De Route: 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.
De Route
Largest movements
- Tangible fixed assets -€14,043
down €14,043 (-31.0%), from €45,231 to €31,188
of which Plant, machinery and equipment: -€9,543
- Intangible fixed assets -€11,000
down €11,000 (-33.3%), from €33,000 to €22,000
- Cash -€8,037
down €8,037 (-15.0%), from €53,415 to €45,378
mainly Debts after one year (-€12,448) and Trade debts (-€10,806)
- Receivables within one year +€1,464
up €1,464 (+77.0%), from €1,901 to €3,364
- Debts after one year -€12,448
down €12,448 (-43.0%), from €28,959 to €16,510
- Trade debts -€10,806
down €10,806 (-57.7%), from €18,731 to €7,925
- Reserves -€9,305
down €9,305 (-33.3%), from €27,958 to €18,653
- Other debts +€2,662
up €2,662 (+6.1%), from €43,731 to €46,393
- Gross operating margin -€23,560
down €23,560 (-45.0%), from €52,328 to €28,768
- Depreciation +€2,878
up €2,878 (+13.0%), from €22,165 to €25,043
- Taxes +€1,915
new in 2025: €1,915
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 | €136,189 | €106,929 | -€29,260 | -21.5% |
| Fixed assets | 21/28 | €78,231 | €53,188 | -€25,043 | -32.0% |
| Intangible fixed assets | 21 | €33,000 | €22,000 | -€11,000 | -33.3% |
| Tangible fixed assets | 22/27 | €45,231 | €31,188 | -€14,043 | -31.0% |
| Plant, machinery and equipment | 23 | €29,050 | €19,507 | -€9,543 | -32.8% |
| Furniture and vehicles | 24 | €16,180 | €11,680 | -€4,500 | -27.8% |
| Current assets | 29/58 | €57,958 | €53,741 | -€4,217 | -7.3% |
| Stocks and contracts in progress | 3 | €2,642 | €3,859 | +€1,217 | +46.1% |
| Stocks | 30/36 | €2,642 | €3,859 | +€1,217 | +46.1% |
| Amounts receivable within one year | 40/41 | €1,901 | €3,364 | +€1,464 | +77.0% |
| Other amounts receivable | 41 | €1,901 | €3,364 | +€1,464 | +77.0% |
| Cash at bank and in hand | 54/58 | €53,415 | €45,378 | -€8,037 | -15.0% |
| Deferred charges and accrued income | 490/1 | €0 | €1,140 | +€1,140 | |
| Total equity and liabilities | 10/49 | €136,189 | €106,929 | -€29,260 | -21.5% |
| Equity | 10/15 | €32,958 | €23,653 | -€9,305 | -28.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €27,958 | €18,653 | -€9,305 | -33.3% |
| Distributable reserves | 133 | €27,958 | €18,653 | -€9,305 | -33.3% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €103,231 | €83,276 | -€19,955 | -19.3% |
| Amounts payable after more than one year | 17 | €28,959 | €16,510 | -€12,448 | -43.0% |
| Financial debts | 170/4 | €28,959 | €16,510 | -€12,448 | -43.0% |
| Amounts payable within one year | 42/48 | €74,272 | €66,766 | -€7,506 | -10.1% |
| Current portion of amounts payable after more than one year | 42 | €11,811 | €12,448 | +€638 | +5.4% |
| Trade debts | 44 | €18,731 | €7,925 | -€10,806 | -57.7% |
| Suppliers | 440/4 | €18,731 | €7,925 | -€10,806 | -57.7% |
| Other amounts payable | 47/48 | €43,731 | €46,393 | +€2,662 | +6.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,165 | €25,043 | +€2,878 | +13.0% |
| Other operating charges | 640/8 | €9,116 | €8,942 | -€175 | -1.9% |
| Gross operating margin | 9900 | €52,328 | €28,768 | -€23,560 | -45.0% |
| Operating profit (loss) | 9901 | €21,047 | -€5,217 | -€26,264 | |
| Financial income | 75/76B | €16 | €18 | +€1 | +7.3% |
| Recurring financial income | 75 | €16 | €18 | +€1 | +7.3% |
| Financial charges | 65/66B | €2,676 | €2,191 | -€485 | -18.1% |
| Recurring financial charges | 65 | €2,676 | €2,191 | -€485 | -18.1% |
| Profit (loss) for the period before taxes | 9903 | €18,387 | -€7,390 | -€25,777 | |
| Income taxes | 67/77 | - | €1,915 | +€1,915 | |
| Profit (loss) for the period | 9904 | €18,387 | -€9,305 | -€27,692 | |
| Profit (loss) for the period to be appropriated | 9905 | €18,387 | -€9,305 | -€27,692 |
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 3 October 2026 via checked.be.