COACHING THE SHIFT: 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.
COACHING THE SHIFT
Largest movements
- Receivables within one year +€57,039
up €57,039 (+50.2%), from €113,718 to €170,757
of which Trade receivables: +€84,595
- Intangible fixed assets +€48,033
new in 2025: €48,033
- Cash -€44,070
down €44,070 (-56.2%), from €78,441 to €34,371
mainly Receivables within one year (-€57,039) and Investment in fixed assets (net) (-€55,465)
- Reserves +€51,429
up €51,429 (+71.2%), from €72,277 to €123,706
- Trade debts -€21,742
down €21,742 (-23.7%), from €91,553 to €69,812
- Tax, wage and social debts +€17,289
up €17,289 (+273.4%), from €6,324 to €23,613
- Accrued charges and deferred income +€16,331
up €16,331 (+68.3%), from €23,902 to €40,233
- Gross operating margin +€44,269
up €44,269 (+139.0%), from €31,839 to €76,108
- Taxes +€7,797
up €7,797 (+88.1%), from €8,847 to €16,644
- Depreciation +€7,432
new in 2025: €7,432
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 | €195,822 | €259,034 | +€63,212 | +32.3% |
| Fixed assets | 21/28 | - | €48,033 | +€48,033 | |
| Intangible fixed assets | 21 | - | €48,033 | +€48,033 | |
| Current assets | 29/58 | €195,822 | €211,001 | +€15,179 | +7.8% |
| Stocks and contracts in progress | 3 | €2,857 | €4,026 | +€1,169 | +40.9% |
| Stocks | 30/36 | €2,857 | €4,026 | +€1,169 | +40.9% |
| Amounts receivable within one year | 40/41 | €113,718 | €170,757 | +€57,039 | +50.2% |
| Trade receivables | 40 | €84,214 | €168,809 | +€84,595 | +100.5% |
| Other amounts receivable | 41 | €29,504 | €1,948 | -€27,556 | -93.4% |
| Cash at bank and in hand | 54/58 | €78,441 | €34,371 | -€44,070 | -56.2% |
| Deferred charges and accrued income | 490/1 | €806 | €1,847 | +€1,041 | +129.1% |
| Total equity and liabilities | 10/49 | €195,822 | €259,034 | +€63,212 | +32.3% |
| Equity | 10/15 | €73,277 | €124,706 | +€51,429 | +70.2% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €72,277 | €123,706 | +€51,429 | +71.2% |
| Distributable reserves | 133 | €72,277 | €123,706 | +€51,429 | +71.2% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €122,545 | €134,328 | +€11,783 | +9.6% |
| Amounts payable within one year | 42/48 | €98,643 | €94,095 | -€4,548 | -4.6% |
| Trade debts | 44 | €91,553 | €69,812 | -€21,742 | -23.7% |
| Suppliers | 440/4 | €91,553 | €69,812 | -€21,742 | -23.7% |
| Taxes, remuneration and social security | 45 | €6,324 | €23,613 | +€17,289 | +273.4% |
| Taxes | 450/3 | €6,324 | €23,613 | +€17,289 | +273.4% |
| Other amounts payable | 47/48 | €765 | €670 | -€95 | -12.5% |
| Accrued charges and deferred income | 492/3 | €23,902 | €40,233 | +€16,331 | +68.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €7,432 | +€7,432 | |
| Other operating charges | 640/8 | €632 | €526 | -€107 | -16.9% |
| Gross operating margin | 9900 | €31,839 | €76,108 | +€44,269 | +139.0% |
| Operating profit (loss) | 9901 | €31,207 | €68,150 | +€36,944 | +118.4% |
| Financial income | 75/76B | €159 | €183 | +€24 | +15.1% |
| Recurring financial income | 75 | €159 | €183 | +€24 | +15.1% |
| Financial charges | 65/66B | €242 | €260 | +€19 | +7.7% |
| Recurring financial charges | 65 | €242 | €260 | +€19 | +7.7% |
| Profit (loss) for the period before taxes | 9903 | €31,124 | €68,073 | +€36,949 | +118.7% |
| Income taxes | 67/77 | €8,847 | €16,644 | +€7,797 | +88.1% |
| Profit (loss) for the period | 9904 | €22,277 | €51,429 | +€29,152 | +130.9% |
| Profit (loss) for the period to be appropriated | 9905 | €22,277 | €51,429 | +€29,152 | +130.9% |
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 11 October 2026 via checked.be.