €2,064
- Gross operating margin +€2,763
up €2,763 (+36.7%), from €7,532 to €10,295
- Depreciation +€1,505
up €1,505 (+99.9%), from €1,506 to €3,011
- Financial charges -€738
down €738 (-50.9%), from €1,450 to €711
- Other operating charges +€161
up €161 (+30.1%), from €536 to €697
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 | €40,947 | €61,030 | +€20,083 | +49.0% |
| Fixed assets | 21/28 | €9,888 | €7,927 | -€1,962 | -19.8% |
| Tangible fixed assets | 22/27 | €9,888 | €7,927 | -€1,962 | -19.8% |
| Plant, machinery and equipment | 23 | €9,198 | €7,488 | -€1,710 | -18.6% |
| Furniture and vehicles | 24 | €690 | €439 | -€252 | -36.5% |
| Current assets | 29/58 | €31,059 | €53,103 | +€22,044 | +71.0% |
| Amounts receivable within one year | 40/41 | €18,977 | €51,350 | +€32,372 | +171% |
| Trade receivables | 40 | €15,896 | €21,163 | +€5,267 | +33.1% |
| Other amounts receivable | 41 | €3,082 | €30,187 | +€27,105 | +880% |
| Cash at bank and in hand | 54/58 | €11,505 | €1,754 | -€9,751 | -84.8% |
| Deferred charges and accrued income | 490/1 | €577 | - | -€577 | |
| Total equity and liabilities | 10/49 | €40,947 | €61,030 | +€20,083 | +49.0% |
| Equity | 10/15 | €33,587 | €38,495 | +€4,907 | +14.6% |
| Contributions | 10/11 | €7,260 | €7,260 | = | 0.0% |
| Reserves | 13 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Profit (loss) carried forward | 14 | €26,327 | €31,235 | +€4,907 | +18.6% |
| Amounts payable | 17/49 | €7,359 | €22,535 | +€15,176 | +206% |
| Amounts payable within one year | 42/48 | €7,359 | €22,535 | +€15,176 | +206% |
| Trade debts | 44 | €6,339 | €20,471 | +€14,132 | +223% |
| Suppliers | 440/4 | €6,339 | €20,471 | +€14,132 | +223% |
| Taxes, remuneration and social security | 45 | €1,020 | €2,064 | +€1,044 | +102% |
| Taxes | 450/3 | €1,020 | €2,064 | +€1,044 | +102% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,506 | €3,011 | +€1,505 | +99.9% |
| Other operating charges | 640/8 | €536 | €697 | +€161 | +30.1% |
| Gross operating margin | 9900 | €7,532 | €10,295 | +€2,763 | +36.7% |
| Operating profit (loss) | 9901 | €5,490 | €6,587 | +€1,097 | +20.0% |
| Financial income | 75/76B | €22 | €75 | +€53 | +244% |
| Recurring financial income | 75 | €22 | €75 | +€53 | +244% |
| Financial charges | 65/66B | €1,450 | €711 | -€738 | -50.9% |
| Recurring financial charges | 65 | €1,450 | €711 | -€738 | -50.9% |
| Profit (loss) for the period before taxes | 9903 | €4,062 | €5,951 | +€1,889 | +46.5% |
| Income taxes | 67/77 | €1,020 | €1,044 | +€24 | +2.3% |
| Profit (loss) for the period | 9904 | €3,042 | €4,907 | +€1,865 | +61.3% |
| Profit (loss) for the period to be appropriated | 9905 | €3,042 | €4,907 | +€1,865 | +61.3% |
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 8 November 2026 via checked.be.