Direct Operations: 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.
What changed
Direct Operations
NACE 58.190, Other publishing activities, excluding software publishing
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€1.0m
2024 · €1.0m+€28,951
Equity
€2.9m
2024 · €1.8m+€1.0m
Cash
€836,080
2024 · €368,189+€467,891
Balance sheet total
€16.4m
2024 · €17.2m-€832,191
Largest movements
Assets
- Receivables within one year -€1.3m
down €1.3m (-8.8%), from €14.8m to €13.4m
of which Trade receivables: -€2.1m
- Cash +€467,891
up €467,891 (+127.1%), from €368,189 to €836,080
mainly Receivables within one year (+€1.3m) and Net result for the year (+€1.0m)
- Deferred charges and accrued income +€197,499
up €197,499 (+55.4%), from €356,443 to €553,942
- Receivables after one year -€184,819
down €184,819 (-10.7%), from €1.7m to €1.5m
Equity and liabilities
- Trade debts -€2.0m
down €2.0m (-13.0%), from €15.2m to €13.2m
- Profit (loss) carried forward +€1.0m
up €1.0m (+57.0%), from €1.8m to €2.8m
Income statement
- Other operating income +€1.6m
up €1.6m (+30.4%), from €5.3m to €7.0m
- Goods and materials +€617,679
up €617,679 (+4.6%), from €13.3m to €13.9m
of which Purchases: +€1.1m
- Turnover -€389,637
down €389,637 (-3.9%), from €9.9m to €9.5m
- Services and other goods +€310,510
up €310,510 (+98.0%), from €316,812 to €627,321
- Write-downs +€121,600
new in 2025: €121,600
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.
Result 2024
€1.0m
Turnover
-€389,637
Other operating income
+€1.6m
Goods and materials
-€617,679
Services and other goods
-€310,510
Staff costs
-€12,139
Depreciation
-€1,932
Write-downs
-€121,600
Other operating charges
+€7,935
Financial income
+€2
Financial charges
-€24,606
Taxes
-€120,683
Result 2025
€1.0m
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.
From operations
+€489,630
Investment
-€4,931
Financing
-€16,807
Cash 2024
€368,189
From operations (derived)
+€489,630
Net result for the year
+€1.0m
Depreciation
+€11,946
Receivables after one year
+€184,819
Receivables within one year
+€1.3m
Deferred charges and accrued income
-€197,499
Trade debts
-€2.0m
Tax, wage and social debts
+€131,992
Accrued charges and deferred income
-€2,143
Investment (derived)
-€4,931
Investment in fixed assets (net)
-€4,931
Financing
-€16,807
Short-term financial debts
-€16,807
Cash 2025
€836,080
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €17,234,786 | €16,402,595 | -€832,191 | -4.8% |
| Fixed assets | 21/28 | €35,437 | €28,422 | -€7,015 | -19.8% |
| Tangible fixed assets | 22/27 | €35,437 | €28,422 | -€7,015 | -19.8% |
| Furniture and vehicles | 24 | €35,437 | €28,422 | -€7,015 | -19.8% |
| Current assets | 29/58 | €17,199,349 | €16,374,173 | -€825,176 | -4.8% |
| Amounts receivable after more than one year | 29 | €1,719,355 | €1,534,536 | -€184,819 | -10.7% |
| Other amounts receivable | 291 | €1,719,355 | €1,534,536 | -€184,819 | -10.7% |
| Stocks and contracts in progress | 3 | - | €0 | = | |
| Stocks | 30/36 | - | €0 | = | |
| Goods purchased for resale | 34 | - | €0 | = | |
| Amounts receivable within one year | 40/41 | €14,755,362 | €13,449,615 | -€1.3m | -8.8% |
| Trade receivables | 40 | €12,001,682 | €9,858,360 | -€2.1m | -17.9% |
| Other amounts receivable | 41 | €2,753,680 | €3,591,255 | +€837,575 | +30.4% |
