Concept and Research: what changed
Concept and Research
Largest movements
- Receivables within one year +€4,194
up €4,194 (+94.0%), from €4,463 to €8,657
of which Trade receivables: +€4,363
- Tangible fixed assets -€2,357
down €2,357 (-52.1%), from €4,520 to €2,164
- Cash +€214
up €214 (+150%), from €143 to €358
mainly Other debts (+€4,954) and Depreciation (+€2,357)
- Other debts +€4,954
up €4,954 (+59.5%), from €8,332 to €13,286
- Tax, wage and social debts -€2,349
down €2,349 (-48.0%), from €4,896 to €2,547
- Profit (loss) carried forward +€686
up €686 (+2.7%), from -€24,977 to -€24,290
- Trade debts -€627
down €627 (-24.6%), from €2,550 to €1,923
- Current portion of long-term debt -€472
no longer reported in 2025 (was €472)
- Gross operating margin +€10,355
up €10,355, from -€3,355 to €7,001
- Depreciation -€1,093
down €1,093 (-31.7%), from €3,449 to €2,357
- Write-downs +€248
new in 2025: €248
- Financial charges +€195
up €195 (+19.2%), from €1,018 to €1,213
- Staff costs +€89
up €89 (+4.9%), from €1,807 to €1,896
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €15,478 | €17,529 | +€2,052 | +13.3% |
| Fixed assets | 21/28 | €10,871 | €8,515 | -€2,357 | -21.7% |
| Tangible fixed assets | 22/27 | €4,520 | €2,164 | -€2,357 | -52.1% |
| Furniture and vehicles | 24 | €4,520 | €2,164 | -€2,357 | -52.1% |
| Financial fixed assets | 28 | €6,351 | €6,351 | = | 0.0% |
| Current assets | 29/58 | €4,606 | €9,015 | +€4,408 | +95.7% |
| Amounts receivable within one year | 40/41 | €4,463 | €8,657 | +€4,194 | +94.0% |
| Trade receivables | 40 | €3,454 | €7,818 | +€4,363 | +126% |
| Other amounts receivable | 41 | €1,009 | €839 | -€169 | -16.8% |
| Cash at bank and in hand | 54/58 | €143 | €358 | +€214 | +150% |
| Total equity and liabilities | 10/49 | €15,478 | €17,529 | +€2,052 | +13.3% |
| Equity | 10/15 | -€5,768 | -€5,082 | +€686 | +11.9% |
| Contributions | 10/11 | €18,589 | €18,589 | = | 0.0% |
| Reserves | 13 | €620 | €620 | = | 0.0% |
| Non-distributable reserves | 130/1 | €620 | €620 | = | 0.0% |
| Reserves not available under the articles | 1311 | €620 | €620 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€24,977 | -€24,290 | +€686 | +2.7% |
| Amounts payable | 17/49 | €21,246 | €22,611 | +€1,365 | +6.4% |
| Amounts payable within one year | 42/48 | €21,246 | €22,611 | +€1,365 | +6.4% |
| Current portion of amounts payable after more than one year | 42 | €472 | - | -€472 | |
| Financial debts | 43 | €4,996 | €4,855 | -€141 | -2.8% |
| Credit institutions | 430/8 | €4,996 | €4,855 | -€141 | -2.8% |
| Trade debts | 44 | €2,550 | €1,923 | -€627 | -24.6% |
| Suppliers | 440/4 | €2,550 | €1,923 | -€627 | -24.6% |
| Taxes, remuneration and social security | 45 | €4,896 | €2,547 | -€2,349 | -48.0% |
| Taxes | 450/3 | €4,896 | €2,547 | -€2,349 | -48.0% |
| Other amounts payable | 47/48 | €8,332 | €13,286 | +€4,954 | +59.5% |
| Remuneration, social security and pensions | 62 | €1,807 | €1,896 | +€89 | +4.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,449 | €2,357 | -€1,093 | -31.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €248 | +€248 | |
| Other operating charges | 640/8 | €183 | €186 | +€4 | +2.0% |
| Non-recurring operating charges | 66A | - | €63 | +€63 | |
| Gross operating margin | 9900 | -€3,355 | €7,001 | +€10,355 | |
| Operating profit (loss) | 9901 | -€8,793 | €2,251 | +€11,044 | |
| Financial income | 75/76B | €1 | €1 | -€1 | -41.4% |
| Recurring financial income | 75 | €1 | €1 | -€1 | -41.4% |
| Financial charges | 65/66B | €1,018 | €1,213 | +€195 | +19.2% |
| Recurring financial charges | 65 | €1,018 | €1,213 | +€195 | +19.2% |
| Profit (loss) for the period before taxes | 9903 | -€9,809 | €1,038 | +€10,848 | |
| Income taxes | 67/77 | €349 | €352 | +€3 | +1.0% |
| Profit (loss) for the period | 9904 | -€10,158 | €686 | +€10,844 | |
| Profit (loss) for the period to be appropriated | 9905 | -€10,158 | €686 | +€10,844 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.