ASSET: 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.
ASSET
Largest movements
- Cash -€386,716
down €386,716 (-82.5%), from €468,637 to €81,921
mainly Tax, wage and social debts (-€206,053) and Stocks and contracts (-€116,133)
- Receivables within one year -€157,824
down €157,824 (-36.6%), from €430,968 to €273,144
of which Trade receivables: -€169,788
- Stocks and contracts +€116,133
up €116,133 (+58.2%), from €199,457 to €315,590
- Tangible fixed assets +€16,867
up €16,867 (+22.6%), from €74,607 to €91,474
of which Furniture and vehicles: +€22,342
- Tax, wage and social debts -€206,053
down €206,053 (-68.3%), from €301,718 to €95,665
of which Taxes: -€109,812
- Other debts -€105,000
no longer reported in 2025 (was €105,000)
- Trade debts -€99,207
down €99,207 (-61.3%), from €161,720 to €62,513
- Reserves +€15,000
up €15,000 (+2.7%), from €547,500 to €562,500
of which Distributable reserves: +€15,000
- Debts after one year -€12,794
down €12,794 (-92.9%), from €13,773 to €979
- Gross operating margin -€279,334
down €279,334 (-24.1%), from €1.2m to €882,110
- Staff costs -€149,841
down €149,841 (-14.1%), from €1.1m to €911,270
- Financial income +€33,568
up €33,568 (+56.1%), from €59,830 to €93,398
- Taxes -€11,888
down €11,888 (-88.7%), from €13,409 to €1,521
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 | €1,235,606 | €822,139 | -€413,467 | -33.5% |
| Fixed assets | 21/28 | €99,074 | €112,579 | +€13,505 | +13.6% |
| Intangible fixed assets | 21 | €10,228 | €6,865 | -€3,362 | -32.9% |
| Tangible fixed assets | 22/27 | €74,607 | €91,474 | +€16,867 | +22.6% |
| Plant, machinery and equipment | 23 | €68,267 | €62,792 | -€5,475 | -8.0% |
| Furniture and vehicles | 24 | €6,340 | €28,683 | +€22,342 | +352.4% |
| Financial fixed assets | 28 | €14,240 | €14,240 | = | 0.0% |
| Current assets | 29/58 | €1,136,532 | €709,560 | -€426,972 | -37.6% |
| Stocks and contracts in progress | 3 | €199,457 | €315,590 | +€116,133 | +58.2% |
| Contracts in progress | 37 | €199,457 | €315,590 | +€116,133 | +58.2% |
| Amounts receivable within one year | 40/41 | €430,968 | €273,144 | -€157,824 | -36.6% |
| Trade receivables | 40 | €395,376 | €225,588 | -€169,788 | -42.9% |
| Other amounts receivable | 41 | €35,592 | €47,556 | +€11,964 | +33.6% |
| Cash at bank and in hand | 54/58 | €468,637 | €81,921 | -€386,716 | -82.5% |
| Deferred charges and accrued income | 490/1 | €37,471 | €38,905 | +€1,434 | +3.8% |
| Total equity and liabilities | 10/49 | €1,235,606 | €822,139 | -€413,467 | -33.5% |
| Equity | 10/15 | €623,348 | €639,848 | +€16,499 | +2.6% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Capital | 10 | €75,000 | €75,000 | = | 0.0% |
| Issued capital | 100 | €75,000 | €75,000 | = | 0.0% |
| Reserves | 13 | €547,500 | €562,500 | +€15,000 | +2.7% |
| Non-distributable reserves | 130/1 | €7,500 | €7,500 | = | 0.0% |
| Legal reserve | 130 | €7,500 | €7,500 | = | 0.0% |
| Distributable reserves | 133 | €540,000 | €555,000 | +€15,000 | +2.8% |
| Profit (loss) carried forward | 14 | €848 | €2,348 | +€1,499 | +176.8% |
| Amounts payable | 17/49 | €612,258 | €182,292 | -€429,966 | -70.2% |
| Amounts payable after more than one year | 17 | €13,773 | €979 | -€12,794 | -92.9% |
| Financial debts | 170/4 | €13,773 | €979 | -€12,794 | -92.9% |
| Amounts payable within one year | 42/48 | €593,130 | €170,973 | -€422,157 | -71.2% |
| Current portion of amounts payable after more than one year | 42 | €24,692 | €12,794 | -€11,898 | -48.2% |
| Trade debts | 44 | €161,720 | €62,513 | -€99,207 | -61.3% |
| Suppliers | 440/4 | €161,720 | €62,513 | -€99,207 | -61.3% |
| Taxes, remuneration and social security | 45 | €301,718 | €95,665 | -€206,053 | -68.3% |
| Taxes | 450/3 | €131,784 | €21,972 | -€109,812 | -83.3% |
| Remuneration and social security | 454/9 | €169,934 | €73,693 | -€96,241 | -56.6% |
| Other amounts payable | 47/48 | €105,000 | - | -€105,000 | |
| Accrued charges and deferred income | 492/3 | €5,355 | €10,341 | +€4,985 | +93.1% |
| Non-recurring operating income | 76A | €2,892 | - | -€2,892 | |
| Remuneration, social security and pensions | 62 | €1,061,111 | €911,270 | -€149,841 | -14.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,284 | €37,818 | +€2,534 | +7.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€496 | - | +€496 | |
| Other operating charges | 640/8 | €4,883 | €5,108 | +€225 | +4.6% |
| Gross operating margin | 9900 | €1,161,444 | €882,110 | -€279,334 | -24.1% |
| Operating profit (loss) | 9901 | €60,662 | -€72,086 | -€132,748 | |
| Financial income | 75/76B | €59,830 | €93,398 | +€33,568 | +56.1% |
| Recurring financial income | 75 | €59,830 | €93,398 | +€33,568 | +56.1% |
| Financial charges | 65/66B | €2,755 | €3,292 | +€537 | +19.5% |
| Recurring financial charges | 65 | €2,755 | €3,292 | +€537 | +19.5% |
| Profit (loss) for the period before taxes | 9903 | €117,737 | €18,021 | -€99,717 | -84.7% |
| Income taxes | 67/77 | €13,409 | €1,521 | -€11,888 | -88.7% |
| Profit (loss) for the period | 9904 | €104,328 | €16,499 | -€87,829 | -84.2% |
| Profit (loss) for the period to be appropriated | 9905 | €104,328 | €16,499 | -€87,829 | -84.2% |
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.