CHRISTOPHE BEL: 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.
CHRISTOPHE BEL
Largest movements
- Receivables within one year +€7,097
up €7,097 (+665%), from €1,067 to €8,164
of which Trade receivables: +€5,804
- Cash +€6,522
up €6,522 (+25.0%), from €26,069 to €32,591
mainly Net result for the year (+€11,482) and Depreciation (+€5,307)
- Deferred charges and accrued income -€4,880
down €4,880 (-69.6%), from €7,015 to €2,136
- Tangible fixed assets +€1,502
up €1,502 (+9.0%), from €16,689 to €18,191
of which Other tangible fixed assets: +€3,809
- Profit (loss) carried forward +€9,337
up €9,337, from -€9,337 to €0
- Reserves +€2,146
up €2,146 (+6.1%), from €35,059 to €37,205
- Trade debts -€1,731
down €1,731 (-30.2%), from €5,728 to €3,997
- Tax, wage and social debts +€1,114
up €1,114 (+116%), from €964 to €2,077
of which Remuneration and social security: +€1,300
- Gross operating margin +€11,525
up €11,525 (+117%), from €9,854 to €21,380
- Taxes +€3,529
up €3,529 (+1,989%), from €177 to €3,707
- Depreciation +€661
up €661 (+14.2%), from €4,646 to €5,307
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 | €53,091 | €63,332 | +€10,241 | +19.3% |
| Fixed assets | 21/28 | €18,939 | €20,441 | +€1,502 | +7.9% |
| Tangible fixed assets | 22/27 | €16,689 | €18,191 | +€1,502 | +9.0% |
| Land and buildings | 22 | €2,976 | €393 | -€2,583 | -86.8% |
| Plant, machinery and equipment | 23 | - | €1,175 | +€1,175 | |
| Furniture and vehicles | 24 | €4,931 | €4,033 | -€899 | -18.2% |
| Other tangible fixed assets | 26 | €8,782 | €12,591 | +€3,809 | +43.4% |
| Financial fixed assets | 28 | €2,250 | €2,250 | = | 0.0% |
| Current assets | 29/58 | €34,152 | €42,891 | +€8,739 | +25.6% |
| Amounts receivable within one year | 40/41 | €1,067 | €8,164 | +€7,097 | +665% |
| Trade receivables | 40 | €1,067 | €6,871 | +€5,804 | +544% |
| Other amounts receivable | 41 | - | €1,293 | +€1,293 | |
| Cash at bank and in hand | 54/58 | €26,069 | €32,591 | +€6,522 | +25.0% |
| Deferred charges and accrued income | 490/1 | €7,015 | €2,136 | -€4,880 | -69.6% |
| Total equity and liabilities | 10/49 | €53,091 | €63,332 | +€10,241 | +19.3% |
| Equity | 10/15 | €44,322 | €55,805 | +€11,482 | +25.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €35,059 | €37,205 | +€2,146 | +6.1% |
| Distributable reserves | 133 | €35,059 | €37,205 | +€2,146 | +6.1% |
| Profit (loss) carried forward | 14 | -€9,337 | €0 | +€9,337 | |
| Amounts payable | 17/49 | €8,768 | €7,527 | -€1,241 | -14.2% |
| Amounts payable within one year | 42/48 | €8,768 | €7,527 | -€1,241 | -14.2% |
| Financial debts | 43 | €641 | €11 | -€630 | -98.3% |
| Credit institutions | 430/8 | €641 | €11 | -€630 | -98.3% |
| Trade debts | 44 | €5,728 | €3,997 | -€1,731 | -30.2% |
| Suppliers | 440/4 | €5,728 | €3,997 | -€1,731 | -30.2% |
| Taxes, remuneration and social security | 45 | €964 | €2,077 | +€1,114 | +116% |
| Taxes | 450/3 | €364 | €177 | -€186 | -51.2% |
| Remuneration and social security | 454/9 | €600 | €1,900 | +€1,300 | +217% |
| Other amounts payable | 47/48 | €1,436 | €1,442 | +€6 | +0.4% |
| Non-recurring operating income | 76A | - | €250 | +€250 | |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,646 | €5,307 | +€661 | +14.2% |
| Other operating charges | 640/8 | €841 | €867 | +€26 | +3.0% |
| Non-recurring operating charges | 66A | €459 | €0 | -€459 | -100% |
| Gross operating margin | 9900 | €9,854 | €21,380 | +€11,525 | +117% |
| Operating profit (loss) | 9901 | €3,908 | €15,205 | +€11,297 | +289% |
| Financial income | 75/76B | €82 | €29 | -€53 | -64.9% |
| Recurring financial income | 75 | €82 | €29 | -€53 | -64.9% |
| Financial charges | 65/66B | €127 | €45 | -€82 | -64.5% |
| Recurring financial charges | 65 | €127 | €45 | -€82 | -64.5% |
| Profit (loss) for the period before taxes | 9903 | €3,863 | €15,189 | +€11,326 | +293% |
| Income taxes | 67/77 | €177 | €3,707 | +€3,529 | +1,989% |
| Profit (loss) for the period | 9904 | €3,686 | €11,482 | +€7,797 | +212% |
| Profit (loss) for the period to be appropriated | 9905 | €3,686 | €11,482 | +€7,797 | +212% |
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 19 October 2026 via checked.be.