ANDRE RISOPOULOS: 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.
ANDRE RISOPOULOS
Largest movements
- Receivables within one year -€64,855
down €64,855 (-69.2%), from €93,757 to €28,902
of which Trade receivables: -€64,862
- Cash +€41,266
up €41,266 (+10.9%), from €377,706 to €418,972
mainly Receivables within one year (+€64,855) and Depreciation (+€1,883)
- Trade debts -€20,295
down €20,295 (-46.2%), from €43,900 to €23,605
- Gross operating margin +€72,022
up €72,022, from -€39,333 to €32,689
- Other operating charges -€538
down €538 (-41.5%), from €1,296 to €758
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 | €481,524 | €460,219 | -€21,305 | -4.4% |
| Fixed assets | 21/28 | €7,242 | €5,359 | -€1,883 | -26.0% |
| Intangible fixed assets | 21 | €1,774 | €1,008 | -€767 | -43.2% |
| Tangible fixed assets | 22/27 | €2,467 | €1,351 | -€1,116 | -45.2% |
| Plant, machinery and equipment | 23 | €314 | - | -€314 | |
| Furniture and vehicles | 24 | €2,154 | €1,351 | -€803 | -37.3% |
| Financial fixed assets | 28 | €3,000 | €3,000 | = | 0.0% |
| Current assets | 29/58 | €474,282 | €454,860 | -€19,422 | -4.1% |
| Amounts receivable within one year | 40/41 | €93,757 | €28,902 | -€64,855 | -69.2% |
| Trade receivables | 40 | €82,601 | €17,739 | -€64,862 | -78.5% |
| Other amounts receivable | 41 | €11,156 | €11,163 | +€7 | +0.1% |
| Cash at bank and in hand | 54/58 | €377,706 | €418,972 | +€41,266 | +10.9% |
| Deferred charges and accrued income | 490/1 | €2,820 | €6,987 | +€4,167 | +147.8% |
| Total equity and liabilities | 10/49 | €481,524 | €460,219 | -€21,305 | -4.4% |
| Equity | 10/15 | €428,181 | €429,579 | +€1,398 | +0.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €401,860 | €401,860 | = | 0.0% |
| Distributable reserves | 133 | €401,860 | €401,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €13,921 | €15,319 | +€1,398 | +10.0% |
| Amounts payable | 17/49 | €53,342 | €30,640 | -€22,702 | -42.6% |
| Amounts payable within one year | 42/48 | €53,342 | €30,268 | -€23,074 | -43.3% |
| Trade debts | 44 | €43,900 | €23,605 | -€20,295 | -46.2% |
| Suppliers | 440/4 | €43,900 | €23,605 | -€20,295 | -46.2% |
| Taxes, remuneration and social security | 45 | €9,442 | €6,663 | -€2,780 | -29.4% |
| Taxes | 450/3 | €9,442 | €6,663 | -€2,780 | -29.4% |
| Accrued charges and deferred income | 492/3 | - | €372 | +€372 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,249 | €1,883 | -€366 | -16.3% |
| Other operating charges | 640/8 | €1,296 | €758 | -€538 | -41.5% |
| Non-recurring operating charges | 66A | - | €27,590 | +€27,590 | |
| Gross operating margin | 9900 | -€39,333 | €32,689 | +€72,022 | |
| Operating profit (loss) | 9901 | -€42,879 | €2,458 | +€45,337 | |
| Financial income | 75/76B | €596 | €609 | +€12 | +2.1% |
| Recurring financial income | 75 | €596 | €609 | +€12 | +2.1% |
| Financial charges | 65/66B | €1,531 | €1,527 | -€3 | -0.2% |
| Recurring financial charges | 65 | €1,531 | €1,527 | -€3 | -0.2% |
| Profit (loss) for the period before taxes | 9903 | -€43,814 | €1,539 | +€45,352 | |
| Income taxes | 67/77 | €140 | €141 | +€1 | +1.0% |
| Profit (loss) for the period | 9904 | -€43,953 | €1,398 | +€45,351 | |
| Profit (loss) for the period to be appropriated | 9905 | -€43,953 | €1,398 | +€45,351 |
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.