CORRELATIONS: 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.
CORRELATIONS
Largest movements
- Cash +€123,457
up €123,457 (+242.8%), from €50,853 to €174,310
mainly Net result for the year (+€155,006) and Tax, wage and social debts (+€30,305)
- Receivables within one year +€17,232
up €17,232 (+40.2%), from €42,864 to €60,096
of which Trade receivables: +€13,133
- Tangible fixed assets -€13,956
down €13,956 (-26.7%), from €52,355 to €38,398
of which Furniture and vehicles: -€13,956
- Reserves +€83,506
up €83,506 (+137.2%), from €60,859 to €144,365
of which Distributable reserves: +€83,506
- Tax, wage and social debts +€30,305
up €30,305 (+208.1%), from €14,564 to €44,869
- Accrued charges and deferred income +€13,750
new in 2025: €13,750
- Debts after one year -€10,308
down €10,308 (-53.5%), from €19,283 to €8,974
- Current portion of long-term debt +€7,266
up €7,266 (+73.9%), from €9,828 to €17,094
- Gross operating margin +€120,622
up €120,622 (+140.0%), from €86,189 to €206,811
- Taxes +€17,513
up €17,513 (+98.9%), from €17,706 to €35,220
- Other operating charges -€2,948
down €2,948 (-71.3%), from €4,134 to €1,186
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 | €201,170 | €327,903 | +€126,732 | +63.0% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €57,454 | €43,497 | -€13,956 | -24.3% |
| Tangible fixed assets | 22/27 | €52,355 | €38,398 | -€13,956 | -26.7% |
| Furniture and vehicles | 24 | €50,855 | €36,898 | -€13,956 | -27.4% |
| Other tangible fixed assets | 26 | €1,500 | €1,500 | = | 0.0% |
| Financial fixed assets | 28 | €5,099 | €5,099 | = | 0.0% |
| Current assets | 29/58 | €143,717 | €284,406 | +€140,689 | +97.9% |
| Amounts receivable within one year | 40/41 | €42,864 | €60,096 | +€17,232 | +40.2% |
| Trade receivables | 40 | €37,475 | €50,608 | +€13,133 | +35.0% |
| Other amounts receivable | 41 | €5,388 | €9,488 | +€4,100 | +76.1% |
| Current investments | 50/53 | €50,000 | €50,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €50,853 | €174,310 | +€123,457 | +242.8% |
| Total equity and liabilities | 10/49 | €201,170 | €327,903 | +€126,732 | +63.0% |
| Equity | 10/15 | €137,141 | €220,647 | +€83,506 | +60.9% |
| Contributions | 10/11 | €8,197 | €8,197 | = | 0.0% |
| Reserves | 13 | €60,859 | €144,365 | +€83,506 | +137.2% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €59,000 | €142,506 | +€83,506 | +141.5% |
| Profit (loss) carried forward | 14 | €68,085 | €68,085 | = | 0.0% |
| Amounts payable | 17/49 | €64,029 | €107,256 | +€43,226 | +67.5% |
| Amounts payable after more than one year | 17 | €19,283 | €8,974 | -€10,308 | -53.5% |
| Financial debts | 170/4 | €19,283 | €8,974 | -€10,308 | -53.5% |
| Amounts payable within one year | 42/48 | €44,747 | €84,532 | +€39,785 | +88.9% |
| Current portion of amounts payable after more than one year | 42 | €9,828 | €17,094 | +€7,266 | +73.9% |
| Trade debts | 44 | €7,863 | €4,431 | -€3,432 | -43.6% |
| Suppliers | 440/4 | €7,863 | €4,431 | -€3,432 | -43.6% |
| Taxes, remuneration and social security | 45 | €14,564 | €44,869 | +€30,305 | +208.1% |
| Taxes | 450/3 | €14,564 | €44,869 | +€30,305 | +208.1% |
| Other amounts payable | 47/48 | €12,491 | €18,137 | +€5,646 | +45.2% |
| Accrued charges and deferred income | 492/3 | - | €13,750 | +€13,750 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,407 | €13,956 | +€550 | +4.1% |
| Other operating charges | 640/8 | €4,134 | €1,186 | -€2,948 | -71.3% |
| Gross operating margin | 9900 | €86,189 | €206,811 | +€120,622 | +140.0% |
| Operating profit (loss) | 9901 | €68,649 | €191,669 | +€123,020 | +179.2% |
| Financial income | 75/76B | €345 | €464 | +€119 | +34.5% |
| Recurring financial income | 75 | €345 | €464 | +€119 | +34.5% |
| Financial charges | 65/66B | €2,450 | €1,907 | -€543 | -22.2% |
| Recurring financial charges | 65 | €2,450 | €1,907 | -€543 | -22.2% |
| Profit (loss) for the period before taxes | 9903 | €66,543 | €190,226 | +€123,682 | +185.9% |
| Income taxes | 67/77 | €17,706 | €35,220 | +€17,513 | +98.9% |
| Profit (loss) for the period | 9904 | €48,837 | €155,006 | +€106,169 | +217.4% |
| Profit (loss) for the period to be appropriated | 9905 | €48,837 | €155,006 | +€106,169 | +217.4% |
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.