Downstream: 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.
Downstream
Largest movements
- Receivables within one year +€28,494
up €28,494 (+223.4%), from €12,755 to €41,249
of which Other amounts receivable: +€21,075
- Cash +€15,903
up €15,903 (+50.8%), from €31,309 to €47,211
mainly Net result for the year (+€38,579) and Depreciation (+€5,687)
- Tangible fixed assets -€5,687
down €5,687 (-50.0%), from €11,371 to €5,684
- Reserves +€40,000
up €40,000 (+57.3%), from €69,799 to €109,799
- Profit (loss) carried forward -€1,421
down €1,421 (-78.7%), from €1,805 to €384
- Gross operating margin +€38,186
up €38,186 (+237.4%), from €16,087 to €54,273
- Financial income -€25,773
down €25,773 (-85.9%), from €30,008 to €4,234
- Taxes +€9,521
up €9,521 (+252.6%), from €3,768 to €13,289
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 | €84,184 | €122,894 | +€38,710 | +46.0% |
| Fixed assets | 21/28 | €40,121 | €34,434 | -€5,687 | -14.2% |
| Tangible fixed assets | 22/27 | €11,371 | €5,684 | -€5,687 | -50.0% |
| Furniture and vehicles | 24 | €11,371 | €5,684 | -€5,687 | -50.0% |
| Financial fixed assets | 28 | €28,750 | €28,750 | = | 0.0% |
| Current assets | 29/58 | €44,064 | €88,460 | +€44,396 | +100.8% |
| Amounts receivable within one year | 40/41 | €12,755 | €41,249 | +€28,494 | +223.4% |
| Trade receivables | 40 | €12,345 | €19,763 | +€7,419 | +60.1% |
| Other amounts receivable | 41 | €410 | €21,485 | +€21,075 | +5136.6% |
| Cash at bank and in hand | 54/58 | €31,309 | €47,211 | +€15,903 | +50.8% |
| Total equity and liabilities | 10/49 | €84,184 | €122,894 | +€38,710 | +46.0% |
| Equity | 10/15 | €76,603 | €115,183 | +€38,579 | +50.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €69,799 | €109,799 | +€40,000 | +57.3% |
| Distributable reserves | 133 | €69,799 | €109,799 | +€40,000 | +57.3% |
| Profit (loss) carried forward | 14 | €1,805 | €384 | -€1,421 | -78.7% |
| Amounts payable | 17/49 | €7,581 | €7,711 | +€130 | +1.7% |
| Amounts payable within one year | 42/48 | €7,581 | €7,711 | +€130 | +1.7% |
| Trade debts | 44 | €1,238 | €1,257 | +€19 | +1.5% |
| Suppliers | 440/4 | €1,238 | €1,257 | +€19 | +1.5% |
| Taxes, remuneration and social security | 45 | €6,326 | €6,445 | +€119 | +1.9% |
| Taxes | 450/3 | €6,326 | €6,445 | +€119 | +1.9% |
| Other amounts payable | 47/48 | €17 | €8 | -€8 | -50.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,675 | €5,687 | +€11 | +0.2% |
| Other operating charges | 640/8 | €1,098 | €906 | -€192 | -17.5% |
| Gross operating margin | 9900 | €16,087 | €54,273 | +€38,186 | +237.4% |
| Operating profit (loss) | 9901 | €9,313 | €47,680 | +€38,367 | +412.0% |
| Financial income | 75/76B | €30,008 | €4,234 | -€25,773 | -85.9% |
| Recurring financial income | 75 | €30,008 | €4,234 | -€25,773 | -85.9% |
| Financial charges | 65/66B | €42 | €46 | +€4 | +10.3% |
| Recurring financial charges | 65 | €42 | €46 | +€4 | +10.3% |
| Profit (loss) for the period before taxes | 9903 | €39,279 | €51,868 | +€12,589 | +32.1% |
| Income taxes | 67/77 | €3,768 | €13,289 | +€9,521 | +252.6% |
| Profit (loss) for the period | 9904 | €35,511 | €38,579 | +€3,069 | +8.6% |
| Profit (loss) for the period to be appropriated | 9905 | €35,511 | €38,579 | +€3,069 | +8.6% |
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 28 September 2026 via checked.be.