Code à l'os: 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.
Code à l'os
Largest movements
- Cash -€83,805
down €83,805 (-66.1%), from €126,841 to €43,035
mainly Contributions, distributions and other (-€165,000) and Tax, wage and social debts (-€21,399)
- Receivables within one year -€32,601
down €32,601 (-44.4%), from €73,381 to €40,780
of which Other amounts receivable: -€24,266
- Deferred charges and accrued income -€2,241
down €2,241 (-72.0%), from €3,112 to €871
- Tangible fixed assets -€2,148
down €2,148 (-75.2%), from €2,856 to €708
- Profit (loss) carried forward -€162,102
down €162,102 (-100.0%), from €162,102 to €0
- Reserves +€64,116
new in 2025: €64,116
- Tax, wage and social debts -€21,399
down €21,399 (-54.5%), from €39,297 to €17,897
- Gross operating margin +€28,505
up €28,505 (+49.5%), from €57,534 to €86,039
- Taxes +€5,527
up €5,527 (+49.1%), from €11,246 to €16,773
- Financial income -€1,070
down €1,070 (-55.1%), from €1,941 to €871
- Financial charges -€937
down €937 (-76.3%), from €1,228 to €291
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 | €206,189 | €85,394 | -€120,795 | -58.6% |
| Fixed assets | 21/28 | €2,856 | €708 | -€2,148 | -75.2% |
| Tangible fixed assets | 22/27 | €2,856 | €708 | -€2,148 | -75.2% |
| Plant, machinery and equipment | 23 | €2,856 | €708 | -€2,148 | -75.2% |
| Current assets | 29/58 | €203,333 | €84,686 | -€118,647 | -58.4% |
| Amounts receivable within one year | 40/41 | €73,381 | €40,780 | -€32,601 | -44.4% |
| Trade receivables | 40 | €42,753 | €34,419 | -€8,335 | -19.5% |
| Other amounts receivable | 41 | €30,627 | €6,361 | -€24,266 | -79.2% |
| Cash at bank and in hand | 54/58 | €126,841 | €43,035 | -€83,805 | -66.1% |
| Deferred charges and accrued income | 490/1 | €3,112 | €871 | -€2,241 | -72.0% |
| Total equity and liabilities | 10/49 | €206,189 | €85,394 | -€120,795 | -58.6% |
| Equity | 10/15 | €164,102 | €66,116 | -€97,986 | -59.7% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | - | €64,116 | +€64,116 | |
| Distributable reserves | 133 | - | €64,116 | +€64,116 | |
| Profit (loss) carried forward | 14 | €162,102 | €0 | -€162,102 | -100.0% |
| Amounts payable | 17/49 | €42,087 | €19,278 | -€22,809 | -54.2% |
| Amounts payable within one year | 42/48 | €42,087 | €19,278 | -€22,809 | -54.2% |
| Trade debts | 44 | €2,791 | €1,381 | -€1,410 | -50.5% |
| Suppliers | 440/4 | €2,791 | €1,381 | -€1,410 | -50.5% |
| Taxes, remuneration and social security | 45 | €39,297 | €17,897 | -€21,399 | -54.5% |
| Taxes | 450/3 | €39,297 | €17,897 | -€21,399 | -54.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,148 | €2,148 | = | 0.0% |
| Other operating charges | 640/8 | €0 | €684 | +€684 | |
| Gross operating margin | 9900 | €57,534 | €86,039 | +€28,505 | +49.5% |
| Operating profit (loss) | 9901 | €55,386 | €83,207 | +€27,821 | +50.2% |
| Financial income | 75/76B | €1,941 | €871 | -€1,070 | -55.1% |
| Recurring financial income | 75 | €1,941 | €871 | -€1,070 | -55.1% |
| Financial charges | 65/66B | €1,228 | €291 | -€937 | -76.3% |
| Recurring financial charges | 65 | €1,228 | €291 | -€937 | -76.3% |
| Profit (loss) for the period before taxes | 9903 | €56,099 | €83,787 | +€27,688 | +49.4% |
| Income taxes | 67/77 | €11,246 | €16,773 | +€5,527 | +49.1% |
| Profit (loss) for the period | 9904 | €44,853 | €67,014 | +€22,161 | +49.4% |
| Profit (loss) for the period to be appropriated | 9905 | €44,853 | €67,014 | +€22,161 | +49.4% |
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 6 October 2026 via checked.be.