DIRECT WAY: 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 WAY
NACE 49.330, On-demand passenger transport by chauffeured vehicle
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€21,454
2024 · €263,999-€285,453
Equity
€807,529
2024 · €1.2m-€408,454
Cash
€529,096
2024 · €1.1m-€592,720
Balance sheet total
€1.9m
2024 · €1.9m-€22,986
Largest movements
Assets
- Cash -€592,720
down €592,720 (-52.8%), from €1.1m to €529,096
mainly Contributions, distributions and other (-€387,000) and Receivables after one year (-€385,000)
- Receivables after one year +€385,000
new in 2025: €385,000
- Tangible fixed assets +€187,140
up €187,140 (+242.3%), from €77,230 to €264,371
of which Furniture and vehicles: +€177,437
Equity and liabilities
- Profit (loss) carried forward -€406,454
down €406,454 (-50.2%), from €810,019 to €403,566
- Other debts +€385,237
new in 2025: €385,237
- Trade debts -€239,538
down €239,538 (-67.1%), from €357,184 to €117,645
- Debts after one year +€150,946
new in 2025: €150,946
- Short-term financial debts +€46,720
up €46,720 (+114.4%), from €40,833 to €87,552
of which Other loans: +€33,693
Income statement
- Staff costs +€418,067
up €418,067 (+40.8%), from €1.0m to €1.4m
- Gross operating margin +€173,735
up €173,735 (+12.7%), from €1.4m to €1.5m
- Financial income -€121,230
down €121,230 (-91.5%), from €132,462 to €11,233
of which Non-recurring financial income: -€122,112
- Taxes -€94,816
down €94,816 (-96.7%), from €98,043 to €3,228
- Other operating charges -€20,542
down €20,542 (-30.3%), from €67,764 to €47,222
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
€263,999
Gross operating margin
+€173,735
Staff costs
-€418,067
Depreciation
-€11,650
Write-downs
+€5,208
Provisions
-€4,000
Other operating charges
+€20,542
Other operating items
-€9,144
Financial income
-€121,230
Financial charges
+€7,087
Taxes
+€94,816
Deferred taxes and other
-€22,750
Result 2025
-€21,454
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
-€202,957
Investment
-€222,668
Financing
-€167,095
Cash 2024
€1.1m
From operations (derived)
-€202,957
Net result for the year
-€21,454
Depreciation
+€32,323
Receivables after one year
-€385,000
Receivables within one year
-€8,071
Deferred charges and accrued income
+€13,682
Provisions
+€4,000
Trade debts
-€239,538
Tax, wage and social debts
+€501
Advances received
+€10,050
Other debts
+€385,237
Accrued charges and deferred income
+€5,313
Investment (derived)
-€222,668
Investment in fixed assets (net)
-€222,668
Financing
-€167,095
Debts after one year
+€150,946
Current portion of long-term debt
+€22,239
Short-term financial debts
+€46,720
Contributions, distributions and other
-€387,000
Cash 2025
€529,096
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,909,352 | €1,886,366 | -€22,986 | -1.2% |
| Fixed assets | 21/28 | €116,181 | €306,526 | +€190,345 | +163.8% |
| Intangible fixed assets | 21 | €38,951 | €42,155 | +€3,205 | +8.2% |
| Tangible fixed assets | 22/27 | €77,230 | €264,371 | +€187,140 | +242.3% |
| Plant, machinery and equipment | 23 | €4,880 | €4,961 | +€81 | +1.7% |
| Furniture and vehicles | 24 | €69,421 | €246,858 | +€177,437 | +255.6% |
| Other tangible fixed assets | 26 | €2,930 | €2,552 | -€378 | -12.9% |
| Assets under construction and advance payments | 27 | - | €10,000 | +€10,000 | |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €1,793,171 | €1,579,840 | -€213,331 | -11.9% |
| Amounts receivable after more than one year | 29 | - | €385,000 | +€385,000 | |
| Other amounts receivable | 291 | - | €385,000 | +€385,000 | |
| Amounts receivable within one year | 40/41 | €637,238 | €645,309 | +€8,071 | +1.3% |
| Trade receivables | 40 | €514,443 | €478,137 | -€36,306 | -7.1% |
