Boîte X: 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.
Boîte X
Largest movements
- Current investments +€40,346
up €40,346 (+74.6%), from €54,105 to €94,451
- Cash +€30,382
up €30,382 (+104%), from €29,235 to €59,617
mainly Net result for the year (+€57,189) and Receivables within one year (+€20,826)
- Receivables within one year -€20,826
down €20,826 (-44.1%), from €47,236 to €26,410
of which Trade receivables: -€21,479
- Reserves +€57,189
up €57,189 (+59.2%), from €96,550 to €153,739
- Tax, wage and social debts -€9,121
down €9,121 (-25.1%), from €36,309 to €27,187
- Gross operating margin +€17,744
up €17,744 (+28.9%), from €61,451 to €79,194
- Taxes +€5,050
up €5,050 (+29.9%), from €16,912 to €21,962
- Financial income +€1,062
up €1,062 (+571%), from €186 to €1,248
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 | €134,317 | €184,151 | +€49,834 | +37.1% |
| Formation expenses | 20 | €381 | €205 | -€176 | -46.2% |
| Fixed assets | 21/28 | €1,152 | €867 | -€284 | -24.7% |
| Tangible fixed assets | 22/27 | €952 | €667 | -€284 | -29.9% |
| Furniture and vehicles | 24 | €952 | €667 | -€284 | -29.9% |
| Financial fixed assets | 28 | €200 | €200 | = | 0.0% |
| Current assets | 29/58 | €132,784 | €183,078 | +€50,294 | +37.9% |
| Amounts receivable within one year | 40/41 | €47,236 | €26,410 | -€20,826 | -44.1% |
| Trade receivables | 40 | €47,208 | €25,729 | -€21,479 | -45.5% |
| Other amounts receivable | 41 | €28 | €681 | +€653 | +2,342% |
| Current investments | 50/53 | €54,105 | €94,451 | +€40,346 | +74.6% |
| Cash at bank and in hand | 54/58 | €29,235 | €59,617 | +€30,382 | +104% |
| Deferred charges and accrued income | 490/1 | €2,208 | €2,600 | +€392 | +17.8% |
| Total equity and liabilities | 10/49 | €134,317 | €184,151 | +€49,834 | +37.1% |
| Equity | 10/15 | €96,650 | €153,839 | +€57,189 | +59.2% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €96,550 | €153,739 | +€57,189 | +59.2% |
| Distributable reserves | 133 | €96,550 | €153,739 | +€57,189 | +59.2% |
| Amounts payable | 17/49 | €37,667 | €30,312 | -€7,355 | -19.5% |
| Amounts payable within one year | 42/48 | €37,667 | €30,312 | -€7,355 | -19.5% |
| Trade debts | 44 | €1,358 | €3,125 | +€1,767 | +130% |
| Suppliers | 440/4 | €1,358 | €3,125 | +€1,767 | +130% |
| Taxes, remuneration and social security | 45 | €36,309 | €27,187 | -€9,121 | -25.1% |
| Taxes | 450/3 | €36,309 | €27,187 | -€9,121 | -25.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €460 | €460 | = | 0.0% |
| Other operating charges | 640/8 | €232 | €637 | +€405 | +174% |
| Gross operating margin | 9900 | €61,451 | €79,194 | +€17,744 | +28.9% |
| Operating profit (loss) | 9901 | €60,758 | €78,096 | +€17,338 | +28.5% |
| Financial income | 75/76B | €186 | €1,248 | +€1,062 | +571% |
| Recurring financial income | 75 | €186 | €1,248 | +€1,062 | +571% |
| Financial charges | 65/66B | €206 | €193 | -€13 | -6.3% |
| Recurring financial charges | 65 | €206 | €193 | -€13 | -6.3% |
| Profit (loss) for the period before taxes | 9903 | €60,738 | €79,151 | +€18,413 | +30.3% |
| Income taxes | 67/77 | €16,912 | €21,962 | +€5,050 | +29.9% |
| Profit (loss) for the period | 9904 | €43,825 | €57,189 | +€13,363 | +30.5% |
| Profit (loss) for the period to be appropriated | 9905 | €43,825 | €57,189 | +€13,363 | +30.5% |
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 18 October 2026 via checked.be.