Analysis Group: 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.
Analysis Group
Largest movements
- Receivables within one year -€2.8m
down €2.8m (-33.7%), from €8.4m to €5.5m
of which Trade receivables: -€1.5m
- Cash +€798,352
up €798,352 (+62.2%), from €1.3m to €2.1m
mainly Receivables within one year (+€2.8m) and Net result for the year (+€146,716)
- Tangible fixed assets +€113,513
new in 2025: €113,513
of which Other tangible fixed assets: +€68,679
- Other debts -€1.5m
down €1.5m (-22.4%), from €6.8m to €5.3m
- Trade debts -€550,749
down €550,749 (-94.5%), from €582,771 to €32,022
- Tax, wage and social debts -€154,245
down €154,245 (-77.0%), from €200,219 to €45,975
of which Remuneration and social security: -€129,058
- Profit (loss) carried forward +€146,716
up €146,716 (+7.8%), from €1.9m to €2.0m
- Accrued charges and deferred income +€130,698
up €130,698 (+62.7%), from €208,590 to €339,287
- Gross operating margin -€515,792
down €515,792 (-35.5%), from €1.5m to €935,823
- Write-downs -€249,579
down €249,579, from €133,763 to -€115,815
- Staff costs -€228,057
down €228,057 (-20.6%), from €1.1m to €878,323
- Financial income +€69,087
up €69,087, from €0 to €69,087
- Taxes -€61,307
down €61,307 (-76.4%), from €80,225 to €18,917
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.
Derived cash bridge
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 | €9,747,588 | €7,802,472 | -€1.9m | -20.0% |
| Fixed assets | 21/28 | €58,721 | €177,643 | +€118,922 | +203% |
| Tangible fixed assets | 22/27 | - | €113,513 | +€113,513 | |
| Plant, machinery and equipment | 23 | - | €28,049 | +€28,049 | |
| Furniture and vehicles | 24 | - | €16,785 | +€16,785 | |
| Other tangible fixed assets | 26 | - | €68,679 | +€68,679 | |
| Financial fixed assets | 28 | €58,721 | €64,130 | +€5,409 | +9.2% |
| Current assets | 29/58 | €9,688,867 | €7,624,829 | -€2.1m | -21.3% |
| Amounts receivable within one year | 40/41 | €8,351,893 | €5,539,688 | -€2.8m | -33.7% |
| Trade receivables | 40 | €2,491,631 | €971,510 | -€1.5m | -61.0% |
| Other amounts receivable | 41 | €5,860,261 | €4,568,178 | -€1.3m | -22.0% |
| Cash at bank and in hand | 54/58 | €1,282,690 | €2,081,042 | +€798,352 | +62.2% |
| Deferred charges and accrued income | 490/1 | €54,284 | €4,099 | -€50,185 | -92.4% |
| Total equity and liabilities | 10/49 | €9,747,588 | €7,802,472 | -€1.9m | -20.0% |
| Equity | 10/15 | €1,980,824 | €2,127,539 | +€146,716 | +7.4% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €10,000 | €10,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €10,000 | €0 | -€10,000 | -100% |
| Reserves not available under the articles | 1311 | €10,000 | €0 | -€10,000 | -100% |
| Distributable reserves | 133 | - | €10,000 | +€10,000 | |
| Profit (loss) carried forward | 14 | €1,870,824 | €2,017,539 | +€146,716 | +7.8% |
| Amounts payable | 17/49 | €7,766,764 | €5,674,933 | -€2.1m | -26.9% |
| Amounts payable within one year | 42/48 | €7,558,174 | €5,335,645 | -€2.2m | -29.4% |
| Trade debts | 44 | €582,771 | €32,022 | -€550,749 | -94.5% |
| Suppliers | 440/4 | €582,771 | €32,022 | -€550,749 | -94.5% |
| Taxes, remuneration and social security | 45 | €200,219 | €45,975 | -€154,245 | -77.0% |
| Taxes | 450/3 | €48,048 | €22,862 | -€25,187 | -52.4% |
| Remuneration and social security | 454/9 | €152,171 | €23,113 | -€129,058 | -84.8% |
| Other amounts payable | 47/48 | €6,775,184 | €5,257,649 | -€1.5m | -22.4% |
| Accrued charges and deferred income | 492/3 | €208,590 | €339,287 | +€130,698 | +62.7% |
| Remuneration, social security and pensions | 62 | €1,106,380 | €878,323 | -€228,057 | -20.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €57,432 | +€57,432 | |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €133,763 | -€115,815 | -€249,579 | |
| Other operating charges | 640/8 | €0 | €12,504 | +€12,504 | |
| Gross operating margin | 9900 | €1,451,615 | €935,823 | -€515,792 | -35.5% |
| Operating profit (loss) | 9901 | €211,472 | €103,379 | -€108,092 | -51.1% |
| Financial income | 75/76B | €0 | €69,087 | +€69,087 | |
| Recurring financial income | 75 | €0 | €69,087 | +€69,087 | |
| Financial charges | 65/66B | €65,126 | €6,834 | -€58,292 | -89.5% |
| Recurring financial charges | 65 | €65,126 | €6,834 | -€58,292 | -89.5% |
| Profit (loss) for the period before taxes | 9903 | €146,346 | €165,633 | +€19,287 | +13.2% |
| Income taxes | 67/77 | €80,225 | €18,917 | -€61,307 | -76.4% |
| Profit (loss) for the period | 9904 | €66,121 | €146,716 | +€80,594 | +122% |
| Profit (loss) for the period to be appropriated | 9905 | €66,121 | €146,716 | +€80,594 | +122% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.