An-a-path: 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.
An-a-path
Largest movements
- Cash +€71,912
up €71,912 (+110.7%), from €64,948 to €136,860
mainly Other debts (+€225,509) and Net result for the year (+€192,404)
- Receivables within one year -€29,851
down €29,851 (-24.7%), from €120,673 to €90,821
- Tangible fixed assets -€9,717
down €9,717 (-19.2%), from €50,641 to €40,924
of which Furniture and vehicles: -€8,956
- Current investments +€4,117
up €4,117 (+8.6%), from €48,000 to €52,117
- Financial fixed assets -€3,318
down €3,318 (-82.2%), from €4,039 to €721
- Reserves -€240,943
no longer reported in 2025 (was €240,943)
- Other debts +€225,509
up €225,509 (+875.4%), from €25,761 to €251,270
- Profit (loss) carried forward +€42,404
new in 2025: €42,404
- Tax, wage and social debts +€6,034
up €6,034 (+34.2%), from €17,642 to €23,675
of which Taxes: +€4,628
- Gross operating margin -€32,898
down €32,898 (-10.9%), from €301,368 to €268,470
- Depreciation +€5,294
up €5,294 (+78.2%), from €6,769 to €12,063
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 | €288,301 | €321,443 | +€33,143 | +11.5% |
| Fixed assets | 21/28 | €54,680 | €41,645 | -€13,035 | -23.8% |
| Tangible fixed assets | 22/27 | €50,641 | €40,924 | -€9,717 | -19.2% |
| Plant, machinery and equipment | 23 | €594 | €2,320 | +€1,725 | +290.4% |
| Furniture and vehicles | 24 | €40,669 | €31,713 | -€8,956 | -22.0% |
| Other tangible fixed assets | 26 | €9,378 | €6,892 | -€2,486 | -26.5% |
| Financial fixed assets | 28 | €4,039 | €721 | -€3,318 | -82.2% |
| Current assets | 29/58 | €233,621 | €279,798 | +€46,178 | +19.8% |
| Amounts receivable within one year | 40/41 | €120,673 | €90,821 | -€29,851 | -24.7% |
| Other amounts receivable | 41 | €120,673 | €90,821 | -€29,851 | -24.7% |
| Current investments | 50/53 | €48,000 | €52,117 | +€4,117 | +8.6% |
| Cash at bank and in hand | 54/58 | €64,948 | €136,860 | +€71,912 | +110.7% |
| Total equity and liabilities | 10/49 | €288,301 | €321,443 | +€33,143 | +11.5% |
| Equity | 10/15 | €244,143 | €45,604 | -€198,539 | -81.3% |
| Contributions | 10/11 | €3,200 | €3,200 | = | 0.0% |
| Reserves | 13 | €240,943 | - | -€240,943 | |
| Distributable reserves | 133 | €240,943 | - | -€240,943 | |
| Profit (loss) carried forward | 14 | - | €42,404 | +€42,404 | |
| Amounts payable | 17/49 | €44,157 | €275,839 | +€231,682 | +524.7% |
| Amounts payable within one year | 42/48 | €44,157 | €275,839 | +€231,682 | +524.7% |
| Trade debts | 44 | €755 | €894 | +€139 | +18.4% |
| Suppliers | 440/4 | €755 | €894 | +€139 | +18.4% |
| Taxes, remuneration and social security | 45 | €17,642 | €23,675 | +€6,034 | +34.2% |
| Taxes | 450/3 | €17,642 | €22,270 | +€4,628 | +26.2% |
| Remuneration and social security | 454/9 | - | €1,405 | +€1,405 | |
| Other amounts payable | 47/48 | €25,761 | €251,270 | +€225,509 | +875.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,769 | €12,063 | +€5,294 | +78.2% |
| Other operating charges | 640/8 | €753 | €741 | -€11 | -1.5% |
| Gross operating margin | 9900 | €301,368 | €268,470 | -€32,898 | -10.9% |
| Operating profit (loss) | 9901 | €293,846 | €255,665 | -€38,181 | -13.0% |
| Financial income | 75/76B | €1,253 | €2,912 | +€1,659 | +132.4% |
| Recurring financial income | 75 | €1,253 | €2,912 | +€1,659 | +132.4% |
| Financial charges | 65/66B | €1,277 | €1,285 | +€8 | +0.6% |
| Recurring financial charges | 65 | €1,277 | €1,285 | +€8 | +0.6% |
| Profit (loss) for the period before taxes | 9903 | €293,822 | €257,292 | -€36,529 | -12.4% |
| Income taxes | 67/77 | €67,892 | €64,888 | -€3,004 | -4.4% |
| Profit (loss) for the period | 9904 | €225,930 | €192,404 | -€33,526 | -14.8% |
| Profit (loss) for the period to be appropriated | 9905 | €225,930 | €192,404 | -€33,526 | -14.8% |
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 4 October 2026 via checked.be.