Changing Gear: 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.
Changing Gear
Largest movements
- Financial fixed assets +€278,838
up €278,838 (+549%), from €50,755 to €329,593
- Cash +€64,095
up €64,095 (+122%), from €52,487 to €116,582
mainly Net result for the year (+€521,841) and Debts after one year (+€130,739)
- Receivables within one year -€42,980
down €42,980 (-74.7%), from €57,500 to €14,520
of which Other amounts receivable: -€57,500
- Debts after one year +€130,739
new in 2025: €130,739
- Profit (loss) carried forward +€111,841
up €111,841 (+99.9%), from €111,942 to €223,783
- Tax, wage and social debts +€58,116
up €58,116 (+273%), from €21,300 to €79,416
- Other debts -€24,272
down €24,272 (-99.8%), from €24,328 to €56
- Current portion of long-term debt +€19,261
new in 2025: €19,261
- Financial income +€506,907
up €506,907 (+36,450%), from €1,391 to €508,298
- Gross operating margin -€29,253
down €29,253 (-47.5%), from €61,637 to €32,384
- Taxes +€2,178
up €2,178 (+15.0%), from €14,549 to €16,727
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 | €160,742 | €460,695 | +€299,953 | +187% |
| Fixed assets | 21/28 | €50,755 | €329,593 | +€278,838 | +549% |
| Financial fixed assets | 28 | €50,755 | €329,593 | +€278,838 | +549% |
| Current assets | 29/58 | €109,987 | €131,102 | +€21,115 | +19.2% |
| Amounts receivable within one year | 40/41 | €57,500 | €14,520 | -€42,980 | -74.7% |
| Trade receivables | 40 | - | €14,520 | +€14,520 | |
| Other amounts receivable | 41 | €57,500 | - | -€57,500 | |
| Cash at bank and in hand | 54/58 | €52,487 | €116,582 | +€64,095 | +122% |
| Total equity and liabilities | 10/49 | €160,742 | €460,695 | +€299,953 | +187% |
| Equity | 10/15 | €114,942 | €226,783 | +€111,841 | +97.3% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €111,942 | €223,783 | +€111,841 | +99.9% |
| Amounts payable | 17/49 | €45,801 | €233,912 | +€188,111 | +411% |
| Amounts payable after more than one year | 17 | - | €130,739 | +€130,739 | |
| Financial debts | 170/4 | - | €130,739 | +€130,739 | |
| Amounts payable within one year | 42/48 | €45,801 | €103,173 | +€57,372 | +125% |
| Current portion of amounts payable after more than one year | 42 | - | €19,261 | +€19,261 | |
| Financial debts | 43 | - | €3,885 | +€3,885 | |
| Credit institutions | 430/8 | - | €3,885 | +€3,885 | |
| Trade debts | 44 | €172 | €555 | +€383 | +222% |
| Suppliers | 440/4 | €172 | €555 | +€383 | +222% |
| Taxes, remuneration and social security | 45 | €21,300 | €79,416 | +€58,116 | +273% |
| Taxes | 450/3 | €21,300 | €79,416 | +€58,116 | +273% |
| Other amounts payable | 47/48 | €24,328 | €56 | -€24,272 | -99.8% |
| Other operating charges | 640/8 | €1,013 | €1,142 | +€129 | +12.8% |
| Gross operating margin | 9900 | €61,637 | €32,384 | -€29,253 | -47.5% |
| Operating profit (loss) | 9901 | €60,624 | €31,242 | -€29,382 | -48.5% |
| Financial income | 75/76B | €1,391 | €508,298 | +€506,907 | +36,450% |
| Recurring financial income | 75 | €1,391 | €508,298 | +€506,907 | +36,450% |
| Financial charges | 65/66B | €868 | €971 | +€104 | +11.9% |
| Recurring financial charges | 65 | €868 | €971 | +€104 | +11.9% |
| Profit (loss) for the period before taxes | 9903 | €61,147 | €538,569 | +€477,422 | +781% |
| Income taxes | 67/77 | €14,549 | €16,727 | +€2,178 | +15.0% |
| Profit (loss) for the period | 9904 | €46,597 | €521,841 | +€475,244 | +1,020% |
| Profit (loss) for the period to be appropriated | 9905 | €46,597 | €521,841 | +€475,244 | +1,020% |
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.