CONVERTIBLE: 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.
CONVERTIBLE
Largest movements
- Receivables within one year -€57,247
down €57,247 (-55.7%), from €102,726 to €45,479
of which Trade receivables: -€70,182
- Stocks and contracts +€2,760
up €2,760 (+1.7%), from €164,650 to €167,410
- Trade debts -€53,773
down €53,773 (-78.7%), from €68,314 to €14,541
- Profit (loss) carried forward -€28,813
down €28,813 (-60.6%), from -€47,578 to -€76,391
- Other debts +€24,893
up €24,893 (+16.8%), from €148,408 to €173,301
- Gross operating margin -€121,811
down €121,811, from €115,269 to -€6,543
- Financial income +€3,350
up €3,350 (+4195.0%), from €80 to €3,430
- Other operating charges -€1,167
down €1,167 (-16.6%), from €7,037 to €5,869
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €274,144 | €217,972 | -€56,172 | -20.5% |
| Fixed assets | 21/28 | €6,768 | €5,083 | -€1,685 | -24.9% |
| Tangible fixed assets | 22/27 | €6,768 | €5,083 | -€1,685 | -24.9% |
| Plant, machinery and equipment | 23 | €6,768 | €5,083 | -€1,685 | -24.9% |
| Current assets | 29/58 | €267,376 | €212,889 | -€54,487 | -20.4% |
| Stocks and contracts in progress | 3 | €164,650 | €167,410 | +€2,760 | +1.7% |
| Stocks | 30/36 | €164,650 | €167,410 | +€2,760 | +1.7% |
| Amounts receivable within one year | 40/41 | €102,726 | €45,479 | -€57,247 | -55.7% |
| Trade receivables | 40 | €102,726 | €32,544 | -€70,182 | -68.3% |
| Other amounts receivable | 41 | - | €12,935 | +€12,935 | |
| Total equity and liabilities | 10/49 | €274,144 | €217,972 | -€56,172 | -20.5% |
| Equity | 10/15 | -€12,578 | -€41,391 | -€28,813 | -229.1% |
| Contributions | 10/11 | €35,000 | €35,000 | = | 0.0% |
| Capital | 10 | €35,000 | €35,000 | = | 0.0% |
| Issued capital | 100 | €35,000 | €35,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€47,578 | -€76,391 | -€28,813 | -60.6% |
| Amounts payable | 17/49 | €286,722 | €259,363 | -€27,359 | -9.5% |
| Amounts payable after more than one year | 17 | €70,000 | €70,000 | = | 0.0% |
| Financial debts | 170/4 | €70,000 | €70,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €216,722 | €189,363 | -€27,359 | -12.6% |
| Trade debts | 44 | €68,314 | €14,541 | -€53,773 | -78.7% |
| Suppliers | 440/4 | €68,314 | €14,541 | -€53,773 | -78.7% |
| Taxes, remuneration and social security | 45 | - | €1,521 | +€1,521 | |
| Remuneration and social security | 454/9 | - | €1,521 | +€1,521 | |
| Other amounts payable | 47/48 | €148,408 | €173,301 | +€24,893 | +16.8% |
| Remuneration, social security and pensions | 62 | €10,418 | €9,433 | -€985 | -9.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,685 | €1,685 | = | 0.0% |
| Other operating charges | 640/8 | €7,037 | €5,869 | -€1,167 | -16.6% |
| Gross operating margin | 9900 | €115,269 | -€6,543 | -€121,811 | |
| Operating profit (loss) | 9901 | €96,129 | -€23,530 | -€119,659 | |
| Financial income | 75/76B | €80 | €3,430 | +€3,350 | +4195.0% |
| Recurring financial income | 75 | €80 | €3,430 | +€3,350 | +4195.0% |
| Financial charges | 65/66B | €8,897 | €8,506 | -€391 | -4.4% |
| Recurring financial charges | 65 | €8,897 | €8,506 | -€391 | -4.4% |
| Profit (loss) for the period before taxes | 9903 | €87,312 | -€28,607 | -€115,918 | |
| Income taxes | 67/77 | - | €206 | +€206 | |
| Profit (loss) for the period | 9904 | €87,312 | -€28,813 | -€116,125 | |
| Profit (loss) for the period to be appropriated | 9905 | €87,312 | -€28,813 | -€116,125 |
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 1 October 2026 via checked.be.