De pierre à feu: 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 pierre à feu
Largest movements
- Tangible fixed assets +€11,493
up €11,493 (+57.5%), from €19,981 to €31,474
of which Plant, machinery and equipment: +€13,964
- Cash -€7,455
down €7,455 (-42.1%), from €17,724 to €10,268
mainly Investment in fixed assets (net) (-€20,414) and Net result for the year (-€3,313)
- Receivables within one year -€4,020
down €4,020 (-28.5%), from €14,101 to €10,082
of which Trade receivables: -€4,733
- Profit (loss) carried forward -€3,313
down €3,313 (-19.1%), from €17,310 to €13,996
- Debts after one year +€2,968
up €2,968 (+47.2%), from €6,287 to €9,255
- Current portion of long-term debt +€2,812
up €2,812 (+110%), from €2,565 to €5,377
- Other debts -€1,748
down €1,748 (-7.9%), from €22,046 to €20,299
- Tax, wage and social debts -€722
no longer reported in 2025 (was €722)
- Gross operating margin -€21,439
down €21,439 (-70.2%), from €30,533 to €9,094
- Depreciation +€1,476
up €1,476 (+19.8%), from €7,444 to €8,921
- Financial charges +€881
up €881 (+48.7%), from €1,808 to €2,689
- Financial income -€763
down €763 (-94.0%), from €811 to €49
of which Non-recurring financial income: -€619
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 | €51,929 | €51,927 | -€2 | 0.0% |
| Fixed assets | 21/28 | €19,981 | €31,474 | +€11,493 | +57.5% |
| Tangible fixed assets | 22/27 | €19,981 | €31,474 | +€11,493 | +57.5% |
| Plant, machinery and equipment | 23 | €8,171 | €22,135 | +€13,964 | +171% |
| Furniture and vehicles | 24 | €5,945 | €4,697 | -€1,248 | -21.0% |
| Other tangible fixed assets | 26 | €5,865 | €4,642 | -€1,223 | -20.9% |
| Current assets | 29/58 | €31,948 | €20,453 | -€11,496 | -36.0% |
| Amounts receivable within one year | 40/41 | €14,101 | €10,082 | -€4,020 | -28.5% |
| Trade receivables | 40 | €11,806 | €7,073 | -€4,733 | -40.1% |
| Other amounts receivable | 41 | €2,295 | €3,009 | +€714 | +31.1% |
| Cash at bank and in hand | 54/58 | €17,724 | €10,268 | -€7,455 | -42.1% |
| Deferred charges and accrued income | 490/1 | €123 | €103 | -€21 | -16.6% |
| Total equity and liabilities | 10/49 | €51,929 | €51,927 | -€2 | 0.0% |
| Equity | 10/15 | €20,310 | €16,996 | -€3,313 | -16.3% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €17,310 | €13,996 | -€3,313 | -19.1% |
| Amounts payable | 17/49 | €31,619 | €34,930 | +€3,311 | +10.5% |
| Amounts payable after more than one year | 17 | €6,287 | €9,255 | +€2,968 | +47.2% |
| Financial debts | 170/4 | €6,287 | €9,255 | +€2,968 | +47.2% |
| Amounts payable within one year | 42/48 | €25,333 | €25,676 | +€343 | +1.4% |
| Current portion of amounts payable after more than one year | 42 | €2,565 | €5,377 | +€2,812 | +110% |
| Taxes, remuneration and social security | 45 | €722 | - | -€722 | |
| Taxes | 450/3 | €722 | - | -€722 | |
| Other amounts payable | 47/48 | €22,046 | €20,299 | -€1,748 | -7.9% |
| Non-recurring operating income | 76A | €11,978 | - | -€11,978 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,444 | €8,921 | +€1,476 | +19.8% |
| Other operating charges | 640/8 | €421 | €413 | -€8 | -1.8% |
| Non-recurring operating charges | 66A | €17,767 | - | -€17,767 | |
| Gross operating margin | 9900 | €30,533 | €9,094 | -€21,439 | -70.2% |
| Operating profit (loss) | 9901 | €4,901 | -€240 | -€5,141 | |
| Financial income | 75/76B | €811 | €49 | -€763 | -94.0% |
| Recurring financial income | 75 | €193 | €49 | -€144 | -74.8% |
| Non-recurring financial income | 76B | €619 | - | -€619 | |
| Financial charges | 65/66B | €1,808 | €2,689 | +€881 | +48.7% |
| Recurring financial charges | 65 | €1,808 | €2,689 | +€881 | +48.7% |
| Profit (loss) for the period before taxes | 9903 | €3,904 | -€2,881 | -€6,785 | |
| Income taxes | 67/77 | €671 | €432 | -€239 | -35.7% |
| Profit (loss) for the period | 9904 | €3,233 | -€3,313 | -€6,546 | |
| Profit (loss) for the period to be appropriated | 9905 | €3,233 | -€3,313 | -€6,546 |
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 27 October 2026 via checked.be.