BUSINESS SPACE: 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 SPACE
Largest movements
- Cash -€132,204
down €132,204 (-39.2%), from €336,920 to €204,716
mainly Trade debts (-€233,443) and Receivables within one year (-€15,763)
- Receivables within one year +€15,763
up €15,763 (+2.3%), from €691,066 to €706,829
of which Trade receivables: +€17,437
- Trade debts -€233,443
down €233,443 (-34.7%), from €673,694 to €440,251
- Profit (loss) carried forward +€96,508
up €96,508 (+37.4%), from €258,144 to €354,652
- Tax, wage and social debts +€24,872
up €24,872 (+31.6%), from €78,798 to €103,670
of which Taxes: +€26,340
- Write-downs -€149,257
down €149,257 (-100%), from €149,257 to €0
- Gross operating margin -€44,282
down €44,282 (-16.4%), from €269,760 to €225,478
- Staff costs -€29,121
down €29,121 (-34.9%), from €83,374 to €54,253
- Taxes +€27,351
up €27,351 (+196%), from €13,926 to €41,277
- Other operating charges +€24,171
up €24,171 (+6,240%), from €387 to €24,558
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 | €1,049,089 | €936,633 | -€112,456 | -10.7% |
| Fixed assets | 21/28 | €15,363 | €16,610 | +€1,247 | +8.1% |
| Intangible fixed assets | 21 | €6,381 | €4,309 | -€2,072 | -32.5% |
| Tangible fixed assets | 22/27 | €8,748 | €3,700 | -€5,047 | -57.7% |
| Plant, machinery and equipment | 23 | €1,447 | €535 | -€911 | -63.0% |
| Furniture and vehicles | 24 | €7,301 | €3,165 | -€4,136 | -56.6% |
| Financial fixed assets | 28 | €235 | €8,601 | +€8,366 | +3,560% |
| Current assets | 29/58 | €1,033,726 | €920,023 | -€113,703 | -11.0% |
| Amounts receivable within one year | 40/41 | €691,066 | €706,829 | +€15,763 | +2.3% |
| Trade receivables | 40 | €662,342 | €679,779 | +€17,437 | +2.6% |
| Other amounts receivable | 41 | €28,724 | €27,050 | -€1,674 | -5.8% |
| Cash at bank and in hand | 54/58 | €336,920 | €204,716 | -€132,204 | -39.2% |
| Deferred charges and accrued income | 490/1 | €5,740 | €8,478 | +€2,738 | +47.7% |
| Total equity and liabilities | 10/49 | €1,049,089 | €936,633 | -€112,456 | -10.7% |
| Equity | 10/15 | €266,204 | €362,712 | +€96,508 | +36.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €258,144 | €354,652 | +€96,508 | +37.4% |
| Amounts payable | 17/49 | €782,885 | €573,921 | -€208,964 | -26.7% |
| Amounts payable within one year | 42/48 | €782,885 | €573,921 | -€208,964 | -26.7% |
| Financial debts | 43 | €30,392 | €30,000 | -€392 | -1.3% |
| Credit institutions | 430/8 | €392 | €30,000 | +€29,608 | +7,546% |
| Other loans | 439 | €30,000 | €0 | -€30,000 | -100% |
| Trade debts | 44 | €673,694 | €440,251 | -€233,443 | -34.7% |
| Suppliers | 440/4 | €673,694 | €440,251 | -€233,443 | -34.7% |
| Taxes, remuneration and social security | 45 | €78,798 | €103,670 | +€24,872 | +31.6% |
| Taxes | 450/3 | €68,613 | €94,954 | +€26,340 | +38.4% |
| Remuneration and social security | 454/9 | €10,185 | €8,716 | -€1,469 | -14.4% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €83,374 | €54,253 | -€29,121 | -34.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,736 | €8,282 | -€454 | -5.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €149,257 | €0 | -€149,257 | -100% |
| Other operating charges | 640/8 | €387 | €24,558 | +€24,171 | +6,240% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €269,760 | €225,478 | -€44,282 | -16.4% |
| Operating profit (loss) | 9901 | €28,007 | €138,384 | +€110,378 | +394% |
| Financial income | 75/76B | €3,946 | €932 | -€3,014 | -76.4% |
| Recurring financial income | 75 | €3,946 | €932 | -€3,014 | -76.4% |
| Financial charges | 65/66B | €1,703 | €1,532 | -€172 | -10.1% |
| Recurring financial charges | 65 | €1,703 | €1,532 | -€172 | -10.1% |
| Profit (loss) for the period before taxes | 9903 | €30,249 | €137,785 | +€107,536 | +355% |
| Income taxes | 67/77 | €13,926 | €41,277 | +€27,351 | +196% |
| Profit (loss) for the period | 9904 | €16,323 | €96,508 | +€80,185 | +491% |
| Profit (loss) for the period to be appropriated | 9905 | €16,323 | €96,508 | +€80,185 | +491% |
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 28 October 2026 via checked.be.