Changelab: 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.
Changelab
Largest movements
- Receivables within one year -€111,209
down €111,209 (-25.7%), from €432,401 to €321,192
of which Other amounts receivable: -€67,152
- Deferred charges and accrued income -€24,952
down €24,952 (-79.5%), from €31,370 to €6,418
- Stocks and contracts -€11,317
down €11,317 (-93.3%), from €12,133 to €816
- Intangible fixed assets +€9,328
new in 2025: €9,328
- Trade debts -€92,893
down €92,893 (-44.7%), from €207,623 to €114,730
- Reserves -€40,000
down €40,000 (-30.3%), from €131,830 to €91,830
of which Distributable reserves: -€27,370
- Tax, wage and social debts -€23,304
down €23,304 (-26.2%), from €89,026 to €65,722
of which Remuneration and social security: -€19,578
- Advances received +€13,240
new in 2025: €13,240
- Turnover -€523,478
down €523,478 (-28.0%), from €1.9m to €1.3m
- Gross operating margin -€296,947
down €296,947 (-43.0%), from €690,776 to €393,829
- Purchases and services -€223,307
down €223,307 (-18.3%), from €1.2m to €997,974
- Staff costs -€191,270
down €191,270 (-31.6%), from €604,461 to €413,191
- Taxes -€19,733
down €19,733 (-91.0%), from €21,676 to €1,943
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 | €491,294 | €348,058 | -€143,237 | -29.2% |
| Fixed assets | 21/28 | €6,618 | €12,798 | +€6,180 | +93.4% |
| Intangible fixed assets | 21 | - | €9,328 | +€9,328 | |
| Tangible fixed assets | 22/27 | €6,618 | €3,471 | -€3,147 | -47.6% |
| Plant, machinery and equipment | 23 | €5,803 | €2,920 | -€2,883 | -49.7% |
| Other tangible fixed assets | 26 | €815 | €551 | -€264 | -32.4% |
| Current assets | 29/58 | €484,676 | €335,259 | -€149,417 | -30.8% |
| Stocks and contracts in progress | 3 | €12,133 | €816 | -€11,317 | -93.3% |
| Contracts in progress | 37 | €12,133 | €816 | -€11,317 | -93.3% |
| Amounts receivable within one year | 40/41 | €432,401 | €321,192 | -€111,209 | -25.7% |
| Trade receivables | 40 | €218,184 | €174,127 | -€44,057 | -20.2% |
| Other amounts receivable | 41 | €214,217 | €147,065 | -€67,152 | -31.3% |
| Cash at bank and in hand | 54/58 | €8,773 | €6,834 | -€1,939 | -22.1% |
| Deferred charges and accrued income | 490/1 | €31,370 | €6,418 | -€24,952 | -79.5% |
| Total equity and liabilities | 10/49 | €491,294 | €348,058 | -€143,237 | -29.2% |
| Equity | 10/15 | €194,404 | €154,182 | -€40,222 | -20.7% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €131,830 | €91,830 | -€40,000 | -30.3% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €12,630 | - | -€12,630 | |
| Distributable reserves | 133 | €113,000 | €85,630 | -€27,370 | -24.2% |
| Profit (loss) carried forward | 14 | €574 | €352 | -€222 | -38.6% |
| Provisions and deferred taxes | 16 | €241 | €183 | -€58 | -24.1% |
| Provisions for liabilities and charges | 160/5 | €241 | €183 | -€58 | -24.1% |
| Pensions and similar obligations | 160 | €241 | €183 | -€58 | -24.1% |
| Amounts payable | 17/49 | €296,649 | €193,692 | -€102,957 | -34.7% |
| Amounts payable within one year | 42/48 | €296,649 | €193,692 | -€102,957 | -34.7% |
| Trade debts | 44 | €207,623 | €114,730 | -€92,893 | -44.7% |
| Suppliers | 440/4 | €207,623 | €114,730 | -€92,893 | -44.7% |
| Advances received on contracts in progress | 46 | - | €13,240 | +€13,240 | |
| Taxes, remuneration and social security | 45 | €89,026 | €65,722 | -€23,304 | -26.2% |
| Taxes | 450/3 | €26,809 | €23,083 | -€3,726 | -13.9% |
| Remuneration and social security | 454/9 | €62,217 | €42,639 | -€19,578 | -31.5% |
| Turnover | 70 | €1,868,235 | €1,344,756 | -€523,478 | -28.0% |
| Non-recurring operating income | 76A | €77 | - | -€77 | |
| Goods, raw materials, services and sundry goods | 60/61 | €1,221,280 | €997,974 | -€223,307 | -18.3% |
| Remuneration, social security and pensions | 62 | €604,461 | €413,191 | -€191,270 | -31.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,174 | €4,707 | -€2,466 | -34.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €241 | -€58 | -€299 | |
| Other operating charges | 640/8 | €3,797 | €2,013 | -€1,784 | -47.0% |
| Non-recurring operating charges | 66A | - | €786 | +€786 | |
| Gross operating margin | 9900 | €690,776 | €393,829 | -€296,947 | -43.0% |
| Operating profit (loss) | 9901 | €75,103 | -€26,811 | -€101,913 | |
| Financial income | 75/76B | €878 | €609 | -€269 | -30.6% |
| Recurring financial income | 75 | €878 | €609 | -€269 | -30.6% |
| Financial charges | 65/66B | €12,886 | €12,077 | -€810 | -6.3% |
| Recurring financial charges | 65 | €12,886 | €12,077 | -€810 | -6.3% |
| Profit (loss) for the period before taxes | 9903 | €63,094 | -€38,278 | -€101,372 | |
| Income taxes | 67/77 | €21,676 | €1,943 | -€19,733 | -91.0% |
| Profit (loss) for the period | 9904 | €41,418 | -€40,222 | -€81,640 | |
| Transfer from tax-exempt reserves | 789 | - | €12,630 | +€12,630 | |
| Profit (loss) for the period to be appropriated | 9905 | €41,418 | -€27,592 | -€69,010 |
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 17 October 2026 via checked.be.