Braced: 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.
Braced
Largest movements
- Receivables within one year +€18,138
up €18,138 (+134%), from €13,502 to €31,640
of which Trade receivables: +€15,749
- Deferred charges and accrued income -€11,378
no longer reported in 2025 (was €11,378)
- Cash -€7,750
down €7,750 (-15.1%), from €51,230 to €43,481
mainly Contributions, distributions and other (-€81,099) and Receivables within one year (-€18,138)
- Tangible fixed assets -€1,394
down €1,394 (-18.1%), from €7,721 to €6,327
of which Furniture and vehicles: -€814
- Tax, wage and social debts -€8,924
down €8,924 (-44.4%), from €20,089 to €11,164
- Other debts +€6,264
up €6,264 (+10.2%), from €61,195 to €67,459
- Gross operating margin +€13,578
up €13,578 (+13.6%), from €100,021 to €113,598
- Taxes +€3,800
up €3,800 (+16.0%), from €23,811 to €27,611
- Other operating charges -€1,204
down €1,204 (-64.1%), from €1,878 to €674
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 | €83,831 | €81,447 | -€2,384 | -2.8% |
| Fixed assets | 21/28 | €7,721 | €6,327 | -€1,394 | -18.1% |
| Tangible fixed assets | 22/27 | €7,721 | €6,327 | -€1,394 | -18.1% |
| Plant, machinery and equipment | 23 | €4,379 | €3,799 | -€580 | -13.2% |
| Furniture and vehicles | 24 | €3,342 | €2,527 | -€814 | -24.4% |
| Current assets | 29/58 | €76,110 | €75,121 | -€989 | -1.3% |
| Amounts receivable within one year | 40/41 | €13,502 | €31,640 | +€18,138 | +134% |
| Trade receivables | 40 | €13,492 | €29,240 | +€15,749 | +117% |
| Other amounts receivable | 41 | €11 | €2,399 | +€2,389 | +22,622% |
| Cash at bank and in hand | 54/58 | €51,230 | €43,481 | -€7,750 | -15.1% |
| Deferred charges and accrued income | 490/1 | €11,378 | - | -€11,378 | |
| Total equity and liabilities | 10/49 | €83,831 | €81,447 | -€2,384 | -2.8% |
| Equity | 10/15 | €2,500 | €2,500 | = | 0.0% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Amounts payable | 17/49 | €81,331 | €78,947 | -€2,384 | -2.9% |
| Amounts payable within one year | 42/48 | €81,331 | €78,947 | -€2,384 | -2.9% |
| Trade debts | 44 | €47 | €324 | +€277 | +587% |
| Suppliers | 440/4 | €47 | €324 | +€277 | +587% |
| Taxes, remuneration and social security | 45 | €20,089 | €11,164 | -€8,924 | -44.4% |
| Taxes | 450/3 | €20,089 | €11,164 | -€8,924 | -44.4% |
| Other amounts payable | 47/48 | €61,195 | €67,459 | +€6,264 | +10.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,824 | €3,572 | -€252 | -6.6% |
| Other operating charges | 640/8 | €1,878 | €674 | -€1,204 | -64.1% |
| Non-recurring operating charges | 66A | - | €85 | +€85 | |
| Gross operating margin | 9900 | €100,021 | €113,598 | +€13,578 | +13.6% |
| Operating profit (loss) | 9901 | €94,318 | €109,266 | +€14,948 | +15.8% |
| Financial charges | 65/66B | €524 | €556 | +€32 | +6.1% |
| Recurring financial charges | 65 | €524 | €556 | +€32 | +6.1% |
| Profit (loss) for the period before taxes | 9903 | €93,794 | €108,710 | +€14,916 | +15.9% |
| Income taxes | 67/77 | €23,811 | €27,611 | +€3,800 | +16.0% |
| Profit (loss) for the period | 9904 | €69,983 | €81,099 | +€11,116 | +15.9% |
| Profit (loss) for the period to be appropriated | 9905 | €69,983 | €81,099 | +€11,116 | +15.9% |
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 14 October 2026 via checked.be.