| Cash at bank and in hand | 54/58 | €368,189 | €836,080 | +€467,891 | +127.1% |
| Deferred charges and accrued income | 490/1 | €356,443 | €553,942 | +€197,499 | +55.4% |
| Total equity and liabilities | 10/49 | €17,234,786 | €16,402,595 | -€832,191 | -4.8% |
| Equity | 10/15 | €1,818,535 | €2,851,943 | +€1.0m | +56.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,812,335 | €2,845,743 | +€1.0m | +57.0% |
| Amounts payable | 17/49 | €15,416,251 | €13,550,652 | -€1.9m | -12.1% |
| Amounts payable after more than one year | 17 | €35,245 | €35,245 | = | 0.0% |
| Financial debts | 170/4 | €35,245 | €35,245 | = | 0.0% |
| Other loans | 174 | €35,245 | €35,245 | = | 0.0% |
| Amounts payable within one year | 42/48 | €15,378,863 | €13,515,407 | -€1.9m | -12.1% |
| Financial debts | 43 | €73,594 | €56,786 | -€16,807 | -22.8% |
| Credit institutions | 430/8 | €73,594 | €56,786 | -€16,807 | -22.8% |
| Trade debts | 44 | €15,188,545 | €13,209,904 | -€2.0m | -13.0% |
| Suppliers | 440/4 | €15,188,545 | €13,209,904 | -€2.0m | -13.0% |
| Taxes, remuneration and social security | 45 | €116,724 | €248,716 | +€131,992 | +113.1% |
| Taxes | 450/3 | €17,216 | €143,122 | +€125,905 | +731.3% |
| Remuneration and social security | 454/9 | €99,508 | €105,594 | +€6,087 | +6.1% |
| Other amounts payable | 47/48 | - | €0 | = | |
| Accrued charges and deferred income | 492/3 | €2,143 | €0 | -€2,143 | -100.0% |
| Operating income | 70/76A | €15,223,269 | €16,453,432 | +€1.2m | +8.1% |
| Turnover | 70 | €9,890,988 | €9,501,351 | -€389,637 | -3.9% |
| Other operating income | 74 | €5,332,281 | €6,952,081 | +€1.6m | +30.4% |
| Operating charges | 60/66A | €14,193,257 | €15,249,182 | +€1.1m | +7.4% |
| Goods for resale, raw materials and consumables | 60 | €13,298,198 | €13,915,877 | +€617,679 | +4.6% |
| Purchases | 600/8 | €14,517,625 | €15,575,700 | +€1.1m | +7.3% |
| Change in stocks: decrease (increase) | 609 | -€1,219,427 | -€1,659,824 | -€440,397 | -36.1% |
| Services and other goods | 61 | €316,812 | €627,321 | +€310,510 | +98.0% |
| Remuneration, social security and pensions | 62 | €553,329 | €565,468 | +€12,139 | +2.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,015 | €11,946 | +€1,932 | +19.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €121,600 | +€121,600 | |
| Other operating charges | 640/8 | €14,904 | €6,969 | -€7,935 | -53.2% |
| Operating profit (loss) | 9901 | €1,030,012 | €1,204,250 | +€174,238 | +16.9% |
| Financial income | 75/76B | €8 | €10 | +€2 | +29.4% |
| Recurring financial income | 75 | €8 | €10 | +€2 | +29.4% |
| Income from financial fixed assets | 750 | €8 | €10 | +€2 | +29.4% |
| Financial charges | 65/66B | €21,246 | €45,852 | +€24,606 | +115.8% |
| Recurring financial charges | 65 | €21,246 | €45,852 | +€24,606 | +115.8% |
| Debt charges | 650 | €21,246 | €45,852 | +€24,606 | +115.8% |
| Profit (loss) for the period before taxes | 9903 | €1,008,774 | €1,158,408 | +€149,635 | +14.8% |
| Income taxes | 67/77 | €4,317 | €125,000 | +€120,683 | +2795.9% |
| Taxes | 670/3 | €4,317 | €125,000 | +€120,683 | +2795.9% |
| Profit (loss) for the period | 9904 | €1,004,457 | €1,033,408 | +€28,951 | +2.9% |
| Profit (loss) for the period to be appropriated | 9905 | €1,004,457 | €1,033,408 | +€28,951 | +2.9% |
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 1 October 2026 via checked.be.