BE WELCOME: 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.
BE WELCOME
Largest movements
- Receivables within one year -€59,234
down €59,234 (-28.8%), from €205,327 to €146,094
of which Trade receivables: -€57,709
- Cash -€36,731
down €36,731 (-40.8%), from €90,096 to €53,365
mainly Trade debts (-€47,213) and Contributions, distributions and other (-€20,000)
- Tangible fixed assets -€6,469
down €6,469 (-16.8%), from €38,444 to €31,975
of which Other tangible fixed assets: -€10,690
- Trade debts -€47,213
down €47,213 (-52.1%), from €90,675 to €43,463
- Reserves -€20,000
down €20,000 (-20.2%), from €98,810 to €78,810
- Profit (loss) carried forward -€18,336
down €18,336 (-12.2%), from €150,294 to €131,958
- Tax, wage and social debts -€9,501
down €9,501 (-100%), from €9,501 to €0
of which Taxes: -€6,527
- Debts after one year -€5,186
down €5,186 (-100%), from €5,186 to €0
- Gross operating margin -€52,301
down €52,301, from €51,281 to -€1,020
- Taxes -€11,877
down €11,877, from €11,810 to -€66
- Other operating charges -€4,500
down €4,500 (-62.5%), from €7,205 to €2,705
- Write-downs +€4,448
up €4,448, from -€3,792 to €656
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 | €369,477 | €268,942 | -€100,535 | -27.2% |
| Fixed assets | 21/28 | €39,269 | €32,701 | -€6,568 | -16.7% |
| Intangible fixed assets | 21 | €463 | €0 | -€463 | -100% |
| Tangible fixed assets | 22/27 | €38,444 | €31,975 | -€6,469 | -16.8% |
| Plant, machinery and equipment | 23 | €0 | €1,720 | +€1,720 | |
| Furniture and vehicles | 24 | - | €2,501 | +€2,501 | |
| Other tangible fixed assets | 26 | €38,444 | €27,753 | -€10,690 | -27.8% |
| Financial fixed assets | 28 | €363 | €726 | +€363 | +100% |
| Current assets | 29/58 | €330,208 | €236,241 | -€93,967 | -28.5% |
| Amounts receivable within one year | 40/41 | €205,327 | €146,094 | -€59,234 | -28.8% |
| Trade receivables | 40 | €190,545 | €132,836 | -€57,709 | -30.3% |
| Other amounts receivable | 41 | €14,782 | €13,257 | -€1,525 | -10.3% |
| Current investments | 50/53 | €32,046 | €32,181 | +€135 | +0.4% |
| Cash at bank and in hand | 54/58 | €90,096 | €53,365 | -€36,731 | -40.8% |
| Deferred charges and accrued income | 490/1 | €2,738 | €4,601 | +€1,863 | +68.0% |
| Total equity and liabilities | 10/49 | €369,477 | €268,942 | -€100,535 | -27.2% |
| Equity | 10/15 | €255,304 | €216,968 | -€38,336 | -15.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €98,810 | €78,810 | -€20,000 | -20.2% |
| Distributable reserves | 133 | €98,810 | €78,810 | -€20,000 | -20.2% |
| Profit (loss) carried forward | 14 | €150,294 | €131,958 | -€18,336 | -12.2% |
| Amounts payable | 17/49 | €114,173 | €51,974 | -€62,199 | -54.5% |
| Amounts payable after more than one year | 17 | €5,186 | €0 | -€5,186 | -100% |
| Financial debts | 170/4 | €5,186 | €0 | -€5,186 | -100% |
| Amounts payable within one year | 42/48 | €108,987 | €51,734 | -€57,253 | -52.5% |
| Current portion of amounts payable after more than one year | 42 | €8,811 | €5,186 | -€3,625 | -41.1% |
| Trade debts | 44 | €90,675 | €43,463 | -€47,213 | -52.1% |
| Suppliers | 440/4 | €90,675 | €43,463 | -€47,213 | -52.1% |
| Taxes, remuneration and social security | 45 | €9,501 | €0 | -€9,501 | -100% |
| Taxes | 450/3 | €6,527 | €0 | -€6,527 | -100% |
| Remuneration and social security | 454/9 | €2,974 | €0 | -€2,974 | -100% |
| Other amounts payable | 47/48 | - | €3,085 | +€3,085 | |
| Accrued charges and deferred income | 492/3 | €0 | €240 | +€240 | |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,098 | €13,645 | -€453 | -3.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€3,792 | €656 | +€4,448 | |
| Other operating charges | 640/8 | €7,205 | €2,705 | -€4,500 | -62.5% |
| Gross operating margin | 9900 | €51,281 | -€1,020 | -€52,301 | |
| Operating profit (loss) | 9901 | €33,770 | -€18,026 | -€51,797 | |
| Financial income | 75/76B | - | €192 | +€192 | |
| Recurring financial income | 75 | - | €192 | +€192 | |
| Financial charges | 65/66B | €752 | €568 | -€184 | -24.5% |
| Recurring financial charges | 65 | €752 | €568 | -€184 | -24.5% |
| Profit (loss) for the period before taxes | 9903 | €33,018 | -€18,403 | -€51,421 | |
| Income taxes | 67/77 | €11,810 | -€66 | -€11,877 | |
| Profit (loss) for the period | 9904 | €21,208 | -€18,336 | -€39,544 | |
| Profit (loss) for the period to be appropriated | 9905 | €21,208 | -€18,336 | -€39,544 |
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 22 October 2026 via checked.be.