COLLECTION: 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.
COLLECTION
Largest movements
- Receivables within one year -€1.6m
down €1.6m (-90.2%), from €1.7m to €170,549
of which Other amounts receivable: -€1.6m
- Cash +€898,234
up €898,234 (+289.3%), from €310,474 to €1.2m
mainly Receivables within one year (+€1.6m) and Investment in fixed assets (net) (+€298,556)
- Financial fixed assets -€299,669
down €299,669 (-9.9%), from €3.0m to €2.7m
- Receivables after one year +€256,413
new in 2025: €256,413
- Reserves -€568,681
down €568,681 (-16.0%), from €3.6m to €3.0m
- Tax, wage and social debts -€203,138
down €203,138 (-68.4%), from €296,887 to €93,749
of which Taxes: -€203,545
- Other debts +€125,201
up €125,201 (+13.2%), from €949,465 to €1.1m
- Profit (loss) carried forward -€72,952
new in 2025: -€72,952
- Financial income -€785,815
down €785,815 (-90.5%), from €868,558 to €82,743
of which Financial income: -€785,237
- Financial charges +€232,699
up €232,699 (+13619.8%), from €1,709 to €234,407
of which Non-recurring financial charges: +€233,954
- Taxes -€83,940
down €83,940 (-91.2%), from €92,014 to €8,074
- Depreciation -€10,386
down €10,386 (-77.4%), from €13,423 to €3,037
- Gross operating margin -€8,414
down €8,414 (-11.0%), from €76,168 to €67,753
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 | €5,109,640 | €4,387,589 | -€722,051 | -14.1% |
| Fixed assets | 21/28 | €3,048,116 | €2,746,522 | -€301,594 | -9.9% |
| Tangible fixed assets | 22/27 | €27,103 | €25,178 | -€1,925 | -7.1% |
| Plant, machinery and equipment | 23 | €26,644 | €24,284 | -€2,361 | -8.9% |
| Furniture and vehicles | 24 | €458 | €894 | +€436 | +95.2% |
| Financial fixed assets | 28 | €3,021,014 | €2,721,345 | -€299,669 | -9.9% |
| Current assets | 29/58 | €2,061,524 | €1,641,066 | -€420,458 | -20.4% |
| Amounts receivable after more than one year | 29 | - | €256,413 | +€256,413 | |
| Other amounts receivable | 291 | - | €256,413 | +€256,413 | |
| Amounts receivable within one year | 40/41 | €1,746,309 | €170,549 | -€1.6m | -90.2% |
| Trade receivables | 40 | €22,386 | €7,989 | -€14,397 | -64.3% |
| Other amounts receivable | 41 | €1,723,923 | €162,560 | -€1.6m | -90.6% |
| Cash at bank and in hand | 54/58 | €310,474 | €1,208,708 | +€898,234 | +289.3% |
| Deferred charges and accrued income | 490/1 | €4,741 | €5,396 | +€655 | +13.8% |
| Total equity and liabilities | 10/49 | €5,109,640 | €4,387,589 | -€722,051 | -14.1% |
| Equity | 10/15 | €3,856,469 | €3,214,836 | -€641,633 | -16.6% |
| Contributions | 10/11 | €295,000 | €295,000 | = | 0.0% |
| Reserves | 13 | €3,561,469 | €2,992,788 | -€568,681 | -16.0% |
| Distributable reserves | 133 | €3,561,469 | €2,992,788 | -€568,681 | -16.0% |
| Profit (loss) carried forward | 14 | - | -€72,952 | -€72,952 | |
| Amounts payable | 17/49 | €1,253,171 | €1,172,753 | -€80,418 | -6.4% |
| Amounts payable within one year | 42/48 | €1,252,816 | €1,172,501 | -€80,315 | -6.4% |
| Financial debts | 43 | €2,537 | €2,528 | -€9 | -0.3% |
| Credit institutions | 430/8 | €2,537 | €2,528 | -€9 | -0.3% |
| Trade debts | 44 | €3,927 | €1,558 | -€2,369 | -60.3% |
| Suppliers | 440/4 | €3,927 | €1,558 | -€2,369 | -60.3% |
| Taxes, remuneration and social security | 45 | €296,887 | €93,749 | -€203,138 | -68.4% |
| Taxes | 450/3 | €287,511 | €83,966 | -€203,545 | -70.8% |
| Remuneration and social security | 454/9 | €9,376 | €9,783 | +€407 | +4.3% |
| Other amounts payable | 47/48 | €949,465 | €1,074,666 | +€125,201 | +13.2% |
| Accrued charges and deferred income | 492/3 | €356 | €252 | -€104 | -29.2% |
| Remuneration, social security and pensions | 62 | €42,948 | €44,333 | +€1,385 | +3.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,423 | €3,037 | -€10,386 | -77.4% |
| Other operating charges | 640/8 | €1,533 | €1,632 | +€99 | +6.4% |
| Gross operating margin | 9900 | €76,168 | €67,753 | -€8,414 | -11.0% |
| Operating profit (loss) | 9901 | €18,264 | €18,751 | +€488 | +2.7% |
| Financial income | 75/76B | €868,558 | €82,743 | -€785,815 | -90.5% |
| Recurring financial income | 75 | €867,980 | €82,743 | -€785,237 | -90.5% |
| Non-recurring financial income | 76B | €579 | - | -€579 | |
| Financial charges | 65/66B | €1,709 | €234,407 | +€232,699 | +13619.8% |
| Recurring financial charges | 65 | €1,709 | €453 | -€1,255 | -73.5% |
| Non-recurring financial charges | 66B | - | €233,954 | +€233,954 | |
| Profit (loss) for the period before taxes | 9903 | €885,114 | -€132,913 | -€1.0m | |
| Income taxes | 67/77 | €92,014 | €8,074 | -€83,940 | -91.2% |
| Profit (loss) for the period | 9904 | €793,099 | -€140,987 | -€934,086 | |
| Profit (loss) for the period to be appropriated | 9905 | €793,099 | -€140,987 | -€934,086 |
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 12 October 2026 via checked.be.