CYCLE-PASSION: what changed
Two financial 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.
CYCLE-PASSION
Largest movements
- Stocks and contracts -€145,162
down €145,162 (-10.8%), from €1.3m to €1.2m
- Trade debts -€181,756
down €181,756 (-30.1%), from €603,874 to €422,118
- Other debts +€100,000
up €100,000, from €0 to €100,000
- Reserves -€45,787
down €45,787 (-8.1%), from €563,699 to €517,912
- Tax, wage and social debts -€18,836
down €18,836 (-35.8%), from €52,679 to €33,843
of which Remuneration and social security: -€17,811
- Gross operating margin -€72,447
down €72,447 (-14.1%), from €514,732 to €442,285
- Taxes -€28,816
down €28,816 (-59.2%), from €48,677 to €19,860
- Staff costs -€12,038
down €12,038 (-3.4%), from €349,742 to €337,704
- Write-downs -€8,637
down €8,637 (-33.3%), from €25,954 to €17,317
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.
Derived cash bridge
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 | €1,739,252 | €1,592,872 | -€146,380 | -8.4% |
| Fixed assets | 21/28 | €27,784 | €18,969 | -€8,815 | -31.7% |
| Tangible fixed assets | 22/27 | €27,784 | €18,969 | -€8,815 | -31.7% |
| Land and buildings | 22 | €25,114 | €18,143 | -€6,971 | -27.8% |
| Plant, machinery and equipment | 23 | €2,671 | €827 | -€1,844 | -69.1% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Current assets | 29/58 | €1,711,468 | €1,573,903 | -€137,565 | -8.0% |
| Stocks and contracts in progress | 3 | €1,349,440 | €1,204,278 | -€145,162 | -10.8% |
| Stocks | 30/36 | €1,349,440 | €1,204,278 | -€145,162 | -10.8% |
| Amounts receivable within one year | 40/41 | €145,239 | €161,351 | +€16,112 | +11.1% |
| Trade receivables | 40 | €106,833 | €129,462 | +€22,630 | +21.2% |
| Other amounts receivable | 41 | €38,406 | €31,889 | -€6,517 | -17.0% |
| Cash at bank and in hand | 54/58 | €208,357 | €204,669 | -€3,688 | -1.8% |
| Deferred charges and accrued income | 490/1 | €8,432 | €3,605 | -€4,827 | -57.2% |
| Total equity and liabilities | 10/49 | €1,739,252 | €1,592,872 | -€146,380 | -8.4% |
| Equity | 10/15 | €1,082,699 | €1,036,912 | -€45,787 | -4.2% |
| Contributions | 10/11 | €519,000 | €519,000 | = | 0.0% |
| Reserves | 13 | €563,699 | €517,912 | -€45,787 | -8.1% |
| Distributable reserves | 133 | €563,699 | €517,912 | -€45,787 | -8.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €656,553 | €555,960 | -€100,593 | -15.3% |
| Amounts payable within one year | 42/48 | €656,553 | €555,960 | -€100,593 | -15.3% |
| Trade debts | 44 | €603,874 | €422,118 | -€181,756 | -30.1% |
| Suppliers | 440/4 | €603,874 | €422,118 | -€181,756 | -30.1% |
| Taxes, remuneration and social security | 45 | €52,679 | €33,843 | -€18,836 | -35.8% |
| Taxes | 450/3 | €2,627 | €1,602 | -€1,025 | -39.0% |
| Remuneration and social security | 454/9 | €50,052 | €32,241 | -€17,811 | -35.6% |
| Other amounts payable | 47/48 | €0 | €100,000 | +€100,000 | |
| Non-recurring operating income | 76A | €2,076 | €273 | -€1,803 | -86.9% |
| Remuneration, social security and pensions | 62 | €349,742 | €337,704 | -€12,038 | -3.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,313 | €8,815 | -€498 | -5.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €25,954 | €17,317 | -€8,637 | -33.3% |
| Other operating charges | 640/8 | €2,595 | €2,679 | +€83 | +3.2% |
| Gross operating margin | 9900 | €514,732 | €442,285 | -€72,447 | -14.1% |
| Operating profit (loss) | 9901 | €127,127 | €75,770 | -€51,357 | -40.4% |
| Financial income | 75/76B | €3,011 | €3,032 | +€21 | +0.7% |
| Recurring financial income | 75 | €3,011 | €3,032 | +€21 | +0.7% |
| Financial charges | 65/66B | €4,491 | €4,729 | +€238 | +5.3% |
| Recurring financial charges | 65 | €4,491 | €4,729 | +€238 | +5.3% |
| Profit (loss) for the period before taxes | 9903 | €125,647 | €74,073 | -€51,574 | -41.0% |
| Income taxes | 67/77 | €48,677 | €19,860 | -€28,816 | -59.2% |
| Profit (loss) for the period | 9904 | €76,970 | €54,213 | -€22,758 | -29.6% |
| Profit (loss) for the period to be appropriated | 9905 | €76,970 | €54,213 | -€22,758 | -29.6% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.