CHAPITRE V: what changed
Two fiscal 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.
CHAPITRE V
Largest movements
- Cash -€108,051
down €108,051 (-60.5%), from €178,545 to €70,494
mainly Other debts (-€63,492) and Receivables within one year (-€28,936)
- Receivables within one year +€28,936
up €28,936 (+126.8%), from €22,821 to €51,758
of which Trade receivables: +€29,581
- Tangible fixed assets +€3,824
up €3,824 (+35.2%), from €10,854 to €14,678
of which Plant, machinery and equipment: +€4,022
- Other debts -€63,492
down €63,492 (-73.2%), from €86,749 to €23,257
- Profit (loss) carried forward -€13,110
down €13,110, from €102 to -€13,008
- Tax, wage and social debts +€2,184
up €2,184 (+12.3%), from €17,784 to €19,968
- Gross operating margin -€44,043
down €44,043, from €37,735 to -€6,308
- Taxes -€6,467
no longer reported in 2025 (was €6,467)
- Depreciation +€1,392
up €1,392 (+29.4%), from €4,730 to €6,122
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.
Cash bridge derived
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 | €212,820 | €137,429 | -€75,391 | -35.4% |
| Fixed assets | 21/28 | €11,454 | €15,177 | +€3,724 | +32.5% |
| Intangible fixed assets | 21 | €600 | €500 | -€100 | -16.7% |
| Tangible fixed assets | 22/27 | €10,854 | €14,678 | +€3,824 | +35.2% |
| Plant, machinery and equipment | 23 | €9,954 | €13,976 | +€4,022 | +40.4% |
| Furniture and vehicles | 24 | €900 | €702 | -€198 | -22.0% |
| Current assets | 29/58 | €201,366 | €122,251 | -€79,115 | -39.3% |
| Amounts receivable within one year | 40/41 | €22,821 | €51,758 | +€28,936 | +126.8% |
| Trade receivables | 40 | €22,177 | €51,758 | +€29,581 | +133.4% |
| Other amounts receivable | 41 | €645 | - | -€645 | |
| Cash at bank and in hand | 54/58 | €178,545 | €70,494 | -€108,051 | -60.5% |
| Total equity and liabilities | 10/49 | €212,820 | €137,429 | -€75,391 | -35.4% |
| Equity | 10/15 | €105,102 | €91,992 | -€13,110 | -12.5% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | €99,000 | €99,000 | = | 0.0% |
| Distributable reserves | 133 | €99,000 | €99,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €102 | -€13,008 | -€13,110 | |
| Amounts payable | 17/49 | €107,718 | €45,436 | -€62,281 | -57.8% |
| Amounts payable after more than one year | 17 | €870 | - | -€870 | |
| Financial debts | 170/4 | €870 | - | -€870 | |
| Amounts payable within one year | 42/48 | €106,847 | €45,436 | -€61,411 | -57.5% |
| Current portion of amounts payable after more than one year | 42 | €2,314 | €870 | -€1,444 | -62.4% |
| Trade debts | 44 | - | €1,341 | +€1,341 | |
| Suppliers | 440/4 | - | €1,341 | +€1,341 | |
| Taxes, remuneration and social security | 45 | €17,784 | €19,968 | +€2,184 | +12.3% |
| Taxes | 450/3 | €17,784 | €19,968 | +€2,184 | +12.3% |
| Other amounts payable | 47/48 | €86,749 | €23,257 | -€63,492 | -73.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,730 | €6,122 | +€1,392 | +29.4% |
| Other operating charges | 640/8 | €53 | €27 | -€26 | -48.3% |
| Gross operating margin | 9900 | €37,735 | -€6,308 | -€44,043 | |
| Operating profit (loss) | 9901 | €32,952 | -€12,458 | -€45,409 | |
| Financial income | 75/76B | €27 | €2 | -€25 | -92.2% |
| Recurring financial income | 75 | €27 | €2 | -€25 | -92.2% |
| Financial charges | 65/66B | €428 | €654 | +€227 | +53.0% |
| Recurring financial charges | 65 | €428 | €654 | +€227 | +53.0% |
| Profit (loss) for the period before taxes | 9903 | €32,551 | -€13,110 | -€45,661 | |
| Income taxes | 67/77 | €6,467 | - | -€6,467 | |
| Profit (loss) for the period | 9904 | €26,084 | -€13,110 | -€39,193 | |
| Profit (loss) for the period to be appropriated | 9905 | €26,084 | -€13,110 | -€39,193 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.