AND MORE: 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.
AND MORE
Largest movements
- Current investments +€136,518
new in 2025: €136,518
- Stocks and contracts +€36,546
up €36,546 (+39.4%), from €92,667 to €129,213
- Cash -€27,716
down €27,716 (-55.2%), from €50,175 to €22,459
mainly Current investments (-€136,518) and Net result for the year (-€67,088)
- Tangible fixed assets +€14,409
up €14,409 (+31.3%), from €45,966 to €60,375
of which Plant, machinery and equipment: +€25,349
- Receivables within one year +€7,300
up €7,300 (+159%), from €4,594 to €11,894
of which Other amounts receivable: +€8,677
- Debts after one year +€161,644
up €161,644 (+116%), from €138,826 to €300,470
- Profit (loss) carried forward -€67,088
down €67,088 (-111%), from -€60,230 to -€127,318
- Contributions +€50,000
up €50,000 (+269%), from €18,600 to €68,600
- Short-term financial debts +€15,093
up €15,093 (+158%), from €9,524 to €24,617
of which Other loans: +€14,700
- Trade debts +€4,917
up €4,917 (+1,898%), from €259 to €5,176
- Gross operating margin -€55,676
down €55,676, from €50,385 to -€5,291
- Staff costs -€38,829
down €38,829 (-71.5%), from €54,310 to €15,481
- Financial charges +€18,320
up €18,320 (+184%), from €9,976 to €28,296
- Depreciation +€16,216
up €16,216 (+684%), from €2,372 to €18,588
- Financial income +€1,444
up €1,444 (+2,256%), from €64 to €1,508
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 | €197,211 | €361,482 | +€164,271 | +83.3% |
| Fixed assets | 21/28 | €45,966 | €60,375 | +€14,409 | +31.3% |
| Tangible fixed assets | 22/27 | €45,966 | €60,375 | +€14,409 | +31.3% |
| Plant, machinery and equipment | 23 | €6,031 | €31,380 | +€25,349 | +420% |
| Furniture and vehicles | 24 | €552 | €214 | -€338 | -61.2% |
| Other tangible fixed assets | 26 | €39,383 | €28,781 | -€10,602 | -26.9% |
| Current assets | 29/58 | €151,245 | €301,107 | +€149,862 | +99.1% |
| Stocks and contracts in progress | 3 | €92,667 | €129,213 | +€36,546 | +39.4% |
| Stocks | 30/36 | €92,667 | €129,213 | +€36,546 | +39.4% |
| Amounts receivable within one year | 40/41 | €4,594 | €11,894 | +€7,300 | +159% |
| Trade receivables | 40 | €2,307 | €930 | -€1,377 | -59.7% |
| Other amounts receivable | 41 | €2,287 | €10,964 | +€8,677 | +379% |
| Current investments | 50/53 | - | €136,518 | +€136,518 | |
| Cash at bank and in hand | 54/58 | €50,175 | €22,459 | -€27,716 | -55.2% |
| Deferred charges and accrued income | 490/1 | €3,809 | €1,023 | -€2,786 | -73.1% |
| Total equity and liabilities | 10/49 | €197,211 | €361,482 | +€164,271 | +83.3% |
| Equity | 10/15 | €2,348 | -€14,740 | -€17,088 | |
| Contributions | 10/11 | €18,600 | €68,600 | +€50,000 | +269% |
| Reserves | 13 | €43,978 | €43,978 | = | 0.0% |
| Distributable reserves | 133 | €43,978 | €43,978 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€60,230 | -€127,318 | -€67,088 | -111% |
| Amounts payable | 17/49 | €194,863 | €376,222 | +€181,359 | +93.1% |
| Amounts payable after more than one year | 17 | €138,826 | €300,470 | +€161,644 | +116% |
| Financial debts | 170/4 | €138,826 | €300,470 | +€161,644 | +116% |
| Amounts payable within one year | 42/48 | €54,298 | €74,013 | +€19,715 | +36.3% |
| Financial debts | 43 | €9,524 | €24,617 | +€15,093 | +158% |
| Credit institutions | 430/8 | €9,524 | €9,917 | +€393 | +4.1% |
| Other loans | 439 | - | €14,700 | +€14,700 | |
| Trade debts | 44 | €259 | €5,176 | +€4,917 | +1,898% |
| Suppliers | 440/4 | €259 | €5,176 | +€4,917 | +1,898% |
| Taxes, remuneration and social security | 45 | €8,238 | €9,769 | +€1,531 | +18.6% |
| Taxes | 450/3 | €8,238 | €9,769 | +€1,531 | +18.6% |
| Other amounts payable | 47/48 | €36,277 | €34,451 | -€1,826 | -5.0% |
| Accrued charges and deferred income | 492/3 | €1,739 | €1,739 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €54,310 | €15,481 | -€38,829 | -71.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,372 | €18,588 | +€16,216 | +684% |
| Other operating charges | 640/8 | €919 | €940 | +€21 | +2.3% |
| Gross operating margin | 9900 | €50,385 | -€5,291 | -€55,676 | |
| Operating profit (loss) | 9901 | -€7,216 | -€40,300 | -€33,084 | -458% |
| Financial income | 75/76B | €64 | €1,508 | +€1,444 | +2,256% |
| Recurring financial income | 75 | €64 | €1,508 | +€1,444 | +2,256% |
| Financial charges | 65/66B | €9,976 | €28,296 | +€18,320 | +184% |
| Recurring financial charges | 65 | €9,976 | €28,296 | +€18,320 | +184% |
| Profit (loss) for the period before taxes | 9903 | -€17,128 | -€67,088 | -€49,960 | -292% |
| Profit (loss) for the period | 9904 | -€17,128 | -€67,088 | -€49,960 | -292% |
| Profit (loss) for the period to be appropriated | 9905 | -€17,128 | -€67,088 | -€49,960 | -292% |
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 19 October 2026 via checked.be.