BOX 4: 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.
BOX 4
Largest movements
- Cash +€283,308
up €283,308 (+507.2%), from €55,854 to €339,162
mainly Current investments (+€200,000) and Net result for the year (+€102,039)
- Current investments -€200,000
down €200,000 (-100.0%), from €200,000 to €0
- Receivables within one year -€18,364
down €18,364 (-14.1%), from €130,427 to €112,063
of which Trade receivables: -€18,869
- Reserves +€63,612
up €63,612 (+17.1%), from €371,671 to €435,283
- Tax, wage and social debts +€5,126
up €5,126 (+38.0%), from €13,489 to €18,614
- Gross operating margin +€10,172
up €10,172 (+8.7%), from €116,682 to €126,854
- Taxes -€4,823
down €4,823 (-14.5%), from €33,299 to €28,476
- Financial income +€4,247
up €4,247 (+72.2%), from €5,880 to €10,128
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 | €395,651 | €460,110 | +€64,458 | +16.3% |
| Fixed assets | 21/28 | €8,044 | €8,071 | +€27 | +0.3% |
| Tangible fixed assets | 22/27 | €8,044 | €8,071 | +€27 | +0.3% |
| Plant, machinery and equipment | 23 | €4,571 | €3,884 | -€687 | -15.0% |
| Furniture and vehicles | 24 | €313 | €1,787 | +€1,474 | +470.9% |
| Other tangible fixed assets | 26 | €3,160 | €2,400 | -€760 | -24.1% |
| Current assets | 29/58 | €387,608 | €452,039 | +€64,432 | +16.6% |
| Amounts receivable within one year | 40/41 | €130,427 | €112,063 | -€18,364 | -14.1% |
| Trade receivables | 40 | €52,866 | €33,996 | -€18,869 | -35.7% |
| Other amounts receivable | 41 | €77,562 | €78,067 | +€506 | +0.7% |
| Current investments | 50/53 | €200,000 | €0 | -€200,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €55,854 | €339,162 | +€283,308 | +507.2% |
| Deferred charges and accrued income | 490/1 | €1,326 | €814 | -€512 | -38.6% |
| Total equity and liabilities | 10/49 | €395,651 | €460,110 | +€64,458 | +16.3% |
| Equity | 10/15 | €377,871 | €441,483 | +€63,612 | +16.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €371,671 | €435,283 | +€63,612 | +17.1% |
| Distributable reserves | 133 | €371,671 | €435,283 | +€63,612 | +17.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €17,781 | €18,627 | +€846 | +4.8% |
| Amounts payable within one year | 42/48 | €17,781 | €18,627 | +€846 | +4.8% |
| Trade debts | 44 | €2,574 | €12 | -€2,562 | -99.5% |
| Suppliers | 440/4 | €2,574 | €12 | -€2,562 | -99.5% |
| Taxes, remuneration and social security | 45 | €13,489 | €18,614 | +€5,126 | +38.0% |
| Taxes | 450/3 | €13,489 | €18,614 | +€5,126 | +38.0% |
| Other amounts payable | 47/48 | €1,718 | €0 | -€1,718 | -100.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,906 | €3,481 | +€575 | +19.8% |
| Other operating charges | 640/8 | €1,196 | €975 | -€220 | -18.4% |
| Gross operating margin | 9900 | €116,682 | €126,854 | +€10,172 | +8.7% |
| Operating profit (loss) | 9901 | €112,581 | €122,398 | +€9,818 | +8.7% |
| Financial income | 75/76B | €5,880 | €10,128 | +€4,247 | +72.2% |
| Recurring financial income | 75 | €5,880 | €10,128 | +€4,247 | +72.2% |
| Financial charges | 65/66B | €2,486 | €2,011 | -€475 | -19.1% |
| Recurring financial charges | 65 | €2,486 | €2,011 | -€475 | -19.1% |
| Profit (loss) for the period before taxes | 9903 | €115,975 | €130,515 | +€14,540 | +12.5% |
| Income taxes | 67/77 | €33,299 | €28,476 | -€4,823 | -14.5% |
| Profit (loss) for the period | 9904 | €82,675 | €102,039 | +€19,364 | +23.4% |
| Profit (loss) for the period to be appropriated | 9905 | €82,675 | €102,039 | +€19,364 | +23.4% |
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 28 September 2026 via checked.be.