CLUSTER: 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.
CLUSTER
Largest movements
- Receivables after one year +€118,000
new in 2025: €118,000
- Receivables within one year -€38,914
down €38,914 (-60.1%), from €64,751 to €25,837
of which Trade receivables: -€48,400
- Cash -€27,944
down €27,944 (-73.4%), from €38,047 to €10,103
mainly Receivables after one year (-€118,000) and Tax, wage and social debts (-€6,049)
- Reserves +€57,614
up €57,614 (+115%), from €50,229 to €107,843
- Tax, wage and social debts -€6,049
down €6,049 (-20.4%), from €29,638 to €23,589
- Gross operating margin +€20,027
up €20,027 (+30.3%), from €66,163 to €86,189
- Taxes +€13,522
up €13,522 (+87.1%), from €15,523 to €29,045
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 | €103,911 | €155,151 | +€51,240 | +49.3% |
| Current assets | 29/58 | €103,911 | €155,151 | +€51,240 | +49.3% |
| Amounts receivable after more than one year | 29 | - | €118,000 | +€118,000 | |
| Other amounts receivable | 291 | - | €118,000 | +€118,000 | |
| Amounts receivable within one year | 40/41 | €64,751 | €25,837 | -€38,914 | -60.1% |
| Trade receivables | 40 | €48,400 | - | -€48,400 | |
| Other amounts receivable | 41 | €16,351 | €25,837 | +€9,486 | +58.0% |
| Cash at bank and in hand | 54/58 | €38,047 | €10,103 | -€27,944 | -73.4% |
| Deferred charges and accrued income | 490/1 | €1,113 | €1,211 | +€98 | +8.8% |
| Total equity and liabilities | 10/49 | €103,911 | €155,151 | +€51,240 | +49.3% |
| Equity | 10/15 | €72,229 | €129,843 | +€57,614 | +79.8% |
| Contributions | 10/11 | €22,000 | €22,000 | = | 0.0% |
| Reserves | 13 | €50,229 | €107,843 | +€57,614 | +115% |
| Distributable reserves | 133 | €50,229 | €107,843 | +€57,614 | +115% |
| Amounts payable | 17/49 | €31,682 | €25,308 | -€6,374 | -20.1% |
| Amounts payable within one year | 42/48 | €31,682 | €25,308 | -€6,374 | -20.1% |
| Trade debts | 44 | €2,044 | €1,719 | -€325 | -15.9% |
| Suppliers | 440/4 | €2,044 | €1,719 | -€325 | -15.9% |
| Taxes, remuneration and social security | 45 | €29,638 | €23,589 | -€6,049 | -20.4% |
| Taxes | 450/3 | €29,638 | €23,589 | -€6,049 | -20.4% |
| Other operating charges | 640/8 | €396 | €654 | +€258 | +65.3% |
| Gross operating margin | 9900 | €66,163 | €86,189 | +€20,027 | +30.3% |
| Operating profit (loss) | 9901 | €65,767 | €85,536 | +€19,768 | +30.1% |
| Financial income | 75/76B | €1,115 | €1,211 | +€96 | +8.6% |
| Recurring financial income | 75 | €1,115 | €1,211 | +€96 | +8.6% |
| Financial charges | 65/66B | €44 | €87 | +€44 | +101% |
| Recurring financial charges | 65 | €44 | €87 | +€44 | +101% |
| Profit (loss) for the period before taxes | 9903 | €66,838 | €86,659 | +€19,821 | +29.7% |
| Income taxes | 67/77 | €15,523 | €29,045 | +€13,522 | +87.1% |
| Profit (loss) for the period | 9904 | €51,315 | €57,614 | +€6,299 | +12.3% |
| Profit (loss) for the period to be appropriated | 9905 | €51,315 | €57,614 | +€6,299 | +12.3% |
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 14 October 2026 via checked.be.