ARTICULATE: what changed
Two fiscal 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.
ARTICULATE
Largest movements
- Receivables after one year -€43,815
down €43,815 (-65.7%), from €66,738 to €22,923
- Cash +€17,099
up €17,099 (+22.6%), from €75,635 to €92,735
mainly Receivables after one year (+€43,815) and Net result for the year (+€11,891)
- Receivables within one year +€3,209
up €3,209 (+33.8%), from €9,493 to €12,702
of which Other amounts receivable: +€2,140
- Reserves -€25,000
down €25,000 (-22.2%), from €112,503 to €87,503
of which Distributable reserves: -€25,000
- Other debts +€3,641
up €3,641 (+80.7%), from €4,509 to €8,150
- Tax, wage and social debts -€1,826
down €1,826 (-34.2%), from €5,333 to €3,507
of which Taxes: -€3,526
- Gross operating margin -€13,431
down €13,431 (-42.8%), from €31,416 to €17,985
- Taxes -€6,523
down €6,523 (-59.5%), from €10,959 to €4,436
- Financial income -€881
down €881 (-22.6%), from €3,890 to €3,009
- Depreciation +€558
up €558 (+54.1%), from €1,032 to €1,591
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 | €157,344 | €133,226 | -€24,118 | -15.3% |
| Fixed assets | 21/28 | €3,268 | €2,590 | -€678 | -20.7% |
| Tangible fixed assets | 22/27 | €3,268 | €2,590 | -€678 | -20.7% |
| Furniture and vehicles | 24 | €3,268 | €2,590 | -€678 | -20.7% |
| Current assets | 29/58 | €154,076 | €130,636 | -€23,440 | -15.2% |
| Amounts receivable after more than one year | 29 | €66,738 | €22,923 | -€43,815 | -65.7% |
| Other amounts receivable | 291 | €66,738 | €22,923 | -€43,815 | -65.7% |
| Amounts receivable within one year | 40/41 | €9,493 | €12,702 | +€3,209 | +33.8% |
| Trade receivables | 40 | €2,632 | €3,702 | +€1,070 | +40.6% |
| Other amounts receivable | 41 | €6,861 | €9,001 | +€2,140 | +31.2% |
| Cash at bank and in hand | 54/58 | €75,635 | €92,735 | +€17,099 | +22.6% |
| Deferred charges and accrued income | 490/1 | €2,210 | €2,276 | +€66 | +3.0% |
| Total equity and liabilities | 10/49 | €157,344 | €133,226 | -€24,118 | -15.3% |
| Equity | 10/15 | €143,585 | €117,688 | -€25,897 | -18.0% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €112,503 | €87,503 | -€25,000 | -22.2% |
| Non-distributable reserves | 130/1 | €2,196 | €2,196 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,196 | €2,196 | = | 0.0% |
| Tax-exempt reserves | 132 | €307 | €307 | = | 0.0% |
| Distributable reserves | 133 | €110,000 | €85,000 | -€25,000 | -22.7% |
| Profit (loss) carried forward | 14 | €12,490 | €11,593 | -€897 | -7.2% |
| Amounts payable | 17/49 | €13,758 | €15,538 | +€1,779 | +12.9% |
| Amounts payable within one year | 42/48 | €13,758 | €15,538 | +€1,779 | +12.9% |
| Trade debts | 44 | €3,917 | €3,881 | -€36 | -0.9% |
| Suppliers | 440/4 | €3,917 | €3,881 | -€36 | -0.9% |
| Taxes, remuneration and social security | 45 | €5,333 | €3,507 | -€1,826 | -34.2% |
| Taxes | 450/3 | €5,333 | €1,807 | -€3,526 | -66.1% |
| Remuneration and social security | 454/9 | - | €1,700 | +€1,700 | |
| Other amounts payable | 47/48 | €4,509 | €8,150 | +€3,641 | +80.7% |
| Remuneration, social security and pensions | 62 | €2,096 | €1,904 | -€192 | -9.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,032 | €1,591 | +€558 | +54.1% |
| Other operating charges | 640/8 | €449 | €721 | +€272 | +60.7% |
| Gross operating margin | 9900 | €31,416 | €17,985 | -€13,431 | -42.8% |
| Operating profit (loss) | 9901 | €27,839 | €13,769 | -€14,069 | -50.5% |
| Financial income | 75/76B | €3,890 | €3,009 | -€881 | -22.6% |
| Recurring financial income | 75 | €3,890 | €3,009 | -€881 | -22.6% |
| Financial charges | 65/66B | €622 | €451 | -€171 | -27.5% |
| Recurring financial charges | 65 | €622 | €451 | -€171 | -27.5% |
| Profit (loss) for the period before taxes | 9903 | €31,107 | €16,328 | -€14,779 | -47.5% |
| Income taxes | 67/77 | €10,959 | €4,436 | -€6,523 | -59.5% |
| Profit (loss) for the period | 9904 | €20,148 | €11,891 | -€8,256 | -41.0% |
| Profit (loss) for the period to be appropriated | 9905 | €20,148 | €11,891 | -€8,256 | -41.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.