AS: 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.
AS
Largest movements
- Receivables within one year +€358,058
up €358,058 (+1687.4%), from €21,219 to €379,277
of which Other amounts receivable: +€362,695
- Cash +€44,410
up €44,410 (+107.0%), from €41,522 to €85,931
mainly Net result for the year (+€463,208) and Trade debts (+€11,103)
- Reserves +€460,000
up €460,000 (+418.2%), from €110,000 to €570,000
- Debts after one year -€55,834
down €55,834 (-8.3%), from €672,962 to €617,129
of which Financial debts: -€55,834
- Tax, wage and social debts -€17,754
down €17,754 (-74.7%), from €23,755 to €6,001
- Financial income +€400,566
up €400,566 (+1599.2%), from €25,048 to €425,614
- Gross operating margin -€3,223
down €3,223 (-4.6%), from €70,187 to €66,963
- Financial charges -€1,324
down €1,324 (-9.1%), from €14,516 to €13,192
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 | €869,187 | €1,271,004 | +€401,817 | +46.2% |
| Fixed assets | 21/28 | €806,446 | €805,518 | -€928 | -0.1% |
| Tangible fixed assets | 22/27 | €6,221 | €5,293 | -€928 | -14.9% |
| Furniture and vehicles | 24 | €1,946 | €1,491 | -€455 | -23.4% |
| Other tangible fixed assets | 26 | €4,275 | €3,802 | -€473 | -11.1% |
| Financial fixed assets | 28 | €800,225 | €800,225 | = | 0.0% |
| Current assets | 29/58 | €62,741 | €465,486 | +€402,745 | +641.9% |
| Amounts receivable within one year | 40/41 | €21,219 | €379,277 | +€358,058 | +1687.4% |
| Trade receivables | 40 | €4,637 | - | -€4,637 | |
| Other amounts receivable | 41 | €16,582 | €379,277 | +€362,695 | +2187.3% |
| Cash at bank and in hand | 54/58 | €41,522 | €85,931 | +€44,410 | +107.0% |
| Deferred charges and accrued income | 490/1 | - | €277 | +€277 | |
| Total equity and liabilities | 10/49 | €869,187 | €1,271,004 | +€401,817 | +46.2% |
| Equity | 10/15 | €113,393 | €576,601 | +€463,208 | +408.5% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €110,000 | €570,000 | +€460,000 | +418.2% |
| Distributable reserves | 133 | €110,000 | €570,000 | +€460,000 | +418.2% |
| Profit (loss) carried forward | 14 | €393 | €3,601 | +€3,208 | +815.7% |
| Amounts payable | 17/49 | €755,794 | €694,403 | -€61,391 | -8.1% |
| Amounts payable after more than one year | 17 | €672,962 | €617,129 | -€55,834 | -8.3% |
| Financial debts | 170/4 | €272,962 | €217,129 | -€55,834 | -20.5% |
| Other amounts payable | 178/9 | €400,000 | €400,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €82,232 | €76,675 | -€5,557 | -6.8% |
| Current portion of amounts payable after more than one year | 42 | €53,890 | €55,834 | +€1,944 | +3.6% |
| Trade debts | 44 | €3,737 | €14,840 | +€11,103 | +297.2% |
| Suppliers | 440/4 | €3,737 | €14,840 | +€11,103 | +297.2% |
| Taxes, remuneration and social security | 45 | €23,755 | €6,001 | -€17,754 | -74.7% |
| Taxes | 450/3 | €23,755 | €6,001 | -€17,754 | -74.7% |
| Other amounts payable | 47/48 | €850 | - | -€850 | |
| Accrued charges and deferred income | 492/3 | €600 | €600 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €782 | €928 | +€146 | +18.7% |
| Other operating charges | 640/8 | €329 | €1,029 | +€700 | +212.4% |
| Gross operating margin | 9900 | €70,187 | €66,963 | -€3,223 | -4.6% |
| Operating profit (loss) | 9901 | €69,075 | €65,006 | -€4,069 | -5.9% |
| Financial income | 75/76B | €25,048 | €425,614 | +€400,566 | +1599.2% |
| Recurring financial income | 75 | €25,048 | €425,614 | +€400,566 | +1599.2% |
| Financial charges | 65/66B | €14,516 | €13,192 | -€1,324 | -9.1% |
| Recurring financial charges | 65 | €14,516 | €13,192 | -€1,324 | -9.1% |
| Profit (loss) for the period before taxes | 9903 | €79,607 | €477,428 | +€397,821 | +499.7% |
| Income taxes | 67/77 | €14,878 | €14,221 | -€658 | -4.4% |
| Profit (loss) for the period | 9904 | €64,729 | €463,208 | +€398,478 | +615.6% |
| Profit (loss) for the period to be appropriated | 9905 | €64,729 | €463,208 | +€398,478 | +615.6% |
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 10 October 2026 via checked.be.