BUSINESS ROADS: what changed
BUSINESS ROADS
Largest movements
- Receivables within one year -€95,611
down €95,611 (-31.5%), from €303,293 to €207,682
of which Trade receivables: -€111,146
- Tangible fixed assets +€24,599
up €24,599 (+359%), from €6,845 to €31,444
- Cash -€14,167
down €14,167 (-17.2%), from €82,360 to €68,193
mainly Trade debts (-€87,307) and Investment in fixed assets (net) (-€29,852)
- Trade debts -€87,307
down €87,307 (-31.5%), from €277,396 to €190,089
- Tax, wage and social debts +€10,625
up €10,625 (+33.1%), from €32,144 to €42,769
of which Remuneration and social security: +€8,982
- Other debts -€6,450
down €6,450 (-11.3%), from €57,118 to €50,668
- Staff costs +€39,613
up €39,613 (+49.2%), from €80,499 to €120,112
- Gross operating margin -€38,208
down €38,208 (-23.5%), from €162,887 to €124,679
- Taxes -€15,104
down €15,104 (-90.8%), from €16,637 to €1,534
- Depreciation +€2,196
up €2,196 (+56.1%), from €3,914 to €6,110
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €395,355 | €310,992 | -€84,362 | -21.3% |
| Fixed assets | 21/28 | €9,364 | €33,105 | +€23,741 | +254% |
| Intangible fixed assets | 21 | €2,519 | €1,661 | -€857 | -34.0% |
| Tangible fixed assets | 22/27 | €6,845 | €31,444 | +€24,599 | +359% |
| Furniture and vehicles | 24 | €6,845 | €31,444 | +€24,599 | +359% |
| Current assets | 29/58 | €385,991 | €277,887 | -€108,104 | -28.0% |
| Amounts receivable within one year | 40/41 | €303,293 | €207,682 | -€95,611 | -31.5% |
| Trade receivables | 40 | €236,223 | €125,076 | -€111,146 | -47.1% |
| Other amounts receivable | 41 | €67,070 | €82,605 | +€15,535 | +23.2% |
| Cash at bank and in hand | 54/58 | €82,360 | €68,193 | -€14,167 | -17.2% |
| Deferred charges and accrued income | 490/1 | €338 | €2,013 | +€1,675 | +496% |
| Total equity and liabilities | 10/49 | €395,355 | €310,992 | -€84,362 | -21.3% |
| Equity | 10/15 | €28,697 | €27,466 | -€1,231 | -4.3% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Capital | 10 | €2,000 | €2,000 | = | 0.0% |
| Issued capital | 100 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €26,697 | €25,466 | -€1,231 | -4.6% |
| Amounts payable | 17/49 | €366,658 | €283,526 | -€83,131 | -22.7% |
| Amounts payable within one year | 42/48 | €366,658 | €283,526 | -€83,131 | -22.7% |
| Trade debts | 44 | €277,396 | €190,089 | -€87,307 | -31.5% |
| Suppliers | 440/4 | €277,396 | €190,089 | -€87,307 | -31.5% |
| Taxes, remuneration and social security | 45 | €32,144 | €42,769 | +€10,625 | +33.1% |
| Taxes | 450/3 | €16,609 | €18,252 | +€1,643 | +9.9% |
| Remuneration and social security | 454/9 | €15,535 | €24,517 | +€8,982 | +57.8% |
| Other amounts payable | 47/48 | €57,118 | €50,668 | -€6,450 | -11.3% |
| Remuneration, social security and pensions | 62 | €80,499 | €120,112 | +€39,613 | +49.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,914 | €6,110 | +€2,196 | +56.1% |
| Other operating charges | 640/8 | €1,909 | €1,176 | -€733 | -38.4% |
| Non-recurring operating charges | 66A | €213 | €166 | -€47 | -22.2% |
| Gross operating margin | 9900 | €162,887 | €124,679 | -€38,208 | -23.5% |
| Operating profit (loss) | 9901 | €76,351 | -€2,886 | -€79,237 | |
| Financial income | 75/76B | €3,296 | €3,654 | +€358 | +10.9% |
| Recurring financial income | 75 | €3,296 | €3,654 | +€358 | +10.9% |
| Financial charges | 65/66B | €378 | €465 | +€87 | +23.0% |
| Recurring financial charges | 65 | €378 | €465 | +€87 | +23.0% |
| Profit (loss) for the period before taxes | 9903 | €79,269 | €303 | -€78,966 | -99.6% |
| Income taxes | 67/77 | €16,637 | €1,534 | -€15,104 | -90.8% |
| Profit (loss) for the period | 9904 | €62,632 | -€1,231 | -€63,863 | |
| Profit (loss) for the period to be appropriated | 9905 | €62,632 | -€1,231 | -€63,863 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.