CURTAINS: 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.
CURTAINS
Largest movements
- Cash -€21,902
down €21,902 (-16.9%), from €129,696 to €107,793
mainly Net result for the year (-€13,327) and Receivables within one year (-€10,800)
- Receivables within one year +€10,800
up €10,800 (+132.5%), from €8,149 to €18,948
of which Trade receivables: +€9,577
- Profit (loss) carried forward -€13,327
down €13,327 (-37.0%), from €36,067 to €22,740
- Tax, wage and social debts +€2,774
new in 2025: €2,774
- Gross operating margin -€37,303
down €37,303 (-52.1%), from €71,604 to €34,301
- Staff costs -€1,821
down €1,821 (-3.6%), from €50,335 to €48,515
- Taxes -€1,673
down €1,673, from €1,000 to -€673
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 | €138,215 | €126,958 | -€11,257 | -8.1% |
| Current assets | 29/58 | €138,215 | €126,958 | -€11,257 | -8.1% |
| Amounts receivable within one year | 40/41 | €8,149 | €18,948 | +€10,800 | +132.5% |
| Trade receivables | 40 | €4,371 | €13,948 | +€9,577 | +219.1% |
| Other amounts receivable | 41 | €3,778 | €5,000 | +€1,222 | +32.4% |
| Cash at bank and in hand | 54/58 | €129,696 | €107,793 | -€21,902 | -16.9% |
| Deferred charges and accrued income | 490/1 | €371 | €217 | -€154 | -41.5% |
| Total equity and liabilities | 10/49 | €138,215 | €126,958 | -€11,257 | -8.1% |
| Equity | 10/15 | €126,974 | €113,647 | -€13,327 | -10.5% |
| Contributions | 10/11 | €28,508 | €28,508 | = | 0.0% |
| Reserves | 13 | €62,400 | €62,400 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,851 | - | -€2,851 | |
| Reserves not available under the articles | 1311 | €2,851 | - | -€2,851 | |
| Distributable reserves | 133 | €59,549 | €62,400 | +€2,851 | +4.8% |
| Profit (loss) carried forward | 14 | €36,067 | €22,740 | -€13,327 | -37.0% |
| Amounts payable | 17/49 | €11,241 | €13,311 | +€2,070 | +18.4% |
| Amounts payable within one year | 42/48 | €11,241 | €13,311 | +€2,070 | +18.4% |
| Current portion of amounts payable after more than one year | 42 | €288 | €288 | = | 0.0% |
| Trade debts | 44 | €5,953 | €5,249 | -€704 | -11.8% |
| Suppliers | 440/4 | €5,953 | €5,249 | -€704 | -11.8% |
| Taxes, remuneration and social security | 45 | - | €2,774 | +€2,774 | |
| Taxes | 450/3 | - | €2,774 | +€2,774 | |
| Other amounts payable | 47/48 | €5,000 | €5,000 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €50,335 | €48,515 | -€1,821 | -3.6% |
| Other operating charges | 640/8 | €125 | €125 | = | 0.0% |
| Gross operating margin | 9900 | €71,604 | €34,301 | -€37,303 | -52.1% |
| Operating profit (loss) | 9901 | €21,144 | -€14,339 | -€35,482 | |
| Financial income | 75/76B | - | €598 | +€598 | |
| Recurring financial income | 75 | - | €598 | +€598 | |
| Financial charges | 65/66B | €240 | €260 | +€20 | +8.3% |
| Recurring financial charges | 65 | €240 | €260 | +€20 | +8.3% |
| Profit (loss) for the period before taxes | 9903 | €20,904 | -€14,001 | -€34,904 | |
| Income taxes | 67/77 | €1,000 | -€673 | -€1,673 | |
| Profit (loss) for the period | 9904 | €19,904 | -€13,327 | -€33,231 | |
| Profit (loss) for the period to be appropriated | 9905 | €19,904 | -€13,327 | -€33,231 |
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.