APRIL 91: 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.
APRIL 91
Largest movements
- Receivables within one year -€116,541
down €116,541 (-75.8%), from €153,661 to €37,120
of which Trade receivables: -€116,532
- Cash +€11,640
up €11,640 (+3379.5%), from €344 to €11,985
mainly Receivables within one year (+€116,541) and Depreciation (+€16,093)
- Tangible fixed assets +€10,381
up €10,381 (+14.8%), from €70,066 to €80,446
of which Furniture and vehicles: +€20,808
- Trade debts -€120,544
down €120,544 (-88.9%), from €135,555 to €15,011
- Debts after one year +€12,842
up €12,842 (+18.2%), from €70,678 to €83,520
- Current portion of long-term debt +€6,327
up €6,327 (+49.1%), from €12,889 to €19,216
- Reserves +€4,635
up €4,635 (+12.3%), from €37,807 to €42,442
of which Distributable reserves: +€4,635
- Write-downs -€12,125
down €12,125, from €2,771 to -€9,354
- Gross operating margin -€8,001
down €8,001 (-19.5%), from €40,940 to €32,939
- Depreciation +€3,330
up €3,330 (+26.1%), from €12,764 to €16,093
- Financial charges +€1,666
up €1,666 (+36.9%), from €4,517 to €6,182
- Other operating charges -€1,639
down €1,639 (-50.2%), from €3,267 to €1,628
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 | €288,938 | €192,745 | -€96,193 | -33.3% |
| Fixed assets | 21/28 | €70,116 | €80,496 | +€10,381 | +14.8% |
| Tangible fixed assets | 22/27 | €70,066 | €80,446 | +€10,381 | +14.8% |
| Furniture and vehicles | 24 | €1,274 | €22,082 | +€20,808 | +1633.6% |
| Other tangible fixed assets | 26 | €68,792 | €58,365 | -€10,427 | -15.2% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €218,822 | €112,249 | -€106,574 | -48.7% |
| Stocks and contracts in progress | 3 | €63,797 | €62,095 | -€1,702 | -2.7% |
| Stocks | 30/36 | €63,797 | €62,095 | -€1,702 | -2.7% |
| Amounts receivable within one year | 40/41 | €153,661 | €37,120 | -€116,541 | -75.8% |
| Trade receivables | 40 | €152,505 | €35,974 | -€116,532 | -76.4% |
| Other amounts receivable | 41 | €1,155 | €1,146 | -€9 | -0.8% |
| Cash at bank and in hand | 54/58 | €344 | €11,985 | +€11,640 | +3379.5% |
| Deferred charges and accrued income | 490/1 | €1,020 | €1,048 | +€28 | +2.8% |
| Total equity and liabilities | 10/49 | €288,938 | €192,745 | -€96,193 | -33.3% |
| Equity | 10/15 | €49,413 | €54,048 | +€4,635 | +9.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €37,807 | €42,442 | +€4,635 | +12.3% |
| Non-distributable reserves | 130/1 | €620 | €620 | = | 0.0% |
| Reserves not available under the articles | 1311 | €620 | €620 | = | 0.0% |
| Distributable reserves | 133 | €37,187 | €41,822 | +€4,635 | +12.5% |
| Profit (loss) carried forward | 14 | €5,406 | €5,406 | = | 0.0% |
| Amounts payable | 17/49 | €239,525 | €138,697 | -€100,828 | -42.1% |
| Amounts payable after more than one year | 17 | €70,678 | €83,520 | +€12,842 | +18.2% |
| Financial debts | 170/4 | €70,678 | €83,520 | +€12,842 | +18.2% |
| Amounts payable within one year | 42/48 | €168,846 | €55,177 | -€113,670 | -67.3% |
| Current portion of amounts payable after more than one year | 42 | €12,889 | €19,216 | +€6,327 | +49.1% |
| Financial debts | 43 | - | €430 | +€430 | |
| Credit institutions | 430/8 | - | €430 | +€430 | |
| Trade debts | 44 | €135,555 | €15,011 | -€120,544 | -88.9% |
| Suppliers | 440/4 | €135,555 | €15,011 | -€120,544 | -88.9% |
| Taxes, remuneration and social security | 45 | €20,275 | €19,967 | -€308 | -1.5% |
| Taxes | 450/3 | €16,049 | €15,718 | -€331 | -2.1% |
| Remuneration and social security | 454/9 | €4,226 | €4,249 | +€23 | +0.5% |
| Other amounts payable | 47/48 | €128 | €552 | +€425 | +332.8% |
| Remuneration, social security and pensions | 62 | €8,807 | €8,741 | -€66 | -0.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,764 | €16,093 | +€3,330 | +26.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,771 | -€9,354 | -€12,125 | |
| Other operating charges | 640/8 | €3,267 | €1,628 | -€1,639 | -50.2% |
| Gross operating margin | 9900 | €40,940 | €32,939 | -€8,001 | -19.5% |
| Operating profit (loss) | 9901 | €13,331 | €15,830 | +€2,499 | +18.7% |
| Financial charges | 65/66B | €4,517 | €6,182 | +€1,666 | +36.9% |
| Recurring financial charges | 65 | €4,517 | €6,182 | +€1,666 | +36.9% |
| Profit (loss) for the period before taxes | 9903 | €8,814 | €9,648 | +€833 | +9.5% |
| Income taxes | 67/77 | €3,905 | €5,013 | +€1,107 | +28.4% |
| Profit (loss) for the period | 9904 | €4,909 | €4,635 | -€274 | -5.6% |
| Profit (loss) for the period to be appropriated | 9905 | €4,909 | €4,635 | -€274 | -5.6% |
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 11 October 2026 via checked.be.