BADCODE: 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.
BADCODE
Largest movements
- Cash +€43,707
up €43,707 (+61.8%), from €70,704 to €114,411
mainly Receivables within one year (+€36,556) and Trade debts (+€23,817)
- Receivables within one year -€36,556
down €36,556 (-37.4%), from €97,655 to €61,099
of which Trade receivables: -€45,131
- Tangible fixed assets -€16,255
down €16,255 (-29.6%), from €54,966 to €38,711
- Deferred charges and accrued income +€11,103
new in 2025: €11,103
- Tax, wage and social debts -€24,661
down €24,661 (-86.0%), from €28,661 to €4,000
of which Taxes: -€21,541
- Trade debts +€23,817
up €23,817 (+746%), from €3,194 to €27,012
- Reserves +€2,842
up €2,842 (+1.5%), from €184,715 to €187,558
of which Distributable reserves: +€2,842
- Gross operating margin -€53,998
down €53,998 (-60.5%), from €89,196 to €35,198
- Depreciation +€7,458
up €7,458 (+84.8%), from €8,797 to €16,255
- Taxes -€5,697
down €5,697 (-20.7%), from €27,549 to €21,852
- Financial income +€2,539
up €2,539 (+72.0%), from €3,527 to €6,066
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 | €223,325 | €225,324 | +€1,999 | +0.9% |
| Fixed assets | 21/28 | €54,966 | €38,711 | -€16,255 | -29.6% |
| Tangible fixed assets | 22/27 | €54,966 | €38,711 | -€16,255 | -29.6% |
| Furniture and vehicles | 24 | €54,966 | €38,711 | -€16,255 | -29.6% |
| Current assets | 29/58 | €168,359 | €186,613 | +€18,254 | +10.8% |
| Amounts receivable within one year | 40/41 | €97,655 | €61,099 | -€36,556 | -37.4% |
| Trade receivables | 40 | €45,131 | - | -€45,131 | |
| Other amounts receivable | 41 | €52,524 | €61,099 | +€8,575 | +16.3% |
| Cash at bank and in hand | 54/58 | €70,704 | €114,411 | +€43,707 | +61.8% |
| Deferred charges and accrued income | 490/1 | - | €11,103 | +€11,103 | |
| Total equity and liabilities | 10/49 | €223,325 | €225,324 | +€1,999 | +0.9% |
| Equity | 10/15 | €191,470 | €194,313 | +€2,842 | +1.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Contributions outside capital | 11 | €6,200 | €6,200 | = | 0.0% |
| Other | 1109/19 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €184,715 | €187,558 | +€2,842 | +1.5% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €182,855 | €185,698 | +€2,842 | +1.6% |
| Profit (loss) carried forward | 14 | €555 | €555 | = | 0.0% |
| Amounts payable | 17/49 | €31,855 | €31,012 | -€843 | -2.6% |
| Amounts payable within one year | 42/48 | €31,855 | €31,012 | -€843 | -2.6% |
| Trade debts | 44 | €3,194 | €27,012 | +€23,817 | +746% |
| Suppliers | 440/4 | €3,194 | €27,012 | +€23,817 | +746% |
| Taxes, remuneration and social security | 45 | €28,661 | €4,000 | -€24,661 | -86.0% |
| Taxes | 450/3 | €22,385 | €844 | -€21,541 | -96.2% |
| Remuneration and social security | 454/9 | €6,275 | €3,156 | -€3,120 | -49.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,797 | €16,255 | +€7,458 | +84.8% |
| Other operating charges | 640/8 | €567 | €101 | -€466 | -82.2% |
| Gross operating margin | 9900 | €89,196 | €35,198 | -€53,998 | -60.5% |
| Operating profit (loss) | 9901 | €79,832 | €18,842 | -€60,990 | -76.4% |
| Financial income | 75/76B | €3,527 | €6,066 | +€2,539 | +72.0% |
| Recurring financial income | 75 | €3,527 | €6,066 | +€2,539 | +72.0% |
| Financial charges | 65/66B | €381 | €214 | -€168 | -44.0% |
| Recurring financial charges | 65 | €381 | €214 | -€168 | -44.0% |
| Profit (loss) for the period before taxes | 9903 | €82,978 | €24,694 | -€58,284 | -70.2% |
| Income taxes | 67/77 | €27,549 | €21,852 | -€5,697 | -20.7% |
| Profit (loss) for the period | 9904 | €55,429 | €2,842 | -€52,587 | -94.9% |
| Profit (loss) for the period to be appropriated | 9905 | €55,429 | €2,842 | -€52,587 | -94.9% |
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 17 October 2026 via checked.be.