Chapter 4: 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.
Chapter 4
Largest movements
- Cash -€68,711
down €68,711 (-85.6%), from €80,283 to €11,572
mainly Net result for the year (-€71,150) and Receivables within one year (-€40,105)
- Receivables within one year +€40,105
up €40,105 (+73.4%), from €54,602 to €94,707
of which Trade receivables: +€26,667
- Deferred charges and accrued income +€18,537
new in 2025: €18,537
- Tangible fixed assets +€14,398
up €14,398 (+70.1%), from €20,535 to €34,933
of which Furniture and vehicles: +€19,591
- Receivables after one year -€5,150
down €5,150 (-100.0%), from €5,150 to €0
- Profit (loss) carried forward -€71,150
down €71,150 (-97.8%), from €72,751 to €1,601
- Short-term financial debts +€44,824
up €44,824 (+419.0%), from €10,698 to €55,522
- Current portion of long-term debt +€33,334
new in 2025: €33,334
- Other debts -€25,157
down €25,157 (-94.9%), from €26,518 to €1,362
- Trade debts +€20,504
up €20,504 (+119.9%), from €17,098 to €37,602
- Gross operating margin -€134,876
down €134,876, from €85,523 to -€49,353
- Taxes -€16,028
down €16,028, from €15,448 to -€580
- Financial charges +€4,739
up €4,739 (+137.5%), from €3,446 to €8,185
- Depreciation +€2,036
up €2,036 (+28.7%), from €7,101 to €9,137
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 | €163,071 | €163,749 | +€678 | +0.4% |
| Fixed assets | 21/28 | €23,035 | €38,933 | +€15,898 | +69.0% |
| Tangible fixed assets | 22/27 | €20,535 | €34,933 | +€14,398 | +70.1% |
| Plant, machinery and equipment | 23 | €20,535 | €15,342 | -€5,193 | -25.3% |
| Furniture and vehicles | 24 | €0 | €19,591 | +€19,591 | |
| Financial fixed assets | 28 | €2,500 | €4,000 | +€1,500 | +60.0% |
| Current assets | 29/58 | €140,035 | €124,815 | -€15,220 | -10.9% |
| Amounts receivable after more than one year | 29 | €5,150 | €0 | -€5,150 | -100.0% |
| Other amounts receivable | 291 | €5,150 | €0 | -€5,150 | -100.0% |
| Amounts receivable within one year | 40/41 | €54,602 | €94,707 | +€40,105 | +73.4% |
| Trade receivables | 40 | €41,921 | €68,588 | +€26,667 | +63.6% |
| Other amounts receivable | 41 | €12,681 | €26,119 | +€13,438 | +106.0% |
| Cash at bank and in hand | 54/58 | €80,283 | €11,572 | -€68,711 | -85.6% |
| Deferred charges and accrued income | 490/1 | - | €18,537 | +€18,537 | |
| Total equity and liabilities | 10/49 | €163,071 | €163,749 | +€678 | +0.4% |
| Equity | 10/15 | €90,151 | €19,001 | -€71,150 | -78.9% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €16,400 | €16,400 | = | 0.0% |
| Non-distributable reserves | 130/1 | €16,300 | €16,300 | = | 0.0% |
| Financial assistance | 1313 | €16,300 | €16,300 | = | 0.0% |
| Distributable reserves | 133 | €100 | €100 | = | 0.0% |
| Profit (loss) carried forward | 14 | €72,751 | €1,601 | -€71,150 | -97.8% |
| Amounts payable | 17/49 | €72,920 | €144,748 | +€71,828 | +98.5% |
| Amounts payable after more than one year | 17 | - | €8,333 | +€8,333 | |
| Financial debts | 170/4 | - | €8,333 | +€8,333 | |
| Amounts payable within one year | 42/48 | €72,668 | €136,415 | +€63,747 | +87.7% |
| Current portion of amounts payable after more than one year | 42 | - | €33,334 | +€33,334 | |
| Financial debts | 43 | €10,698 | €55,522 | +€44,824 | +419.0% |
| Credit institutions | 430/8 | €10,698 | €55,522 | +€44,824 | +419.0% |
| Trade debts | 44 | €17,098 | €37,602 | +€20,504 | +119.9% |
| Suppliers | 440/4 | €17,098 | €37,602 | +€20,504 | +119.9% |
| Taxes, remuneration and social security | 45 | €18,354 | €8,596 | -€9,758 | -53.2% |
| Taxes | 450/3 | €18,354 | €8,385 | -€9,969 | -54.3% |
| Remuneration and social security | 454/9 | - | €211 | +€211 | |
| Other amounts payable | 47/48 | €26,518 | €1,362 | -€25,157 | -94.9% |
| Accrued charges and deferred income | 492/3 | €252 | €0 | -€252 | -100.0% |
| Non-recurring operating income | 76A | €11,146 | €604 | -€10,542 | -94.6% |
| Remuneration, social security and pensions | 62 | €3,445 | €4,195 | +€750 | +21.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,101 | €9,137 | +€2,036 | +28.7% |
| Other operating charges | 640/8 | €1,521 | €1,341 | -€180 | -11.9% |
| Gross operating margin | 9900 | €85,523 | -€49,353 | -€134,876 | |
| Operating profit (loss) | 9901 | €73,456 | -€64,027 | -€137,483 | |
| Financial income | 75/76B | €320 | €482 | +€162 | +50.5% |
| Recurring financial income | 75 | €320 | €482 | +€162 | +50.5% |
| Financial charges | 65/66B | €3,446 | €8,185 | +€4,739 | +137.5% |
| Recurring financial charges | 65 | €3,446 | €8,185 | +€4,739 | +137.5% |
| Profit (loss) for the period before taxes | 9903 | €70,331 | -€71,730 | -€142,060 | |
| Income taxes | 67/77 | €15,448 | -€580 | -€16,028 | |
| Profit (loss) for the period | 9904 | €54,882 | -€71,150 | -€126,032 | |
| Profit (loss) for the period to be appropriated | 9905 | €54,882 | -€71,150 | -€126,032 |
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 8 October 2026 via checked.be.