ARRANGED: 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.
ARRANGED
Largest movements
- Cash -€103,768
down €103,768 (-73.9%), from €140,339 to €36,571
mainly Trade debts (-€73,849) and Net result for the year (-€72,545)
- Stocks and contracts -€29,033
down €29,033 (-9.9%), from €294,133 to €265,100
- Tangible fixed assets +€16,833
up €16,833 (+24.9%), from €67,536 to €84,368
of which Furniture and vehicles: +€27,741
- Receivables within one year +€12,280
up €12,280 (+6.4%), from €191,895 to €204,175
of which Other amounts receivable: +€11,368
- Deferred charges and accrued income +€12,043
up €12,043 (+32.2%), from €37,355 to €49,397
- Trade debts -€73,849
down €73,849 (-37.8%), from €195,250 to €121,401
- Profit (loss) carried forward -€72,545
down €72,545 (-20.0%), from €363,145 to €290,600
- Other debts +€25,153
up €25,153 (+54.6%), from €46,072 to €71,224
- Debts after one year +€21,649
new in 2025: €21,649
- Tax, wage and social debts +€15,070
up €15,070 (+85.8%), from €17,561 to €32,632
of which Remuneration and social security: +€14,521
- Gross operating margin -€95,010
down €95,010 (-40.8%), from €232,743 to €137,734
- Financial income -€15,533
down €15,533 (-100.0%), from €15,533 to €0
- Taxes -€14,100
down €14,100 (-97.2%), from €14,506 to €406
- Financial charges +€12,836
up €12,836 (+163.0%), from €7,874 to €20,710
- Depreciation +€4,706
up €4,706 (+23.8%), from €19,769 to €24,476
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 | €736,805 | €655,331 | -€81,474 | -11.1% |
| Fixed assets | 21/28 | €73,083 | €100,088 | +€27,004 | +37.0% |
| Intangible fixed assets | 21 | €2,463 | €12,634 | +€10,172 | +413.0% |
| Tangible fixed assets | 22/27 | €67,536 | €84,368 | +€16,833 | +24.9% |
| Plant, machinery and equipment | 23 | €38,713 | €29,754 | -€8,959 | -23.1% |
| Furniture and vehicles | 24 | €11,074 | €38,815 | +€27,741 | +250.5% |
| Other tangible fixed assets | 26 | €17,749 | €15,800 | -€1,949 | -11.0% |
| Financial fixed assets | 28 | €3,085 | €3,085 | = | 0.0% |
| Current assets | 29/58 | €663,722 | €555,243 | -€108,479 | -16.3% |
| Stocks and contracts in progress | 3 | €294,133 | €265,100 | -€29,033 | -9.9% |
| Stocks | 30/36 | €294,133 | €265,100 | -€29,033 | -9.9% |
| Amounts receivable within one year | 40/41 | €191,895 | €204,175 | +€12,280 | +6.4% |
| Trade receivables | 40 | €176,206 | €177,118 | +€912 | +0.5% |
| Other amounts receivable | 41 | €15,689 | €27,057 | +€11,368 | +72.5% |
| Cash at bank and in hand | 54/58 | €140,339 | €36,571 | -€103,768 | -73.9% |
| Deferred charges and accrued income | 490/1 | €37,355 | €49,397 | +€12,043 | +32.2% |
| Total equity and liabilities | 10/49 | €736,805 | €655,331 | -€81,474 | -11.1% |
| Equity | 10/15 | €473,145 | €400,600 | -€72,545 | -15.3% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €10,000 | €10,000 | = | 0.0% |
| Distributable reserves | 133 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €363,145 | €290,600 | -€72,545 | -20.0% |
| Amounts payable | 17/49 | €263,660 | €254,731 | -€8,929 | -3.4% |
| Amounts payable after more than one year | 17 | - | €21,649 | +€21,649 | |
| Financial debts | 170/4 | - | €21,649 | +€21,649 | |
| Amounts payable within one year | 42/48 | €263,151 | €232,426 | -€30,725 | -11.7% |
| Current portion of amounts payable after more than one year | 42 | - | €7,169 | +€7,169 | |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €195,250 | €121,401 | -€73,849 | -37.8% |
| Suppliers | 440/4 | €195,250 | €121,401 | -€73,849 | -37.8% |
| Advances received on contracts in progress | 46 | €4,268 | €0 | -€4,268 | -100.0% |
| Taxes, remuneration and social security | 45 | €17,561 | €32,632 | +€15,070 | +85.8% |
| Taxes | 450/3 | €3,673 | €4,223 | +€550 | +15.0% |
| Remuneration and social security | 454/9 | €13,888 | €28,409 | +€14,521 | +104.6% |
| Other amounts payable | 47/48 | €46,072 | €71,224 | +€25,153 | +54.6% |
| Accrued charges and deferred income | 492/3 | €509 | €656 | +€147 | +28.8% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €137,682 | €141,437 | +€3,755 | +2.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,769 | €24,476 | +€4,706 | +23.8% |
| Other operating charges | 640/8 | €26,906 | €23,250 | -€3,657 | -13.6% |
| Non-recurring operating charges | 66A | €9,717 | €0 | -€9,717 | -100.0% |
| Gross operating margin | 9900 | €232,743 | €137,734 | -€95,010 | -40.8% |
| Operating profit (loss) | 9901 | €38,669 | -€51,429 | -€90,098 | |
| Financial income | 75/76B | €15,533 | €0 | -€15,533 | -100.0% |
| Recurring financial income | 75 | €15,533 | €0 | -€15,533 | -100.0% |
| Financial charges | 65/66B | €7,874 | €20,710 | +€12,836 | +163.0% |
| Recurring financial charges | 65 | €7,874 | €20,710 | +€12,836 | +163.0% |
| Profit (loss) for the period before taxes | 9903 | €46,328 | -€72,139 | -€118,467 | |
| Income taxes | 67/77 | €14,506 | €406 | -€14,100 | -97.2% |
| Profit (loss) for the period | 9904 | €31,821 | -€72,545 | -€104,367 | |
| Profit (loss) for the period to be appropriated | 9905 | €31,821 | -€72,545 | -€104,367 |
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.