BAD FOX: 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.
BAD FOX
Largest movements
- Financial fixed assets +€60,000
up €60,000 (+46.5%), from €129,000 to €189,000
- Receivables within one year -€11,621
down €11,621 (-20.9%), from €55,541 to €43,920
of which Trade receivables: -€11,165
- Cash -€6,157
down €6,157 (-88.8%), from €6,935 to €779
mainly Investment in fixed assets (net) (-€60,000) and Tax, wage and social debts (-€11,318)
- Deferred charges and accrued income -€3,130
no longer reported in 2025 (was €3,130)
- Debts after one year +€45,745
new in 2025: €45,745
- Current portion of long-term debt +€13,423
new in 2025: €13,423
- Tax, wage and social debts -€11,318
down €11,318 (-31.6%), from €35,796 to €24,478
- Other debts -€11,167
down €11,167 (-11.8%), from €94,953 to €83,786
- Profit (loss) carried forward +€5,574
up €5,574 (+9.6%), from €58,286 to €63,860
- Gross operating margin -€29,743
down €29,743 (-72.3%), from €41,136 to €11,393
- Taxes -€8,686
down €8,686 (-83.2%), from €10,441 to €1,755
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 | €196,798 | €235,291 | +€38,492 | +19.6% |
| Fixed assets | 21/28 | €131,192 | €190,592 | +€59,400 | +45.3% |
| Tangible fixed assets | 22/27 | €2,192 | €1,592 | -€600 | -27.4% |
| Plant, machinery and equipment | 23 | €959 | €808 | -€151 | -15.8% |
| Furniture and vehicles | 24 | €1,233 | €785 | -€448 | -36.4% |
| Financial fixed assets | 28 | €129,000 | €189,000 | +€60,000 | +46.5% |
| Current assets | 29/58 | €65,606 | €44,699 | -€20,908 | -31.9% |
| Amounts receivable within one year | 40/41 | €55,541 | €43,920 | -€11,621 | -20.9% |
| Trade receivables | 40 | €55,084 | €43,920 | -€11,165 | -20.3% |
| Other amounts receivable | 41 | €457 | - | -€457 | |
| Cash at bank and in hand | 54/58 | €6,935 | €779 | -€6,157 | -88.8% |
| Deferred charges and accrued income | 490/1 | €3,130 | - | -€3,130 | |
| Total equity and liabilities | 10/49 | €196,798 | €235,291 | +€38,492 | +19.6% |
| Equity | 10/15 | €62,286 | €67,860 | +€5,574 | +8.9% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €58,286 | €63,860 | +€5,574 | +9.6% |
| Amounts payable | 17/49 | €134,513 | €167,431 | +€32,919 | +24.5% |
| Amounts payable after more than one year | 17 | - | €45,745 | +€45,745 | |
| Financial debts | 170/4 | - | €45,745 | +€45,745 | |
| Amounts payable within one year | 42/48 | €134,513 | €121,686 | -€12,826 | -9.5% |
| Current portion of amounts payable after more than one year | 42 | - | €13,423 | +€13,423 | |
| Trade debts | 44 | €3,764 | - | -€3,764 | |
| Suppliers | 440/4 | €3,764 | - | -€3,764 | |
| Taxes, remuneration and social security | 45 | €35,796 | €24,478 | -€11,318 | -31.6% |
| Taxes | 450/3 | €35,796 | €24,478 | -€11,318 | -31.6% |
| Other amounts payable | 47/48 | €94,953 | €83,786 | -€11,167 | -11.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €264 | €600 | +€336 | +127.6% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €41,136 | €11,393 | -€29,743 | -72.3% |
| Operating profit (loss) | 9901 | €40,485 | €10,393 | -€30,091 | -74.3% |
| Financial charges | 65/66B | €3,036 | €3,065 | +€29 | +1.0% |
| Recurring financial charges | 65 | €139 | €2,753 | +€2,614 | +1881.9% |
| Non-recurring financial charges | 66B | €2,897 | €312 | -€2,585 | -89.2% |
| Profit (loss) for the period before taxes | 9903 | €37,449 | €7,328 | -€30,120 | -80.4% |
| Income taxes | 67/77 | €10,441 | €1,755 | -€8,686 | -83.2% |
| Profit (loss) for the period | 9904 | €27,008 | €5,574 | -€21,434 | -79.4% |
| Profit (loss) for the period to be appropriated | 9905 | €27,008 | €5,574 | -€21,434 | -79.4% |
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 6 October 2026 via checked.be.