DIVIDEND CAKE: 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.
DIVIDEND CAKE
Largest movements
- Tangible fixed assets +€2,582
new in 2025: €2,582
- Receivables within one year -€1,236
down €1,236 (-37.1%), from €3,332 to €2,097
of which Trade receivables: -€2,500
- Cash -€1,082
down €1,082 (-21.9%), from €4,931 to €3,849
mainly Other debts (-€12,820) and Investment in fixed assets (net) (-€4,053)
- Deferred charges and accrued income +€885
up €885 (+389.3%), from €227 to €1,113
- Intangible fixed assets -€715
down €715 (-100.0%), from €715 to €0
- Other debts -€12,820
down €12,820 (-25.9%), from €49,417 to €36,597
- Profit (loss) carried forward +€7,995
up €7,995 (+17.5%), from -€45,690 to -€37,695
- Trade debts +€2,926
up €2,926 (+158.6%), from €1,845 to €4,770
- Tax, wage and social debts +€1,477
up €1,477 (+1239.9%), from €119 to €1,597
- Short-term financial debts +€777
new in 2025: €777
- Gross operating margin -€1,654
down €1,654 (-13.0%), from €12,739 to €11,085
- Depreciation +€1,036
up €1,036 (+90.1%), from €1,150 to €2,186
- Financial charges -€609
down €609 (-83.3%), from €732 to €122
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 | €9,691 | €10,045 | +€355 | +3.7% |
| Fixed assets | 21/28 | €1,120 | €2,987 | +€1,866 | +166.6% |
| Intangible fixed assets | 21 | €715 | €0 | -€715 | -100.0% |
| Tangible fixed assets | 22/27 | - | €2,582 | +€2,582 | |
| Furniture and vehicles | 24 | - | €2,582 | +€2,582 | |
| Financial fixed assets | 28 | €405 | €405 | = | 0.0% |
| Current assets | 29/58 | €8,570 | €7,059 | -€1,512 | -17.6% |
| Stocks and contracts in progress | 3 | €80 | €0 | -€80 | -100.0% |
| Stocks | 30/36 | €80 | €0 | -€80 | -100.0% |
| Amounts receivable within one year | 40/41 | €3,332 | €2,097 | -€1,236 | -37.1% |
| Trade receivables | 40 | €2,803 | €303 | -€2,500 | -89.2% |
| Other amounts receivable | 41 | €529 | €1,794 | +€1,265 | +239.3% |
| Cash at bank and in hand | 54/58 | €4,931 | €3,849 | -€1,082 | -21.9% |
| Deferred charges and accrued income | 490/1 | €227 | €1,113 | +€885 | +389.3% |
| Total equity and liabilities | 10/49 | €9,691 | €10,045 | +€355 | +3.7% |
| Equity | 10/15 | -€41,690 | -€33,695 | +€7,995 | +19.2% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€45,690 | -€37,695 | +€7,995 | +17.5% |
| Amounts payable | 17/49 | €51,381 | €43,741 | -€7,640 | -14.9% |
| Amounts payable within one year | 42/48 | €51,381 | €43,741 | -€7,640 | -14.9% |
| Financial debts | 43 | - | €777 | +€777 | |
| Credit institutions | 430/8 | - | €777 | +€777 | |
| Trade debts | 44 | €1,845 | €4,770 | +€2,926 | +158.6% |
| Suppliers | 440/4 | €1,845 | €4,770 | +€2,926 | +158.6% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €119 | €1,597 | +€1,477 | +1239.9% |
| Taxes | 450/3 | €119 | €1,597 | +€1,477 | +1239.9% |
| Other amounts payable | 47/48 | €49,417 | €36,597 | -€12,820 | -25.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,150 | €2,186 | +€1,036 | +90.1% |
| Other operating charges | 640/8 | €618 | €638 | +€20 | +3.2% |
| Gross operating margin | 9900 | €12,739 | €11,085 | -€1,654 | -13.0% |
| Operating profit (loss) | 9901 | €10,971 | €8,261 | -€2,710 | -24.7% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €732 | €122 | -€609 | -83.3% |
| Recurring financial charges | 65 | €732 | €122 | -€609 | -83.3% |
| Profit (loss) for the period before taxes | 9903 | €10,239 | €8,138 | -€2,101 | -20.5% |
| Income taxes | 67/77 | €119 | €144 | +€25 | +20.6% |
| Profit (loss) for the period | 9904 | €10,120 | €7,995 | -€2,126 | -21.0% |
| Profit (loss) for the period to be appropriated | 9905 | €10,120 | €7,995 | -€2,126 | -21.0% |
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.