De Core Business: 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.
De Core Business
Largest movements
- Receivables within one year -€5,809
down €5,809 (-12.9%), from €45,073 to €39,264
of which Other amounts receivable: -€8,141
- Cash -€2,919
down €2,919 (-32.4%), from €9,016 to €6,096
mainly Net result for the year (-€5,846) and Investment in fixed assets (net) (-€3,418)
- Deferred charges and accrued income +€2,314
new in 2025: €2,314
- Tangible fixed assets +€1,410
up €1,410 (+25.5%), from €5,525 to €6,935
of which Plant, machinery and equipment: +€2,913
- Reserves -€5,846
down €5,846 (-10.3%), from €56,732 to €50,887
of which Distributable reserves: -€5,846
- Tax, wage and social debts +€3,438
new in 2025: €3,438
- Trade debts -€2,596
down €2,596 (-93.3%), from €2,781 to €185
- Gross operating margin -€19,561
down €19,561, from €16,295 to -€3,265
- Financial income +€2,532
up €2,532 (+25,322,400%), from €0 to €2,532
- Taxes -€2,453
no longer reported in 2025 (was €2,453)
- Other operating charges +€204
up €204 (+8.3%), from €2,456 to €2,660
- Financial charges +€168
up €168 (+60.5%), from €277 to €445
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 | €59,614 | €54,609 | -€5,004 | -8.4% |
| Fixed assets | 21/28 | €5,525 | €6,935 | +€1,410 | +25.5% |
| Tangible fixed assets | 22/27 | €5,525 | €6,935 | +€1,410 | +25.5% |
| Land and buildings | 22 | €4,341 | €2,839 | -€1,502 | -34.6% |
| Plant, machinery and equipment | 23 | €1,184 | €4,096 | +€2,913 | +246% |
| Current assets | 29/58 | €54,089 | €47,674 | -€6,414 | -11.9% |
| Amounts receivable within one year | 40/41 | €45,073 | €39,264 | -€5,809 | -12.9% |
| Trade receivables | 40 | €955 | €3,287 | +€2,332 | +244% |
| Other amounts receivable | 41 | €44,118 | €35,978 | -€8,141 | -18.5% |
| Cash at bank and in hand | 54/58 | €9,016 | €6,096 | -€2,919 | -32.4% |
| Deferred charges and accrued income | 490/1 | - | €2,314 | +€2,314 | |
| Total equity and liabilities | 10/49 | €59,614 | €54,609 | -€5,004 | -8.4% |
| Equity | 10/15 | €56,832 | €50,987 | -€5,846 | -10.3% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €56,732 | €50,887 | -€5,846 | -10.3% |
| Tax-exempt reserves | 132 | €5,200 | €5,200 | = | 0.0% |
| Distributable reserves | 133 | €51,532 | €45,687 | -€5,846 | -11.3% |
| Amounts payable | 17/49 | €2,781 | €3,623 | +€842 | +30.3% |
| Amounts payable within one year | 42/48 | €2,781 | €3,623 | +€842 | +30.3% |
| Trade debts | 44 | €2,781 | €185 | -€2,596 | -93.3% |
| Suppliers | 440/4 | €2,781 | €185 | -€2,596 | -93.3% |
| Taxes, remuneration and social security | 45 | - | €3,438 | +€3,438 | |
| Taxes | 450/3 | - | €3,438 | +€3,438 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,865 | €2,008 | +€143 | +7.7% |
| Other operating charges | 640/8 | €2,456 | €2,660 | +€204 | +8.3% |
| Gross operating margin | 9900 | €16,295 | -€3,265 | -€19,561 | |
| Operating profit (loss) | 9901 | €11,975 | -€7,933 | -€19,908 | |
| Financial income | 75/76B | €0 | €2,532 | +€2,532 | +25,322,400% |
| Recurring financial income | 75 | €0 | €2,532 | +€2,532 | +25,322,400% |
| Financial charges | 65/66B | €277 | €445 | +€168 | +60.5% |
| Recurring financial charges | 65 | €277 | €445 | +€168 | +60.5% |
| Profit (loss) for the period before taxes | 9903 | €11,697 | -€5,846 | -€17,543 | |
| Income taxes | 67/77 | €2,453 | - | -€2,453 | |
| Profit (loss) for the period | 9904 | €9,244 | -€5,846 | -€15,090 | |
| Profit (loss) for the period to be appropriated | 9905 | €9,244 | -€5,846 | -€15,090 |
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 20 October 2026 via checked.be.