B- DIRECT: 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- DIRECT
Largest movements
- Current investments +€125,266
up €125,266 (+273%), from €45,924 to €171,190
- Cash -€100,935
down €100,935 (-72.1%), from €139,925 to €38,991
mainly Current investments (-€125,266) and Other debts (-€1,628)
- Tangible fixed assets -€10,894
down €10,894 (-19.3%), from €56,476 to €45,581
- Reserves +€7,030
up €7,030 (+4.2%), from €166,410 to €173,440
- Tax, wage and social debts +€5,286
up €5,286 (+20.5%), from €25,772 to €31,058
- Gross operating margin -€150,636
down €150,636 (-87.0%), from €173,063 to €22,427
- Taxes -€52,099
down €52,099 (-92.6%), from €56,268 to €4,169
- Depreciation +€9,488
up €9,488 (+361%), from €2,630 to €12,119
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 | €248,253 | €259,940 | +€11,687 | +4.7% |
| Fixed assets | 21/28 | €56,476 | €45,581 | -€10,894 | -19.3% |
| Tangible fixed assets | 22/27 | €56,476 | €45,581 | -€10,894 | -19.3% |
| Furniture and vehicles | 24 | €56,476 | €45,581 | -€10,894 | -19.3% |
| Current assets | 29/58 | €191,777 | €214,359 | +€22,581 | +11.8% |
| Amounts receivable within one year | 40/41 | €4,353 | €2,572 | -€1,781 | -40.9% |
| Trade receivables | 40 | €4,353 | €2,572 | -€1,781 | -40.9% |
| Current investments | 50/53 | €45,924 | €171,190 | +€125,266 | +273% |
| Cash at bank and in hand | 54/58 | €139,925 | €38,991 | -€100,935 | -72.1% |
| Deferred charges and accrued income | 490/1 | €1,575 | €1,606 | +€31 | +2.0% |
| Total equity and liabilities | 10/49 | €248,253 | €259,940 | +€11,687 | +4.7% |
| Equity | 10/15 | €186,464 | €193,498 | +€7,034 | +3.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €166,410 | €173,440 | +€7,030 | +4.2% |
| Distributable reserves | 133 | €166,410 | €173,440 | +€7,030 | +4.2% |
| Profit (loss) carried forward | 14 | €54 | €58 | +€4 | +8.3% |
| Amounts payable | 17/49 | €61,789 | €66,442 | +€4,653 | +7.5% |
| Amounts payable within one year | 42/48 | €61,789 | €66,442 | +€4,653 | +7.5% |
| Trade debts | 44 | €1,118 | €2,113 | +€995 | +89.0% |
| Suppliers | 440/4 | €1,118 | €2,113 | +€995 | +89.0% |
| Taxes, remuneration and social security | 45 | €25,772 | €31,058 | +€5,286 | +20.5% |
| Taxes | 450/3 | €25,772 | €31,058 | +€5,286 | +20.5% |
| Other amounts payable | 47/48 | €34,899 | €33,270 | -€1,628 | -4.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,630 | €12,119 | +€9,488 | +361% |
| Other operating charges | 640/8 | €763 | €835 | +€72 | +9.4% |
| Gross operating margin | 9900 | €173,063 | €22,427 | -€150,636 | -87.0% |
| Operating profit (loss) | 9901 | €169,670 | €9,473 | -€160,196 | -94.4% |
| Financial income | 75/76B | €1,651 | €1,754 | +€102 | +6.2% |
| Recurring financial income | 75 | €1,651 | €1,754 | +€102 | +6.2% |
| Financial charges | 65/66B | - | €23 | +€23 | |
| Recurring financial charges | 65 | - | €23 | +€23 | |
| Profit (loss) for the period before taxes | 9903 | €171,321 | €11,204 | -€160,118 | -93.5% |
| Income taxes | 67/77 | €56,268 | €4,169 | -€52,099 | -92.6% |
| Profit (loss) for the period | 9904 | €115,053 | €7,034 | -€108,019 | -93.9% |
| Profit (loss) for the period to be appropriated | 9905 | €115,053 | €7,034 | -€108,019 | -93.9% |
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 29 October 2026 via checked.be.