| Other amounts receivable | 41 | €122,795 | €167,173 | +€44,377 | +36.1% |
| Cash at bank and in hand | 54/58 | €1,121,816 | €529,096 | -€592,720 | -52.8% |
| Deferred charges and accrued income | 490/1 | €34,117 | €20,435 | -€13,682 | -40.1% |
| Total equity and liabilities | 10/49 | €1,909,352 | €1,886,366 | -€22,986 | -1.2% |
| Equity | 10/15 | €1,215,982 | €807,529 | -€408,454 | -33.6% |
| Contributions | 10/11 | €175,000 | €175,000 | = | 0.0% |
| Capital | 10 | €175,000 | €175,000 | = | 0.0% |
| Issued capital | 100 | €175,000 | €175,000 | = | 0.0% |
| Reserves | 13 | €221,500 | €221,500 | = | 0.0% |
| Non-distributable reserves | 130/1 | €11,000 | €11,000 | = | 0.0% |
| Legal reserve | 130 | €11,000 | €11,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €210,500 | €210,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €810,019 | €403,566 | -€406,454 | -50.2% |
| Investment grants | 15 | €9,463 | €7,463 | -€2,000 | -21.1% |
| Provisions and deferred taxes | 16 | - | €4,000 | +€4,000 | |
| Provisions for liabilities and charges | 160/5 | - | €4,000 | +€4,000 | |
| Other liabilities and charges | 164/5 | - | €4,000 | +€4,000 | |
| Amounts payable | 17/49 | €693,370 | €1,074,838 | +€381,468 | +55.0% |
| Amounts payable after more than one year | 17 | - | €150,946 | +€150,946 | |
| Financial debts | 170/4 | - | €150,946 | +€150,946 | |
| Amounts payable within one year | 42/48 | €679,493 | €904,701 | +€225,209 | +33.1% |
| Current portion of amounts payable after more than one year | 42 | - | €22,239 | +€22,239 | |
| Financial debts | 43 | €40,833 | €87,552 | +€46,720 | +114.4% |
| Credit institutions | 430/8 | €40,833 | €53,860 | +€13,027 | +31.9% |
| Other loans | 439 | - | €33,693 | +€33,693 | |
| Trade debts | 44 | €357,184 | €117,645 | -€239,538 | -67.1% |
| Suppliers | 440/4 | €357,184 | €117,645 | -€239,538 | -67.1% |
| Advances received on contracts in progress | 46 | - | €10,050 | +€10,050 | |
| Taxes, remuneration and social security | 45 | €281,476 | €281,977 | +€501 | +0.2% |
| Taxes | 450/3 | €109,136 | €105,933 | -€3,203 | -2.9% |
| Remuneration and social security | 454/9 | €172,340 | €176,044 | +€3,704 | +2.1% |
| Other amounts payable | 47/48 | - | €385,237 | +€385,237 | |
| Accrued charges and deferred income | 492/3 | €13,877 | €19,190 | +€5,313 | +38.3% |
| Remuneration, social security and pensions | 62 | €1,025,761 | €1,443,828 | +€418,067 | +40.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,673 | €32,323 | +€11,650 | +56.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €5,208 | - | -€5,208 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €4,000 | +€4,000 | |
| Other operating charges | 640/8 | €67,764 | €47,222 | -€20,542 | -30.3% |
| Non-recurring operating charges | 66A | - | €9,144 | +€9,144 | |
| Gross operating margin | 9900 | €1,364,468 | €1,538,203 | +€173,735 | +12.7% |
| Operating profit (loss) | 9901 | €245,062 | €1,686 | -€243,376 | -99.3% |
| Financial income | 75/76B | €132,462 | €11,233 | -€121,230 | -91.5% |
| Recurring financial income | 75 | €10,351 | €11,233 | +€882 | +8.5% |
| Non-recurring financial income | 76B | €122,112 | - | -€122,112 | |
| Financial charges | 65/66B | €38,232 | €31,145 | -€7,087 | -18.5% |
| Recurring financial charges | 65 | €38,232 | €31,145 | -€7,087 | -18.5% |
| Profit (loss) for the period before taxes | 9903 | €339,293 | -€18,226 | -€357,518 | |
| Transfer from deferred taxes | 780 | €22,750 | - | -€22,750 | |
| Income taxes | 67/77 | €98,043 | €3,228 | -€94,816 | -96.7% |
| Profit (loss) for the period | 9904 | €263,999 | -€21,454 | -€285,453 | |
| Profit (loss) for the period to be appropriated | 9905 | €263,999 | -€21,454 | -€285,453 |
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.