ANDRE SZEP: 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.
ANDRE SZEP
Largest movements
- Receivables within one year -€15,818
down €15,818 (-59.3%), from €26,676 to €10,858
of which Trade receivables: -€13,873
- Tangible fixed assets -€285
down €285 (-48.2%), from €591 to €306
- Profit (loss) carried forward -€21,836
down €21,836, from €6,311 to -€15,525
- Short-term financial debts +€8,070
up €8,070 (+122.7%), from €6,576 to €14,646
- Debts after one year -€2,490
no longer reported in 2025 (was €2,490)
- Write-downs +€13,584
new in 2025: €13,584
- Turnover -€7,988
down €7,988 (-78.2%), from €10,212 to €2,224
- Gross operating margin -€7,491
down €7,491, from €1,631 to -€5,860
- Depreciation -€3,113
down €3,113 (-91.6%), from €3,398 to €285
- Financial charges +€779
up €779 (+147.5%), from €528 to €1,307
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €27,449 | €11,296 | -€16,153 | -58.8% |
| Fixed assets | 21/28 | €773 | €438 | -€335 | -43.3% |
| Tangible fixed assets | 22/27 | €591 | €306 | -€285 | -48.2% |
| Other tangible fixed assets | 26 | €591 | €306 | -€285 | -48.2% |
| Financial fixed assets | 28 | €182 | €132 | -€50 | -27.5% |
| Current assets | 29/58 | €26,676 | €10,858 | -€15,818 | -59.3% |
| Amounts receivable within one year | 40/41 | €26,676 | €10,858 | -€15,818 | -59.3% |
| Trade receivables | 40 | €14,045 | €172 | -€13,873 | -98.8% |
| Other amounts receivable | 41 | €12,631 | €10,686 | -€1,945 | -15.4% |
| Total equity and liabilities | 10/49 | €27,449 | €11,296 | -€16,153 | -58.8% |
| Equity | 10/15 | €14,393 | -€7,443 | -€21,836 | |
| Contributions | 10/11 | €6,222 | €6,222 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €6,311 | -€15,525 | -€21,836 | |
| Amounts payable | 17/49 | €13,056 | €18,739 | +€5,683 | +43.5% |
| Amounts payable after more than one year | 17 | €2,490 | - | -€2,490 | |
| Financial debts | 170/4 | €2,490 | - | -€2,490 | |
| Amounts payable within one year | 42/48 | €10,566 | €18,739 | +€8,173 | +77.4% |
| Current portion of amounts payable after more than one year | 42 | €2,513 | €2,490 | -€23 | -0.9% |
| Financial debts | 43 | €6,576 | €14,646 | +€8,070 | +122.7% |
| Credit institutions | 430/8 | €6,576 | €14,646 | +€8,070 | +122.7% |
| Trade debts | 44 | €1,477 | €1,603 | +€126 | +8.5% |
| Suppliers | 440/4 | €1,477 | €1,603 | +€126 | +8.5% |
| Turnover | 70 | €10,212 | €2,224 | -€7,988 | -78.2% |
| Goods, raw materials, services and sundry goods | 60/61 | €8,581 | €8,084 | -€497 | -5.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,398 | €285 | -€3,113 | -91.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €13,584 | +€13,584 | |
| Other operating charges | 640/8 | €780 | €751 | -€29 | -3.7% |
| Gross operating margin | 9900 | €1,631 | -€5,860 | -€7,491 | |
| Operating profit (loss) | 9901 | -€2,547 | -€20,480 | -€17,933 | -704.1% |
| Financial charges | 65/66B | €528 | €1,307 | +€779 | +147.5% |
| Recurring financial charges | 65 | €528 | €1,307 | +€779 | +147.5% |
| Profit (loss) for the period before taxes | 9903 | -€3,075 | -€21,787 | -€18,712 | -608.5% |
| Income taxes | 67/77 | - | €49 | +€49 | |
| Profit (loss) for the period | 9904 | -€3,075 | -€21,836 | -€18,761 | -610.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,075 | -€21,836 | -€18,761 | -610.1% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.