e - Strategy: 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.
e - Strategy
Largest movements
- Cash -€4,915
down €4,915 (-67.3%), from €7,299 to €2,384
mainly Net result for the year (-€4,396) and Other debts (-€3,242)
- Tangible fixed assets -€4,547
down €4,547 (-51.6%), from €8,816 to €4,269
of which Plant, machinery and equipment: -€3,112
- Receivables within one year -€1,009
down €1,009 (-1.6%), from €62,095 to €61,086
of which Trade receivables: -€860
- Profit (loss) carried forward -€4,396
down €4,396 (-8.7%), from -€50,453 to -€54,849
- Other debts -€3,242
down €3,242 (-3.1%), from €105,246 to €102,004
- Trade debts -€2,774
down €2,774 (-58.9%), from €4,706 to €1,932
- Depreciation +€1,189
up €1,189 (+35.4%), from €3,358 to €4,547
- Gross operating margin -€674
down €674 (-44.8%), from €1,504 to €830
- Financial charges +€73
up €73 (+47.1%), from €155 to €228
- Taxes -€17
down €17 (-25.0%), from €68 to €51
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 | €78,215 | €67,798 | -€10,417 | -13.3% |
| Fixed assets | 21/28 | €8,816 | €4,269 | -€4,547 | -51.6% |
| Tangible fixed assets | 22/27 | €8,816 | €4,269 | -€4,547 | -51.6% |
| Plant, machinery and equipment | 23 | €6,373 | €3,261 | -€3,112 | -48.8% |
| Furniture and vehicles | 24 | €2,443 | €1,008 | -€1,435 | -58.7% |
| Current assets | 29/58 | €69,399 | €63,529 | -€5,870 | -8.5% |
| Amounts receivable within one year | 40/41 | €62,095 | €61,086 | -€1,009 | -1.6% |
| Trade receivables | 40 | €44,435 | €43,575 | -€860 | -1.9% |
| Other amounts receivable | 41 | €17,660 | €17,511 | -€149 | -0.8% |
| Cash at bank and in hand | 54/58 | €7,299 | €2,384 | -€4,915 | -67.3% |
| Deferred charges and accrued income | 490/1 | €5 | €59 | +€54 | +1080.0% |
| Total equity and liabilities | 10/49 | €78,215 | €67,798 | -€10,417 | -13.3% |
| Equity | 10/15 | -€31,861 | -€36,257 | -€4,396 | -13.8% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€50,453 | -€54,849 | -€4,396 | -8.7% |
| Amounts payable | 17/49 | €110,076 | €104,055 | -€6,021 | -5.5% |
| Amounts payable within one year | 42/48 | €110,076 | €104,055 | -€6,021 | -5.5% |
| Trade debts | 44 | €4,706 | €1,932 | -€2,774 | -58.9% |
| Suppliers | 440/4 | €4,706 | €1,932 | -€2,774 | -58.9% |
| Taxes, remuneration and social security | 45 | €124 | €119 | -€5 | -4.0% |
| Taxes | 450/3 | €124 | €119 | -€5 | -4.0% |
| Other amounts payable | 47/48 | €105,246 | €102,004 | -€3,242 | -3.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,358 | €4,547 | +€1,189 | +35.4% |
| Other operating charges | 640/8 | €387 | €400 | +€13 | +3.4% |
| Gross operating margin | 9900 | €1,504 | €830 | -€674 | -44.8% |
| Operating profit (loss) | 9901 | -€2,241 | -€4,117 | -€1,876 | -83.7% |
| Financial charges | 65/66B | €155 | €228 | +€73 | +47.1% |
| Recurring financial charges | 65 | €155 | €228 | +€73 | +47.1% |
| Profit (loss) for the period before taxes | 9903 | -€2,396 | -€4,345 | -€1,949 | -81.3% |
| Income taxes | 67/77 | €68 | €51 | -€17 | -25.0% |
| Profit (loss) for the period | 9904 | -€2,464 | -€4,396 | -€1,932 | -78.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,464 | -€4,396 | -€1,932 | -78.4% |
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 4 October 2026 via checked.be.