Bottleneck: 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.
Bottleneck
Largest movements
- Receivables within one year +€14,564
up €14,564 (+21.7%), from €67,261 to €81,825
of which Trade receivables: +€15,058
- Cash -€12,293
down €12,293 (-31.0%), from €39,642 to €27,349
mainly Trade debts (-€16,302) and Receivables within one year (-€14,564)
- Tangible fixed assets -€3,822
down €3,822 (-41.2%), from €9,287 to €5,465
of which Furniture and vehicles: -€3,957
- Intangible fixed assets -€3,666
down €3,666 (-40.0%), from €9,166 to €5,500
- Reserves +€25,000
up €25,000 (+50.0%), from €50,000 to €75,000
- Trade debts -€16,302
down €16,302 (-33.4%), from €48,743 to €32,441
- Other debts -€8,247
down €8,247 (-7.7%), from €106,464 to €98,217
- Debts after one year -€7,092
down €7,092 (-22.9%), from €30,949 to €23,857
- Profit (loss) carried forward -€3,234
down €3,234 (-93.1%), from €3,476 to €241
- Gross operating margin +€10,290
up €10,290 (+14.5%), from €71,183 to €81,473
- Taxes +€5,073
up €5,073 (+118.4%), from €4,286 to €9,359
- Financial charges -€1,667
down €1,667 (-18.7%), from €8,910 to €7,242
- Staff costs +€896
up €896 (+2.8%), from €32,055 to €32,950
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 | €291,570 | €285,039 | -€6,531 | -2.2% |
| Fixed assets | 21/28 | €19,803 | €12,315 | -€7,488 | -37.8% |
| Intangible fixed assets | 21 | €9,166 | €5,500 | -€3,666 | -40.0% |
| Tangible fixed assets | 22/27 | €9,287 | €5,465 | -€3,822 | -41.2% |
| Land and buildings | 22 | €3,932 | €2,632 | -€1,300 | -33.1% |
| Plant, machinery and equipment | 23 | €1,398 | €461 | -€937 | -67.0% |
| Furniture and vehicles | 24 | €3,957 | - | -€3,957 | |
| Assets under construction and advance payments | 27 | - | €2,372 | +€2,372 | |
| Financial fixed assets | 28 | €1,350 | €1,350 | = | 0.0% |
| Current assets | 29/58 | €271,767 | €272,724 | +€957 | +0.4% |
| Stocks and contracts in progress | 3 | €163,595 | €163,550 | -€45 | 0.0% |
| Stocks | 30/36 | €163,595 | €163,550 | -€45 | 0.0% |
| Amounts receivable within one year | 40/41 | €67,261 | €81,825 | +€14,564 | +21.7% |
| Trade receivables | 40 | €66,546 | €81,604 | +€15,058 | +22.6% |
| Other amounts receivable | 41 | €715 | €221 | -€494 | -69.1% |
| Cash at bank and in hand | 54/58 | €39,642 | €27,349 | -€12,293 | -31.0% |
| Deferred charges and accrued income | 490/1 | €1,269 | - | -€1,269 | |
| Total equity and liabilities | 10/49 | €291,570 | €285,039 | -€6,531 | -2.2% |
| Equity | 10/15 | €60,976 | €82,741 | +€21,766 | +35.7% |
| Contributions | 10/11 | €7,500 | €7,500 | = | 0.0% |
| Reserves | 13 | €50,000 | €75,000 | +€25,000 | +50.0% |
| Distributable reserves | 133 | €50,000 | €75,000 | +€25,000 | +50.0% |
| Profit (loss) carried forward | 14 | €3,476 | €241 | -€3,234 | -93.1% |
| Amounts payable | 17/49 | €230,595 | €202,298 | -€28,297 | -12.3% |
| Amounts payable after more than one year | 17 | €30,949 | €23,857 | -€7,092 | -22.9% |
| Financial debts | 170/4 | €30,949 | €23,857 | -€7,092 | -22.9% |
| Amounts payable within one year | 42/48 | €194,509 | €172,924 | -€21,585 | -11.1% |
| Current portion of amounts payable after more than one year | 42 | €6,798 | €7,092 | +€294 | +4.3% |
| Trade debts | 44 | €48,743 | €32,441 | -€16,302 | -33.4% |
| Suppliers | 440/4 | €48,743 | €32,441 | -€16,302 | -33.4% |
| Taxes, remuneration and social security | 45 | €32,504 | €35,174 | +€2,669 | +8.2% |
| Taxes | 450/3 | €32,504 | €35,174 | +€2,669 | +8.2% |
| Other amounts payable | 47/48 | €106,464 | €98,217 | -€8,247 | -7.7% |
| Accrued charges and deferred income | 492/3 | €5,137 | €5,517 | +€381 | +7.4% |
| Remuneration, social security and pensions | 62 | €32,055 | €32,950 | +€896 | +2.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,240 | €7,488 | +€249 | +3.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,242 | €1,469 | -€772 | -34.5% |
| Other operating charges | 640/8 | €1,254 | €1,687 | +€433 | +34.5% |
| Gross operating margin | 9900 | €71,183 | €81,473 | +€10,290 | +14.5% |
| Operating profit (loss) | 9901 | €28,392 | €37,877 | +€9,485 | +33.4% |
| Financial income | 75/76B | €201 | €489 | +€289 | +143.8% |
| Recurring financial income | 75 | €201 | €489 | +€289 | +143.8% |
| Financial charges | 65/66B | €8,910 | €7,242 | -€1,667 | -18.7% |
| Recurring financial charges | 65 | €8,910 | €7,242 | -€1,667 | -18.7% |
| Profit (loss) for the period before taxes | 9903 | €19,683 | €31,124 | +€11,441 | +58.1% |
| Income taxes | 67/77 | €4,286 | €9,359 | +€5,073 | +118.4% |
| Profit (loss) for the period | 9904 | €15,397 | €21,766 | +€6,368 | +41.4% |
| Profit (loss) for the period to be appropriated | 9905 | €15,397 | €21,766 | +€6,368 | +41.4% |
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 7 October 2026 via checked.be.