By Scarlett: 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.
By Scarlett
Largest movements
- Cash +€136,068
up €136,068 (+486%), from €28,009 to €164,076
mainly Net result for the year (+€185,907) and Tax, wage and social debts (+€38,808)
- Receivables within one year +€51,398
up €51,398 (+45.2%), from €113,654 to €165,052
of which Trade receivables: +€53,778
- Stocks and contracts +€35,730
new in 2025: €35,730
- Reserves +€166,882
up €166,882 (+168%), from €99,192 to €266,074
- Tax, wage and social debts +€38,808
up €38,808 (+128%), from €30,336 to €69,143
- Trade debts +€8,876
up €8,876 (+260%), from €3,414 to €12,290
- Other debts +€8,009
up €8,009 (+72.7%), from €11,016 to €19,025
- Gross operating margin +€220,101
up €220,101 (+471%), from €46,721 to €266,822
- Taxes +€46,755
up €46,755 (+461%), from €10,140 to €56,895
- Write-downs +€23,505
new in 2025: €23,505
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 | €146,458 | €369,032 | +€222,574 | +152% |
| Fixed assets | 21/28 | €4,795 | €4,173 | -€622 | -13.0% |
| Tangible fixed assets | 22/27 | €4,795 | €4,173 | -€622 | -13.0% |
| Furniture and vehicles | 24 | €4,795 | €4,173 | -€622 | -13.0% |
| Current assets | 29/58 | €141,663 | €364,859 | +€223,196 | +158% |
| Stocks and contracts in progress | 3 | - | €35,730 | +€35,730 | |
| Stocks | 30/36 | - | €35,730 | +€35,730 | |
| Amounts receivable within one year | 40/41 | €113,654 | €165,052 | +€51,398 | +45.2% |
| Trade receivables | 40 | €75,845 | €129,623 | +€53,778 | +70.9% |
| Other amounts receivable | 41 | €37,809 | €35,429 | -€2,380 | -6.3% |
| Cash at bank and in hand | 54/58 | €28,009 | €164,076 | +€136,068 | +486% |
| Total equity and liabilities | 10/49 | €146,458 | €369,032 | +€222,574 | +152% |
| Equity | 10/15 | €101,692 | €268,574 | +€166,882 | +164% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €99,192 | €266,074 | +€166,882 | +168% |
| Distributable reserves | 133 | €99,192 | €266,074 | +€166,882 | +168% |
| Amounts payable | 17/49 | €44,765 | €100,458 | +€55,693 | +124% |
| Amounts payable within one year | 42/48 | €44,765 | €100,458 | +€55,693 | +124% |
| Trade debts | 44 | €3,414 | €12,290 | +€8,876 | +260% |
| Suppliers | 440/4 | €3,414 | €12,290 | +€8,876 | +260% |
| Taxes, remuneration and social security | 45 | €30,336 | €69,143 | +€38,808 | +128% |
| Taxes | 450/3 | €30,336 | €69,143 | +€38,808 | +128% |
| Other amounts payable | 47/48 | €11,016 | €19,025 | +€8,009 | +72.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,369 | €2,258 | +€889 | +64.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €23,505 | +€23,505 | |
| Other operating charges | 640/8 | €2,514 | €609 | -€1,905 | -75.8% |
| Gross operating margin | 9900 | €46,721 | €266,822 | +€220,101 | +471% |
| Operating profit (loss) | 9901 | €42,838 | €240,451 | +€197,612 | +461% |
| Financial income | 75/76B | €2,284 | €2,749 | +€465 | +20.3% |
| Recurring financial income | 75 | €2,284 | €2,749 | +€465 | +20.3% |
| Financial charges | 65/66B | €261 | €397 | +€137 | +52.5% |
| Recurring financial charges | 65 | €261 | €397 | +€137 | +52.5% |
| Profit (loss) for the period before taxes | 9903 | €44,862 | €242,802 | +€197,940 | +441% |
| Income taxes | 67/77 | €10,140 | €56,895 | +€46,755 | +461% |
| Profit (loss) for the period | 9904 | €34,722 | €185,907 | +€151,185 | +435% |
| Profit (loss) for the period to be appropriated | 9905 | €34,722 | €185,907 | +€151,185 | +435% |
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.