E AND A: 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.
E AND A
Largest movements
- Tangible fixed assets -€9,365
down €9,365 (-19.0%), from €49,403 to €40,038
of which Plant, machinery and equipment: -€7,949
- Receivables within one year +€7,393
up €7,393 (+106%), from €6,994 to €14,386
of which Trade receivables: +€14,386
- Intangible fixed assets -€4,000
down €4,000 (-27.3%), from €14,652 to €10,652
- Cash +€3,129
up €3,129 (+12.3%), from €25,510 to €28,639
mainly Net result for the year (+€19,565) and Depreciation (+€17,834)
- Profit (loss) carried forward +€19,565
up €19,565, from -€13,821 to €5,744
- Trade debts -€12,708
down €12,708 (-77.5%), from €16,400 to €3,692
- Other debts -€10,008
no longer reported in 2025 (was €10,008)
- Debts after one year -€5,027
down €5,027 (-7.9%), from €63,994 to €58,967
- Tax, wage and social debts +€4,960
up €4,960 (+4,499%), from €110 to €5,070
- Gross operating margin +€29,577
up €29,577 (+42.1%), from €70,191 to €99,768
- Staff costs +€26,906
up €26,906 (+152%), from €17,670 to €44,576
- Other operating charges +€4,535
up €4,535 (+179%), from €2,530 to €7,065
- Taxes -€2,136
no longer reported in 2025 (was €2,136)
- Depreciation -€2,077
down €2,077 (-10.4%), from €19,911 to €17,834
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 | €100,948 | €98,100 | -€2,848 | -2.8% |
| Fixed assets | 21/28 | €64,055 | €50,690 | -€13,365 | -20.9% |
| Intangible fixed assets | 21 | €14,652 | €10,652 | -€4,000 | -27.3% |
| Tangible fixed assets | 22/27 | €49,403 | €40,038 | -€9,365 | -19.0% |
| Plant, machinery and equipment | 23 | €14,868 | €6,919 | -€7,949 | -53.5% |
| Furniture and vehicles | 24 | €34,535 | €33,119 | -€1,416 | -4.1% |
| Current assets | 29/58 | €36,893 | €47,410 | +€10,518 | +28.5% |
| Stocks and contracts in progress | 3 | €3,323 | €4,273 | +€950 | +28.6% |
| Stocks | 30/36 | €3,323 | €4,273 | +€950 | +28.6% |
| Amounts receivable within one year | 40/41 | €6,994 | €14,386 | +€7,393 | +106% |
| Trade receivables | 40 | - | €14,386 | +€14,386 | |
| Other amounts receivable | 41 | €6,994 | - | -€6,994 | |
| Cash at bank and in hand | 54/58 | €25,510 | €28,639 | +€3,129 | +12.3% |
| Deferred charges and accrued income | 490/1 | €1,066 | €112 | -€954 | -89.5% |
| Total equity and liabilities | 10/49 | €100,948 | €98,100 | -€2,848 | -2.8% |
| Equity | 10/15 | €5,779 | €25,344 | +€19,565 | +339% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,000 | €1,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,000 | €1,000 | = | 0.0% |
| Legal reserve | 130 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€13,821 | €5,744 | +€19,565 | |
| Amounts payable | 17/49 | €95,169 | €72,756 | -€22,413 | -23.6% |
| Amounts payable after more than one year | 17 | €63,994 | €58,967 | -€5,027 | -7.9% |
| Financial debts | 170/4 | €63,994 | €58,967 | -€5,027 | -7.9% |
| Amounts payable within one year | 42/48 | €31,175 | €13,789 | -€17,386 | -55.8% |
| Current portion of amounts payable after more than one year | 42 | €4,656 | €5,027 | +€370 | +8.0% |
| Trade debts | 44 | €16,400 | €3,692 | -€12,708 | -77.5% |
| Suppliers | 440/4 | €16,400 | €3,692 | -€12,708 | -77.5% |
| Taxes, remuneration and social security | 45 | €110 | €5,070 | +€4,960 | +4,499% |
| Taxes | 450/3 | €110 | €5,070 | +€4,960 | +4,499% |
| Other amounts payable | 47/48 | €10,008 | - | -€10,008 | |
| Non-recurring operating income | 76A | €500 | - | -€500 | |
| Remuneration, social security and pensions | 62 | €17,670 | €44,576 | +€26,906 | +152% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,911 | €17,834 | -€2,077 | -10.4% |
| Other operating charges | 640/8 | €2,530 | €7,065 | +€4,535 | +179% |
| Gross operating margin | 9900 | €70,191 | €99,768 | +€29,577 | +42.1% |
| Operating profit (loss) | 9901 | €30,079 | €30,293 | +€214 | +0.7% |
| Financial charges | 65/66B | €10,866 | €10,728 | -€138 | -1.3% |
| Recurring financial charges | 65 | €10,866 | €10,728 | -€138 | -1.3% |
| Profit (loss) for the period before taxes | 9903 | €19,213 | €19,565 | +€351 | +1.8% |
| Income taxes | 67/77 | €2,136 | - | -€2,136 | |
| Profit (loss) for the period | 9904 | €17,078 | €19,565 | +€2,487 | +14.6% |
| Profit (loss) for the period to be appropriated | 9905 | €17,078 | €19,565 | +€2,487 | +14.6% |
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 14 October 2026 via checked.be.