David Szafran: 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.
David Szafran
Largest movements
- Receivables after one year +€78,000
up €78,000 (+28.4%), from €275,000 to €353,000
- Receivables within one year +€65,734
up €65,734 (+96.9%), from €67,826 to €133,560
of which Trade receivables: +€66,801
- Tangible fixed assets -€15,755
down €15,755 (-38.1%), from €41,380 to €25,625
of which Furniture and vehicles: -€15,755
- Cash +€11,837
up €11,837 (+31.0%), from €38,132 to €49,969
mainly Net result for the year (+€83,669) and Trade debts (+€31,505)
- Profit (loss) carried forward +€83,669
up €83,669 (+28.7%), from €291,083 to €374,752
- Trade debts +€31,505
up €31,505 (+59.3%), from €53,104 to €84,609
- Tax, wage and social debts +€30,317
up €30,317 (+108%), from €28,176 to €58,493
of which Taxes: +€30,317
- Debts after one year -€7,747
down €7,747 (-21.0%), from €36,942 to €29,196
- Write-downs -€53,061
no longer reported in 2025 (was €53,061)
- Gross operating margin -€14,360
down €14,360 (-10.0%), from €143,579 to €129,219
- Taxes +€10,675
up €10,675 (+65.7%), from €16,246 to €26,921
- Depreciation -€3,436
down €3,436 (-16.8%), from €20,438 to €17,003
- Financial income +€2,081
up €2,081 (+34.5%), from €6,033 to €8,114
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 | €426,032 | €565,990 | +€139,958 | +32.9% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €41,380 | €25,625 | -€15,755 | -38.1% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €41,380 | €25,625 | -€15,755 | -38.1% |
| Furniture and vehicles | 24 | €38,880 | €23,125 | -€15,755 | -40.5% |
| Other tangible fixed assets | 26 | €2,500 | €2,500 | = | 0.0% |
| Current assets | 29/58 | €384,652 | €540,365 | +€155,713 | +40.5% |
| Amounts receivable after more than one year | 29 | €275,000 | €353,000 | +€78,000 | +28.4% |
| Other amounts receivable | 291 | €275,000 | €353,000 | +€78,000 | +28.4% |
| Amounts receivable within one year | 40/41 | €67,826 | €133,560 | +€65,734 | +96.9% |
| Trade receivables | 40 | €66,759 | €133,560 | +€66,801 | +100% |
| Other amounts receivable | 41 | €1,067 | €0 | -€1,067 | -100% |
| Cash at bank and in hand | 54/58 | €38,132 | €49,969 | +€11,837 | +31.0% |
| Deferred charges and accrued income | 490/1 | €3,694 | €3,837 | +€142 | +3.9% |
| Total equity and liabilities | 10/49 | €426,032 | €565,990 | +€139,958 | +32.9% |
| Equity | 10/15 | €296,083 | €379,752 | +€83,669 | +28.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €291,083 | €374,752 | +€83,669 | +28.7% |
| Amounts payable | 17/49 | €129,949 | €186,238 | +€56,290 | +43.3% |
| Amounts payable after more than one year | 17 | €36,942 | €29,196 | -€7,747 | -21.0% |
| Financial debts | 170/4 | €36,942 | €29,196 | -€7,747 | -21.0% |
| Amounts payable within one year | 42/48 | €93,006 | €157,043 | +€64,036 | +68.9% |
| Current portion of amounts payable after more than one year | 42 | €8,267 | €7,747 | -€521 | -6.3% |
| Trade debts | 44 | €53,104 | €84,609 | +€31,505 | +59.3% |
| Suppliers | 440/4 | €53,104 | €84,609 | +€31,505 | +59.3% |
| Advances received on contracts in progress | 46 | €100 | €100 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €28,176 | €58,493 | +€30,317 | +108% |
| Taxes | 450/3 | €28,176 | €58,493 | +€30,317 | +108% |
| Remuneration and social security | 454/9 | €0 | €0 | = | |
| Other amounts payable | 47/48 | €3,359 | €6,094 | +€2,735 | +81.4% |
| Turnover | 70 | €0 | €0 | = | |
| Goods, raw materials, services and sundry goods | 60/61 | €0 | €0 | = | |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,438 | €17,003 | -€3,436 | -16.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €53,061 | - | -€53,061 | |
| Other operating charges | 640/8 | €5,961 | €7,730 | +€1,769 | +29.7% |
| Gross operating margin | 9900 | €143,579 | €129,219 | -€14,360 | -10.0% |
| Operating profit (loss) | 9901 | €64,119 | €104,487 | +€40,368 | +63.0% |
| Financial income | 75/76B | €6,033 | €8,114 | +€2,081 | +34.5% |
| Recurring financial income | 75 | €6,033 | €8,114 | +€2,081 | +34.5% |
| Financial charges | 65/66B | €1,987 | €2,011 | +€23 | +1.2% |
| Recurring financial charges | 65 | €1,987 | €2,011 | +€23 | +1.2% |
| Profit (loss) for the period before taxes | 9903 | €68,165 | €110,590 | +€42,425 | +62.2% |
| Income taxes | 67/77 | €16,246 | €26,921 | +€10,675 | +65.7% |
| Profit (loss) for the period | 9904 | €51,919 | €83,669 | +€31,750 | +61.2% |
| Profit (loss) for the period to be appropriated | 9905 | €51,919 | €83,669 | +€31,750 | +61.2% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.