CONUNDRUM: 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.
CONUNDRUM
Largest movements
- Cash +€34,096
up €34,096 (+59.3%), from €57,535 to €91,631
mainly Net result for the year (+€21,007) and Receivables within one year (+€7,593)
- Receivables within one year -€7,593
down €7,593 (-45.1%), from €16,838 to €9,245
of which Trade receivables: -€7,593
- Tangible fixed assets -€2,615
down €2,615 (-53.2%), from €4,918 to €2,303
- Deferred charges and accrued income +€1,616
up €1,616 (+61.5%), from €2,629 to €4,245
- Reserves +€21,007
up €21,007 (+29.6%), from €70,889 to €91,896
- Tax, wage and social debts +€4,128
up €4,128 (+66.7%), from €6,191 to €10,319
- Gross operating margin -€10,262
down €10,262 (-23.7%), from €43,229 to €32,967
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 | €81,920 | €107,424 | +€25,504 | +31.1% |
| Fixed assets | 21/28 | €4,918 | €2,303 | -€2,615 | -53.2% |
| Tangible fixed assets | 22/27 | €4,918 | €2,303 | -€2,615 | -53.2% |
| Furniture and vehicles | 24 | €4,918 | €2,303 | -€2,615 | -53.2% |
| Current assets | 29/58 | €77,002 | €105,121 | +€28,119 | +36.5% |
| Amounts receivable within one year | 40/41 | €16,838 | €9,245 | -€7,593 | -45.1% |
| Trade receivables | 40 | €16,838 | €9,245 | -€7,593 | -45.1% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €57,535 | €91,631 | +€34,096 | +59.3% |
| Deferred charges and accrued income | 490/1 | €2,629 | €4,245 | +€1,616 | +61.5% |
| Total equity and liabilities | 10/49 | €81,920 | €107,424 | +€25,504 | +31.1% |
| Equity | 10/15 | €71,889 | €92,896 | +€21,007 | +29.2% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €70,889 | €91,896 | +€21,007 | +29.6% |
| Distributable reserves | 133 | €70,889 | €91,896 | +€21,007 | +29.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €10,031 | €14,528 | +€4,497 | +44.8% |
| Amounts payable within one year | 42/48 | €10,031 | €14,528 | +€4,497 | +44.8% |
| Trade debts | 44 | €1,210 | €1,058 | -€153 | -12.6% |
| Suppliers | 440/4 | €1,210 | €1,058 | -€153 | -12.6% |
| Taxes, remuneration and social security | 45 | €6,191 | €10,319 | +€4,128 | +66.7% |
| Taxes | 450/3 | €6,191 | €10,319 | +€4,128 | +66.7% |
| Other amounts payable | 47/48 | €2,630 | €3,152 | +€522 | +19.8% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,331 | €2,615 | +€284 | +12.2% |
| Other operating charges | 640/8 | €803 | €830 | +€27 | +3.3% |
| Gross operating margin | 9900 | €43,229 | €32,967 | -€10,262 | -23.7% |
| Operating profit (loss) | 9901 | €40,095 | €29,522 | -€10,573 | -26.4% |
| Financial income | 75/76B | €225 | €345 | +€120 | +53.0% |
| Recurring financial income | 75 | €225 | €345 | +€120 | +53.0% |
| Financial charges | 65/66B | €216 | €71 | -€145 | -67.0% |
| Recurring financial charges | 65 | €216 | €71 | -€145 | -67.0% |
| Profit (loss) for the period before taxes | 9903 | €40,105 | €29,796 | -€10,309 | -25.7% |
| Income taxes | 67/77 | €8,849 | €8,789 | -€60 | -0.7% |
| Profit (loss) for the period | 9904 | €31,256 | €21,007 | -€10,249 | -32.8% |
| Profit (loss) for the period to be appropriated | 9905 | €31,256 | €21,007 | -€10,249 | -32.8% |
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 6 October 2026 via checked.be.