CONUNDRA: 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.
CONUNDRA
Largest movements
- Receivables within one year +€3.9m
up €3.9m (+121.8%), from €3.2m to €7.0m
of which Trade receivables: +€4.0m
- Intangible fixed assets +€2.5m
up €2.5m (+70.2%), from €3.5m to €5.9m
- Trade debts +€4.5m
up €4.5m (+428.8%), from €1.1m to €5.6m
- Reserves +€1.4m
up €1.4m (+301.5%), from €460,275 to €1.8m
of which Distributable reserves: +€1.4m
- Other debts +€1.1m
up €1.1m (+33.3%), from €3.4m to €4.5m
- Accrued charges and deferred income -€726,165
down €726,165 (-47.9%), from €1.5m to €788,763
- Tax, wage and social debts +€169,711
up €169,711 (+41.4%), from €410,230 to €579,942
of which Remuneration and social security: +€109,809
- Gross operating margin +€3.0m
up €3.0m (+74.9%), from €4.1m to €7.1m
- Staff costs +€758,611
up €758,611 (+19.9%), from €3.8m to €4.6m
- Depreciation +€692,508
up €692,508 (+1551.5%), from €44,636 to €737,144
- Financial charges +€201,328
up €201,328 (+153.4%), from €131,229 to €332,556
of which Financial charges: +€202,594
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 | €6,827,831 | €13,301,451 | +€6.5m | +94.8% |
| Fixed assets | 21/28 | €3,556,735 | €6,003,885 | +€2.4m | +68.8% |
| Intangible fixed assets | 21 | €3,490,548 | €5,941,722 | +€2.5m | +70.2% |
| Tangible fixed assets | 22/27 | €59,987 | €55,963 | -€4,024 | -6.7% |
| Plant, machinery and equipment | 23 | €49,647 | €47,653 | -€1,994 | -4.0% |
| Other tangible fixed assets | 26 | €10,340 | €8,310 | -€2,030 | -19.6% |
| Financial fixed assets | 28 | €6,200 | €6,200 | = | 0.0% |
| Current assets | 29/58 | €3,271,096 | €7,297,566 | +€4.0m | +123.1% |
| Amounts receivable within one year | 40/41 | €3,178,359 | €7,048,991 | +€3.9m | +121.8% |
| Trade receivables | 40 | €2,812,983 | €6,788,111 | +€4.0m | +141.3% |
| Other amounts receivable | 41 | €365,377 | €260,880 | -€104,497 | -28.6% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €14,586 | €91,110 | +€76,523 | +524.6% |
| Deferred charges and accrued income | 490/1 | €78,150 | €157,465 | +€79,315 | +101.5% |
| Total equity and liabilities | 10/49 | €6,827,831 | €13,301,451 | +€6.5m | +94.8% |
| Equity | 10/15 | €478,875 | €1,866,703 | +€1.4m | +289.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €460,275 | €1,848,103 | +€1.4m | +301.5% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €458,415 | €1,846,243 | +€1.4m | +302.7% |
| Amounts payable | 17/49 | €6,348,956 | €11,434,747 | +€5.1m | +80.1% |
| Amounts payable within one year | 42/48 | €4,834,028 | €10,645,984 | +€5.8m | +120.2% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €1,053,876 | €5,573,119 | +€4.5m | +428.8% |
| Suppliers | 440/4 | €1,053,876 | €5,573,119 | +€4.5m | +428.8% |
| Taxes, remuneration and social security | 45 | €410,230 | €579,942 | +€169,711 | +41.4% |
| Taxes | 450/3 | €10,000 | €69,902 | +€59,902 | +599.0% |
| Remuneration and social security | 454/9 | €400,230 | €510,039 | +€109,809 | +27.4% |
| Other amounts payable | 47/48 | €3,369,921 | €4,492,923 | +€1.1m | +33.3% |
| Accrued charges and deferred income | 492/3 | €1,514,929 | €788,763 | -€726,165 | -47.9% |
| Remuneration, social security and pensions | 62 | €3,807,949 | €4,566,560 | +€758,611 | +19.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,636 | €737,144 | +€692,508 | +1551.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €3,527 | +€3,527 | |
| Other operating charges | 640/8 | €59,659 | €1,298 | -€58,362 | -97.8% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €4,053,051 | €7,087,748 | +€3.0m | +74.9% |
| Operating profit (loss) | 9901 | €140,807 | €1,779,220 | +€1.6m | +1163.6% |
| Financial income | 75/76B | €8,610 | €1,068 | -€7,542 | -87.6% |
| Recurring financial income | 75 | €8,610 | €1,068 | -€7,542 | -87.6% |
| Financial charges | 65/66B | €131,229 | €332,556 | +€201,328 | +153.4% |
| Recurring financial charges | 65 | €129,962 | €332,556 | +€202,594 | +155.9% |
| Non-recurring financial charges | 66B | €1,266 | - | -€1,266 | |
| Profit (loss) for the period before taxes | 9903 | €18,188 | €1,447,731 | +€1.4m | +7859.7% |
| Income taxes | 67/77 | €9,652 | €59,902 | +€50,251 | +520.7% |
| Profit (loss) for the period | 9904 | €8,537 | €1,387,829 | +€1.4m | +16157.3% |
| Profit (loss) for the period to be appropriated | 9905 | €8,537 | €1,387,829 | +€1.4m | +16157.3% |
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 7 October 2026 via checked.be.