CODE ZERO: 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 ZERO
Largest movements
- Cash -€22,483
down €22,483 (-41.2%), from €54,632 to €32,149
mainly Debts after one year (-€28,543) and Other debts (-€8,203)
- Tangible fixed assets -€14,629
down €14,629 (-3.5%), from €417,421 to €402,792
of which Land and buildings: -€12,180
- Receivables within one year +€5,406
up €5,406 (+47.2%), from €11,455 to €16,861
of which Other amounts receivable: +€7,017
- Debts after one year -€28,543
down €28,543 (-9.6%), from €298,283 to €269,740
- Reserves +€10,839
up €10,839 (+9.4%), from €115,147 to €125,986
- Other debts -€8,203
no longer reported in 2025 (was €8,203)
- Short-term financial debts -€7,057
no longer reported in 2025 (was €7,057)
- Gross operating margin -€58,647
down €58,647 (-55.1%), from €106,435 to €47,788
- Taxes -€17,200
down €17,200 (-70.0%), from €24,566 to €7,366
- Depreciation +€3,386
up €3,386 (+19.5%), from €17,388 to €20,774
- Financial charges +€1,739
up €1,739 (+31.5%), from €5,525 to €7,263
- Other operating charges +€1,448
up €1,448 (+178.7%), from €811 to €2,259
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 | €486,455 | €453,492 | -€32,963 | -6.8% |
| Fixed assets | 21/28 | €417,776 | €403,147 | -€14,629 | -3.5% |
| Tangible fixed assets | 22/27 | €417,421 | €402,792 | -€14,629 | -3.5% |
| Land and buildings | 22 | €391,561 | €379,382 | -€12,180 | -3.1% |
| Furniture and vehicles | 24 | €12,260 | €9,811 | -€2,449 | -20.0% |
| Other tangible fixed assets | 26 | €13,600 | €13,600 | = | 0.0% |
| Financial fixed assets | 28 | €355 | €355 | = | 0.0% |
| Current assets | 29/58 | €68,679 | €50,344 | -€18,335 | -26.7% |
| Amounts receivable within one year | 40/41 | €11,455 | €16,861 | +€5,406 | +47.2% |
| Trade receivables | 40 | €11,434 | €9,823 | -€1,611 | -14.1% |
| Other amounts receivable | 41 | €21 | €7,038 | +€7,017 | +33414.5% |
| Cash at bank and in hand | 54/58 | €54,632 | €32,149 | -€22,483 | -41.2% |
| Deferred charges and accrued income | 490/1 | €2,592 | €1,334 | -€1,257 | -48.5% |
| Total equity and liabilities | 10/49 | €486,455 | €453,492 | -€32,963 | -6.8% |
| Equity | 10/15 | €133,747 | €144,586 | +€10,839 | +8.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €115,147 | €125,986 | +€10,839 | +9.4% |
| Distributable reserves | 133 | €115,147 | €125,986 | +€10,839 | +9.4% |
| Amounts payable | 17/49 | €352,708 | €308,905 | -€43,803 | -12.4% |
| Amounts payable after more than one year | 17 | €298,283 | €269,740 | -€28,543 | -9.6% |
| Financial debts | 170/4 | €298,283 | €269,740 | -€28,543 | -9.6% |
| Amounts payable within one year | 42/48 | €54,425 | €39,166 | -€15,259 | -28.0% |
| Current portion of amounts payable after more than one year | 42 | €26,902 | €27,375 | +€473 | +1.8% |
| Financial debts | 43 | €7,057 | - | -€7,057 | |
| Credit institutions | 430/8 | €7,057 | - | -€7,057 | |
| Trade debts | 44 | €1,476 | €1,766 | +€291 | +19.7% |
| Suppliers | 440/4 | €1,476 | €1,766 | +€291 | +19.7% |
| Taxes, remuneration and social security | 45 | €10,787 | €10,024 | -€763 | -7.1% |
| Taxes | 450/3 | €10,787 | €7,774 | -€3,013 | -27.9% |
| Remuneration and social security | 454/9 | - | €2,250 | +€2,250 | |
| Other amounts payable | 47/48 | €8,203 | - | -€8,203 | |
| Non-recurring operating income | 76A | €4,681 | - | -€4,681 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,388 | €20,774 | +€3,386 | +19.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €100 | - | -€100 | |
| Other operating charges | 640/8 | €811 | €2,259 | +€1,448 | +178.7% |
| Gross operating margin | 9900 | €106,435 | €47,788 | -€58,647 | -55.1% |
| Operating profit (loss) | 9901 | €88,136 | €24,755 | -€63,381 | -71.9% |
| Financial income | 75/76B | €734 | €714 | -€20 | -2.7% |
| Recurring financial income | 75 | €734 | €714 | -€20 | -2.7% |
| Financial charges | 65/66B | €5,525 | €7,263 | +€1,739 | +31.5% |
| Recurring financial charges | 65 | €5,525 | €7,263 | +€1,739 | +31.5% |
| Profit (loss) for the period before taxes | 9903 | €83,345 | €18,205 | -€65,140 | -78.2% |
| Income taxes | 67/77 | €24,566 | €7,366 | -€17,200 | -70.0% |
| Profit (loss) for the period | 9904 | €58,779 | €10,839 | -€47,939 | -81.6% |
| Profit (loss) for the period to be appropriated | 9905 | €58,779 | €10,839 | -€47,939 | -81.6% |
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 4 October 2026 via checked.be.