DECODING: 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.
DECODING
Largest movements
- Receivables within one year -€19,295
down €19,295 (-77.4%), from €24,926 to €5,631
of which Trade receivables: -€20,767
- Cash +€14,685
up €14,685 (+29.5%), from €49,794 to €64,479
mainly Net result for the year (+€27,813) and Receivables within one year (+€19,295)
- Tangible fixed assets -€2,576
down €2,576 (-12.5%), from €20,544 to €17,969
- Tax, wage and social debts -€11,319
down €11,319 (-40.9%), from €27,675 to €16,356
- Reserves +€6,385
up €6,385 (+25.4%), from €25,174 to €31,558
of which Distributable reserves: +€6,385
- Other debts -€6,020
down €6,020 (-17.7%), from €34,051 to €28,031
- Current portion of long-term debt +€3,361
new in 2025: €3,361
- Gross operating margin -€5,309
down €5,309 (-11.5%), from €46,008 to €40,699
- Taxes -€2,538
down €2,538 (-22.8%), from €11,143 to €8,605
- Depreciation +€1,307
up €1,307 (+57.6%), from €2,269 to €3,576
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 | €97,249 | €89,638 | -€7,612 | -7.8% |
| Fixed assets | 21/28 | €20,659 | €18,084 | -€2,576 | -12.5% |
| Tangible fixed assets | 22/27 | €20,544 | €17,969 | -€2,576 | -12.5% |
| Land and buildings | 22 | €10,431 | €9,553 | -€878 | -8.4% |
| Furniture and vehicles | 24 | €6,323 | €5,063 | -€1,260 | -19.9% |
| Other tangible fixed assets | 26 | €3,790 | €3,353 | -€437 | -11.5% |
| Financial fixed assets | 28 | €115 | €115 | = | 0.0% |
| Current assets | 29/58 | €76,590 | €71,554 | -€5,036 | -6.6% |
| Amounts receivable within one year | 40/41 | €24,926 | €5,631 | -€19,295 | -77.4% |
| Trade receivables | 40 | €24,926 | €4,159 | -€20,767 | -83.3% |
| Other amounts receivable | 41 | - | €1,472 | +€1,472 | |
| Cash at bank and in hand | 54/58 | €49,794 | €64,479 | +€14,685 | +29.5% |
| Deferred charges and accrued income | 490/1 | €1,870 | €1,443 | -€427 | -22.8% |
| Total equity and liabilities | 10/49 | €97,249 | €89,638 | -€7,612 | -7.8% |
| Equity | 10/15 | €31,374 | €37,758 | +€6,385 | +20.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €25,174 | €31,558 | +€6,385 | +25.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €23,314 | €29,698 | +€6,385 | +27.4% |
| Amounts payable | 17/49 | €65,876 | €51,879 | -€13,997 | -21.2% |
| Amounts payable within one year | 42/48 | €65,611 | €51,879 | -€13,732 | -20.9% |
| Current portion of amounts payable after more than one year | 42 | - | €3,361 | +€3,361 | |
| Trade debts | 44 | €3,885 | €4,131 | +€246 | +6.3% |
| Suppliers | 440/4 | €3,885 | €4,131 | +€246 | +6.3% |
| Taxes, remuneration and social security | 45 | €27,675 | €16,356 | -€11,319 | -40.9% |
| Taxes | 450/3 | €27,675 | €16,356 | -€11,319 | -40.9% |
| Other amounts payable | 47/48 | €34,051 | €28,031 | -€6,020 | -17.7% |
| Accrued charges and deferred income | 492/3 | €265 | - | -€265 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,269 | €3,576 | +€1,307 | +57.6% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Non-recurring operating charges | 66A | €393 | - | -€393 | |
| Gross operating margin | 9900 | €46,008 | €40,699 | -€5,309 | -11.5% |
| Operating profit (loss) | 9901 | €42,960 | €36,723 | -€6,236 | -14.5% |
| Financial charges | 65/66B | €258 | €305 | +€47 | +18.1% |
| Recurring financial charges | 65 | €258 | €305 | +€47 | +18.1% |
| Profit (loss) for the period before taxes | 9903 | €42,701 | €36,418 | -€6,283 | -14.7% |
| Income taxes | 67/77 | €11,143 | €8,605 | -€2,538 | -22.8% |
| Profit (loss) for the period | 9904 | €31,558 | €27,813 | -€3,745 | -11.9% |
| Profit (loss) for the period to be appropriated | 9905 | €31,558 | €27,813 | -€3,745 | -11.9% |
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 5 October 2026 via checked.be.