By Karlien: what changed
By Karlien
Largest movements
- Receivables within one year +€15,537
up €15,537 (+305%), from €5,092 to €20,628
of which Trade receivables: +€14,270
- Tangible fixed assets -€14,459
down €14,459 (-18.9%), from €76,618 to €62,160
- Cash +€6,514
up €6,514 (+217%), from €3,000 to €9,514
mainly Trade debts (+€26,210) and Debts after one year (+€18,930)
- Deferred charges and accrued income +€2,733
up €2,733 (+666%), from €411 to €3,143
- Formation expenses -€2,036
no longer reported in 2025 (was €2,036)
- Trade debts +€26,210
up €26,210 (+201%), from €13,042 to €39,251
- Reserves -€21,297
down €21,297 (-63.2%), from €33,713 to €12,416
- Other debts -€19,766
no longer reported in 2025 (was €19,766)
- Debts after one year +€18,930
new in 2025: €18,930
- Current portion of long-term debt +€9,354
new in 2025: €9,354
- Gross operating margin -€41,487
down €41,487 (-85.1%), from €48,777 to €7,290
- Depreciation +€15,591
up €15,591 (+491%), from €3,176 to €18,768
- Taxes -€11,665
down €11,665, from €11,500 to -€165
- Financial charges +€9,088
new in 2025: €9,088
- Other operating charges +€517
up €517 (+133%), from €387 to €904
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 | €91,990 | €101,090 | +€9,099 | +9.9% |
| Formation expenses | 20 | €2,036 | - | -€2,036 | |
| Fixed assets | 21/28 | €81,452 | €65,993 | -€15,459 | -19.0% |
| Intangible fixed assets | 21 | €4,833 | €3,833 | -€1,000 | -20.7% |
| Tangible fixed assets | 22/27 | €76,618 | €62,160 | -€14,459 | -18.9% |
| Furniture and vehicles | 24 | €76,618 | €62,160 | -€14,459 | -18.9% |
| Current assets | 29/58 | €8,502 | €35,097 | +€26,594 | +313% |
| Stocks and contracts in progress | 3 | - | €1,812 | +€1,812 | |
| Stocks | 30/36 | - | €1,812 | +€1,812 | |
| Amounts receivable within one year | 40/41 | €5,092 | €20,628 | +€15,537 | +305% |
| Trade receivables | 40 | €5,092 | €19,362 | +€14,270 | +280% |
| Other amounts receivable | 41 | - | €1,266 | +€1,266 | |
| Cash at bank and in hand | 54/58 | €3,000 | €9,514 | +€6,514 | +217% |
| Deferred charges and accrued income | 490/1 | €411 | €3,143 | +€2,733 | +666% |
| Total equity and liabilities | 10/49 | €91,990 | €101,090 | +€9,099 | +9.9% |
| Equity | 10/15 | €36,713 | €15,416 | -€21,297 | -58.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €33,713 | €12,416 | -€21,297 | -63.2% |
| Distributable reserves | 133 | €33,713 | €12,416 | -€21,297 | -63.2% |
| Amounts payable | 17/49 | €55,277 | €85,674 | +€30,397 | +55.0% |
| Amounts payable after more than one year | 17 | - | €18,930 | +€18,930 | |
| Financial debts | 170/4 | - | €18,930 | +€18,930 | |
| Amounts payable within one year | 42/48 | €54,843 | €62,685 | +€7,842 | +14.3% |
| Current portion of amounts payable after more than one year | 42 | - | €9,354 | +€9,354 | |
| Trade debts | 44 | €13,042 | €39,251 | +€26,210 | +201% |
| Suppliers | 440/4 | €13,042 | €39,251 | +€26,210 | +201% |
| Taxes, remuneration and social security | 45 | €22,036 | €14,079 | -€7,957 | -36.1% |
| Taxes | 450/3 | €22,036 | €14,079 | -€7,957 | -36.1% |
| Other amounts payable | 47/48 | €19,766 | - | -€19,766 | |
| Accrued charges and deferred income | 492/3 | €434 | €4,059 | +€3,625 | +836% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,176 | €18,768 | +€15,591 | +491% |
| Other operating charges | 640/8 | €387 | €904 | +€517 | +133% |
| Gross operating margin | 9900 | €48,777 | €7,290 | -€41,487 | -85.1% |
| Operating profit (loss) | 9901 | €45,213 | -€12,382 | -€57,595 | |
| Financial income | 75/76B | - | €8 | +€8 | |
| Recurring financial income | 75 | - | €8 | +€8 | |
| Financial charges | 65/66B | - | €9,088 | +€9,088 | |
| Recurring financial charges | 65 | - | €9,088 | +€9,088 | |
| Profit (loss) for the period before taxes | 9903 | €45,213 | -€21,463 | -€66,676 | |
| Income taxes | 67/77 | €11,500 | -€165 | -€11,665 | |
| Profit (loss) for the period | 9904 | €33,713 | -€21,297 | -€55,010 | |
| Profit (loss) for the period to be appropriated | 9905 | €33,713 | -€21,297 | -€55,010 |
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.