Aurélien DRAGOZIS: 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.
Aurélien DRAGOZIS
Largest movements
- Cash -€155,033
down €155,033 (-67.1%), from €231,030 to €75,997
mainly Contributions, distributions and other (-€177,154) and Receivables within one year (-€78,813)
- Receivables within one year +€78,813
up €78,813 (+752%), from €10,483 to €89,295
of which Trade receivables: +€70,035
- Tangible fixed assets -€7,438
down €7,438 (-21.4%), from €34,753 to €27,316
of which Furniture and vehicles: -€5,646
- Profit (loss) carried forward -€135,524
down €135,524 (-100%), from €135,524 to €0
- Other debts +€37,716
up €37,716 (+30.0%), from €125,665 to €163,381
- Tax, wage and social debts +€19,191
up €19,191 (+823%), from €2,333 to €21,524
of which Taxes: +€19,762
- Trade debts -€5,586
down €5,586 (-48.2%), from €11,586 to €6,001
- Gross operating margin -€59,550
down €59,550 (-49.8%), from €119,679 to €60,129
- Taxes -€23,078
down €23,078 (-75.0%), from €30,788 to €7,711
- Write-downs +€2,297
up €2,297, from -€520 to €1,777
- Depreciation +€1,264
up €1,264 (+19.7%), from €6,422 to €7,685
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.
Derived cash bridge
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 | €278,109 | €193,906 | -€84,203 | -30.3% |
| Fixed assets | 21/28 | €34,753 | €27,316 | -€7,438 | -21.4% |
| Tangible fixed assets | 22/27 | €34,753 | €27,316 | -€7,438 | -21.4% |
| Plant, machinery and equipment | 23 | €415 | €255 | -€160 | -38.5% |
| Furniture and vehicles | 24 | €23,624 | €17,977 | -€5,646 | -23.9% |
| Other tangible fixed assets | 26 | €10,714 | €9,083 | -€1,631 | -15.2% |
| Current assets | 29/58 | €243,356 | €166,590 | -€76,766 | -31.5% |
| Stocks and contracts in progress | 3 | €100 | €100 | = | 0.0% |
| Stocks | 30/36 | €100 | €100 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €10,483 | €89,295 | +€78,813 | +752% |
| Trade receivables | 40 | €1,777 | €71,811 | +€70,035 | +3,942% |
| Other amounts receivable | 41 | €8,706 | €17,484 | +€8,778 | +101% |
| Cash at bank and in hand | 54/58 | €231,030 | €75,997 | -€155,033 | -67.1% |
| Deferred charges and accrued income | 490/1 | €1,742 | €1,198 | -€545 | -31.3% |
| Total equity and liabilities | 10/49 | €278,109 | €193,906 | -€84,203 | -30.3% |
| Equity | 10/15 | €138,524 | €3,000 | -€135,524 | -97.8% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €135,524 | €0 | -€135,524 | -100% |
| Amounts payable | 17/49 | €139,584 | €190,906 | +€51,321 | +36.8% |
| Amounts payable within one year | 42/48 | €139,584 | €190,906 | +€51,321 | +36.8% |
| Trade debts | 44 | €11,586 | €6,001 | -€5,586 | -48.2% |
| Suppliers | 440/4 | €11,586 | €6,001 | -€5,586 | -48.2% |
| Taxes, remuneration and social security | 45 | €2,333 | €21,524 | +€19,191 | +823% |
| Taxes | 450/3 | €488 | €20,250 | +€19,762 | +4,049% |
| Remuneration and social security | 454/9 | €1,845 | €1,274 | -€571 | -30.9% |
| Other amounts payable | 47/48 | €125,665 | €163,381 | +€37,716 | +30.0% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,422 | €7,685 | +€1,264 | +19.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€520 | €1,777 | +€2,297 | |
| Other operating charges | 640/8 | €794 | €824 | +€30 | +3.8% |
| Gross operating margin | 9900 | €119,679 | €60,129 | -€59,550 | -49.8% |
| Operating profit (loss) | 9901 | €112,984 | €49,843 | -€63,141 | -55.9% |
| Financial income | 75/76B | €1 | €0 | -€1 | -90.5% |
| Recurring financial income | 75 | €1 | €0 | -€1 | -90.5% |
| Financial charges | 65/66B | €662 | €503 | -€159 | -24.1% |
| Recurring financial charges | 65 | €662 | €503 | -€159 | -24.1% |
| Profit (loss) for the period before taxes | 9903 | €112,323 | €49,340 | -€62,982 | -56.1% |
| Income taxes | 67/77 | €30,788 | €7,711 | -€23,078 | -75.0% |
| Profit (loss) for the period | 9904 | €81,534 | €41,630 | -€39,905 | -48.9% |
| Profit (loss) for the period to be appropriated | 9905 | €81,534 | €41,630 | -€39,905 | -48.9% |
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 14 October 2026 via checked.be.