DR CELIANE MARTIN: what changed
Two financial 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.
DR CELIANE MARTIN
Largest movements
- Receivables within one year +€10,761
up €10,761 (+306%), from €3,512 to €14,273
- Cash +€10,318
up €10,318 (+32.1%), from €32,179 to €42,498
mainly Net result for the year (+€22,147) and Tax, wage and social debts (+€10,634)
- Deferred charges and accrued income -€7,201
down €7,201 (-77.7%), from €9,269 to €2,069
- Tangible fixed assets -€5,915
down €5,915 (-62.8%), from €9,416 to €3,501
- Profit (loss) carried forward +€22,147
up €22,147 (+168%), from €13,208 to €35,355
- Other debts -€21,176
no longer reported in 2025 (was €21,176)
- Tax, wage and social debts +€10,634
up €10,634 (+116%), from €9,145 to €19,779
of which Taxes: +€12,834
- Debts after one year -€3,279
no longer reported in 2025 (was €3,279)
- Current portion of long-term debt -€2,342
down €2,342 (-41.7%), from €5,622 to €3,279
- Gross operating margin -€13,465
down €13,465 (-27.3%), from €49,300 to €35,835
- Taxes -€1,919
down €1,919 (-20.6%), from €9,333 to €7,414
- Other operating charges -€502
down €502 (-73.0%), from €689 to €186
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.
Derived cash bridge
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 | €55,772 | €63,736 | +€7,964 | +14.3% |
| Fixed assets | 21/28 | €10,811 | €4,896 | -€5,915 | -54.7% |
| Tangible fixed assets | 22/27 | €9,416 | €3,501 | -€5,915 | -62.8% |
| Furniture and vehicles | 24 | €9,416 | €3,501 | -€5,915 | -62.8% |
| Financial fixed assets | 28 | €1,395 | €1,395 | = | 0.0% |
| Current assets | 29/58 | €44,961 | €58,839 | +€13,879 | +30.9% |
| Amounts receivable within one year | 40/41 | €3,512 | €14,273 | +€10,761 | +306% |
| Other amounts receivable | 41 | €3,512 | €14,273 | +€10,761 | +306% |
| Cash at bank and in hand | 54/58 | €32,179 | €42,498 | +€10,318 | +32.1% |
| Deferred charges and accrued income | 490/1 | €9,269 | €2,069 | -€7,201 | -77.7% |
| Total equity and liabilities | 10/49 | €55,772 | €63,736 | +€7,964 | +14.3% |
| Equity | 10/15 | €16,208 | €38,355 | +€22,147 | +137% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €13,208 | €35,355 | +€22,147 | +168% |
| Amounts payable | 17/49 | €39,563 | €25,381 | -€14,183 | -35.8% |
| Amounts payable after more than one year | 17 | €3,279 | - | -€3,279 | |
| Financial debts | 170/4 | €3,279 | - | -€3,279 | |
| Amounts payable within one year | 42/48 | €36,284 | €25,381 | -€10,903 | -30.1% |
| Current portion of amounts payable after more than one year | 42 | €5,622 | €3,279 | -€2,342 | -41.7% |
| Trade debts | 44 | €340 | €2,322 | +€1,982 | +582% |
| Suppliers | 440/4 | €340 | €2,322 | +€1,982 | +582% |
| Taxes, remuneration and social security | 45 | €9,145 | €19,779 | +€10,634 | +116% |
| Taxes | 450/3 | €6,945 | €19,779 | +€12,834 | +185% |
| Remuneration and social security | 454/9 | €2,200 | - | -€2,200 | |
| Other amounts payable | 47/48 | €21,176 | - | -€21,176 | |
| Non-recurring operating income | 76A | - | €12,759 | +€12,759 | |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,804 | €5,915 | +€111 | +1.9% |
| Other operating charges | 640/8 | €689 | €186 | -€502 | -73.0% |
| Gross operating margin | 9900 | €49,300 | €35,835 | -€13,465 | -27.3% |
| Operating profit (loss) | 9901 | €42,807 | €29,733 | -€13,073 | -30.5% |
| Financial income | 75/76B | €64 | - | -€64 | |
| Recurring financial income | 75 | €64 | - | -€64 | |
| Financial charges | 65/66B | €221 | €173 | -€49 | -22.0% |
| Recurring financial charges | 65 | €221 | €173 | -€49 | -22.0% |
| Profit (loss) for the period before taxes | 9903 | €42,649 | €29,561 | -€13,088 | -30.7% |
| Income taxes | 67/77 | €9,333 | €7,414 | -€1,919 | -20.6% |
| Profit (loss) for the period | 9904 | €33,316 | €22,147 | -€11,170 | -33.5% |
| Profit (loss) for the period to be appropriated | 9905 | €33,316 | €22,147 | -€11,170 | -33.5% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 October 2026 via checked.be.