CATWALKPICTURES: 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.
CATWALKPICTURES
Largest movements
- Current investments +€80,000
new in 2025: €80,000
- Cash -€32,818
down €32,818 (-33.8%), from €97,007 to €64,189
mainly Current investments (-€80,000) and Receivables within one year (-€7,875)
- Receivables within one year +€7,875
up €7,875 (+62.7%), from €12,557 to €20,432
of which Trade receivables: +€9,622
- Tangible fixed assets -€7,080
down €7,080 (-52.3%), from €13,543 to €6,463
- Reserves +€31,465
up €31,465 (+29.5%), from €106,505 to €137,970
of which Distributable reserves: +€31,465
- Tax, wage and social debts +€6,886
up €6,886 (+348%), from €1,979 to €8,865
- Accrued charges and deferred income +€5,638
up €5,638 (+733%), from €769 to €6,407
- Trade debts +€3,521
up €3,521 (+213%), from €1,654 to €5,175
- Gross operating margin +€17,087
up €17,087 (+50.8%), from €33,667 to €50,754
- Taxes +€5,938
up €5,938 (+257%), from €2,315 to €8,253
- Write-downs -€5,250
down €5,250, from €832 to -€4,418
- Other operating charges +€5,219
up €5,219 (+377%), from €1,384 to €6,603
- Financial charges +€662
up €662 (+75.1%), from €882 to €1,544
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 | €127,095 | €174,605 | +€47,510 | +37.4% |
| Fixed assets | 21/28 | €13,676 | €6,525 | -€7,151 | -52.3% |
| Intangible fixed assets | 21 | €133 | €62 | -€71 | -53.4% |
| Tangible fixed assets | 22/27 | €13,543 | €6,463 | -€7,080 | -52.3% |
| Furniture and vehicles | 24 | €13,543 | €6,463 | -€7,080 | -52.3% |
| Current assets | 29/58 | €113,419 | €168,080 | +€54,661 | +48.2% |
| Amounts receivable within one year | 40/41 | €12,557 | €20,432 | +€7,875 | +62.7% |
| Trade receivables | 40 | €9,770 | €19,392 | +€9,622 | +98.5% |
| Other amounts receivable | 41 | €2,787 | €1,040 | -€1,747 | -62.7% |
| Current investments | 50/53 | - | €80,000 | +€80,000 | |
| Cash at bank and in hand | 54/58 | €97,007 | €64,189 | -€32,818 | -33.8% |
| Deferred charges and accrued income | 490/1 | €3,855 | €3,459 | -€396 | -10.3% |
| Total equity and liabilities | 10/49 | €127,095 | €174,605 | +€47,510 | +37.4% |
| Equity | 10/15 | €122,693 | €154,158 | +€31,465 | +25.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €106,505 | €137,970 | +€31,465 | +29.5% |
| Non-distributable reserves | 130/1 | €5,815 | €5,815 | = | 0.0% |
| Reserves not available under the articles | 1311 | €5,815 | €5,815 | = | 0.0% |
| Tax-exempt reserves | 132 | €56,339 | €56,339 | = | 0.0% |
| Distributable reserves | 133 | €44,351 | €75,816 | +€31,465 | +70.9% |
| Profit (loss) carried forward | 14 | €9,988 | €9,988 | = | 0.0% |
| Amounts payable | 17/49 | €4,402 | €20,447 | +€16,045 | +364% |
| Amounts payable within one year | 42/48 | €3,633 | €14,040 | +€10,407 | +286% |
| Trade debts | 44 | €1,654 | €5,175 | +€3,521 | +213% |
| Suppliers | 440/4 | €1,654 | €5,175 | +€3,521 | +213% |
| Taxes, remuneration and social security | 45 | €1,979 | €8,865 | +€6,886 | +348% |
| Taxes | 450/3 | €1,979 | €8,865 | +€6,886 | +348% |
| Accrued charges and deferred income | 492/3 | €769 | €6,407 | +€5,638 | +733% |
| Non-recurring operating income | 76A | - | €11 | +€11 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,272 | €7,563 | +€291 | +4.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €832 | -€4,418 | -€5,250 | |
| Other operating charges | 640/8 | €1,384 | €6,603 | +€5,219 | +377% |
| Non-recurring operating charges | 66A | - | €638 | +€638 | |
| Gross operating margin | 9900 | €33,667 | €50,754 | +€17,087 | +50.8% |
| Operating profit (loss) | 9901 | €24,179 | €40,368 | +€16,189 | +67.0% |
| Financial income | 75/76B | €1,075 | €894 | -€181 | -16.8% |
| Recurring financial income | 75 | €1,075 | €894 | -€181 | -16.8% |
| Financial charges | 65/66B | €882 | €1,544 | +€662 | +75.1% |
| Recurring financial charges | 65 | €882 | €1,544 | +€662 | +75.1% |
| Profit (loss) for the period before taxes | 9903 | €24,372 | €39,718 | +€15,346 | +63.0% |
| Income taxes | 67/77 | €2,315 | €8,253 | +€5,938 | +257% |
| Profit (loss) for the period | 9904 | €22,057 | €31,465 | +€9,408 | +42.7% |
| Profit (loss) for the period to be appropriated | 9905 | €22,057 | €31,465 | +€9,408 | +42.7% |
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 30 October 2026 via checked.be.