AND: 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.
AND
Largest movements
- Stocks and contracts -€117,756
down €117,756 (-53.1%), from €221,567 to €103,811
- Receivables within one year +€76,699
up €76,699 (+75.2%), from €101,945 to €178,645
of which Other amounts receivable: +€144,283
- Cash -€22,195
down €22,195 (-65.2%), from €34,019 to €11,824
mainly Receivables within one year (-€76,699) and Other debts (-€59,599)
- Other debts -€59,599
no longer reported in 2025 (was €59,599)
- Current portion of long-term debt -€50,000
down €50,000 (-25.0%), from €200,000 to €150,000
- Profit (loss) carried forward +€29,894
up €29,894 (+64.3%), from €46,513 to €76,407
- Tax, wage and social debts +€29,306
up €29,306 (+213.1%), from €13,753 to €43,058
- Trade debts -€16,199
down €16,199 (-77.1%), from €21,013 to €4,814
- Gross operating margin -€17,534
down €17,534 (-24.9%), from €70,526 to €52,991
- Financial charges -€13,977
down €13,977 (-60.9%), from €22,950 to €8,973
- Financial income -€12,433
down €12,433 (-89.7%), from €13,862 to €1,429
- Taxes -€3,044
down €3,044 (-21.9%), from €13,926 to €10,882
- Other operating charges -€1,723
down €1,723 (-56.5%), from €3,048 to €1,324
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 | €360,877 | €294,279 | -€66,598 | -18.5% |
| Fixed assets | 21/28 | €3,346 | - | -€3,346 | |
| Tangible fixed assets | 22/27 | €3,346 | - | -€3,346 | |
| Furniture and vehicles | 24 | €3,346 | - | -€3,346 | |
| Current assets | 29/58 | €357,531 | €294,279 | -€63,251 | -17.7% |
| Stocks and contracts in progress | 3 | €221,567 | €103,811 | -€117,756 | -53.1% |
| Stocks | 30/36 | €221,567 | €103,811 | -€117,756 | -53.1% |
| Amounts receivable within one year | 40/41 | €101,945 | €178,645 | +€76,699 | +75.2% |
| Trade receivables | 40 | €101,944 | €34,361 | -€67,584 | -66.3% |
| Other amounts receivable | 41 | €1 | €144,284 | +€144,283 | +18263683.5% |
| Cash at bank and in hand | 54/58 | €34,019 | €11,824 | -€22,195 | -65.2% |
| Total equity and liabilities | 10/49 | €360,877 | €294,279 | -€66,598 | -18.5% |
| Equity | 10/15 | €66,513 | €96,407 | +€29,894 | +44.9% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €46,513 | €76,407 | +€29,894 | +64.3% |
| Amounts payable | 17/49 | €294,364 | €197,872 | -€96,492 | -32.8% |
| Amounts payable within one year | 42/48 | €294,364 | €197,872 | -€96,492 | -32.8% |
| Current portion of amounts payable after more than one year | 42 | €200,000 | €150,000 | -€50,000 | -25.0% |
| Trade debts | 44 | €21,013 | €4,814 | -€16,199 | -77.1% |
| Suppliers | 440/4 | €21,013 | €4,814 | -€16,199 | -77.1% |
| Taxes, remuneration and social security | 45 | €13,753 | €43,058 | +€29,306 | +213.1% |
| Taxes | 450/3 | €13,753 | €43,058 | +€29,306 | +213.1% |
| Other amounts payable | 47/48 | €59,599 | - | -€59,599 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,728 | €3,346 | -€1,382 | -29.2% |
| Other operating charges | 640/8 | €3,048 | €1,324 | -€1,723 | -56.5% |
| Gross operating margin | 9900 | €70,526 | €52,991 | -€17,534 | -24.9% |
| Operating profit (loss) | 9901 | €62,750 | €48,321 | -€14,429 | -23.0% |
| Financial income | 75/76B | €13,862 | €1,429 | -€12,433 | -89.7% |
| Recurring financial income | 75 | €13,862 | €1,429 | -€12,433 | -89.7% |
| Financial charges | 65/66B | €22,950 | €8,973 | -€13,977 | -60.9% |
| Recurring financial charges | 65 | €22,950 | €8,973 | -€13,977 | -60.9% |
| Profit (loss) for the period before taxes | 9903 | €53,661 | €40,776 | -€12,885 | -24.0% |
| Income taxes | 67/77 | €13,926 | €10,882 | -€3,044 | -21.9% |
| Profit (loss) for the period | 9904 | €39,735 | €29,894 | -€9,841 | -24.8% |
| Profit (loss) for the period to be appropriated | 9905 | €39,735 | €29,894 | -€9,841 | -24.8% |
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 6 October 2026 via checked.be.