Change By Design: 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.
Change By Design
Largest movements
- Receivables within one year +€35,734
up €35,734 (+409%), from €8,743 to €44,477
of which Trade receivables: +€34,068
- Cash -€21,945
down €21,945 (-20.9%), from €105,228 to €83,283
mainly Receivables within one year (-€35,734) and Investment in fixed assets (net) (-€11,243)
- Tangible fixed assets +€7,827
up €7,827 (+37.5%), from €20,855 to €28,682
of which Other tangible fixed assets: +€26,408
- Reserves +€27,477
up €27,477 (+24.5%), from €111,976 to €139,453
- Trade debts -€3,982
down €3,982 (-40.7%), from €9,782 to €5,800
- Tax, wage and social debts -€2,599
down €2,599 (-87.2%), from €2,980 to €380
- Gross operating margin +€39,175
up €39,175 (+395%), from €9,922 to €49,097
- Taxes +€9,332
up €9,332 (+431%), from €2,163 to €11,495
- Depreciation +€2,382
up €2,382 (+230%), from €1,034 to €3,416
- Financial charges -€1,526
down €1,526 (-57.6%), from €2,650 to €1,124
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 | €136,713 | €157,181 | +€20,468 | +15.0% |
| Fixed assets | 21/28 | €21,005 | €28,832 | +€7,827 | +37.3% |
| Tangible fixed assets | 22/27 | €20,855 | €28,682 | +€7,827 | +37.5% |
| Plant, machinery and equipment | 23 | €1,360 | €1,899 | +€539 | +39.7% |
| Furniture and vehicles | 24 | - | €376 | +€376 | |
| Other tangible fixed assets | 26 | - | €26,408 | +€26,408 | |
| Assets under construction and advance payments | 27 | €19,496 | - | -€19,496 | |
| Financial fixed assets | 28 | €150 | €150 | = | 0.0% |
| Current assets | 29/58 | €115,708 | €128,349 | +€12,641 | +10.9% |
| Amounts receivable within one year | 40/41 | €8,743 | €44,477 | +€35,734 | +409% |
| Trade receivables | 40 | €5,904 | €39,972 | +€34,068 | +577% |
| Other amounts receivable | 41 | €2,839 | €4,505 | +€1,666 | +58.7% |
| Cash at bank and in hand | 54/58 | €105,228 | €83,283 | -€21,945 | -20.9% |
| Deferred charges and accrued income | 490/1 | €1,737 | €589 | -€1,148 | -66.1% |
| Total equity and liabilities | 10/49 | €136,713 | €157,181 | +€20,468 | +15.0% |
| Equity | 10/15 | €112,976 | €140,453 | +€27,477 | +24.3% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €111,976 | €139,453 | +€27,477 | +24.5% |
| Distributable reserves | 133 | €111,976 | €139,453 | +€27,477 | +24.5% |
| Amounts payable | 17/49 | €23,737 | €16,728 | -€7,009 | -29.5% |
| Amounts payable within one year | 42/48 | €22,953 | €16,728 | -€6,225 | -27.1% |
| Trade debts | 44 | €9,782 | €5,800 | -€3,982 | -40.7% |
| Suppliers | 440/4 | €9,782 | €5,800 | -€3,982 | -40.7% |
| Taxes, remuneration and social security | 45 | €2,980 | €380 | -€2,599 | -87.2% |
| Taxes | 450/3 | €2,980 | €380 | -€2,599 | -87.2% |
| Other amounts payable | 47/48 | €10,192 | €10,548 | +€356 | +3.5% |
| Accrued charges and deferred income | 492/3 | €784 | - | -€784 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,034 | €3,416 | +€2,382 | +230% |
| Other operating charges | 640/8 | €819 | €585 | -€233 | -28.5% |
| Gross operating margin | 9900 | €9,922 | €49,097 | +€39,175 | +395% |
| Operating profit (loss) | 9901 | €8,070 | €45,096 | +€37,026 | +459% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €2,650 | €1,124 | -€1,526 | -57.6% |
| Recurring financial charges | 65 | €2,650 | €1,124 | -€1,526 | -57.6% |
| Profit (loss) for the period before taxes | 9903 | €5,420 | €43,972 | +€38,552 | +711% |
| Income taxes | 67/77 | €2,163 | €11,495 | +€9,332 | +431% |
| Profit (loss) for the period | 9904 | €3,257 | €32,477 | +€29,219 | +897% |
| Profit (loss) for the period to be appropriated | 9905 | €3,257 | €32,477 | +€29,219 | +897% |
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 20 October 2026 via checked.be.