B2L: 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.
B2L
Largest movements
- Receivables within one year -€110,121
down €110,121 (-78.3%), from €140,593 to €30,471
of which Trade receivables: -€88,304
- Cash -€32,798
down €32,798 (-51.3%), from €63,916 to €31,119
mainly Trade debts (-€80,225) and Net result for the year (-€64,478)
- Tangible fixed assets -€11,929
down €11,929 (-4.7%), from €252,595 to €240,666
of which Land and buildings: -€8,400
- Trade debts -€80,225
down €80,225 (-89.4%), from €89,719 to €9,494
- Profit (loss) carried forward -€64,478
down €64,478 (-84.0%), from -€76,727 to -€141,205
- Debts after one year -€6,705
down €6,705 (-4.1%), from €164,928 to €158,223
- Gross operating margin -€59,905
down €59,905, from €20,662 to -€39,243
- Other operating charges -€21,013
down €21,013 (-91.2%), from €23,042 to €2,030
- Depreciation -€7,580
down €7,580 (-33.3%), from €22,730 to €15,149
- Financial charges -€577
down €577 (-7.0%), from €8,219 to €7,642
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 | €457,104 | €302,256 | -€154,848 | -33.9% |
| Fixed assets | 21/28 | €252,595 | €240,666 | -€11,929 | -4.7% |
| Tangible fixed assets | 22/27 | €252,595 | €240,666 | -€11,929 | -4.7% |
| Land and buildings | 22 | €192,993 | €184,593 | -€8,400 | -4.4% |
| Plant, machinery and equipment | 23 | €1,061 | €961 | -€100 | -9.4% |
| Furniture and vehicles | 24 | €893 | €489 | -€403 | -45.2% |
| Leasing and similar rights | 25 | €4,979 | €3,279 | -€1,700 | -34.1% |
| Other tangible fixed assets | 26 | €52,669 | €51,344 | -€1,325 | -2.5% |
| Current assets | 29/58 | €204,509 | €61,590 | -€142,919 | -69.9% |
| Amounts receivable within one year | 40/41 | €140,593 | €30,471 | -€110,121 | -78.3% |
| Trade receivables | 40 | €88,304 | - | -€88,304 | |
| Other amounts receivable | 41 | €52,289 | €30,471 | -€21,818 | -41.7% |
| Cash at bank and in hand | 54/58 | €63,916 | €31,119 | -€32,798 | -51.3% |
| Total equity and liabilities | 10/49 | €457,104 | €302,256 | -€154,848 | -33.9% |
| Equity | 10/15 | -€76,726 | -€141,204 | -€64,478 | -84.0% |
| Contributions | 10/11 | €1 | €1 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€76,727 | -€141,205 | -€64,478 | -84.0% |
| Amounts payable | 17/49 | €533,830 | €443,460 | -€90,370 | -16.9% |
| Amounts payable after more than one year | 17 | €164,928 | €158,223 | -€6,705 | -4.1% |
| Financial debts | 170/4 | €164,928 | €158,223 | -€6,705 | -4.1% |
| Amounts payable within one year | 42/48 | €368,902 | €285,237 | -€83,665 | -22.7% |
| Current portion of amounts payable after more than one year | 42 | €6,425 | €6,705 | +€280 | +4.4% |
| Trade debts | 44 | €89,719 | €9,494 | -€80,225 | -89.4% |
| Suppliers | 440/4 | €89,719 | €9,494 | -€80,225 | -89.4% |
| Taxes, remuneration and social security | 45 | €431 | €844 | +€414 | +96.1% |
| Taxes | 450/3 | €431 | €844 | +€414 | +96.1% |
| Other amounts payable | 47/48 | €272,326 | €268,193 | -€4,133 | -1.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,730 | €15,149 | -€7,580 | -33.3% |
| Other operating charges | 640/8 | €23,042 | €2,030 | -€21,013 | -91.2% |
| Non-recurring operating charges | 66A | €379 | - | -€379 | |
| Gross operating margin | 9900 | €20,662 | -€39,243 | -€59,905 | |
| Operating profit (loss) | 9901 | -€25,489 | -€56,422 | -€30,933 | -121% |
| Financial charges | 65/66B | €8,219 | €7,642 | -€577 | -7.0% |
| Recurring financial charges | 65 | €8,219 | €7,642 | -€577 | -7.0% |
| Profit (loss) for the period before taxes | 9903 | -€33,708 | -€64,064 | -€30,357 | -90.1% |
| Income taxes | 67/77 | €403 | €414 | +€11 | +2.7% |
| Profit (loss) for the period | 9904 | -€34,110 | -€64,478 | -€30,368 | -89.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€34,110 | -€64,478 | -€30,368 | -89.0% |
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 25 October 2026 via checked.be.