BOX²: 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.
BOX²
Largest movements
- Receivables within one year -€602,013
down €602,013 (-30.9%), from €1.9m to €1.3m
of which Trade receivables: -€571,286
- Cash +€310,827
up €310,827 (+61.9%), from €502,050 to €812,877
mainly Receivables within one year (+€602,013) and Net result for the year (+€395,844)
- Intangible fixed assets +€180,268
up €180,268 (+40.6%), from €443,665 to €623,933
- Trade debts -€321,292
down €321,292 (-36.1%), from €889,853 to €568,560
- Reserves +€295,844
up €295,844 (+13.7%), from €2.2m to €2.5m
- Short-term financial debts -€66,875
down €66,875 (-57.0%), from €117,323 to €50,448
- Current portion of long-term debt -€35,714
no longer reported in 2025 (was €35,714)
- Gross operating margin -€619,481
down €619,481 (-15.7%), from €4.0m to €3.3m
- Taxes -€151,709
down €151,709 (-47.4%), from €320,278 to €168,569
- Depreciation +€68,211
up €68,211 (+52.8%), from €129,175 to €197,386
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 | €3,371,178 | €3,242,470 | -€128,708 | -3.8% |
| Fixed assets | 21/28 | €864,446 | €1,019,047 | +€154,601 | +17.9% |
| Intangible fixed assets | 21 | €443,665 | €623,933 | +€180,268 | +40.6% |
| Tangible fixed assets | 22/27 | €420,781 | €395,114 | -€25,667 | -6.1% |
| Furniture and vehicles | 24 | €47,135 | €37,392 | -€9,743 | -20.7% |
| Other tangible fixed assets | 26 | €373,646 | €357,722 | -€15,924 | -4.3% |
| Current assets | 29/58 | €2,506,732 | €2,223,423 | -€283,309 | -11.3% |
| Amounts receivable within one year | 40/41 | €1,949,484 | €1,347,471 | -€602,013 | -30.9% |
| Trade receivables | 40 | €1,805,767 | €1,234,480 | -€571,286 | -31.6% |
| Other amounts receivable | 41 | €143,717 | €112,990 | -€30,727 | -21.4% |
| Cash at bank and in hand | 54/58 | €502,050 | €812,877 | +€310,827 | +61.9% |
| Deferred charges and accrued income | 490/1 | €55,198 | €63,075 | +€7,877 | +14.3% |
| Total equity and liabilities | 10/49 | €3,371,178 | €3,242,470 | -€128,708 | -3.8% |
| Equity | 10/15 | €2,326,289 | €2,622,133 | +€295,844 | +12.7% |
| Contributions | 10/11 | €168,600 | €168,600 | = | 0.0% |
| Reserves | 13 | €2,157,689 | €2,453,533 | +€295,844 | +13.7% |
| Distributable reserves | 133 | €2,157,689 | €2,453,533 | +€295,844 | +13.7% |
| Amounts payable | 17/49 | €1,044,889 | €620,337 | -€424,552 | -40.6% |
| Amounts payable within one year | 42/48 | €1,044,878 | €620,337 | -€424,541 | -40.6% |
| Current portion of amounts payable after more than one year | 42 | €35,714 | - | -€35,714 | |
| Financial debts | 43 | €117,323 | €50,448 | -€66,875 | -57.0% |
| Credit institutions | 430/8 | €117,323 | €50,448 | -€66,875 | -57.0% |
| Trade debts | 44 | €889,853 | €568,560 | -€321,292 | -36.1% |
| Suppliers | 440/4 | €889,853 | €568,560 | -€321,292 | -36.1% |
| Taxes, remuneration and social security | 45 | €1,988 | €1,328 | -€660 | -33.2% |
| Taxes | 450/3 | €262 | €108 | -€154 | -58.9% |
| Remuneration and social security | 454/9 | €1,726 | €1,221 | -€506 | -29.3% |
| Accrued charges and deferred income | 492/3 | €11 | - | -€11 | |
| Remuneration, social security and pensions | 62 | €2,555,339 | €2,519,264 | -€36,075 | -1.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €129,175 | €197,386 | +€68,211 | +52.8% |
| Other operating charges | 640/8 | €12,158 | €15,713 | +€3,555 | +29.2% |
| Non-recurring operating charges | 66A | - | €4,000 | +€4,000 | |
| Gross operating margin | 9900 | €3,953,642 | €3,334,160 | -€619,481 | -15.7% |
| Operating profit (loss) | 9901 | €1,256,969 | €597,798 | -€659,172 | -52.4% |
| Financial income | 75/76B | €6,488 | €15,811 | +€9,324 | +143.7% |
| Recurring financial income | 75 | €6,488 | €15,811 | +€9,324 | +143.7% |
| Financial charges | 65/66B | €73,408 | €49,196 | -€24,212 | -33.0% |
| Recurring financial charges | 65 | €73,408 | €49,196 | -€24,212 | -33.0% |
| Profit (loss) for the period before taxes | 9903 | €1,190,049 | €564,413 | -€625,636 | -52.6% |
| Income taxes | 67/77 | €320,278 | €168,569 | -€151,709 | -47.4% |
| Profit (loss) for the period | 9904 | €869,771 | €395,844 | -€473,927 | -54.5% |
| Profit (loss) for the period to be appropriated | 9905 | €869,771 | €395,844 | -€473,927 | -54.5% |
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.