BOARDCAST: what changed
BOARDCAST
Largest movements
- Receivables within one year -€45,543
down €45,543 (-75.3%), from €60,500 to €14,957
of which Trade receivables: -€50,742
- Tangible fixed assets -€16,847
down €16,847 (-25.2%), from €66,972 to €50,125
of which Leasing and similar rights: -€16,429
- Cash -€15,791
down €15,791 (-60.1%), from €26,262 to €10,472
mainly Net result for the year (-€57,891) and Debts after one year (-€11,848)
- Profit (loss) carried forward -€57,891
down €57,891 (-382%), from -€15,169 to -€73,059
- Debts after one year -€11,848
down €11,848 (-53.7%), from €22,081 to €10,233
- Tax, wage and social debts -€8,639
down €8,639 (-88.9%), from €9,719 to €1,080
- Gross operating margin -€87,770
down €87,770, from €54,024 to -€33,745
- Depreciation +€15,355
up €15,355 (+447%), from €3,438 to €18,794
- Financial charges +€921
up €921 (+167%), from €550 to €1,471
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €155,699 | €77,212 | -€78,487 | -50.4% |
| Fixed assets | 21/28 | €66,972 | €50,125 | -€16,847 | -25.2% |
| Tangible fixed assets | 22/27 | €66,972 | €50,125 | -€16,847 | -25.2% |
| Plant, machinery and equipment | 23 | €79 | - | -€79 | |
| Furniture and vehicles | 24 | €19,267 | €18,928 | -€339 | -1.8% |
| Leasing and similar rights | 25 | €47,626 | €31,197 | -€16,429 | -34.5% |
| Current assets | 29/58 | €88,727 | €27,087 | -€61,640 | -69.5% |
| Amounts receivable within one year | 40/41 | €60,500 | €14,957 | -€45,543 | -75.3% |
| Trade receivables | 40 | €60,500 | €9,758 | -€50,742 | -83.9% |
| Other amounts receivable | 41 | - | €5,199 | +€5,199 | |
| Cash at bank and in hand | 54/58 | €26,262 | €10,472 | -€15,791 | -60.1% |
| Deferred charges and accrued income | 490/1 | €1,964 | €1,658 | -€306 | -15.6% |
| Total equity and liabilities | 10/49 | €155,699 | €77,212 | -€78,487 | -50.4% |
| Equity | 10/15 | €109,831 | €51,941 | -€57,891 | -52.7% |
| Contributions | 10/11 | €125,000 | €125,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€15,169 | -€73,059 | -€57,891 | -382% |
| Amounts payable | 17/49 | €45,867 | €25,271 | -€20,596 | -44.9% |
| Amounts payable after more than one year | 17 | €22,081 | €10,233 | -€11,848 | -53.7% |
| Financial debts | 170/4 | €22,081 | €10,233 | -€11,848 | -53.7% |
| Amounts payable within one year | 42/48 | €23,786 | €14,971 | -€8,815 | -37.1% |
| Current portion of amounts payable after more than one year | 42 | €11,394 | €11,848 | +€454 | +4.0% |
| Trade debts | 44 | €2,244 | €1,698 | -€546 | -24.3% |
| Suppliers | 440/4 | €2,244 | €1,698 | -€546 | -24.3% |
| Taxes, remuneration and social security | 45 | €9,719 | €1,080 | -€8,639 | -88.9% |
| Taxes | 450/3 | €9,719 | €1,080 | -€8,639 | -88.9% |
| Other amounts payable | 47/48 | €428 | €344 | -€84 | -19.7% |
| Accrued charges and deferred income | 492/3 | - | €67 | +€67 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,438 | €18,794 | +€15,355 | +447% |
| Other operating charges | 640/8 | €2,740 | €2,405 | -€335 | -12.2% |
| Non-recurring operating charges | 66A | - | €1,503 | +€1,503 | |
| Gross operating margin | 9900 | €54,024 | -€33,745 | -€87,770 | |
| Operating profit (loss) | 9901 | €47,846 | -€56,447 | -€104,293 | |
| Financial income | 75/76B | €17 | €218 | +€201 | +1,184% |
| Recurring financial income | 75 | €17 | €218 | +€201 | +1,184% |
| Financial charges | 65/66B | €550 | €1,471 | +€921 | +167% |
| Recurring financial charges | 65 | €550 | €1,471 | +€921 | +167% |
| Profit (loss) for the period before taxes | 9903 | €47,313 | -€57,700 | -€105,013 | |
| Income taxes | 67/77 | €24 | €191 | +€167 | +711% |
| Profit (loss) for the period | 9904 | €47,290 | -€57,891 | -€105,180 | |
| Profit (loss) for the period to be appropriated | 9905 | €47,290 | -€57,891 | -€105,180 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.