CONVERSION: 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.
CONVERSION
Largest movements
- Receivables within one year +€19,416
up €19,416 (+87.6%), from €22,157 to €41,573
of which Trade receivables: +€12,762
- Cash -€13,162
down €13,162 (-93.1%), from €14,130 to €968
mainly Receivables within one year (-€19,416) and Debts after one year (-€5,428)
- Tangible fixed assets -€6,644
down €6,644 (-17.8%), from €37,394 to €30,750
of which Furniture and vehicles: -€4,121
- Trade debts +€6,372
up €6,372 (+1962.0%), from €325 to €6,696
- Debts after one year -€5,428
down €5,428 (-4.2%), from €129,046 to €123,618
of which Other amounts payable: -€129,046
- Profit (loss) carried forward -€1,919
down €1,919 (-2.1%), from -€91,981 to -€93,900
- Gross operating margin -€21,320
down €21,320 (-73.8%), from €28,890 to €7,571
- Depreciation -€2,671
down €2,671 (-27.1%), from €9,845 to €7,175
- Other operating charges +€815
up €815 (+57.5%), from €1,418 to €2,233
- Financial charges -€320
down €320 (-76.4%), from €419 to €99
- Taxes -€318
down €318 (-71.8%), from €443 to €125
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 | €77,556 | €77,450 | -€106 | -0.1% |
| Fixed assets | 21/28 | €37,394 | €30,750 | -€6,644 | -17.8% |
| Tangible fixed assets | 22/27 | €37,394 | €30,750 | -€6,644 | -17.8% |
| Plant, machinery and equipment | 23 | €106 | - | -€106 | |
| Furniture and vehicles | 24 | €5,246 | €1,125 | -€4,121 | -78.6% |
| Other tangible fixed assets | 26 | €32,042 | €29,625 | -€2,417 | -7.5% |
| Current assets | 29/58 | €40,162 | €46,701 | +€6,538 | +16.3% |
| Amounts receivable within one year | 40/41 | €22,157 | €41,573 | +€19,416 | +87.6% |
| Trade receivables | 40 | €21,377 | €34,139 | +€12,762 | +59.7% |
| Other amounts receivable | 41 | €780 | €7,435 | +€6,654 | +853.1% |
| Current investments | 50/53 | €520 | €520 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €14,130 | €968 | -€13,162 | -93.1% |
| Deferred charges and accrued income | 490/1 | €3,356 | €3,640 | +€284 | +8.5% |
| Total equity and liabilities | 10/49 | €77,556 | €77,450 | -€106 | -0.1% |
| Equity | 10/15 | -€70,596 | -€72,515 | -€1,919 | -2.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €15,185 | €15,185 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €15,185 | €15,185 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€91,981 | -€93,900 | -€1,919 | -2.1% |
| Amounts payable | 17/49 | €148,153 | €149,965 | +€1,813 | +1.2% |
| Amounts payable after more than one year | 17 | €129,046 | €123,618 | -€5,428 | -4.2% |
| Financial debts | 170/4 | - | €123,618 | +€123,618 | |
| Other amounts payable | 178/9 | €129,046 | - | -€129,046 | |
| Amounts payable within one year | 42/48 | €19,107 | €26,347 | +€7,241 | +37.9% |
| Financial debts | 43 | €4 | - | -€4 | |
| Credit institutions | 430/8 | €4 | - | -€4 | |
| Trade debts | 44 | €325 | €6,696 | +€6,372 | +1962.0% |
| Suppliers | 440/4 | €325 | €6,696 | +€6,372 | +1962.0% |
| Taxes, remuneration and social security | 45 | €4,430 | €4,881 | +€451 | +10.2% |
| Taxes | 450/3 | €4,430 | €4,881 | +€451 | +10.2% |
| Other amounts payable | 47/48 | €14,348 | €14,770 | +€422 | +2.9% |
| Non-recurring operating income | 76A | €6,000 | - | -€6,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,845 | €7,175 | -€2,671 | -27.1% |
| Other operating charges | 640/8 | €1,418 | €2,233 | +€815 | +57.5% |
| Non-recurring operating charges | 66A | - | €106 | +€106 | |
| Gross operating margin | 9900 | €28,890 | €7,571 | -€21,320 | -73.8% |
| Operating profit (loss) | 9901 | €17,627 | -€1,943 | -€19,570 | |
| Financial income | 75/76B | €1 | €248 | +€247 | +24967.7% |
| Recurring financial income | 75 | €1 | €248 | +€247 | +24967.7% |
| Financial charges | 65/66B | €419 | €99 | -€320 | -76.4% |
| Recurring financial charges | 65 | €419 | €99 | -€320 | -76.4% |
| Profit (loss) for the period before taxes | 9903 | €17,209 | -€1,794 | -€19,003 | |
| Income taxes | 67/77 | €443 | €125 | -€318 | -71.8% |
| Profit (loss) for the period | 9904 | €16,766 | -€1,919 | -€18,684 | |
| Profit (loss) for the period to be appropriated | 9905 | €16,766 | -€1,919 | -€18,684 |
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 4 October 2026 via checked.be.