CO-CREATION: 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.
CO-CREATION
Largest movements
- Receivables within one year +€51,170
up €51,170 (+143.9%), from €35,549 to €86,719
of which Other amounts receivable: +€40,310
- Tangible fixed assets -€22,497
down €22,497 (-13.6%), from €165,949 to €143,452
of which Leasing and similar rights: -€17,809
- Cash +€19,320
up €19,320 (+127.0%), from €15,208 to €34,529
mainly Net result for the year (+€52,335) and Depreciation (+€33,635)
- Reserves +€52,335
up €52,335 (+65.9%), from €79,361 to €131,696
- Trade debts +€29,483
up €29,483 (+434.6%), from €6,783 to €36,266
- Other debts -€18,161
down €18,161 (-95.4%), from €19,031 to €871
- Debts after one year -€12,392
down €12,392 (-23.1%), from €53,750 to €41,358
of which Financial debts: -€14,192
- Short-term financial debts -€3,838
down €3,838 (-90.3%), from €4,248 to €410
- Gross operating margin +€49,853
up €49,853 (+72.1%), from €69,137 to €118,991
- Depreciation +€12,277
up €12,277 (+57.5%), from €21,358 to €33,635
- Taxes +€11,037
up €11,037 (+71.4%), from €15,457 to €26,495
- Staff costs +€1,875
new in 2025: €1,875
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 | €225,442 | €270,270 | +€44,828 | +19.9% |
| Fixed assets | 21/28 | €165,949 | €143,452 | -€22,497 | -13.6% |
| Tangible fixed assets | 22/27 | €165,949 | €143,452 | -€22,497 | -13.6% |
| Land and buildings | 22 | €2,611 | €1,639 | -€972 | -37.2% |
| Plant, machinery and equipment | 23 | €43,129 | €40,060 | -€3,069 | -7.1% |
| Furniture and vehicles | 24 | €4,436 | €6,404 | +€1,968 | +44.4% |
| Leasing and similar rights | 25 | €80,457 | €62,648 | -€17,809 | -22.1% |
| Other tangible fixed assets | 26 | €35,316 | €32,702 | -€2,614 | -7.4% |
| Current assets | 29/58 | €59,493 | €126,817 | +€67,325 | +113.2% |
| Stocks and contracts in progress | 3 | €7,330 | €5,569 | -€1,761 | -24.0% |
| Stocks | 30/36 | €7,330 | €5,569 | -€1,761 | -24.0% |
| Amounts receivable within one year | 40/41 | €35,549 | €86,719 | +€51,170 | +143.9% |
| Trade receivables | 40 | €35,537 | €46,398 | +€10,860 | +30.6% |
| Other amounts receivable | 41 | €12 | €40,322 | +€40,310 | +335913.5% |
| Cash at bank and in hand | 54/58 | €15,208 | €34,529 | +€19,320 | +127.0% |
| Deferred charges and accrued income | 490/1 | €1,405 | €0 | -€1,405 | -100.0% |
| Total equity and liabilities | 10/49 | €225,442 | €270,270 | +€44,828 | +19.9% |
| Equity | 10/15 | €85,565 | €137,900 | +€52,335 | +61.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €79,361 | €131,696 | +€52,335 | +65.9% |
| Distributable reserves | 133 | €79,361 | €131,696 | +€52,335 | +65.9% |
| Profit (loss) carried forward | 14 | €4 | €4 | +€0 | +0.2% |
| Amounts payable | 17/49 | €139,877 | €132,370 | -€7,507 | -5.4% |
| Amounts payable after more than one year | 17 | €53,750 | €41,358 | -€12,392 | -23.1% |
| Financial debts | 170/4 | €53,750 | €39,558 | -€14,192 | -26.4% |
| Other amounts payable | 178/9 | - | €1,800 | +€1,800 | |
| Amounts payable within one year | 42/48 | €86,127 | €91,012 | +€4,885 | +5.7% |
| Current portion of amounts payable after more than one year | 42 | €13,483 | €14,192 | +€709 | +5.3% |
| Financial debts | 43 | €4,248 | €410 | -€3,838 | -90.3% |
| Credit institutions | 430/8 | €4,248 | €410 | -€3,838 | -90.3% |
| Trade debts | 44 | €6,783 | €36,266 | +€29,483 | +434.6% |
| Suppliers | 440/4 | €6,783 | €36,266 | +€29,483 | +434.6% |
| Taxes, remuneration and social security | 45 | €42,582 | €39,273 | -€3,309 | -7.8% |
| Taxes | 450/3 | €28,346 | €37,050 | +€8,704 | +30.7% |
| Remuneration and social security | 454/9 | €14,236 | €2,223 | -€12,013 | -84.4% |
| Other amounts payable | 47/48 | €19,031 | €871 | -€18,161 | -95.4% |
| Non-recurring operating income | 76A | €0 | €608 | +€608 | |
| Remuneration, social security and pensions | 62 | - | €1,875 | +€1,875 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,358 | €33,635 | +€12,277 | +57.5% |
| Other operating charges | 640/8 | €2,130 | €1,544 | -€587 | -27.5% |
| Gross operating margin | 9900 | €69,137 | €118,991 | +€49,853 | +72.1% |
| Operating profit (loss) | 9901 | €45,649 | €81,937 | +€36,288 | +79.5% |
| Financial income | 75/76B | €224 | €518 | +€294 | +131.2% |
| Recurring financial income | 75 | €224 | €518 | +€294 | +131.2% |
| Financial charges | 65/66B | €3,555 | €3,626 | +€70 | +2.0% |
| Recurring financial charges | 65 | €3,555 | €3,626 | +€70 | +2.0% |
| Profit (loss) for the period before taxes | 9903 | €42,318 | €78,830 | +€36,511 | +86.3% |
| Income taxes | 67/77 | €15,457 | €26,495 | +€11,037 | +71.4% |
| Profit (loss) for the period | 9904 | €26,861 | €52,335 | +€25,474 | +94.8% |
| Profit (loss) for the period to be appropriated | 9905 | €26,861 | €52,335 | +€25,474 | +94.8% |
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 29 September 2026 via checked.be.