B. CYCLES: 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.
B. CYCLES
Largest movements
- Cash -€10,474
down €10,474 (-62.6%), from €16,724 to €6,251
mainly Contributions, distributions and other (-€17,500) and Investment in fixed assets (net) (-€13,421)
- Receivables within one year +€7,576
up €7,576 (+50.6%), from €14,976 to €22,552
of which Other amounts receivable: +€9,018
- Other debts +€15,777
up €15,777 (+65.8%), from €23,971 to €39,748
- Reserves -€14,607
down €14,607 (-9.4%), from €156,219 to €141,612
- Short-term financial debts -€10,000
down €10,000 (-100.0%), from €10,000 to €0
- Debts after one year -€9,175
down €9,175 (-32.9%), from €27,846 to €18,672
- Tax, wage and social debts +€7,726
up €7,726 (+22.1%), from €34,988 to €42,714
of which Taxes: +€9,580
- Gross operating margin -€26,388
down €26,388 (-15.4%), from €171,377 to €144,989
- Taxes -€12,362
down €12,362 (-87.0%), from €14,214 to €1,852
- Staff costs +€6,080
up €6,080 (+5.2%), from €116,006 to €122,086
- Depreciation +€1,910
up €1,910 (+15.2%), from €12,539 to €14,449
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 | €329,633 | €324,672 | -€4,961 | -1.5% |
| Fixed assets | 21/28 | €27,362 | €26,333 | -€1,028 | -3.8% |
| Intangible fixed assets | 21 | €5,029 | €2,862 | -€2,167 | -43.1% |
| Tangible fixed assets | 22/27 | €22,333 | €23,471 | +€1,138 | +5.1% |
| Land and buildings | 22 | €3,164 | €12,988 | +€9,824 | +310.5% |
| Plant, machinery and equipment | 23 | €1,791 | €2,318 | +€527 | +29.4% |
| Furniture and vehicles | 24 | €17,377 | €8,165 | -€9,212 | -53.0% |
| Current assets | 29/58 | €302,271 | €298,339 | -€3,933 | -1.3% |
| Stocks and contracts in progress | 3 | €270,522 | €268,587 | -€1,935 | -0.7% |
| Stocks | 30/36 | €270,522 | €268,587 | -€1,935 | -0.7% |
| Amounts receivable within one year | 40/41 | €14,976 | €22,552 | +€7,576 | +50.6% |
| Trade receivables | 40 | €14,517 | €13,074 | -€1,442 | -9.9% |
| Other amounts receivable | 41 | €459 | €9,477 | +€9,018 | +1965.4% |
| Cash at bank and in hand | 54/58 | €16,724 | €6,251 | -€10,474 | -62.6% |
| Deferred charges and accrued income | 490/1 | €50 | €949 | +€900 | +1814.0% |
| Total equity and liabilities | 10/49 | €329,633 | €324,672 | -€4,961 | -1.5% |
| Equity | 10/15 | €206,852 | €192,245 | -€14,607 | -7.1% |
| Contributions | 10/11 | €24,800 | €24,800 | = | 0.0% |
| Reserves | 13 | €156,219 | €141,612 | -€14,607 | -9.4% |
| Distributable reserves | 133 | €156,219 | €141,612 | -€14,607 | -9.4% |
| Profit (loss) carried forward | 14 | €25,833 | €25,833 | = | 0.0% |
| Amounts payable | 17/49 | €122,781 | €132,427 | +€9,646 | +7.9% |
| Amounts payable after more than one year | 17 | €27,846 | €18,672 | -€9,175 | -32.9% |
| Financial debts | 170/4 | €27,846 | €18,672 | -€9,175 | -32.9% |
| Amounts payable within one year | 42/48 | €94,934 | €113,755 | +€18,821 | +19.8% |
| Current portion of amounts payable after more than one year | 42 | €9,869 | €9,175 | -€694 | -7.0% |
| Financial debts | 43 | €10,000 | €0 | -€10,000 | -100.0% |
| Credit institutions | 430/8 | €10,000 | €0 | -€10,000 | -100.0% |
| Trade debts | 44 | €16,106 | €22,118 | +€6,012 | +37.3% |
| Suppliers | 440/4 | €16,106 | €22,118 | +€6,012 | +37.3% |
| Taxes, remuneration and social security | 45 | €34,988 | €42,714 | +€7,726 | +22.1% |
| Taxes | 450/3 | €16,403 | €25,983 | +€9,580 | +58.4% |
| Remuneration and social security | 454/9 | €18,586 | €16,731 | -€1,855 | -10.0% |
| Other amounts payable | 47/48 | €23,971 | €39,748 | +€15,777 | +65.8% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €116,006 | €122,086 | +€6,080 | +5.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,539 | €14,449 | +€1,910 | +15.2% |
| Other operating charges | 640/8 | €1,418 | €1,155 | -€263 | -18.5% |
| Gross operating margin | 9900 | €171,377 | €144,989 | -€26,388 | -15.4% |
| Operating profit (loss) | 9901 | €41,414 | €7,299 | -€34,115 | -82.4% |
| Financial income | 75/76B | €2,204 | €785 | -€1,419 | -64.4% |
| Recurring financial income | 75 | €2,204 | €785 | -€1,419 | -64.4% |
| Financial charges | 65/66B | €2,927 | €3,339 | +€412 | +14.1% |
| Recurring financial charges | 65 | €2,927 | €3,339 | +€412 | +14.1% |
| Profit (loss) for the period before taxes | 9903 | €40,691 | €4,745 | -€35,946 | -88.3% |
| Income taxes | 67/77 | €14,214 | €1,852 | -€12,362 | -87.0% |
| Profit (loss) for the period | 9904 | €26,477 | €2,893 | -€23,583 | -89.1% |
| Profit (loss) for the period to be appropriated | 9905 | €26,477 | €2,893 | -€23,583 | -89.1% |
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 29 September 2026 via checked.be.