CAPITAL STRATEGY: 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.
CAPITAL STRATEGY
Largest movements
- Tangible fixed assets -€642
down €642 (-92.3%), from €696 to €54
- Profit (loss) carried forward -€1,177
down €1,177 (-2.4%), from -€49,756 to -€50,933
- Gross operating margin +€15,100
up €15,100, from -€14,586 to €514
- Other operating charges -€13,083
down €13,083 (-96.2%), from €13,603 to €520
- Depreciation -€913
down €913 (-58.7%), from €1,555 to €642
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €56,751 | €55,763 | -€988 | -1.7% |
| Fixed assets | 21/28 | €696 | €54 | -€642 | -92.3% |
| Tangible fixed assets | 22/27 | €696 | €54 | -€642 | -92.3% |
| Plant, machinery and equipment | 23 | €696 | €54 | -€642 | -92.3% |
| Current assets | 29/58 | €56,055 | €55,709 | -€346 | -0.6% |
| Amounts receivable within one year | 40/41 | €55,208 | €55,208 | = | 0.0% |
| Other amounts receivable | 41 | €55,208 | €55,208 | = | 0.0% |
| Deferred charges and accrued income | 490/1 | €848 | €502 | -€346 | -40.8% |
| Total equity and liabilities | 10/49 | €56,751 | €55,763 | -€988 | -1.7% |
| Equity | 10/15 | €19,544 | €18,367 | -€1,177 | -6.0% |
| Contributions | 10/11 | €63,000 | €63,000 | = | 0.0% |
| Capital | 10 | €63,000 | €63,000 | = | 0.0% |
| Issued capital | 100 | €63,000 | €63,000 | = | 0.0% |
| Reserves | 13 | €6,300 | €6,300 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,300 | €6,300 | = | 0.0% |
| Legal reserve | 130 | €6,300 | €6,300 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€49,756 | -€50,933 | -€1,177 | -2.4% |
| Amounts payable | 17/49 | €37,207 | €37,396 | +€189 | +0.5% |
| Amounts payable within one year | 42/48 | €37,207 | €37,396 | +€189 | +0.5% |
| Financial debts | 43 | €929 | €1,019 | +€90 | +9.7% |
| Credit institutions | 430/8 | €929 | €1,019 | +€90 | +9.7% |
| Trade debts | 44 | €644 | €296 | -€348 | -54.0% |
| Suppliers | 440/4 | €644 | €296 | -€348 | -54.0% |
| Other amounts payable | 47/48 | €35,634 | €36,080 | +€447 | +1.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,555 | €642 | -€913 | -58.7% |
| Other operating charges | 640/8 | €13,603 | €520 | -€13,083 | -96.2% |
| Gross operating margin | 9900 | -€14,586 | €514 | +€15,100 | |
| Operating profit (loss) | 9901 | -€29,744 | -€648 | +€29,096 | +97.8% |
| Financial charges | 65/66B | €462 | €529 | +€68 | +14.7% |
| Recurring financial charges | 65 | €462 | €529 | +€68 | +14.7% |
| Profit (loss) for the period before taxes | 9903 | -€30,206 | -€1,177 | +€29,029 | +96.1% |
| Profit (loss) for the period | 9904 | -€30,206 | -€1,177 | +€29,029 | +96.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€30,206 | -€1,177 | +€29,029 | +96.1% |
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 15 October 2026 via checked.be.