CONFIDENTIEL MD: 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.
CONFIDENTIEL MD
Largest movements
- Stocks and contracts -€51,263
down €51,263 (-26.6%), from €192,566 to €141,303
- Receivables within one year -€13,460
down €13,460 (-60.9%), from €22,097 to €8,637
of which Trade receivables: -€7,877
- Intangible fixed assets -€12,879
no longer reported in 2025 (was €12,879)
- Tangible fixed assets -€2,725
down €2,725 (-25.9%), from €10,519 to €7,794
of which Other tangible fixed assets: -€2,282
- Profit (loss) carried forward -€111,968
down €111,968, from €20,158 to -€91,810
- Trade debts +€43,170
up €43,170 (+48.7%), from €88,718 to €131,888
- Tax, wage and social debts -€7,560
down €7,560 (-37.2%), from €20,348 to €12,788
of which Taxes: -€5,508
- Debts after one year -€7,155
no longer reported in 2025 (was €7,155)
- Current portion of long-term debt -€6,999
down €6,999 (-45.6%), from €15,342 to €8,343
- Gross operating margin -€81,015
down €81,015, from €44,392 to -€36,623
- Write-downs +€59,202
no longer reported in 2025 (was -€59,202)
- Staff costs -€2,781
down €2,781 (-5.1%), from €55,037 to €52,257
- Taxes -€2,074
no longer reported in 2025 (was €2,074)
- Financial charges +€1,812
up €1,812 (+44.7%), from €4,051 to €5,864
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.
Derived cash bridge
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 | €242,893 | €161,616 | -€81,277 | -33.5% |
| Fixed assets | 21/28 | €23,520 | €7,917 | -€15,604 | -66.3% |
| Intangible fixed assets | 21 | €12,879 | - | -€12,879 | |
| Tangible fixed assets | 22/27 | €10,519 | €7,794 | -€2,725 | -25.9% |
| Furniture and vehicles | 24 | €2,786 | €2,343 | -€443 | -15.9% |
| Other tangible fixed assets | 26 | €7,733 | €5,451 | -€2,282 | -29.5% |
| Financial fixed assets | 28 | €122 | €122 | = | 0.0% |
| Current assets | 29/58 | €219,373 | €153,700 | -€65,674 | -29.9% |
| Stocks and contracts in progress | 3 | €192,566 | €141,303 | -€51,263 | -26.6% |
| Stocks | 30/36 | €192,566 | €141,303 | -€51,263 | -26.6% |
| Amounts receivable within one year | 40/41 | €22,097 | €8,637 | -€13,460 | -60.9% |
| Trade receivables | 40 | €9,590 | €1,712 | -€7,877 | -82.1% |
| Other amounts receivable | 41 | €12,507 | €6,925 | -€5,583 | -44.6% |
| Current investments | 50/53 | €244 | €5 | -€239 | -98.0% |
| Cash at bank and in hand | 54/58 | €3,717 | €3,755 | +€38 | +1.0% |
| Deferred charges and accrued income | 490/1 | €749 | - | -€749 | |
| Total equity and liabilities | 10/49 | €242,893 | €161,616 | -€81,277 | -33.5% |
| Equity | 10/15 | €87,808 | -€24,160 | -€111,968 | |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €6,150 | €6,150 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | - | -€6,150 | |
| Reserves not available under the articles | 1311 | - | €6,150 | +€6,150 | |
| Profit (loss) carried forward | 14 | €20,158 | -€91,810 | -€111,968 | |
| Amounts payable | 17/49 | €155,086 | €185,776 | +€30,690 | +19.8% |
| Amounts payable after more than one year | 17 | €7,155 | - | -€7,155 | |
| Financial debts | 170/4 | €7,155 | - | -€7,155 | |
| Amounts payable within one year | 42/48 | €147,931 | €185,776 | +€37,845 | +25.6% |
| Current portion of amounts payable after more than one year | 42 | €15,342 | €8,343 | -€6,999 | -45.6% |
| Financial debts | 43 | €7,405 | €13,064 | +€5,660 | +76.4% |
| Credit institutions | 430/8 | €7,405 | €13,064 | +€5,660 | +76.4% |
| Trade debts | 44 | €88,718 | €131,888 | +€43,170 | +48.7% |
| Suppliers | 440/4 | €88,718 | €131,888 | +€43,170 | +48.7% |
| Taxes, remuneration and social security | 45 | €20,348 | €12,788 | -€7,560 | -37.2% |
| Taxes | 450/3 | €11,721 | €6,214 | -€5,508 | -47.0% |
| Remuneration and social security | 454/9 | €8,627 | €6,574 | -€2,053 | -23.8% |
| Other amounts payable | 47/48 | €16,119 | €19,693 | +€3,575 | +22.2% |
| Non-recurring operating income | 76A | €162 | - | -€162 | |
| Remuneration, social security and pensions | 62 | €55,037 | €52,257 | -€2,781 | -5.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,686 | €15,604 | -€82 | -0.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€59,202 | - | +€59,202 | |
| Other operating charges | 640/8 | €658 | €2,278 | +€1,620 | +246% |
| Non-recurring operating charges | 66A | €23,117 | - | -€23,117 | |
| Gross operating margin | 9900 | €44,392 | -€36,623 | -€81,015 | |
| Operating profit (loss) | 9901 | €9,096 | -€106,760 | -€115,856 | |
| Financial income | 75/76B | €608 | €657 | +€48 | +8.0% |
| Recurring financial income | 75 | €608 | €657 | +€48 | +8.0% |
| Financial charges | 65/66B | €4,051 | €5,864 | +€1,812 | +44.7% |
| Recurring financial charges | 65 | €4,051 | €5,864 | +€1,812 | +44.7% |
| Profit (loss) for the period before taxes | 9903 | €5,653 | -€111,968 | -€117,620 | |
| Income taxes | 67/77 | €2,074 | - | -€2,074 | |
| Profit (loss) for the period | 9904 | €3,579 | -€111,968 | -€115,546 | |
| Profit (loss) for the period to be appropriated | 9905 | €3,579 | -€111,968 | -€115,546 |
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 27 October 2026 via checked.be.