ANDRE VOUCHE: 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 VOUCHE
Largest movements
- Tangible fixed assets -€11,727
down €11,727 (-29.4%), from €39,826 to €28,099
- Cash -€9,503
down €9,503 (-79.5%), from €11,959 to €2,456
mainly Net result for the year (-€17,479) and Debts after one year (-€6,779)
- Receivables within one year -€7,523
down €7,523 (-42.9%), from €17,531 to €10,008
of which Other amounts receivable: -€5,907
- Profit (loss) carried forward -€17,480
down €17,480, from €10,946 to -€6,534
- Debts after one year -€6,779
down €6,779 (-24.7%), from €27,402 to €20,623
- Trade debts -€3,406
down €3,406 (-37.3%), from €9,133 to €5,727
- Gross operating margin -€5,810
down €5,810, from €2,440 to -€3,370
- Depreciation +€4,759
up €4,759 (+68.3%), from €6,968 to €11,727
- Financial charges +€651
up €651 (+69.0%), from €944 to €1,595
- Other operating charges +€426
up €426 (+61.4%), from €694 to €1,120
- Taxes -€298
no longer reported in 2025 (was €298)
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 | €76,318 | €48,412 | -€27,906 | -36.6% |
| Fixed assets | 21/28 | €40,019 | €28,292 | -€11,727 | -29.3% |
| Tangible fixed assets | 22/27 | €39,826 | €28,099 | -€11,727 | -29.4% |
| Furniture and vehicles | 24 | €39,826 | €28,099 | -€11,727 | -29.4% |
| Financial fixed assets | 28 | €193 | €193 | = | 0.0% |
| Current assets | 29/58 | €36,299 | €20,120 | -€16,179 | -44.6% |
| Stocks and contracts in progress | 3 | €5,531 | €6,213 | +€682 | +12.3% |
| Stocks | 30/36 | €5,531 | €6,213 | +€682 | +12.3% |
| Amounts receivable within one year | 40/41 | €17,531 | €10,008 | -€7,523 | -42.9% |
| Trade receivables | 40 | €6,872 | €5,256 | -€1,616 | -23.5% |
| Other amounts receivable | 41 | €10,659 | €4,752 | -€5,907 | -55.4% |
| Cash at bank and in hand | 54/58 | €11,959 | €2,456 | -€9,503 | -79.5% |
| Deferred charges and accrued income | 490/1 | €1,278 | €1,443 | +€165 | +12.9% |
| Total equity and liabilities | 10/49 | €76,318 | €48,412 | -€27,906 | -36.6% |
| Equity | 10/15 | €31,676 | €14,196 | -€17,480 | -55.2% |
| Contributions | 10/11 | €20,452 | €20,452 | = | 0.0% |
| Reserves | 13 | €278 | €278 | = | 0.0% |
| Distributable reserves | 133 | €278 | €278 | = | 0.0% |
| Profit (loss) carried forward | 14 | €10,946 | -€6,534 | -€17,480 | |
| Amounts payable | 17/49 | €44,642 | €34,216 | -€10,426 | -23.4% |
| Amounts payable after more than one year | 17 | €27,402 | €20,623 | -€6,779 | -24.7% |
| Financial debts | 170/4 | €27,402 | €20,623 | -€6,779 | -24.7% |
| Amounts payable within one year | 42/48 | €17,240 | €13,593 | -€3,647 | -21.2% |
| Current portion of amounts payable after more than one year | 42 | €6,532 | €6,779 | +€247 | +3.8% |
| Trade debts | 44 | €9,133 | €5,727 | -€3,406 | -37.3% |
| Suppliers | 440/4 | €9,133 | €5,727 | -€3,406 | -37.3% |
| Taxes, remuneration and social security | 45 | €1,575 | €1,087 | -€488 | -31.0% |
| Taxes | 450/3 | €1,575 | €1,087 | -€488 | -31.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,968 | €11,727 | +€4,759 | +68.3% |
| Other operating charges | 640/8 | €694 | €1,120 | +€426 | +61.4% |
| Non-recurring operating charges | 66A | €713 | €1 | -€712 | -99.9% |
| Gross operating margin | 9900 | €2,440 | -€3,370 | -€5,810 | |
| Operating profit (loss) | 9901 | -€5,935 | -€16,218 | -€10,283 | -173.3% |
| Financial income | 75/76B | €630 | €334 | -€296 | -47.0% |
| Recurring financial income | 75 | €630 | €334 | -€296 | -47.0% |
| Financial charges | 65/66B | €944 | €1,595 | +€651 | +69.0% |
| Recurring financial charges | 65 | €944 | €1,595 | +€651 | +69.0% |
| Profit (loss) for the period before taxes | 9903 | -€6,249 | -€17,479 | -€11,230 | -179.7% |
| Income taxes | 67/77 | €298 | - | -€298 | |
| Profit (loss) for the period | 9904 | -€6,547 | -€17,479 | -€10,932 | -167.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€6,547 | -€17,479 | -€10,932 | -167.0% |
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 10 October 2026 via checked.be.