D12: 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.
D12
Largest movements
- Cash +€327,080
up €327,080 (+1329.3%), from €24,605 to €351,685
mainly Accrued charges and deferred income (+€1.1m) and Net result for the year (+€148,103)
- Stocks and contracts +€314,503
up €314,503 (+39.4%), from €797,475 to €1.1m
- Receivables within one year +€313,583
up €313,583 (+322.8%), from €97,156 to €410,740
of which Other amounts receivable: +€329,183
- Accrued charges and deferred income +€1.1m
up €1.1m (+34880.2%), from €3,094 to €1.1m
- Other debts -€147,288
down €147,288 (-29.3%), from €502,611 to €355,323
- Short-term financial debts -€55,000
down €55,000 (-100.0%), from €55,000 to €0
of which Other loans: -€55,000
- Tax, wage and social debts +€53,966
up €53,966 (+621.9%), from €8,678 to €62,644
- Trade debts +€26,415
up €26,415 (+35.5%), from €74,426 to €100,840
- Gross operating margin +€174,610
up €174,610 (+754.4%), from €23,146 to €197,757
- Taxes +€47,600
up €47,600 (+1928.9%), from €2,468 to €50,067
- Financial charges -€4,374
down €4,374 (-72.5%), from €6,033 to €1,658
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 | €922,273 | €1,877,574 | +€955,302 | +103.6% |
| Fixed assets | 21/28 | €3,036 | €2,554 | -€482 | -15.9% |
| Tangible fixed assets | 22/27 | €3,036 | €2,554 | -€482 | -15.9% |
| Plant, machinery and equipment | 23 | €87 | €0 | -€87 | -100.0% |
| Furniture and vehicles | 24 | €2,949 | €2,554 | -€395 | -13.4% |
| Current assets | 29/58 | €919,237 | €1,875,020 | +€955,784 | +104.0% |
| Stocks and contracts in progress | 3 | €797,475 | €1,111,978 | +€314,503 | +39.4% |
| Stocks | 30/36 | €797,475 | €1,111,978 | +€314,503 | +39.4% |
| Amounts receivable within one year | 40/41 | €97,156 | €410,740 | +€313,583 | +322.8% |
| Trade receivables | 40 | €32,525 | €16,925 | -€15,600 | -48.0% |
| Other amounts receivable | 41 | €64,631 | €393,814 | +€329,183 | +509.3% |
| Cash at bank and in hand | 54/58 | €24,605 | €351,685 | +€327,080 | +1329.3% |
| Deferred charges and accrued income | 490/1 | - | €618 | +€618 | |
| Total equity and liabilities | 10/49 | €922,273 | €1,877,574 | +€955,302 | +103.6% |
| Equity | 10/15 | €278,464 | €276,567 | -€1,897 | -0.7% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €273,464 | €271,567 | -€1,897 | -0.7% |
| Distributable reserves | 133 | €273,464 | €271,567 | -€1,897 | -0.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €643,808 | €1,601,007 | +€957,199 | +148.7% |
| Amounts payable within one year | 42/48 | €640,715 | €518,807 | -€121,908 | -19.0% |
| Financial debts | 43 | €55,000 | €0 | -€55,000 | -100.0% |
| Credit institutions | 430/8 | €0 | - | = | |
| Other loans | 439 | €55,000 | €0 | -€55,000 | -100.0% |
| Trade debts | 44 | €74,426 | €100,840 | +€26,415 | +35.5% |
| Suppliers | 440/4 | €74,426 | €100,840 | +€26,415 | +35.5% |
| Taxes, remuneration and social security | 45 | €8,678 | €62,644 | +€53,966 | +621.9% |
| Taxes | 450/3 | €8,678 | €62,644 | +€53,966 | +621.9% |
| Other amounts payable | 47/48 | €502,611 | €355,323 | -€147,288 | -29.3% |
| Accrued charges and deferred income | 492/3 | €3,094 | €1,082,200 | +€1.1m | +34880.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €997 | €482 | -€515 | -51.6% |
| Other operating charges | 640/8 | €1,124 | €1,273 | +€149 | +13.3% |
| Gross operating margin | 9900 | €23,146 | €197,757 | +€174,610 | +754.4% |
| Operating profit (loss) | 9901 | €21,026 | €196,002 | +€174,976 | +832.2% |
| Financial income | 75/76B | €3,145 | €3,827 | +€683 | +21.7% |
| Recurring financial income | 75 | €3,145 | €3,827 | +€683 | +21.7% |
| Financial charges | 65/66B | €6,033 | €1,658 | -€4,374 | -72.5% |
| Recurring financial charges | 65 | €6,033 | €1,658 | -€4,374 | -72.5% |
| Profit (loss) for the period before taxes | 9903 | €18,137 | €198,171 | +€180,033 | +992.6% |
| Income taxes | 67/77 | €2,468 | €50,067 | +€47,600 | +1928.9% |
| Profit (loss) for the period | 9904 | €15,670 | €148,103 | +€132,434 | +845.2% |
| Profit (loss) for the period to be appropriated | 9905 | €15,670 | €148,103 | +€132,434 | +845.2% |
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 5 October 2026 via checked.be.