BUSINESS & KNOWLEDGE: 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.
BUSINESS & KNOWLEDGE
Largest movements
- Tangible fixed assets -€34,564
down €34,564 (-43.9%), from €78,742 to €44,178
of which Furniture and vehicles: -€31,206
- Receivables within one year +€12,313
up €12,313 (+196%), from €6,268 to €18,581
of which Trade receivables: +€9,530
- Cash -€1,556
down €1,556 (-4.3%), from €36,324 to €34,768
- Tax, wage and social debts -€17,530
down €17,530 (-46.8%), from €37,462 to €19,932
- Other debts -€6,180
down €6,180 (-9.8%), from €63,094 to €56,914
- Gross operating margin +€16,838
up €16,838 (+19.7%), from €85,578 to €102,416
- Depreciation -€4,860
down €4,860 (-20.1%), from €24,159 to €19,300
- Taxes +€4,602
up €4,602 (+35.9%), from €12,809 to €17,410
- Other operating charges -€2,330
down €2,330 (-64.5%), from €3,614 to €1,284
From the 2023 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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €121,489 | €97,601 | -€23,888 | -19.7% |
| Fixed assets | 21/28 | €78,742 | €44,178 | -€34,564 | -43.9% |
| Tangible fixed assets | 22/27 | €78,742 | €44,178 | -€34,564 | -43.9% |
| Plant, machinery and equipment | 23 | €12,324 | €8,966 | -€3,358 | -27.2% |
| Furniture and vehicles | 24 | €66,418 | €35,212 | -€31,206 | -47.0% |
| Current assets | 29/58 | €42,746 | €53,423 | +€10,676 | +25.0% |
| Amounts receivable within one year | 40/41 | €6,268 | €18,581 | +€12,313 | +196% |
| Trade receivables | 40 | €6,268 | €15,798 | +€9,530 | +152% |
| Other amounts receivable | 41 | - | €2,783 | +€2,783 | |
| Cash at bank and in hand | 54/58 | €36,324 | €34,768 | -€1,556 | -4.3% |
| Deferred charges and accrued income | 490/1 | €155 | €74 | -€81 | -52.3% |
| Total equity and liabilities | 10/49 | €121,489 | €97,601 | -€23,888 | -19.7% |
| Equity | 10/15 | €20,460 | €20,460 | = | 0.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Amounts payable | 17/49 | €101,029 | €77,141 | -€23,888 | -23.6% |
| Amounts payable within one year | 42/48 | €101,029 | €77,141 | -€23,888 | -23.6% |
| Trade debts | 44 | €473 | €294 | -€179 | -37.8% |
| Suppliers | 440/4 | €473 | €294 | -€179 | -37.8% |
| Taxes, remuneration and social security | 45 | €37,462 | €19,932 | -€17,530 | -46.8% |
| Taxes | 450/3 | €37,462 | €19,932 | -€17,530 | -46.8% |
| Other amounts payable | 47/48 | €63,094 | €56,914 | -€6,180 | -9.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,159 | €19,300 | -€4,860 | -20.1% |
| Other operating charges | 640/8 | €3,614 | €1,284 | -€2,330 | -64.5% |
| Gross operating margin | 9900 | €85,578 | €102,416 | +€16,838 | +19.7% |
| Operating profit (loss) | 9901 | €57,804 | €81,832 | +€24,028 | +41.6% |
| Financial charges | 65/66B | €195 | €173 | -€22 | -11.2% |
| Recurring financial charges | 65 | €195 | €173 | -€22 | -11.2% |
| Profit (loss) for the period before taxes | 9903 | €57,609 | €81,659 | +€24,050 | +41.7% |
| Income taxes | 67/77 | €12,809 | €17,410 | +€4,602 | +35.9% |
| Profit (loss) for the period | 9904 | €44,800 | €64,249 | +€19,448 | +43.4% |
| Profit (loss) for the period to be appropriated | 9905 | €44,800 | €64,249 | +€19,448 | +43.4% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 October 2026 via checked.be.