DIFFERENTIATE: 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.
DIFFERENTIATE
Largest movements
- Tangible fixed assets +€149,361
up €149,361 (+678.5%), from €22,014 to €171,376
of which Other tangible fixed assets: +€127,740
- Cash -€138,981
down €138,981 (-99.7%), from €139,442 to €460
mainly Investment in fixed assets (net) (-€163,999) and Deferred charges and accrued income (-€29,816)
- Deferred charges and accrued income +€29,816
up €29,816 (+686.0%), from €4,346 to €34,162
- Receivables within one year +€2,526
up €2,526 (+16.9%), from €14,962 to €17,488
of which Trade receivables: +€1,696
- Reserves +€22,364
up €22,364 (+21.4%), from €104,308 to €126,673
- Trade debts +€14,778
up €14,778 (+297.1%), from €4,975 to €19,753
- Other debts +€10,606
up €10,606 (+23.3%), from €45,584 to €56,189
- Tax, wage and social debts -€5,336
down €5,336 (-20.7%), from €25,749 to €20,414
of which Taxes: -€7,206
- Depreciation +€12,524
up €12,524 (+592.5%), from €2,114 to €14,637
- Financial charges +€3,229
up €3,229 (+264.8%), from €1,220 to €4,449
- Taxes -€2,185
down €2,185 (-20.3%), from €10,753 to €8,567
- Gross operating margin +€1,955
up €1,955 (+4.0%), from €48,818 to €50,773
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 | €180,764 | €223,486 | +€42,723 | +23.6% |
| Fixed assets | 21/28 | €22,014 | €171,376 | +€149,361 | +678.5% |
| Tangible fixed assets | 22/27 | €22,014 | €171,376 | +€149,361 | +678.5% |
| Plant, machinery and equipment | 23 | €2,495 | €2,222 | -€273 | -10.9% |
| Furniture and vehicles | 24 | €7,844 | €29,738 | +€21,894 | +279.1% |
| Other tangible fixed assets | 26 | €11,675 | €139,416 | +€127,740 | +1094.1% |
| Current assets | 29/58 | €158,749 | €52,110 | -€106,639 | -67.2% |
| Amounts receivable within one year | 40/41 | €14,962 | €17,488 | +€2,526 | +16.9% |
| Trade receivables | 40 | €14,962 | €16,657 | +€1,696 | +11.3% |
| Other amounts receivable | 41 | - | €831 | +€831 | |
| Cash at bank and in hand | 54/58 | €139,442 | €460 | -€138,981 | -99.7% |
| Deferred charges and accrued income | 490/1 | €4,346 | €34,162 | +€29,816 | +686.0% |
| Total equity and liabilities | 10/49 | €180,764 | €223,486 | +€42,723 | +23.6% |
| Equity | 10/15 | €104,408 | €126,773 | +€22,364 | +21.4% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €104,308 | €126,673 | +€22,364 | +21.4% |
| Distributable reserves | 133 | €104,308 | €126,673 | +€22,364 | +21.4% |
| Amounts payable | 17/49 | €76,355 | €96,714 | +€20,358 | +26.7% |
| Amounts payable within one year | 42/48 | €76,308 | €96,356 | +€20,048 | +26.3% |
| Trade debts | 44 | €4,975 | €19,753 | +€14,778 | +297.1% |
| Suppliers | 440/4 | €4,975 | €19,753 | +€14,778 | +297.1% |
| Taxes, remuneration and social security | 45 | €25,749 | €20,414 | -€5,336 | -20.7% |
| Taxes | 450/3 | €25,749 | €18,544 | -€7,206 | -28.0% |
| Remuneration and social security | 454/9 | €0 | €1,870 | +€1,870 | |
| Other amounts payable | 47/48 | €45,584 | €56,189 | +€10,606 | +23.3% |
| Accrued charges and deferred income | 492/3 | €47 | €357 | +€310 | +655.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,114 | €14,637 | +€12,524 | +592.5% |
| Other operating charges | 640/8 | €829 | €867 | +€38 | +4.5% |
| Gross operating margin | 9900 | €48,818 | €50,773 | +€1,955 | +4.0% |
| Operating profit (loss) | 9901 | €45,876 | €35,269 | -€10,607 | -23.1% |
| Financial income | 75/76B | €145 | €112 | -€34 | -23.3% |
| Recurring financial income | 75 | €145 | €112 | -€34 | -23.3% |
| Financial charges | 65/66B | €1,220 | €4,449 | +€3,229 | +264.8% |
| Recurring financial charges | 65 | €1,220 | €4,449 | +€3,229 | +264.8% |
| Profit (loss) for the period before taxes | 9903 | €44,801 | €30,932 | -€13,870 | -31.0% |
| Income taxes | 67/77 | €10,753 | €8,567 | -€2,185 | -20.3% |
| Profit (loss) for the period | 9904 | €34,048 | €22,364 | -€11,684 | -34.3% |
| Profit (loss) for the period to be appropriated | 9905 | €34,048 | €22,364 | -€11,684 | -34.3% |
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 7 October 2026 via checked.be.