B-CYCLING: 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.
B-CYCLING
Largest movements
- Stocks and contracts +€18,136
up €18,136 (+7.0%), from €260,288 to €278,424
- Tangible fixed assets -€17,834
down €17,834 (-15.3%), from €116,279 to €98,445
of which Furniture and vehicles: -€9,831
- Short-term financial debts -€50,000
down €50,000 (-66.7%), from €75,000 to €25,000
- Profit (loss) carried forward +€47,019
up €47,019 (+37.5%), from €125,251 to €172,269
- Debts after one year -€17,763
down €17,763 (-22.0%), from €80,607 to €62,844
- Tax, wage and social debts +€17,254
up €17,254 (+84.7%), from €20,371 to €37,624
of which Taxes: +€15,921
- Other debts -€5,894
down €5,894 (-7.0%), from €84,561 to €78,667
- Gross operating margin +€48,196
up €48,196 (+50.4%), from €95,701 to €143,897
- Depreciation +€7,999
up €7,999 (+51.6%), from €15,496 to €23,495
- Taxes -€1,856
down €1,856 (-12.2%), from €15,176 to €13,320
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 | €488,497 | €486,572 | -€1,925 | -0.4% |
| Formation expenses | 20 | €219 | €0 | -€219 | -100% |
| Fixed assets | 21/28 | €116,279 | €98,445 | -€17,834 | -15.3% |
| Tangible fixed assets | 22/27 | €116,279 | €98,445 | -€17,834 | -15.3% |
| Plant, machinery and equipment | 23 | €2,044 | €3,155 | +€1,112 | +54.4% |
| Furniture and vehicles | 24 | €59,773 | €49,942 | -€9,831 | -16.4% |
| Other tangible fixed assets | 26 | €54,462 | €45,348 | -€9,115 | -16.7% |
| Current assets | 29/58 | €371,999 | €388,127 | +€16,128 | +4.3% |
| Stocks and contracts in progress | 3 | €260,288 | €278,424 | +€18,136 | +7.0% |
| Stocks | 30/36 | €260,288 | €278,424 | +€18,136 | +7.0% |
| Amounts receivable within one year | 40/41 | €3,752 | €685 | -€3,067 | -81.7% |
| Trade receivables | 40 | €3,749 | €685 | -€3,064 | -81.7% |
| Other amounts receivable | 41 | €4 | €0 | -€4 | -100% |
| Cash at bank and in hand | 54/58 | €107,284 | €107,228 | -€56 | -0.1% |
| Deferred charges and accrued income | 490/1 | €675 | €1,790 | +€1,115 | +165% |
| Total equity and liabilities | 10/49 | €488,497 | €486,572 | -€1,925 | -0.4% |
| Equity | 10/15 | €200,251 | €247,269 | +€47,019 | +23.5% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €125,251 | €172,269 | +€47,019 | +37.5% |
| Amounts payable | 17/49 | €288,246 | €239,303 | -€48,943 | -17.0% |
| Amounts payable after more than one year | 17 | €80,607 | €62,844 | -€17,763 | -22.0% |
| Financial debts | 170/4 | €80,607 | €62,844 | -€17,763 | -22.0% |
| Amounts payable within one year | 42/48 | €207,639 | €170,723 | -€36,917 | -17.8% |
| Current portion of amounts payable after more than one year | 42 | €17,386 | €17,763 | +€377 | +2.2% |
| Financial debts | 43 | €75,000 | €25,000 | -€50,000 | -66.7% |
| Credit institutions | 430/8 | €75,000 | €25,000 | -€50,000 | -66.7% |
| Trade debts | 44 | €10,322 | €11,669 | +€1,347 | +13.1% |
| Suppliers | 440/4 | €10,322 | €11,669 | +€1,347 | +13.1% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €20,371 | €37,624 | +€17,254 | +84.7% |
| Taxes | 450/3 | €12,639 | €28,560 | +€15,921 | +126% |
| Remuneration and social security | 454/9 | €7,732 | €9,065 | +€1,333 | +17.2% |
| Other amounts payable | 47/48 | €84,561 | €78,667 | -€5,894 | -7.0% |
| Accrued charges and deferred income | 492/3 | - | €5,736 | +€5,736 | |
| Remuneration, social security and pensions | 62 | €48,778 | €49,880 | +€1,103 | +2.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,496 | €23,495 | +€7,999 | +51.6% |
| Other operating charges | 640/8 | €1,276 | €1,123 | -€153 | -12.0% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €95,701 | €143,897 | +€48,196 | +50.4% |
| Operating profit (loss) | 9901 | €30,152 | €69,399 | +€39,247 | +130% |
| Financial income | 75/76B | €2,048 | €3,067 | +€1,019 | +49.7% |
| Recurring financial income | 75 | €2,048 | €3,067 | +€1,019 | +49.7% |
| Financial charges | 65/66B | €12,821 | €12,127 | -€695 | -5.4% |
| Recurring financial charges | 65 | €12,821 | €12,127 | -€695 | -5.4% |
| Profit (loss) for the period before taxes | 9903 | €19,378 | €60,339 | +€40,961 | +211% |
| Income taxes | 67/77 | €15,176 | €13,320 | -€1,856 | -12.2% |
| Profit (loss) for the period | 9904 | €4,202 | €47,019 | +€42,816 | +1,019% |
| Profit (loss) for the period to be appropriated | 9905 | €4,202 | €47,019 | +€42,816 | +1,019% |
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 21 October 2026 via checked.be.