D EN D: 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.
D EN D
Largest movements
- Receivables within one year -€55,880
down €55,880 (-75.6%), from €73,919 to €18,039
of which Trade receivables: -€56,079
- Tangible fixed assets -€11,639
down €11,639 (-69.8%), from €16,671 to €5,031
of which Furniture and vehicles: -€6,620
- Stocks and contracts -€10,206
down €10,206 (-74.9%), from €13,626 to €3,420
of which Contracts in progress: -€10,000
- Cash +€10,085
up €10,085 (+18.0%), from €55,902 to €65,986
mainly Receivables within one year (+€55,880) and Depreciation (+€17,889)
- Intangible fixed assets -€6,250
no longer reported in 2025 (was €6,250)
- Profit (loss) carried forward -€47,374
down €47,374 (-40.2%), from -€117,978 to -€165,351
- Trade debts -€23,232
down €23,232 (-92.7%), from €25,049 to €1,817
- Other debts -€5,398
down €5,398 (-16.3%), from €33,088 to €27,689
- Depreciation -€20,881
down €20,881 (-53.9%), from €38,771 to €17,889
- Gross operating margin -€18,861
down €18,861 (-271%), from -€6,966 to -€25,827
- Staff costs +€831
up €831 (+222%), from €374 to €1,205
- Other operating charges +€282
up €282 (+20.1%), from €1,402 to €1,683
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 | €170,037 | €94,034 | -€76,003 | -44.7% |
| Fixed assets | 21/28 | €22,921 | €5,031 | -€17,889 | -78.0% |
| Intangible fixed assets | 21 | €6,250 | - | -€6,250 | |
| Tangible fixed assets | 22/27 | €16,671 | €5,031 | -€11,639 | -69.8% |
| Plant, machinery and equipment | 23 | €9,619 | €4,600 | -€5,019 | -52.2% |
| Furniture and vehicles | 24 | €7,052 | €431 | -€6,620 | -93.9% |
| Current assets | 29/58 | €147,116 | €89,002 | -€58,113 | -39.5% |
| Stocks and contracts in progress | 3 | €13,626 | €3,420 | -€10,206 | -74.9% |
| Stocks | 30/36 | €3,626 | €3,420 | -€206 | -5.7% |
| Contracts in progress | 37 | €10,000 | - | -€10,000 | |
| Amounts receivable within one year | 40/41 | €73,919 | €18,039 | -€55,880 | -75.6% |
| Trade receivables | 40 | €73,013 | €16,934 | -€56,079 | -76.8% |
| Other amounts receivable | 41 | €907 | €1,106 | +€199 | +21.9% |
| Cash at bank and in hand | 54/58 | €55,902 | €65,986 | +€10,085 | +18.0% |
| Deferred charges and accrued income | 490/1 | €3,669 | €1,557 | -€2,112 | -57.6% |
| Total equity and liabilities | 10/49 | €170,037 | €94,034 | -€76,003 | -44.7% |
| Equity | 10/15 | €111,445 | €64,072 | -€47,374 | -42.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €210,823 | €210,823 | = | 0.0% |
| Distributable reserves | 133 | €210,823 | €210,823 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€117,978 | -€165,351 | -€47,374 | -40.2% |
| Amounts payable | 17/49 | €58,591 | €29,962 | -€28,629 | -48.9% |
| Amounts payable within one year | 42/48 | €58,591 | €29,962 | -€28,629 | -48.9% |
| Trade debts | 44 | €25,049 | €1,817 | -€23,232 | -92.7% |
| Suppliers | 440/4 | €25,049 | €1,817 | -€23,232 | -92.7% |
| Taxes, remuneration and social security | 45 | €455 | €456 | +€1 | +0.3% |
| Taxes | 450/3 | €455 | €456 | +€1 | +0.3% |
| Other amounts payable | 47/48 | €33,088 | €27,689 | -€5,398 | -16.3% |
| Remuneration, social security and pensions | 62 | €374 | €1,205 | +€831 | +222% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,771 | €17,889 | -€20,881 | -53.9% |
| Other operating charges | 640/8 | €1,402 | €1,683 | +€282 | +20.1% |
| Gross operating margin | 9900 | -€6,966 | -€25,827 | -€18,861 | -271% |
| Operating profit (loss) | 9901 | -€47,512 | -€46,605 | +€907 | +1.9% |
| Financial income | 75/76B | €11 | - | -€11 | |
| Recurring financial income | 75 | €11 | - | -€11 | |
| Financial charges | 65/66B | €222 | €313 | +€91 | +41.2% |
| Recurring financial charges | 65 | €222 | €313 | +€91 | +41.2% |
| Profit (loss) for the period before taxes | 9903 | -€47,723 | -€46,918 | +€805 | +1.7% |
| Income taxes | 67/77 | €455 | €456 | +€1 | +0.3% |
| Profit (loss) for the period | 9904 | -€48,177 | -€47,374 | +€804 | +1.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€48,177 | -€47,374 | +€804 | +1.7% |
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 16 October 2026 via checked.be.