BRAND NEW START: 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.
BRAND NEW START
Largest movements
- Tangible fixed assets -€5,007
down €5,007 (-27.4%), from €18,244 to €13,237
of which Plant, machinery and equipment: -€4,680
- Receivables within one year -€373
down €373 (-83.2%), from €449 to €76
- Profit (loss) carried forward -€7,155
down €7,155 (-1.6%), from -€444,580 to -€451,736
- Other debts +€2,365
up €2,365 (+12.3%), from €19,304 to €21,669
- Short-term financial debts -€501
no longer reported in 2025 (was €501)
- Gross operating margin +€5,914
up €5,914 (+73.8%), from -€8,015 to -€2,101
- Depreciation +€345
up €345 (+7.4%), from €4,662 to €5,007
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 | €18,825 | €13,533 | -€5,292 | -28.1% |
| Fixed assets | 21/28 | €18,244 | €13,237 | -€5,007 | -27.4% |
| Tangible fixed assets | 22/27 | €18,244 | €13,237 | -€5,007 | -27.4% |
| Plant, machinery and equipment | 23 | €17,890 | €13,210 | -€4,680 | -26.2% |
| Furniture and vehicles | 24 | €354 | €27 | -€327 | -92.3% |
| Current assets | 29/58 | €580 | €296 | -€284 | -49.0% |
| Amounts receivable within one year | 40/41 | €449 | €76 | -€373 | -83.2% |
| Other amounts receivable | 41 | €449 | €76 | -€373 | -83.2% |
| Cash at bank and in hand | 54/58 | €131 | €220 | +€89 | +67.7% |
| Total equity and liabilities | 10/49 | €18,825 | €13,533 | -€5,292 | -28.1% |
| Equity | 10/15 | -€425,980 | -€433,136 | -€7,155 | -1.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€444,580 | -€451,736 | -€7,155 | -1.6% |
| Amounts payable | 17/49 | €444,805 | €446,669 | +€1,864 | +0.4% |
| Amounts payable after more than one year | 17 | €425,000 | €425,000 | = | 0.0% |
| Financial debts | 170/4 | €425,000 | €425,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €19,805 | €21,669 | +€1,864 | +9.4% |
| Financial debts | 43 | €501 | - | -€501 | |
| Credit institutions | 430/8 | €501 | - | -€501 | |
| Other amounts payable | 47/48 | €19,304 | €21,669 | +€2,365 | +12.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,662 | €5,007 | +€345 | +7.4% |
| Gross operating margin | 9900 | -€8,015 | -€2,101 | +€5,914 | +73.8% |
| Operating profit (loss) | 9901 | -€12,678 | -€7,108 | +€5,569 | +43.9% |
| Financial charges | 65/66B | €81 | €47 | -€34 | -41.9% |
| Recurring financial charges | 65 | €81 | €47 | -€34 | -41.9% |
| Profit (loss) for the period before taxes | 9903 | -€12,759 | -€7,155 | +€5,603 | +43.9% |
| Profit (loss) for the period | 9904 | -€12,759 | -€7,155 | +€5,603 | +43.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€12,759 | -€7,155 | +€5,603 | +43.9% |
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 21 October 2026 via checked.be.