Behold the turtle: 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.
Behold the turtle
Largest movements
- Cash +€131,422
up €131,422 (+122%), from €107,406 to €238,827
mainly Net result for the year (+€109,879) and Receivables within one year (+€28,190)
- Receivables within one year -€28,190
down €28,190 (-31.5%), from €89,377 to €61,187
- Receivables after one year -€20,000
down €20,000 (-11.1%), from €180,000 to €160,000
- Tangible fixed assets -€8,420
down €8,420 (-36.5%), from €23,050 to €14,630
of which Furniture and vehicles: -€7,313
- Reserves +€76,542
up €76,542 (+14.0%), from €547,121 to €623,663
- Gross operating margin -€36,459
down €36,459 (-17.6%), from €207,528 to €171,069
- Financial income +€8,406
up €8,406 (+1,439%), from €584 to €8,990
- Depreciation -€3,069
down €3,069 (-46.0%), from €6,669 to €3,600
- Taxes -€2,403
down €2,403 (-3.8%), from €63,047 to €60,644
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 | €599,833 | €674,644 | +€74,811 | +12.5% |
| Fixed assets | 21/28 | €23,050 | €14,630 | -€8,420 | -36.5% |
| Tangible fixed assets | 22/27 | €23,050 | €14,630 | -€8,420 | -36.5% |
| Plant, machinery and equipment | 23 | €2,392 | €1,797 | -€595 | -24.9% |
| Furniture and vehicles | 24 | €10,947 | €3,634 | -€7,313 | -66.8% |
| Other tangible fixed assets | 26 | €9,711 | €9,199 | -€512 | -5.3% |
| Current assets | 29/58 | €576,783 | €660,014 | +€83,232 | +14.4% |
| Amounts receivable after more than one year | 29 | €180,000 | €160,000 | -€20,000 | -11.1% |
| Other amounts receivable | 291 | €180,000 | €160,000 | -€20,000 | -11.1% |
| Amounts receivable within one year | 40/41 | €89,377 | €61,187 | -€28,190 | -31.5% |
| Trade receivables | 40 | €89,377 | €61,187 | -€28,190 | -31.5% |
| Current investments | 50/53 | €200,000 | €200,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €107,406 | €238,827 | +€131,422 | +122% |
| Total equity and liabilities | 10/49 | €599,833 | €674,644 | +€74,811 | +12.5% |
| Equity | 10/15 | €553,791 | €630,333 | +€76,542 | +13.8% |
| Contributions | 10/11 | €21,000 | €21,000 | = | 0.0% |
| Reserves | 13 | €547,121 | €623,663 | +€76,542 | +14.0% |
| Non-distributable reserves | 130/1 | €547,121 | €623,663 | +€76,542 | +14.0% |
| Other | 1319 | €547,121 | €623,663 | +€76,542 | +14.0% |
| Profit (loss) carried forward | 14 | -€14,330 | -€14,330 | = | 0.0% |
| Amounts payable | 17/49 | €46,041 | €44,311 | -€1,730 | -3.8% |
| Amounts payable within one year | 42/48 | €45,731 | €44,001 | -€1,730 | -3.8% |
| Trade debts | 44 | €13,007 | €17,555 | +€4,548 | +35.0% |
| Suppliers | 440/4 | €13,007 | €17,555 | +€4,548 | +35.0% |
| Taxes, remuneration and social security | 45 | €27,178 | €21,273 | -€5,905 | -21.7% |
| Taxes | 450/3 | €27,178 | €21,273 | -€5,905 | -21.7% |
| Other amounts payable | 47/48 | €5,546 | €5,173 | -€373 | -6.7% |
| Accrued charges and deferred income | 492/3 | €310 | €310 | = | 0.0% |
| Non-recurring operating income | 76A | €12,674 | - | -€12,674 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,669 | €3,600 | -€3,069 | -46.0% |
| Other operating charges | 640/8 | €2,197 | €182 | -€2,014 | -91.7% |
| Non-recurring operating charges | 66A | - | €5,534 | +€5,534 | |
| Gross operating margin | 9900 | €207,528 | €171,069 | -€36,459 | -17.6% |
| Operating profit (loss) | 9901 | €198,662 | €161,753 | -€36,909 | -18.6% |
| Financial income | 75/76B | €584 | €8,990 | +€8,406 | +1,439% |
| Recurring financial income | 75 | €584 | €8,990 | +€8,406 | +1,439% |
| Financial charges | 65/66B | €192 | €220 | +€28 | +14.4% |
| Recurring financial charges | 65 | €192 | €220 | +€28 | +14.4% |
| Profit (loss) for the period before taxes | 9903 | €199,054 | €170,523 | -€28,531 | -14.3% |
| Income taxes | 67/77 | €63,047 | €60,644 | -€2,403 | -3.8% |
| Profit (loss) for the period | 9904 | €136,007 | €109,879 | -€26,128 | -19.2% |
| Profit (loss) for the period to be appropriated | 9905 | €136,007 | €109,879 | -€26,128 | -19.2% |
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 15 October 2026 via checked.be.