ANNEXE: 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.
ANNEXE
Largest movements
- Cash +€117,434
up €117,434 (+148%), from €79,501 to €196,935
mainly Net result for the year (+€85,611) and Receivables within one year (+€24,996)
- Receivables within one year -€24,996
down €24,996 (-50.1%), from €49,895 to €24,899
of which Trade receivables: -€27,176
- Deferred charges and accrued income -€3,760
down €3,760 (-89.2%), from €4,218 to €457
- Tangible fixed assets -€3,731
down €3,731 (-25.0%), from €14,898 to €11,167
of which Plant, machinery and equipment: -€3,231
- Reserves +€85,611
up €85,611 (+77.8%), from €110,109 to €195,720
- Tax, wage and social debts -€8,573
down €8,573 (-45.4%), from €18,868 to €10,295
- Trade debts +€8,023
up €8,023 (+977%), from €821 to €8,844
- Gross operating margin +€26,940
up €26,940 (+27.0%), from €99,602 to €126,542
- Taxes +€7,849
up €7,849 (+28.6%), from €27,440 to €35,289
- Depreciation +€1,407
up €1,407 (+30.3%), from €4,637 to €6,044
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 | €148,512 | €233,458 | +€84,946 | +57.2% |
| Fixed assets | 21/28 | €14,898 | €11,167 | -€3,731 | -25.0% |
| Tangible fixed assets | 22/27 | €14,898 | €11,167 | -€3,731 | -25.0% |
| Plant, machinery and equipment | 23 | €7,579 | €4,348 | -€3,231 | -42.6% |
| Furniture and vehicles | 24 | €905 | €2,768 | +€1,862 | +206% |
| Other tangible fixed assets | 26 | €6,414 | €4,051 | -€2,362 | -36.8% |
| Current assets | 29/58 | €133,614 | €222,291 | +€88,677 | +66.4% |
| Amounts receivable within one year | 40/41 | €49,895 | €24,899 | -€24,996 | -50.1% |
| Trade receivables | 40 | €49,895 | €22,720 | -€27,176 | -54.5% |
| Other amounts receivable | 41 | - | €2,179 | +€2,179 | |
| Cash at bank and in hand | 54/58 | €79,501 | €196,935 | +€117,434 | +148% |
| Deferred charges and accrued income | 490/1 | €4,218 | €457 | -€3,760 | -89.2% |
| Total equity and liabilities | 10/49 | €148,512 | €233,458 | +€84,946 | +57.2% |
| Equity | 10/15 | €128,709 | €214,320 | +€85,611 | +66.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €110,109 | €195,720 | +€85,611 | +77.8% |
| Distributable reserves | 133 | €110,109 | €195,720 | +€85,611 | +77.8% |
| Amounts payable | 17/49 | €19,803 | €19,138 | -€664 | -3.4% |
| Amounts payable within one year | 42/48 | €19,803 | €19,138 | -€664 | -3.4% |
| Trade debts | 44 | €821 | €8,844 | +€8,023 | +977% |
| Suppliers | 440/4 | €821 | €8,844 | +€8,023 | +977% |
| Taxes, remuneration and social security | 45 | €18,868 | €10,295 | -€8,573 | -45.4% |
| Taxes | 450/3 | €18,868 | €10,295 | -€8,573 | -45.4% |
| Other amounts payable | 47/48 | €114 | - | -€114 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,637 | €6,044 | +€1,407 | +30.3% |
| Other operating charges | 640/8 | €595 | €387 | -€209 | -35.0% |
| Gross operating margin | 9900 | €99,602 | €126,542 | +€26,940 | +27.0% |
| Operating profit (loss) | 9901 | €94,370 | €120,111 | +€25,741 | +27.3% |
| Financial income | 75/76B | €329 | €915 | +€586 | +178% |
| Recurring financial income | 75 | €329 | €915 | +€586 | +178% |
| Financial charges | 65/66B | €228 | €126 | -€102 | -44.7% |
| Recurring financial charges | 65 | €228 | €126 | -€102 | -44.7% |
| Profit (loss) for the period before taxes | 9903 | €94,471 | €120,900 | +€26,429 | +28.0% |
| Income taxes | 67/77 | €27,440 | €35,289 | +€7,849 | +28.6% |
| Profit (loss) for the period | 9904 | €67,030 | €85,611 | +€18,580 | +27.7% |
| Profit (loss) for the period to be appropriated | 9905 | €67,030 | €85,611 | +€18,580 | +27.7% |
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 27 October 2026 via checked.be.