Dealside: what changed
Dealside
Largest movements
- Current investments +€2.5m
up €2.5m (+500%), from €500,000 to €3.0m
- Intangible fixed assets +€748,537
up €748,537 (+293%), from €255,806 to €1.0m
- Receivables within one year +€349,325
up €349,325 (+405%), from €86,157 to €435,482
of which Trade receivables: +€184,732
- Cash +€128,355
up €128,355 (+21.6%), from €595,137 to €723,492
mainly Contributions, distributions and other (+€5.9m) and Accrued charges and deferred income (+€279,648)
- Deferred charges and accrued income -€53,090
down €53,090 (-58.7%), from €90,447 to €37,357
- Contributions +€5.7m
up €5.7m (+11,346%), from €50,000 to €5.7m
- Debts after one year -€1.4m
down €1.4m (-91.0%), from €1.6m to €141,379
- Profit (loss) carried forward -€1.3m
down €1.3m (-340%), from -€372,807 to -€1.6m
- Accrued charges and deferred income +€279,648
up €279,648 (+290%), from €96,381 to €376,029
- Investment grants +€229,932
up €229,932 (+198%), from €115,846 to €345,778
- Staff costs +€573,702
up €573,702 (+554%), from €103,520 to €677,222
- Gross operating margin -€220,041
down €220,041 (-105%), from -€210,555 to -€430,596
- Depreciation +€89,894
up €89,894 (+5,487%), from €1,638 to €91,532
- Financial charges +€21,913
up €21,913 (+32.9%), from €66,623 to €88,536
- Financial income +€12,005
up €12,005 (+121%), from €9,916 to €21,922
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,535,377 | €5,237,043 | +€3.7m | +241% |
| Fixed assets | 21/28 | €263,635 | €1,040,711 | +€777,077 | +295% |
| Intangible fixed assets | 21 | €255,806 | €1,004,343 | +€748,537 | +293% |
| Tangible fixed assets | 22/27 | €7,828 | €19,502 | +€11,673 | +149% |
| Furniture and vehicles | 24 | €7,828 | €19,502 | +€11,673 | +149% |
| Financial fixed assets | 28 | - | €16,867 | +€16,867 | |
| Current assets | 29/58 | €1,271,742 | €4,196,332 | +€2.9m | +230% |
| Amounts receivable within one year | 40/41 | €86,157 | €435,482 | +€349,325 | +405% |
| Trade receivables | 40 | €20,760 | €205,491 | +€184,732 | +890% |
| Other amounts receivable | 41 | €65,398 | €229,991 | +€164,593 | +252% |
| Current investments | 50/53 | €500,000 | €3,000,000 | +€2.5m | +500% |
| Cash at bank and in hand | 54/58 | €595,137 | €723,492 | +€128,355 | +21.6% |
| Deferred charges and accrued income | 490/1 | €90,447 | €37,357 | -€53,090 | -58.7% |
| Total equity and liabilities | 10/49 | €1,535,377 | €5,237,043 | +€3.7m | +241% |
| Equity | 10/15 | -€206,961 | €4,428,816 | +€4.6m | |
| Contributions | 10/11 | €50,000 | €5,723,218 | +€5.7m | +11,346% |
| Profit (loss) carried forward | 14 | -€372,807 | -€1,640,180 | -€1.3m | -340% |
| Investment grants | 15 | €115,846 | €345,778 | +€229,932 | +198% |
| Amounts payable | 17/49 | €1,742,338 | €808,227 | -€934,111 | -53.6% |
| Amounts payable after more than one year | 17 | €1,565,000 | €141,379 | -€1.4m | -91.0% |
| Financial debts | 170/4 | €1,565,000 | €141,379 | -€1.4m | -91.0% |
| Amounts payable within one year | 42/48 | €80,957 | €290,819 | +€209,862 | +259% |
| Current portion of amounts payable after more than one year | 42 | - | €8,621 | +€8,621 | |
| Financial debts | 43 | €15 | €0 | -€15 | -100% |
| Credit institutions | 430/8 | €15 | €0 | -€15 | -100% |
| Trade debts | 44 | €69,764 | €213,868 | +€144,103 | +207% |
| Suppliers | 440/4 | €69,764 | €213,868 | +€144,103 | +207% |
| Advances received on contracts in progress | 46 | €481 | €0 | -€481 | -100% |
| Taxes, remuneration and social security | 45 | €10,696 | €67,762 | +€57,066 | +534% |
| Remuneration and social security | 454/9 | €10,696 | €67,762 | +€57,066 | +534% |
| Other amounts payable | 47/48 | - | €568 | +€568 | |
| Accrued charges and deferred income | 492/3 | €96,381 | €376,029 | +€279,648 | +290% |
| Remuneration, social security and pensions | 62 | €103,520 | €677,222 | +€573,702 | +554% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,638 | €91,532 | +€89,894 | +5,487% |
| Other operating charges | 640/8 | €387 | €1,380 | +€993 | +256% |
| Gross operating margin | 9900 | -€210,555 | -€430,596 | -€220,041 | -105% |
| Operating profit (loss) | 9901 | -€316,101 | -€1,200,731 | -€884,630 | -280% |
| Financial income | 75/76B | €9,916 | €21,922 | +€12,005 | +121% |
| Recurring financial income | 75 | €9,916 | €21,922 | +€12,005 | +121% |
| Financial charges | 65/66B | €66,623 | €88,536 | +€21,913 | +32.9% |
| Recurring financial charges | 65 | €66,623 | €88,536 | +€21,913 | +32.9% |
| Profit (loss) for the period before taxes | 9903 | -€372,807 | -€1,267,345 | -€894,538 | -240% |
| Income taxes | 67/77 | - | €28 | +€28 | |
| Profit (loss) for the period | 9904 | -€372,807 | -€1,267,373 | -€894,566 | -240% |
| Profit (loss) for the period to be appropriated | 9905 | -€372,807 | -€1,267,373 | -€894,566 | -240% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.