D-SERIES: 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-SERIES
Largest movements
- Cash +€23,039
up €23,039 (+55.0%), from €41,862 to €64,902
mainly Depreciation (+€24,859) and Trade debts (+€17,486)
- Stocks and contracts +€12,971
up €12,971 (+40.1%), from €32,311 to €45,283
- Tangible fixed assets -€11,848
down €11,848 (-22.3%), from €53,039 to €41,191
of which Furniture and vehicles: -€10,774
- Receivables within one year +€4,256
up €4,256 (+12.3%), from €34,576 to €38,831
of which Trade receivables: +€4,474
- Trade debts +€17,486
up €17,486 (+149.7%), from €11,679 to €29,165
- Debts after one year -€10,196
down €10,196 (-46.8%), from €21,774 to €11,577
- Profit (loss) carried forward +€9,434
up €9,434 (+11.2%), from €84,146 to €93,580
- Tax, wage and social debts +€7,274
up €7,274 (+34.3%), from €21,222 to €28,496
of which Taxes: +€5,274
- Accrued charges and deferred income +€4,140
new in 2025: €4,140
- Gross operating margin -€15,838
down €15,838 (-17.8%), from €89,125 to €73,287
- Taxes +€3,163
up €3,163 (+18.0%), from €17,583 to €20,746
- Depreciation +€1,078
up €1,078 (+4.5%), from €23,781 to €24,859
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 | €188,611 | €213,524 | +€24,914 | +13.2% |
| Formation expenses | 20 | €301 | €0 | -€301 | -100.0% |
| Fixed assets | 21/28 | €71,239 | €57,391 | -€13,848 | -19.4% |
| Intangible fixed assets | 21 | €7,000 | €5,000 | -€2,000 | -28.6% |
| Tangible fixed assets | 22/27 | €53,039 | €41,191 | -€11,848 | -22.3% |
| Land and buildings | 22 | €4,604 | €3,531 | -€1,073 | -23.3% |
| Furniture and vehicles | 24 | €48,435 | €37,661 | -€10,774 | -22.2% |
| Financial fixed assets | 28 | €11,200 | €11,200 | = | 0.0% |
| Current assets | 29/58 | €117,070 | €156,133 | +€39,063 | +33.4% |
| Stocks and contracts in progress | 3 | €32,311 | €45,283 | +€12,971 | +40.1% |
| Stocks | 30/36 | €32,311 | €45,283 | +€12,971 | +40.1% |
| Amounts receivable within one year | 40/41 | €34,576 | €38,831 | +€4,256 | +12.3% |
| Trade receivables | 40 | €33,761 | €38,235 | +€4,474 | +13.3% |
| Other amounts receivable | 41 | €814 | €596 | -€218 | -26.7% |
| Cash at bank and in hand | 54/58 | €41,862 | €64,902 | +€23,039 | +55.0% |
| Deferred charges and accrued income | 490/1 | €8,321 | €7,117 | -€1,204 | -14.5% |
| Total equity and liabilities | 10/49 | €188,611 | €213,524 | +€24,914 | +13.2% |
| Equity | 10/15 | €104,606 | €114,040 | +€9,434 | +9.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €84,146 | €93,580 | +€9,434 | +11.2% |
| Amounts payable | 17/49 | €84,005 | €99,484 | +€15,479 | +18.4% |
| Amounts payable after more than one year | 17 | €21,774 | €11,577 | -€10,196 | -46.8% |
| Financial debts | 170/4 | €21,774 | €11,577 | -€10,196 | -46.8% |
| Amounts payable within one year | 42/48 | €62,231 | €83,767 | +€21,535 | +34.6% |
| Current portion of amounts payable after more than one year | 42 | €11,086 | €10,196 | -€890 | -8.0% |
| Financial debts | 43 | - | €1,701 | +€1,701 | |
| Credit institutions | 430/8 | - | €1,701 | +€1,701 | |
| Trade debts | 44 | €11,679 | €29,165 | +€17,486 | +149.7% |
| Suppliers | 440/4 | €11,679 | €29,165 | +€17,486 | +149.7% |
| Taxes, remuneration and social security | 45 | €21,222 | €28,496 | +€7,274 | +34.3% |
| Taxes | 450/3 | €21,222 | €26,496 | +€5,274 | +24.9% |
| Remuneration and social security | 454/9 | - | €2,000 | +€2,000 | |
| Other amounts payable | 47/48 | €18,244 | €14,209 | -€4,035 | -22.1% |
| Accrued charges and deferred income | 492/3 | - | €4,140 | +€4,140 | |
| Non-recurring operating income | 76A | - | €2,167 | +€2,167 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,781 | €24,859 | +€1,078 | +4.5% |
| Other operating charges | 640/8 | €2,710 | €2,837 | +€127 | +4.7% |
| Non-recurring operating charges | 66A | - | €8,805 | +€8,805 | |
| Gross operating margin | 9900 | €89,125 | €73,287 | -€15,838 | -17.8% |
| Operating profit (loss) | 9901 | €62,635 | €36,787 | -€25,848 | -41.3% |
| Financial income | 75/76B | €25 | €40 | +€15 | +58.5% |
| Recurring financial income | 75 | €25 | €40 | +€15 | +58.5% |
| Financial charges | 65/66B | €6,785 | €6,646 | -€139 | -2.1% |
| Recurring financial charges | 65 | €6,785 | €6,646 | -€139 | -2.1% |
| Profit (loss) for the period before taxes | 9903 | €55,875 | €30,181 | -€25,694 | -46.0% |
| Income taxes | 67/77 | €17,583 | €20,746 | +€3,163 | +18.0% |
| Profit (loss) for the period | 9904 | €38,292 | €9,434 | -€28,857 | -75.4% |
| Profit (loss) for the period to be appropriated | 9905 | €38,292 | €9,434 | -€28,857 | -75.4% |
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 11 October 2026 via checked.be.