BOX 43: 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.
BOX 43
Largest movements
- Receivables within one year -€548,853
down €548,853 (-21.1%), from €2.6m to €2.1m
of which Other amounts receivable: -€548,257
- Financial fixed assets -€161,573
down €161,573 (-9.5%), from €1.7m to €1.5m
- Cash +€78,379
up €78,379 (+569%), from €13,777 to €92,156
mainly Receivables within one year (+€548,853) and Investment in fixed assets (net) (+€142,113)
- Other debts -€538,860
down €538,860 (-35.4%), from €1.5m to €983,315
- Current portion of long-term debt -€50,463
down €50,463 (-71.3%), from €70,740 to €20,277
- Financial income -€606,394
down €606,394 (-92.5%), from €655,245 to €48,851
- Financial charges -€588,378
down €588,378 (-99.0%), from €594,268 to €5,891
of which Non-recurring financial charges: -€588,427
- Gross operating margin -€39,411
down €39,411, from €24,263 to -€15,148
- Taxes -€10,435
down €10,435 (-94.0%), from €11,101 to €666
- Depreciation +€3,357
up €3,357 (+13.2%), from €25,497 to €28,854
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 | €4,396,520 | €3,756,141 | -€640,378 | -14.6% |
| Fixed assets | 21/28 | €1,774,332 | €1,603,365 | -€170,967 | -9.6% |
| Tangible fixed assets | 22/27 | €77,232 | €67,838 | -€9,394 | -12.2% |
| Plant, machinery and equipment | 23 | €4,892 | €9,232 | +€4,340 | +88.7% |
| Furniture and vehicles | 24 | €66,854 | €54,491 | -€12,363 | -18.5% |
| Other tangible fixed assets | 26 | €5,486 | €4,115 | -€1,372 | -25.0% |
| Financial fixed assets | 28 | €1,697,100 | €1,535,527 | -€161,573 | -9.5% |
| Current assets | 29/58 | €2,622,188 | €2,152,776 | -€469,411 | -17.9% |
| Amounts receivable within one year | 40/41 | €2,601,396 | €2,052,543 | -€548,853 | -21.1% |
| Trade receivables | 40 | €6,545 | €5,949 | -€596 | -9.1% |
| Other amounts receivable | 41 | €2,594,851 | €2,046,593 | -€548,257 | -21.1% |
| Current investments | 50/53 | €4,981 | €5,014 | +€34 | +0.7% |
| Cash at bank and in hand | 54/58 | €13,777 | €92,156 | +€78,379 | +569% |
| Deferred charges and accrued income | 490/1 | €2,034 | €3,063 | +€1,029 | +50.6% |
| Total equity and liabilities | 10/49 | €4,396,520 | €3,756,141 | -€640,378 | -14.6% |
| Equity | 10/15 | €2,722,031 | €2,716,875 | -€5,156 | -0.2% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €1,048,186 | €1,048,186 | = | 0.0% |
| Non-distributable reserves | 130/1 | €38,163 | €38,163 | = | 0.0% |
| Legal reserve | 130 | €38,163 | €38,163 | = | 0.0% |
| Distributable reserves | 133 | €1,010,023 | €1,010,023 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,611,845 | €1,606,689 | -€5,156 | -0.3% |
| Amounts payable | 17/49 | €1,674,489 | €1,039,266 | -€635,223 | -37.9% |
| Amounts payable after more than one year | 17 | €62,615 | €20,924 | -€41,692 | -66.6% |
| Financial debts | 170/4 | €62,615 | €20,924 | -€41,692 | -66.6% |
| Amounts payable within one year | 42/48 | €1,611,874 | €1,018,343 | -€593,531 | -36.8% |
| Current portion of amounts payable after more than one year | 42 | €70,740 | €20,277 | -€50,463 | -71.3% |
| Trade debts | 44 | €3,362 | €1,833 | -€1,529 | -45.5% |
| Suppliers | 440/4 | €3,362 | €1,833 | -€1,529 | -45.5% |
| Taxes, remuneration and social security | 45 | €15,597 | €12,918 | -€2,679 | -17.2% |
| Taxes | 450/3 | €15,597 | €12,918 | -€2,679 | -17.2% |
| Other amounts payable | 47/48 | €1,522,175 | €983,315 | -€538,860 | -35.4% |
| Non-recurring operating income | 76A | €413 | - | -€413 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,497 | €28,854 | +€3,357 | +13.2% |
| Other operating charges | 640/8 | €2,141 | €3,447 | +€1,306 | +61.0% |
| Gross operating margin | 9900 | €24,263 | -€15,148 | -€39,411 | |
| Operating profit (loss) | 9901 | -€3,376 | -€47,450 | -€44,074 | -1,306% |
| Financial income | 75/76B | €655,245 | €48,851 | -€606,394 | -92.5% |
| Recurring financial income | 75 | €655,245 | €48,851 | -€606,394 | -92.5% |
| Financial charges | 65/66B | €594,268 | €5,891 | -€588,378 | -99.0% |
| Recurring financial charges | 65 | €5,842 | €5,891 | +€49 | +0.8% |
| Non-recurring financial charges | 66B | €588,427 | - | -€588,427 | |
| Profit (loss) for the period before taxes | 9903 | €57,601 | -€4,490 | -€62,091 | |
| Income taxes | 67/77 | €11,101 | €666 | -€10,435 | -94.0% |
| Profit (loss) for the period | 9904 | €46,500 | -€5,156 | -€51,656 | |
| Profit (loss) for the period to be appropriated | 9905 | €46,500 | -€5,156 | -€51,656 |
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 19 October 2026 via checked.be.