DS LOCATION: 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.
DS LOCATION
Largest movements
- Receivables within one year +€86,662
up €86,662 (+81.5%), from €106,315 to €192,977
of which Other amounts receivable: +€81,870
- Tangible fixed assets +€61,404
up €61,404 (+390%), from €15,754 to €77,158
of which Plant, machinery and equipment: +€55,178
- Cash -€42,359
down €42,359 (-87.8%), from €48,239 to €5,880
mainly Receivables within one year (-€86,662) and Investment in fixed assets (net) (-€70,951)
- Other debts +€72,525
up €72,525 (+203%), from €35,756 to €108,281
- Debts after one year +€38,140
new in 2025: €38,140
- Tax, wage and social debts -€20,693
down €20,693 (-53.8%), from €38,489 to €17,796
- Profit (loss) carried forward +€15,624
new in 2025: €15,624
- Current portion of long-term debt +€11,860
new in 2025: €11,860
- Gross operating margin -€94,200
down €94,200 (-70.0%), from €134,608 to €40,408
- Taxes +€14,932
up €14,932 (+337%), from €4,427 to €19,359
- Financial charges -€6,446
down €6,446 (-88.8%), from €7,259 to €813
- Depreciation +€4,590
up €4,590 (+92.6%), from €4,957 to €9,547
- Financial income +€1,887
up €1,887 (+86.3%), from €2,186 to €4,073
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 | €385,425 | €491,579 | +€106,154 | +27.5% |
| Fixed assets | 21/28 | €230,754 | €292,158 | +€61,404 | +26.6% |
| Tangible fixed assets | 22/27 | €15,754 | €77,158 | +€61,404 | +390% |
| Land and buildings | 22 | €1,800 | €1,800 | = | 0.0% |
| Plant, machinery and equipment | 23 | €10,783 | €65,961 | +€55,178 | +512% |
| Furniture and vehicles | 24 | €3,171 | €9,397 | +€6,226 | +196% |
| Financial fixed assets | 28 | €215,000 | €215,000 | = | 0.0% |
| Current assets | 29/58 | €154,671 | €199,421 | +€44,749 | +28.9% |
| Amounts receivable within one year | 40/41 | €106,315 | €192,977 | +€86,662 | +81.5% |
| Trade receivables | 40 | €23,313 | €28,106 | +€4,792 | +20.6% |
| Other amounts receivable | 41 | €83,002 | €164,871 | +€81,870 | +98.6% |
| Cash at bank and in hand | 54/58 | €48,239 | €5,880 | -€42,359 | -87.8% |
| Deferred charges and accrued income | 490/1 | €117 | €564 | +€446 | +380% |
| Total equity and liabilities | 10/49 | €385,425 | €491,579 | +€106,154 | +27.5% |
| Equity | 10/15 | €159,811 | €173,666 | +€13,855 | +8.7% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €139,811 | €138,042 | -€1,769 | -1.3% |
| Tax-exempt reserves | 132 | €80,500 | €78,731 | -€1,769 | -2.2% |
| Distributable reserves | 133 | €59,311 | €59,311 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €15,624 | +€15,624 | |
| Provisions and deferred taxes | 16 | €26,833 | €26,244 | -€590 | -2.2% |
| Deferred taxes | 168 | €26,833 | €26,244 | -€590 | -2.2% |
| Amounts payable | 17/49 | €198,780 | €291,668 | +€92,888 | +46.7% |
| Amounts payable after more than one year | 17 | - | €38,140 | +€38,140 | |
| Financial debts | 170/4 | - | €38,140 | +€38,140 | |
| Amounts payable within one year | 42/48 | €198,780 | €253,529 | +€54,748 | +27.5% |
| Current portion of amounts payable after more than one year | 42 | - | €11,860 | +€11,860 | |
| Trade debts | 44 | €124,535 | €115,591 | -€8,944 | -7.2% |
| Suppliers | 440/4 | €124,535 | €115,591 | -€8,944 | -7.2% |
| Taxes, remuneration and social security | 45 | €38,489 | €17,796 | -€20,693 | -53.8% |
| Taxes | 450/3 | €38,489 | €17,796 | -€20,693 | -53.8% |
| Other amounts payable | 47/48 | €35,756 | €108,281 | +€72,525 | +203% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,957 | €9,547 | +€4,590 | +92.6% |
| Other operating charges | 640/8 | €1,568 | €1,496 | -€72 | -4.6% |
| Gross operating margin | 9900 | €134,608 | €40,408 | -€94,200 | -70.0% |
| Operating profit (loss) | 9901 | €128,083 | €29,365 | -€98,718 | -77.1% |
| Financial income | 75/76B | €2,186 | €4,073 | +€1,887 | +86.3% |
| Recurring financial income | 75 | €2,186 | €4,073 | +€1,887 | +86.3% |
| Financial charges | 65/66B | €7,259 | €813 | -€6,446 | -88.8% |
| Recurring financial charges | 65 | €7,259 | €813 | -€6,446 | -88.8% |
| Profit (loss) for the period before taxes | 9903 | €123,010 | €32,625 | -€90,385 | -73.5% |
| Transfer from deferred taxes | 780 | - | €590 | +€590 | |
| Transfer to deferred taxes | 680 | €26,833 | - | -€26,833 | |
| Income taxes | 67/77 | €4,427 | €19,359 | +€14,932 | +337% |
| Profit (loss) for the period | 9904 | €91,749 | €13,855 | -€77,894 | -84.9% |
| Transfer from tax-exempt reserves | 789 | - | €1,769 | +€1,769 | |
| Transfer to tax-exempt reserves | 689 | €80,500 | - | -€80,500 | |
| Profit (loss) for the period to be appropriated | 9905 | €11,249 | €15,624 | +€4,375 | +38.9% |
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 16 October 2026 via checked.be.