CATALYST: 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.
CATALYST
Largest movements
- Cash +€471,071
up €471,071 (+985%), from €47,812 to €518,883
mainly Investment in fixed assets (net) (+€375,000) and Other debts (+€303,513)
- Financial fixed assets -€375,000
down €375,000 (-5.6%), from €6.7m to €6.3m
- Profit (loss) carried forward +€365,208
up €365,208, from -€8,787 to €356,421
- Other debts +€303,513
up €303,513 (+11,464%), from €2,648 to €306,160
- Debts after one year -€303,390
down €303,390 (-10.9%), from €2.8m to €2.5m
- Reserves -€210,500
no longer reported in 2025 (was €210,500)
- Trade debts -€118,561
down €118,561 (-51.7%), from €229,545 to €110,983
- Financial income +€83,867
up €83,867 (+64.1%), from €130,784 to €214,651
- Gross operating margin -€55,262
down €55,262 (-32.6%), from €169,765 to €114,503
- Financial charges -€39,550
down €39,550 (-21.3%), from €186,109 to €146,559
- Taxes -€7,614
down €7,614 (-22.3%), from €34,159 to €26,545
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 | €7,165,483 | €7,234,751 | +€69,268 | +1.0% |
| Fixed assets | 21/28 | €6,706,139 | €6,331,052 | -€375,087 | -5.6% |
| Tangible fixed assets | 22/27 | €250 | €163 | -€87 | -34.8% |
| Furniture and vehicles | 24 | €250 | €163 | -€87 | -34.8% |
| Financial fixed assets | 28 | €6,705,889 | €6,330,889 | -€375,000 | -5.6% |
| Current assets | 29/58 | €459,344 | €903,699 | +€444,355 | +96.7% |
| Amounts receivable within one year | 40/41 | €385,490 | €381,760 | -€3,730 | -1.0% |
| Trade receivables | 40 | €377,003 | €50,885 | -€326,119 | -86.5% |
| Other amounts receivable | 41 | €8,487 | €330,875 | +€322,388 | +3,799% |
| Cash at bank and in hand | 54/58 | €47,812 | €518,883 | +€471,071 | +985% |
| Deferred charges and accrued income | 490/1 | €26,042 | €3,056 | -€22,986 | -88.3% |
| Total equity and liabilities | 10/49 | €7,165,483 | €7,234,751 | +€69,268 | +1.0% |
| Equity | 10/15 | €3,601,713 | €3,756,421 | +€154,708 | +4.3% |
| Contributions | 10/11 | €3,400,000 | €3,400,000 | = | 0.0% |
| Capital | 10 | €3,400,000 | €3,400,000 | = | 0.0% |
| Issued capital | 100 | €3,400,000 | €3,400,000 | = | 0.0% |
| Reserves | 13 | €210,500 | - | -€210,500 | |
| Tax-exempt reserves | 132 | €210,500 | - | -€210,500 | |
| Profit (loss) carried forward | 14 | -€8,787 | €356,421 | +€365,208 | |
| Amounts payable | 17/49 | €3,563,770 | €3,478,330 | -€85,440 | -2.4% |
| Amounts payable after more than one year | 17 | €2,778,737 | €2,475,347 | -€303,390 | -10.9% |
| Financial debts | 170/4 | €2,778,737 | €2,475,347 | -€303,390 | -10.9% |
| Amounts payable within one year | 42/48 | €785,033 | €1,002,983 | +€217,950 | +27.8% |
| Current portion of amounts payable after more than one year | 42 | €537,062 | €562,973 | +€25,911 | +4.8% |
| Trade debts | 44 | €229,545 | €110,983 | -€118,561 | -51.7% |
| Suppliers | 440/4 | €229,545 | €110,983 | -€118,561 | -51.7% |
| Taxes, remuneration and social security | 45 | €15,779 | €22,866 | +€7,087 | +44.9% |
| Taxes | 450/3 | €15,779 | €22,866 | +€7,087 | +44.9% |
| Other amounts payable | 47/48 | €2,648 | €306,160 | +€303,513 | +11,464% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11 | €87 | +€76 | +696% |
| Other operating charges | 640/8 | €1,731 | €1,254 | -€477 | -27.5% |
| Gross operating margin | 9900 | €169,765 | €114,503 | -€55,262 | -32.6% |
| Operating profit (loss) | 9901 | €168,023 | €113,161 | -€54,862 | -32.7% |
| Financial income | 75/76B | €130,784 | €214,651 | +€83,867 | +64.1% |
| Recurring financial income | 75 | €130,784 | €214,651 | +€83,867 | +64.1% |
| Financial charges | 65/66B | €186,109 | €146,559 | -€39,550 | -21.3% |
| Recurring financial charges | 65 | €186,109 | €146,559 | -€39,550 | -21.3% |
| Profit (loss) for the period before taxes | 9903 | €112,698 | €181,253 | +€68,555 | +60.8% |
| Income taxes | 67/77 | €34,159 | €26,545 | -€7,614 | -22.3% |
| Profit (loss) for the period | 9904 | €78,539 | €154,708 | +€76,170 | +97.0% |
| Transfer from tax-exempt reserves | 789 | - | €210,500 | +€210,500 | |
| Profit (loss) for the period to be appropriated | 9905 | €78,539 | €365,208 | +€286,670 | +365% |
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.