BO: 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.
BO
Largest movements
- Tangible fixed assets +€115,036
new in 2025: €115,036
of which Other tangible fixed assets: +€59,053
- Cash -€10,619
down €10,619 (-67.1%), from €15,826 to €5,207
mainly Investment in fixed assets (net) (-€125,999) and Current portion of long-term debt (-€11,045)
- Intangible fixed assets -€7,427
down €7,427 (-33.3%), from €22,282 to €14,855
- Receivables within one year -€6,573
down €6,573 (-75.2%), from €8,737 to €2,164
of which Other amounts receivable: -€8,737
- Other debts +€117,184
up €117,184, from €0 to €117,184
- Current portion of long-term debt -€11,045
down €11,045 (-76.5%), from €14,430 to €3,385
- Profit (loss) carried forward -€8,675
down €8,675 (-16.4%), from -€52,979 to -€61,654
- Trade debts -€4,855
down €4,855 (-92.4%), from €5,254 to €400
- Accrued charges and deferred income -€3,114
down €3,114 (-100.0%), from €3,114 to €0
- Depreciation +€10,964
up €10,964 (+147.6%), from €7,427 to €18,392
- Gross operating margin +€7,296
up €7,296 (+53.0%), from €13,775 to €21,070
- Other operating charges +€1,136
up €1,136 (+63.0%), from €1,802 to €2,937
- Taxes -€866
down €866 (-100.0%), from €866 to €0
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 | €46,846 | €137,261 | +€90,415 | +193.0% |
| Fixed assets | 21/28 | €22,283 | €129,890 | +€107,607 | +482.9% |
| Intangible fixed assets | 21 | €22,282 | €14,855 | -€7,427 | -33.3% |
| Tangible fixed assets | 22/27 | - | €115,036 | +€115,036 | |
| Plant, machinery and equipment | 23 | - | €26,486 | +€26,486 | |
| Furniture and vehicles | 24 | - | €29,497 | +€29,497 | |
| Other tangible fixed assets | 26 | - | €59,053 | +€59,053 | |
| Financial fixed assets | 28 | €1 | €0 | -€1 | -100.0% |
| Current assets | 29/58 | €24,563 | €7,371 | -€17,192 | -70.0% |
| Amounts receivable within one year | 40/41 | €8,737 | €2,164 | -€6,573 | -75.2% |
| Trade receivables | 40 | €0 | €2,164 | +€2,164 | |
| Other amounts receivable | 41 | €8,737 | €0 | -€8,737 | -100.0% |
| Cash at bank and in hand | 54/58 | €15,826 | €5,207 | -€10,619 | -67.1% |
| Total equity and liabilities | 10/49 | €46,846 | €137,261 | +€90,415 | +193.0% |
| Equity | 10/15 | €21,416 | €12,741 | -€8,675 | -40.5% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €12,395 | €12,395 | = | 0.0% |
| Non-distributable reserves | 130/1 | €12,395 | €12,395 | = | 0.0% |
| Legal reserve | 130 | €12,395 | €12,395 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€52,979 | -€61,654 | -€8,675 | -16.4% |
| Amounts payable | 17/49 | €25,430 | €124,520 | +€99,090 | +389.7% |
| Amounts payable after more than one year | 17 | €2,008 | €0 | -€2,008 | -100.0% |
| Financial debts | 170/4 | €2,008 | €0 | -€2,008 | -100.0% |
| Amounts payable within one year | 42/48 | €20,308 | €124,520 | +€104,212 | +513.1% |
| Current portion of amounts payable after more than one year | 42 | €14,430 | €3,385 | -€11,045 | -76.5% |
| Trade debts | 44 | €5,254 | €400 | -€4,855 | -92.4% |
| Suppliers | 440/4 | €5,254 | €400 | -€4,855 | -92.4% |
| Taxes, remuneration and social security | 45 | €624 | €3,552 | +€2,927 | +469.0% |
| Taxes | 450/3 | €624 | €3,552 | +€2,927 | +469.0% |
| Other amounts payable | 47/48 | €0 | €117,184 | +€117,184 | |
| Accrued charges and deferred income | 492/3 | €3,114 | €0 | -€3,114 | -100.0% |
| Non-recurring operating income | 76A | €0 | €4,707 | +€4,707 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,427 | €18,392 | +€10,964 | +147.6% |
| Other operating charges | 640/8 | €1,802 | €2,937 | +€1,136 | +63.0% |
| Non-recurring operating charges | 66A | - | €7,413 | +€7,413 | |
| Gross operating margin | 9900 | €13,775 | €21,070 | +€7,296 | +53.0% |
| Operating profit (loss) | 9901 | €4,545 | -€7,672 | -€12,217 | |
| Financial income | 75/76B | €0 | €1 | +€1 | |
| Recurring financial income | 75 | €0 | €1 | +€1 | |
| Financial charges | 65/66B | €1,081 | €1,004 | -€77 | -7.1% |
| Recurring financial charges | 65 | €1,081 | €1,004 | -€77 | -7.1% |
| Profit (loss) for the period before taxes | 9903 | €3,465 | -€8,675 | -€12,140 | |
| Income taxes | 67/77 | €866 | €0 | -€866 | -100.0% |
| Profit (loss) for the period | 9904 | €2,599 | -€8,675 | -€11,273 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,599 | -€8,675 | -€11,273 |
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 11 October 2026 via checked.be.