CHRIS OLIVER: 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.
CHRIS OLIVER
Largest movements
- Cash +€93,890
up €93,890 (+121.3%), from €77,399 to €171,289
mainly Trade debts (+€59,378) and Net result for the year (+€19,085)
- Trade debts +€59,378
up €59,378 (+60.5%), from €98,115 to €157,492
- Profit (loss) carried forward +€19,085
up €19,085 (+6.3%), from €303,173 to €322,259
- Current portion of long-term debt -€13,574
no longer reported in 2025 (was €13,574)
- Gross operating margin -€29,668
down €29,668 (-8.3%), from €356,599 to €326,931
- Taxes -€7,824
down €7,824 (-47.1%), from €16,624 to €8,800
- Staff costs +€5,726
up €5,726 (+1.9%), from €306,074 to €311,800
- Depreciation -€4,218
down €4,218 (-77.9%), from €5,413 to €1,194
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 | €807,760 | €878,462 | +€70,702 | +8.8% |
| Fixed assets | 21/28 | €5,641 | - | -€5,641 | |
| Tangible fixed assets | 22/27 | €5,641 | - | -€5,641 | |
| Plant, machinery and equipment | 23 | €1,064 | - | -€1,064 | |
| Furniture and vehicles | 24 | €4,577 | - | -€4,577 | |
| Current assets | 29/58 | €802,120 | €878,462 | +€76,343 | +9.5% |
| Stocks and contracts in progress | 3 | €337,834 | €329,267 | -€8,567 | -2.5% |
| Stocks | 30/36 | €337,834 | €329,267 | -€8,567 | -2.5% |
| Amounts receivable within one year | 40/41 | €377,281 | €368,974 | -€8,307 | -2.2% |
| Trade receivables | 40 | €30,749 | €20,450 | -€10,299 | -33.5% |
| Other amounts receivable | 41 | €346,532 | €348,524 | +€1,991 | +0.6% |
| Cash at bank and in hand | 54/58 | €77,399 | €171,289 | +€93,890 | +121.3% |
| Deferred charges and accrued income | 490/1 | €9,606 | €8,932 | -€674 | -7.0% |
| Total equity and liabilities | 10/49 | €807,760 | €878,462 | +€70,702 | +8.8% |
| Equity | 10/15 | €622,541 | €641,627 | +€19,085 | +3.1% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €219,368 | €219,368 | = | 0.0% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €10,000 | €10,000 | = | 0.0% |
| Distributable reserves | 133 | €209,368 | €209,368 | = | 0.0% |
| Profit (loss) carried forward | 14 | €303,173 | €322,259 | +€19,085 | +6.3% |
| Amounts payable | 17/49 | €185,219 | €236,836 | +€51,617 | +27.9% |
| Amounts payable within one year | 42/48 | €185,219 | €236,836 | +€51,617 | +27.9% |
| Current portion of amounts payable after more than one year | 42 | €13,574 | - | -€13,574 | |
| Trade debts | 44 | €98,115 | €157,492 | +€59,378 | +60.5% |
| Suppliers | 440/4 | €98,115 | €157,492 | +€59,378 | +60.5% |
| Taxes, remuneration and social security | 45 | €73,530 | €79,343 | +€5,813 | +7.9% |
| Taxes | 450/3 | €34,946 | €46,424 | +€11,478 | +32.8% |
| Remuneration and social security | 454/9 | €38,585 | €32,919 | -€5,665 | -14.7% |
| Non-recurring operating income | 76A | €3,559 | - | -€3,559 | |
| Remuneration, social security and pensions | 62 | €306,074 | €311,800 | +€5,726 | +1.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,413 | €1,194 | -€4,218 | -77.9% |
| Other operating charges | 640/8 | €7,037 | €8,902 | +€1,865 | +26.5% |
| Gross operating margin | 9900 | €356,599 | €326,931 | -€29,668 | -8.3% |
| Operating profit (loss) | 9901 | €38,075 | €5,035 | -€33,041 | -86.8% |
| Financial income | 75/76B | €32,323 | €29,448 | -€2,875 | -8.9% |
| Recurring financial income | 75 | €32,323 | €29,448 | -€2,875 | -8.9% |
| Financial charges | 65/66B | €7,105 | €6,597 | -€508 | -7.1% |
| Recurring financial charges | 65 | €7,105 | €6,597 | -€508 | -7.1% |
| Profit (loss) for the period before taxes | 9903 | €63,293 | €27,885 | -€35,408 | -55.9% |
| Income taxes | 67/77 | €16,624 | €8,800 | -€7,824 | -47.1% |
| Profit (loss) for the period | 9904 | €46,669 | €19,085 | -€27,584 | -59.1% |
| Profit (loss) for the period to be appropriated | 9905 | €46,669 | €19,085 | -€27,584 | -59.1% |
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 5 October 2026 via checked.be.