BLACK BOX: 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.
BLACK BOX
Largest movements
- Cash -€32,646
down €32,646 (-33.2%), from €98,237 to €65,591
mainly Tax, wage and social debts (-€19,158) and Receivables after one year (-€12,000)
- Receivables after one year +€12,000
new in 2025: €12,000
- Tangible fixed assets -€11,274
down €11,274 (-24.6%), from €45,745 to €34,471
of which Furniture and vehicles: -€10,629
- Receivables within one year +€3,722
up €3,722 (+9.0%), from €41,381 to €45,103
of which Trade receivables: +€6,469
- Tax, wage and social debts -€19,158
down €19,158 (-89.7%), from €21,361 to €2,203
- Debts after one year -€9,422
down €9,422 (-41.4%), from €22,770 to €13,348
- Profit (loss) carried forward -€4,278
down €4,278 (-13.7%), from €31,319 to €27,041
- Trade debts +€4,010
up €4,010 (+32.3%), from €12,431 to €16,441
- Gross operating margin -€21,311
down €21,311 (-58.9%), from €36,186 to €14,875
- Taxes -€6,273
down €6,273 (-93.1%), from €6,736 to €463
- Other operating charges -€1,642
down €1,642 (-38.8%), from €4,232 to €2,589
- Financial income -€1,302
down €1,302 (-89.7%), from €1,452 to €150
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 | €198,739 | €169,824 | -€28,914 | -14.5% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €55,745 | €44,471 | -€11,274 | -20.2% |
| Tangible fixed assets | 22/27 | €45,745 | €34,471 | -€11,274 | -24.6% |
| Plant, machinery and equipment | 23 | €546 | €120 | -€426 | -78.0% |
| Furniture and vehicles | 24 | €43,469 | €32,840 | -€10,629 | -24.5% |
| Other tangible fixed assets | 26 | €1,730 | €1,511 | -€219 | -12.7% |
| Financial fixed assets | 28 | €10,000 | €10,000 | = | 0.0% |
| Current assets | 29/58 | €142,993 | €125,353 | -€17,640 | -12.3% |
| Amounts receivable after more than one year | 29 | - | €12,000 | +€12,000 | |
| Other amounts receivable | 291 | - | €12,000 | +€12,000 | |
| Amounts receivable within one year | 40/41 | €41,381 | €45,103 | +€3,722 | +9.0% |
| Trade receivables | 40 | €19,374 | €25,843 | +€6,469 | +33.4% |
| Other amounts receivable | 41 | €22,007 | €19,259 | -€2,747 | -12.5% |
| Cash at bank and in hand | 54/58 | €98,237 | €65,591 | -€32,646 | -33.2% |
| Deferred charges and accrued income | 490/1 | €3,376 | €2,660 | -€716 | -21.2% |
| Total equity and liabilities | 10/49 | €198,739 | €169,824 | -€28,914 | -14.5% |
| Equity | 10/15 | €132,689 | €128,411 | -€4,278 | -3.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €88,970 | €88,970 | = | 0.0% |
| Distributable reserves | 133 | €88,970 | €88,970 | = | 0.0% |
| Profit (loss) carried forward | 14 | €31,319 | €27,041 | -€4,278 | -13.7% |
| Amounts payable | 17/49 | €66,050 | €41,414 | -€24,636 | -37.3% |
| Amounts payable after more than one year | 17 | €22,770 | €13,348 | -€9,422 | -41.4% |
| Financial debts | 170/4 | €22,770 | €13,348 | -€9,422 | -41.4% |
| Amounts payable within one year | 42/48 | €43,280 | €28,066 | -€15,214 | -35.2% |
| Current portion of amounts payable after more than one year | 42 | €9,422 | €9,422 | = | 0.0% |
| Trade debts | 44 | €12,431 | €16,441 | +€4,010 | +32.3% |
| Suppliers | 440/4 | €12,431 | €16,441 | +€4,010 | +32.3% |
| Taxes, remuneration and social security | 45 | €21,361 | €2,203 | -€19,158 | -89.7% |
| Taxes | 450/3 | €21,361 | €2,203 | -€19,158 | -89.7% |
| Other amounts payable | 47/48 | €66 | - | -€66 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,616 | €14,725 | +€109 | +0.7% |
| Other operating charges | 640/8 | €4,232 | €2,589 | -€1,642 | -38.8% |
| Gross operating margin | 9900 | €36,186 | €14,875 | -€21,311 | -58.9% |
| Operating profit (loss) | 9901 | €17,339 | -€2,439 | -€19,778 | |
| Financial income | 75/76B | €1,452 | €150 | -€1,302 | -89.7% |
| Recurring financial income | 75 | €1,452 | €150 | -€1,302 | -89.7% |
| Financial charges | 65/66B | €1,775 | €1,526 | -€250 | -14.1% |
| Recurring financial charges | 65 | €1,775 | €1,526 | -€250 | -14.1% |
| Profit (loss) for the period before taxes | 9903 | €17,016 | -€3,815 | -€20,831 | |
| Income taxes | 67/77 | €6,736 | €463 | -€6,273 | -93.1% |
| Profit (loss) for the period | 9904 | €10,279 | -€4,278 | -€14,558 | |
| Profit (loss) for the period to be appropriated | 9905 | €10,279 | -€4,278 | -€14,558 |
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 4 October 2026 via checked.be.