Chapter 41: 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 41
Largest movements
- Cash -€51,895
down €51,895 (-47.8%), from €108,521 to €56,626
mainly Contributions, distributions and other (-€90,147) and Other debts (-€15,841)
- Receivables within one year +€15,194
up €15,194 (+65.5%), from €23,183 to €38,377
of which Trade receivables: +€20,056
- Reserves -€26,589
down €26,589 (-100.0%), from €26,589 to €0
- Other debts -€15,841
down €15,841 (-15.8%), from €100,000 to €84,159
- Tax, wage and social debts +€3,125
up €3,125 (+25.9%), from €12,071 to €15,195
- Trade debts +€2,848
up €2,848 (+217.9%), from €1,307 to €4,154
- Gross operating margin -€7,598
down €7,598 (-8.3%), from €92,005 to €84,407
- Taxes -€1,223
down €1,223 (-6.8%), from €18,100 to €16,877
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 | €140,967 | €104,509 | -€36,458 | -25.9% |
| Fixed assets | 21/28 | €6,628 | €6,842 | +€214 | +3.2% |
| Tangible fixed assets | 22/27 | €6,628 | €6,842 | +€214 | +3.2% |
| Furniture and vehicles | 24 | €6,628 | €6,842 | +€214 | +3.2% |
| Current assets | 29/58 | €134,339 | €97,667 | -€36,672 | -27.3% |
| Amounts receivable within one year | 40/41 | €23,183 | €38,377 | +€15,194 | +65.5% |
| Trade receivables | 40 | €16,222 | €36,277 | +€20,056 | +123.6% |
| Other amounts receivable | 41 | €6,962 | €2,100 | -€4,862 | -69.8% |
| Cash at bank and in hand | 54/58 | €108,521 | €56,626 | -€51,895 | -47.8% |
| Deferred charges and accrued income | 490/1 | €2,634 | €2,664 | +€30 | +1.1% |
| Total equity and liabilities | 10/49 | €140,967 | €104,509 | -€36,458 | -25.9% |
| Equity | 10/15 | €27,589 | €1,000 | -€26,589 | -96.4% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €26,589 | €0 | -€26,589 | -100.0% |
| Distributable reserves | 133 | €26,589 | €0 | -€26,589 | -100.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €113,378 | €103,509 | -€9,868 | -8.7% |
| Amounts payable within one year | 42/48 | €113,378 | €103,509 | -€9,868 | -8.7% |
| Trade debts | 44 | €1,307 | €4,154 | +€2,848 | +217.9% |
| Suppliers | 440/4 | €1,307 | €4,154 | +€2,848 | +217.9% |
| Taxes, remuneration and social security | 45 | €12,071 | €15,195 | +€3,125 | +25.9% |
| Taxes | 450/3 | €12,071 | €15,195 | +€3,125 | +25.9% |
| Other amounts payable | 47/48 | €100,000 | €84,159 | -€15,841 | -15.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,660 | €2,362 | -€298 | -11.2% |
| Other operating charges | 640/8 | €864 | €866 | +€2 | +0.2% |
| Non-recurring operating charges | 66A | €466 | €531 | +€65 | +13.9% |
| Gross operating margin | 9900 | €92,005 | €84,407 | -€7,598 | -8.3% |
| Operating profit (loss) | 9901 | €88,015 | €80,648 | -€7,367 | -8.4% |
| Financial charges | 65/66B | €348 | €214 | -€135 | -38.6% |
| Recurring financial charges | 65 | €348 | €214 | -€135 | -38.6% |
| Profit (loss) for the period before taxes | 9903 | €87,667 | €80,434 | -€7,232 | -8.2% |
| Income taxes | 67/77 | €18,100 | €16,877 | -€1,223 | -6.8% |
| Profit (loss) for the period | 9904 | €69,567 | €63,557 | -€6,010 | -8.6% |
| Profit (loss) for the period to be appropriated | 9905 | €69,567 | €63,557 | -€6,010 | -8.6% |
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 7 October 2026 via checked.be.