Connect the Dots: 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.
Connect the Dots
Largest movements
- Stocks and contracts +€200,645
new in 2025: €200,645
- Tangible fixed assets +€163,787
up €163,787 (+4,138%), from €3,958 to €167,746
of which Other tangible fixed assets: +€164,626
- Cash +€28,317
up €28,317 (+1,463%), from €1,935 to €30,252
mainly Debts after one year (+€150,258) and Contributions, distributions and other (+€90,000)
- Deferred charges and accrued income -€5,620
down €5,620 (-56.6%), from €9,925 to €4,304
- Receivables within one year +€4,665
up €4,665 (+26.2%), from €17,823 to €22,487
of which Trade receivables: +€6,487
- Debts after one year +€150,258
new in 2025: €150,258
- Contributions +€90,000
up €90,000 (+484%), from €18,600 to €108,600
- Trade debts +€81,201
up €81,201 (+1,042%), from €7,794 to €88,996
- Tax, wage and social debts +€26,336
up €26,336 (+774%), from €3,404 to €29,740
- Current portion of long-term debt +€16,250
new in 2025: €16,250
- Depreciation +€12,337
up €12,337 (+405%), from €3,045 to €15,382
- Other operating charges -€9,967
down €9,967 (-81.7%), from €12,199 to €2,232
- Gross operating margin +€8,113
up €8,113 (+29.8%), from €27,240 to €35,353
- Financial charges +€5,212
up €5,212 (+67.8%), from €7,689 to €12,902
- Taxes -€3,134
down €3,134 (-92.1%), from €3,404 to €270
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 | €33,641 | €425,435 | +€391,793 | +1,165% |
| Fixed assets | 21/28 | €3,958 | €167,746 | +€163,787 | +4,138% |
| Tangible fixed assets | 22/27 | €3,958 | €167,746 | +€163,787 | +4,138% |
| Furniture and vehicles | 24 | €1,781 | €942 | -€839 | -47.1% |
| Other tangible fixed assets | 26 | €2,178 | €166,804 | +€164,626 | +7,560% |
| Current assets | 29/58 | €29,683 | €257,689 | +€228,006 | +768% |
| Stocks and contracts in progress | 3 | - | €200,645 | +€200,645 | |
| Stocks | 30/36 | - | €200,645 | +€200,645 | |
| Amounts receivable within one year | 40/41 | €17,823 | €22,487 | +€4,665 | +26.2% |
| Trade receivables | 40 | €16,000 | €22,487 | +€6,487 | +40.5% |
| Other amounts receivable | 41 | €1,823 | €0 | -€1,823 | -100% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €1,935 | €30,252 | +€28,317 | +1,463% |
| Deferred charges and accrued income | 490/1 | €9,925 | €4,304 | -€5,620 | -56.6% |
| Total equity and liabilities | 10/49 | €33,641 | €425,435 | +€391,793 | +1,165% |
| Equity | 10/15 | €21,362 | €115,930 | +€94,567 | +443% |
| Contributions | 10/11 | €18,600 | €108,600 | +€90,000 | +484% |
| Reserves | 13 | €2,762 | €7,330 | +€4,567 | +165% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €2,762 | €7,330 | +€4,567 | +165% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €12,279 | €309,505 | +€297,226 | +2,421% |
| Amounts payable after more than one year | 17 | - | €150,258 | +€150,258 | |
| Financial debts | 170/4 | - | €150,258 | +€150,258 | |
| Amounts payable within one year | 42/48 | €11,198 | €149,855 | +€138,657 | +1,238% |
| Current portion of amounts payable after more than one year | 42 | - | €16,250 | +€16,250 | |
| Trade debts | 44 | €7,794 | €88,996 | +€81,201 | +1,042% |
| Suppliers | 440/4 | €7,794 | €88,996 | +€81,201 | +1,042% |
| Taxes, remuneration and social security | 45 | €3,404 | €29,740 | +€26,336 | +774% |
| Taxes | 450/3 | €3,404 | €29,740 | +€26,336 | +774% |
| Other amounts payable | 47/48 | €0 | €14,869 | +€14,869 | |
| Accrued charges and deferred income | 492/3 | €1,080 | €9,392 | +€8,311 | +769% |
| Non-recurring operating income | 76A | €5,430 | €0 | -€5,430 | -100% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,045 | €15,382 | +€12,337 | +405% |
| Other operating charges | 640/8 | €12,199 | €2,232 | -€9,967 | -81.7% |
| Gross operating margin | 9900 | €27,240 | €35,353 | +€8,113 | +29.8% |
| Operating profit (loss) | 9901 | €11,996 | €17,739 | +€5,743 | +47.9% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €7,689 | €12,902 | +€5,212 | +67.8% |
| Recurring financial charges | 65 | €7,689 | €12,902 | +€5,212 | +67.8% |
| Profit (loss) for the period before taxes | 9903 | €4,307 | €4,837 | +€531 | +12.3% |
| Income taxes | 67/77 | €3,404 | €270 | -€3,134 | -92.1% |
| Profit (loss) for the period | 9904 | €902 | €4,567 | +€3,665 | +406% |
| Profit (loss) for the period to be appropriated | 9905 | €902 | €4,567 | +€3,665 | +406% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.