Ducks in a row: 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.
Ducks in a row
Largest movements
- Receivables within one year -€52,579
down €52,579 (-81.6%), from €64,460 to €11,881
of which Trade receivables: -€52,579
- Cash +€2,975
up €2,975 (+19.0%), from €15,634 to €18,610
mainly Receivables within one year (+€52,579) and Depreciation (+€2,420)
- Tangible fixed assets -€2,420
down €2,420 (-25.0%), from €9,680 to €7,260
- Stocks and contracts +€2,000
up €2,000 (+28.7%), from €6,972 to €8,972
- Trade debts -€33,053
down €33,053 (-75.6%), from €43,722 to €10,669
- Profit (loss) carried forward -€13,400
down €13,400 (-145%), from -€9,218 to -€22,618
- Debts after one year -€1,838
down €1,838 (-29.3%), from €6,279 to €4,441
- Tax, wage and social debts -€1,464
down €1,464 (-11.4%), from €12,821 to €11,357
- Gross operating margin +€1,709
up €1,709 (+14.5%), from -€11,756 to -€10,047
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 | €98,904 | €48,552 | -€50,352 | -50.9% |
| Fixed assets | 21/28 | €9,680 | €7,260 | -€2,420 | -25.0% |
| Tangible fixed assets | 22/27 | €9,680 | €7,260 | -€2,420 | -25.0% |
| Land and buildings | 22 | €9,680 | €7,260 | -€2,420 | -25.0% |
| Current assets | 29/58 | €89,224 | €41,292 | -€47,932 | -53.7% |
| Stocks and contracts in progress | 3 | €6,972 | €8,972 | +€2,000 | +28.7% |
| Stocks | 30/36 | €6,972 | €8,972 | +€2,000 | +28.7% |
| Amounts receivable within one year | 40/41 | €64,460 | €11,881 | -€52,579 | -81.6% |
| Trade receivables | 40 | €64,351 | €11,772 | -€52,579 | -81.7% |
| Other amounts receivable | 41 | €109 | €109 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €15,634 | €18,610 | +€2,975 | +19.0% |
| Deferred charges and accrued income | 490/1 | €2,159 | €1,830 | -€329 | -15.2% |
| Total equity and liabilities | 10/49 | €98,904 | €48,552 | -€50,352 | -50.9% |
| Equity | 10/15 | €27,042 | €13,642 | -€13,400 | -49.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €23,860 | €23,860 | = | 0.0% |
| Distributable reserves | 133 | €23,860 | €23,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€9,218 | -€22,618 | -€13,400 | -145% |
| Amounts payable | 17/49 | €71,862 | €34,910 | -€36,952 | -51.4% |
| Amounts payable after more than one year | 17 | €6,279 | €4,441 | -€1,838 | -29.3% |
| Financial debts | 170/4 | €6,279 | €4,441 | -€1,838 | -29.3% |
| Amounts payable within one year | 42/48 | €65,583 | €30,469 | -€35,114 | -53.5% |
| Current portion of amounts payable after more than one year | 42 | €1,800 | €1,838 | +€38 | +2.1% |
| Trade debts | 44 | €43,722 | €10,669 | -€33,053 | -75.6% |
| Suppliers | 440/4 | €43,722 | €10,669 | -€33,053 | -75.6% |
| Taxes, remuneration and social security | 45 | €12,821 | €11,357 | -€1,464 | -11.4% |
| Taxes | 450/3 | €12,821 | €11,357 | -€1,464 | -11.4% |
| Other amounts payable | 47/48 | €7,239 | €6,604 | -€635 | -8.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,420 | €2,420 | = | 0.0% |
| Other operating charges | 640/8 | €552 | €567 | +€16 | +2.9% |
| Gross operating margin | 9900 | -€11,756 | -€10,047 | +€1,709 | +14.5% |
| Operating profit (loss) | 9901 | -€14,727 | -€13,034 | +€1,693 | +11.5% |
| Financial income | 75/76B | €35 | €26 | -€9 | -24.7% |
| Recurring financial income | 75 | €35 | €26 | -€9 | -24.7% |
| Financial charges | 65/66B | €326 | €392 | +€66 | +20.3% |
| Recurring financial charges | 65 | €326 | €392 | +€66 | +20.3% |
| Profit (loss) for the period before taxes | 9903 | -€15,019 | -€13,400 | +€1,618 | +10.8% |
| Profit (loss) for the period | 9904 | -€15,019 | -€13,400 | +€1,618 | +10.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€15,019 | -€13,400 | +€1,618 | +10.8% |
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 26 October 2026 via checked.be.