BRUSSELS TRANSLATION: 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.
BRUSSELS TRANSLATION
Largest movements
- Cash +€37,828
up €37,828 (+38.1%), from €99,210 to €137,039
mainly Receivables within one year (+€14,861) and Depreciation (+€11,418)
- Receivables within one year -€14,861
down €14,861 (-32.8%), from €45,256 to €30,395
of which Trade receivables: -€12,195
- Tangible fixed assets -€11,418
down €11,418 (-38.7%), from €29,467 to €18,049
of which Furniture and vehicles: -€11,224
- Reserves +€8,400
up €8,400 (+7.3%), from €114,950 to €123,350
- Trade debts +€5,348
up €5,348 (+52.4%), from €10,203 to €15,551
- Other debts -€2,914
down €2,914 (-10.8%), from €27,103 to €24,189
- Gross operating margin +€12,067
up €12,067 (+75.4%), from €15,998 to €28,065
- Taxes +€3,191
up €3,191 (+189%), from €1,685 to €4,876
- Financial charges -€461
down €461 (-18.4%), from €2,506 to €2,045
- Depreciation +€373
up €373 (+3.4%), from €11,046 to €11,418
- Other operating charges -€291
down €291 (-23.5%), from €1,237 to €946
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 | €176,156 | €187,365 | +€11,209 | +6.4% |
| Fixed assets | 21/28 | €29,567 | €18,149 | -€11,418 | -38.6% |
| Tangible fixed assets | 22/27 | €29,467 | €18,049 | -€11,418 | -38.7% |
| Plant, machinery and equipment | 23 | €195 | - | -€195 | |
| Furniture and vehicles | 24 | €29,272 | €18,049 | -€11,224 | -38.3% |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €146,589 | €169,216 | +€22,627 | +15.4% |
| Amounts receivable within one year | 40/41 | €45,256 | €30,395 | -€14,861 | -32.8% |
| Trade receivables | 40 | €38,903 | €26,708 | -€12,195 | -31.3% |
| Other amounts receivable | 41 | €6,353 | €3,687 | -€2,667 | -42.0% |
| Cash at bank and in hand | 54/58 | €99,210 | €137,039 | +€37,828 | +38.1% |
| Deferred charges and accrued income | 490/1 | €2,122 | €1,783 | -€340 | -16.0% |
| Total equity and liabilities | 10/49 | €176,156 | €187,365 | +€11,209 | +6.4% |
| Equity | 10/15 | €133,552 | €141,954 | +€8,403 | +6.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €114,950 | €123,350 | +€8,400 | +7.3% |
| Distributable reserves | 133 | €114,950 | €123,350 | +€8,400 | +7.3% |
| Profit (loss) carried forward | 14 | €2 | €5 | +€3 | +129% |
| Amounts payable | 17/49 | €42,604 | €45,410 | +€2,806 | +6.6% |
| Amounts payable within one year | 42/48 | €42,604 | €45,410 | +€2,806 | +6.6% |
| Financial debts | 43 | €1,667 | €1,667 | = | 0.0% |
| Credit institutions | 430/8 | €1,667 | €1,667 | = | 0.0% |
| Trade debts | 44 | €10,203 | €15,551 | +€5,348 | +52.4% |
| Suppliers | 440/4 | €10,203 | €15,551 | +€5,348 | +52.4% |
| Taxes, remuneration and social security | 45 | €3,632 | €4,004 | +€372 | +10.2% |
| Taxes | 450/3 | €3,632 | €4,004 | +€372 | +10.2% |
| Other amounts payable | 47/48 | €27,103 | €24,189 | -€2,914 | -10.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,046 | €11,418 | +€373 | +3.4% |
| Other operating charges | 640/8 | €1,237 | €946 | -€291 | -23.5% |
| Gross operating margin | 9900 | €15,998 | €28,065 | +€12,067 | +75.4% |
| Operating profit (loss) | 9901 | €3,715 | €15,700 | +€11,986 | +323% |
| Financial income | 75/76B | €416 | €456 | +€39 | +9.4% |
| Recurring financial income | 75 | €416 | €456 | +€39 | +9.4% |
| Financial charges | 65/66B | €2,506 | €2,045 | -€461 | -18.4% |
| Recurring financial charges | 65 | €2,506 | €2,045 | -€461 | -18.4% |
| Profit (loss) for the period before taxes | 9903 | €1,625 | €14,111 | +€12,486 | +768% |
| Income taxes | 67/77 | €1,685 | €4,876 | +€3,191 | +189% |
| Profit (loss) for the period | 9904 | -€60 | €9,236 | +€9,295 | |
| Profit (loss) for the period to be appropriated | 9905 | -€60 | €9,236 | +€9,295 |
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.