Circuit: 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.
Circuit
Largest movements
- Cash -€48,938
down €48,938 (-60.7%), from €80,594 to €31,655
mainly Investment in fixed assets (net) (-€57,483) and Receivables within one year (-€25,380)
- Tangible fixed assets +€42,998
up €42,998 (+182.2%), from €23,598 to €66,596
of which Leasing and similar rights: +€45,107
- Receivables within one year +€25,380
up €25,380 (+19.7%), from €128,672 to €154,052
of which Trade receivables: +€14,509
- Deferred charges and accrued income -€3,291
down €3,291 (-71.9%), from €4,575 to €1,284
- Debts after one year +€31,440
new in 2025: €31,440
- Tax, wage and social debts -€18,445
down €18,445 (-57.8%), from €31,894 to €13,449
of which Remuneration and social security: -€15,136
- Current portion of long-term debt +€9,910
new in 2025: €9,910
- Trade debts -€6,197
down €6,197 (-6.0%), from €103,964 to €97,767
- Turnover -€804,455
no longer reported in 2025 (was €804,455)
- Purchases and services -€666,448
no longer reported in 2025 (was €666,448)
- Gross operating margin +€25,157
up €25,157 (+17.9%), from €140,514 to €165,671
- Staff costs +€20,816
up €20,816 (+16.4%), from €127,065 to €147,882
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 | €237,438 | €253,587 | +€16,148 | +6.8% |
| Fixed assets | 21/28 | €23,598 | €66,596 | +€42,998 | +182.2% |
| Tangible fixed assets | 22/27 | €23,598 | €66,596 | +€42,998 | +182.2% |
| Plant, machinery and equipment | 23 | - | €3,891 | +€3,891 | |
| Furniture and vehicles | 24 | €23,598 | €17,598 | -€6,000 | -25.4% |
| Leasing and similar rights | 25 | - | €45,107 | +€45,107 | |
| Current assets | 29/58 | €213,841 | €186,991 | -€26,850 | -12.6% |
| Amounts receivable within one year | 40/41 | €128,672 | €154,052 | +€25,380 | +19.7% |
| Trade receivables | 40 | €127,922 | €142,431 | +€14,509 | +11.3% |
| Other amounts receivable | 41 | €750 | €11,621 | +€10,871 | +1449.0% |
| Cash at bank and in hand | 54/58 | €80,594 | €31,655 | -€48,938 | -60.7% |
| Deferred charges and accrued income | 490/1 | €4,575 | €1,284 | -€3,291 | -71.9% |
| Total equity and liabilities | 10/49 | €237,438 | €253,587 | +€16,148 | +6.8% |
| Equity | 10/15 | €101,580 | €101,020 | -€560 | -0.6% |
| Contributions | 10/11 | €7,500 | €7,500 | = | 0.0% |
| Reserves | 13 | €94,645 | €94,645 | = | 0.0% |
| Distributable reserves | 133 | €94,645 | €94,645 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€565 | -€1,125 | -€560 | -99.2% |
| Amounts payable | 17/49 | €135,858 | €152,567 | +€16,709 | +12.3% |
| Amounts payable after more than one year | 17 | - | €31,440 | +€31,440 | |
| Financial debts | 170/4 | - | €31,440 | +€31,440 | |
| Amounts payable within one year | 42/48 | €135,858 | €121,127 | -€14,732 | -10.8% |
| Current portion of amounts payable after more than one year | 42 | - | €9,910 | +€9,910 | |
| Trade debts | 44 | €103,964 | €97,767 | -€6,197 | -6.0% |
| Suppliers | 440/4 | €103,964 | €97,767 | -€6,197 | -6.0% |
| Taxes, remuneration and social security | 45 | €31,894 | €13,449 | -€18,445 | -57.8% |
| Taxes | 450/3 | €16,758 | €13,449 | -€3,309 | -19.7% |
| Remuneration and social security | 454/9 | €15,136 | €0 | -€15,136 | -100.0% |
| Turnover | 70 | €804,455 | - | -€804,455 | |
| Non-recurring operating income | 76A | €0 | €3,935 | +€3,935 | |
| Goods, raw materials, services and sundry goods | 60/61 | €666,448 | - | -€666,448 | |
| Remuneration, social security and pensions | 62 | €127,065 | €147,882 | +€20,816 | +16.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,476 | €14,485 | +€3,009 | +26.2% |
| Other operating charges | 640/8 | €283 | €169 | -€114 | -40.2% |
| Gross operating margin | 9900 | €140,514 | €165,671 | +€25,157 | +17.9% |
| Operating profit (loss) | 9901 | €1,689 | €3,134 | +€1,445 | +85.5% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €1,005 | €2,212 | +€1,207 | +120.2% |
| Recurring financial charges | 65 | €1,005 | €2,212 | +€1,207 | +120.2% |
| Profit (loss) for the period before taxes | 9903 | €685 | €923 | +€238 | +34.8% |
| Income taxes | 67/77 | €1,250 | €1,483 | +€233 | +18.7% |
| Profit (loss) for the period | 9904 | -€565 | -€560 | +€5 | +0.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€565 | -€560 | +€5 | +0.8% |
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.