CONCEPT 27: 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.
CONCEPT 27
Largest movements
- Tangible fixed assets -€36,326
down €36,326 (-23.5%), from €154,693 to €118,368
of which Assets under construction and advance payments: -€114,762
- Cash -€32,332
down €32,332 (-75.0%), from €43,112 to €10,780
mainly Net result for the year (-€60,566) and Other debts (-€8,916)
- Receivables within one year -€2,270
down €2,270 (-79.1%), from €2,871 to €601
of which Trade receivables: -€1,468
- Profit (loss) carried forward -€59,566
down €59,566, from €758 to -€58,808
- Other debts -€8,916
down €8,916 (-9.8%), from €90,856 to €81,940
- Trade debts -€2,975
down €2,975 (-34.8%), from €8,552 to €5,577
- Write-downs +€15,709
up €15,709, from -€14,083 to €1,627
- Other operating charges +€11,112
up €11,112 (+422.9%), from €2,628 to €13,740
- Depreciation +€8,825
up €8,825 (+45.8%), from €19,266 to €28,091
- Gross operating margin +€1,343
up €1,343 (+7.4%), from -€18,255 to -€16,912
- Financial income -€907
down €907 (-86.9%), from €1,044 to €137
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 | €206,377 | €133,710 | -€72,667 | -35.2% |
| Fixed assets | 21/28 | €154,693 | €118,368 | -€36,326 | -23.5% |
| Tangible fixed assets | 22/27 | €154,693 | €118,368 | -€36,326 | -23.5% |
| Plant, machinery and equipment | 23 | €1,173 | €2,856 | +€1,683 | +143.6% |
| Furniture and vehicles | 24 | €27,057 | €11,211 | -€15,846 | -58.6% |
| Other tangible fixed assets | 26 | €11,702 | €104,301 | +€92,599 | +791.3% |
| Assets under construction and advance payments | 27 | €114,762 | €0 | -€114,762 | -100.0% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €51,683 | €15,342 | -€36,341 | -70.3% |
| Stocks and contracts in progress | 3 | €3,171 | €1,544 | -€1,627 | -51.3% |
| Stocks | 30/36 | €3,171 | €1,544 | -€1,627 | -51.3% |
| Amounts receivable within one year | 40/41 | €2,871 | €601 | -€2,270 | -79.1% |
| Trade receivables | 40 | €1,600 | €132 | -€1,468 | -91.7% |
| Other amounts receivable | 41 | €1,271 | €469 | -€802 | -63.1% |
| Cash at bank and in hand | 54/58 | €43,112 | €10,780 | -€32,332 | -75.0% |
| Deferred charges and accrued income | 490/1 | €2,529 | €2,416 | -€113 | -4.5% |
| Total equity and liabilities | 10/49 | €206,377 | €133,710 | -€72,667 | -35.2% |
| Equity | 10/15 | €106,758 | €46,192 | -€60,566 | -56.7% |
| Contributions | 10/11 | €105,000 | €105,000 | = | 0.0% |
| Reserves | 13 | €1,000 | €0 | -€1,000 | -100.0% |
| Distributable reserves | 133 | €1,000 | €0 | -€1,000 | -100.0% |
| Profit (loss) carried forward | 14 | €758 | -€58,808 | -€59,566 | |
| Amounts payable | 17/49 | €99,618 | €87,517 | -€12,101 | -12.1% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €99,418 | €87,517 | -€11,901 | -12.0% |
| Trade debts | 44 | €8,552 | €5,577 | -€2,975 | -34.8% |
| Suppliers | 440/4 | €8,552 | €5,577 | -€2,975 | -34.8% |
| Taxes, remuneration and social security | 45 | €9 | €0 | -€9 | -100.0% |
| Taxes | 450/3 | €9 | €0 | -€9 | -100.0% |
| Other amounts payable | 47/48 | €90,856 | €81,940 | -€8,916 | -9.8% |
| Accrued charges and deferred income | 492/3 | €200 | €0 | -€200 | -100.0% |
| Turnover | 70 | - | €0 | = | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €0 | = | |
| Remuneration, social security and pensions | 62 | €356 | - | -€356 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,266 | €28,091 | +€8,825 | +45.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€14,083 | €1,627 | +€15,709 | |
| Other operating charges | 640/8 | €2,628 | €13,740 | +€11,112 | +422.9% |
| Gross operating margin | 9900 | -€18,255 | -€16,912 | +€1,343 | +7.4% |
| Operating profit (loss) | 9901 | -€26,423 | -€60,370 | -€33,947 | -128.5% |
| Financial income | 75/76B | €1,044 | €137 | -€907 | -86.9% |
| Recurring financial income | 75 | €1,044 | €137 | -€907 | -86.9% |
| Financial charges | 65/66B | €95 | €86 | -€9 | -9.2% |
| Recurring financial charges | 65 | €95 | €86 | -€9 | -9.2% |
| Profit (loss) for the period before taxes | 9903 | -€25,474 | -€60,319 | -€34,845 | -136.8% |
| Transfer from deferred taxes | 780 | €0 | - | = | |
| Income taxes | 67/77 | €213 | €247 | +€34 | +16.2% |
| Profit (loss) for the period | 9904 | -€25,686 | -€60,566 | -€34,880 | -135.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€25,686 | -€60,566 | -€34,880 | -135.8% |
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 2 October 2026 via checked.be.