e-TROVA: 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-TROVA
Largest movements
- Receivables within one year -€734,886
down €734,886 (-78.7%), from €933,198 to €198,312
of which Other amounts receivable: -€752,535
- Intangible fixed assets +€287,086
up €287,086 (+39.2%), from €731,721 to €1.0m
- Cash -€159,573
down €159,573 (-58.6%), from €272,217 to €112,644
mainly Net result for the year (-€594,568) and Investment in fixed assets (net) (-€484,072)
- Stocks and contracts +€136,657
up €136,657 (+26.5%), from €515,461 to €652,118
- Profit (loss) carried forward -€594,568
down €594,568 (-52.5%), from -€1.1m to -€1.7m
- Debts after one year +€88,039
up €88,039 (+5.1%), from €1.7m to €1.8m
- Accrued charges and deferred income +€46,461
up €46,461 (+659.6%), from €7,044 to €53,505
- Trade debts -€25,111
down €25,111 (-14.7%), from €170,958 to €145,847
- Gross operating margin +€254,264
up €254,264 (+60.7%), from -€418,748 to -€164,484
- Financial charges +€61,857
up €61,857 (+190.6%), from €32,447 to €94,305
- Staff costs +€52,213
up €52,213 (+51.5%), from €101,462 to €153,675
- Depreciation +€43,805
up €43,805 (+28.5%), from €153,816 to €197,620
- Taxes -€16,949
down €16,949, from €111 to -€16,838
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 | €2,465,794 | €1,995,592 | -€470,202 | -19.1% |
| Fixed assets | 21/28 | €738,523 | €1,024,975 | +€286,451 | +38.8% |
| Intangible fixed assets | 21 | €731,721 | €1,018,807 | +€287,086 | +39.2% |
| Tangible fixed assets | 22/27 | €6,802 | €5,168 | -€1,635 | -24.0% |
| Plant, machinery and equipment | 23 | €2,841 | €1,760 | -€1,081 | -38.0% |
| Furniture and vehicles | 24 | €3,961 | €3,407 | -€554 | -14.0% |
| Financial fixed assets | 28 | - | €1,000 | +€1,000 | |
| Current assets | 29/58 | €1,727,271 | €970,617 | -€756,653 | -43.8% |
| Stocks and contracts in progress | 3 | €515,461 | €652,118 | +€136,657 | +26.5% |
| Stocks | 30/36 | €515,461 | €652,118 | +€136,657 | +26.5% |
| Amounts receivable within one year | 40/41 | €933,198 | €198,312 | -€734,886 | -78.7% |
| Trade receivables | 40 | €518 | €18,167 | +€17,649 | +3410.0% |
| Other amounts receivable | 41 | €932,680 | €180,145 | -€752,535 | -80.7% |
| Cash at bank and in hand | 54/58 | €272,217 | €112,644 | -€159,573 | -58.6% |
| Deferred charges and accrued income | 490/1 | €6,395 | €7,544 | +€1,149 | +18.0% |
| Total equity and liabilities | 10/49 | €2,465,794 | €1,995,592 | -€470,202 | -19.1% |
| Equity | 10/15 | €549,944 | -€44,624 | -€594,568 | |
| Contributions | 10/11 | €1,683,502 | €1,683,502 | = | 0.0% |
| Capital | 10 | €1,683,502 | €1,683,502 | = | 0.0% |
| Issued capital | 100 | €1,683,502 | €1,683,502 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,133,559 | -€1,728,126 | -€594,568 | -52.5% |
| Amounts payable | 17/49 | €1,915,850 | €2,040,216 | +€124,366 | +6.5% |
| Amounts payable after more than one year | 17 | €1,737,010 | €1,825,050 | +€88,039 | +5.1% |
| Financial debts | 170/4 | €1,737,010 | €1,825,050 | +€88,039 | +5.1% |
| Amounts payable within one year | 42/48 | €171,795 | €161,661 | -€10,135 | -5.9% |
| Trade debts | 44 | €170,958 | €145,847 | -€25,111 | -14.7% |
| Suppliers | 440/4 | €170,958 | €145,847 | -€25,111 | -14.7% |
| Taxes, remuneration and social security | 45 | €159 | €14,414 | +€14,255 | +8970.2% |
| Taxes | 450/3 | €111 | €111 | = | 0.0% |
| Remuneration and social security | 454/9 | €48 | €14,304 | +€14,255 | +29526.7% |
| Other amounts payable | 47/48 | €679 | €1,400 | +€721 | +106.3% |
| Accrued charges and deferred income | 492/3 | €7,044 | €53,505 | +€46,461 | +659.6% |
| Non-recurring operating income | 76A | - | €176,941 | +€176,941 | |
| Remuneration, social security and pensions | 62 | €101,462 | €153,675 | +€52,213 | +51.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €153,816 | €197,620 | +€43,805 | +28.5% |
| Other operating charges | 640/8 | €387 | €1,322 | +€935 | +241.3% |
| Gross operating margin | 9900 | -€418,748 | -€164,484 | +€254,264 | +60.7% |
| Operating profit (loss) | 9901 | -€674,414 | -€517,101 | +€157,312 | +23.3% |
| Financial income | 75/76B | €46 | €0 | -€46 | -100.0% |
| Recurring financial income | 75 | €46 | €0 | -€46 | -100.0% |
| Financial charges | 65/66B | €32,447 | €94,305 | +€61,857 | +190.6% |
| Recurring financial charges | 65 | €32,447 | €94,305 | +€61,857 | +190.6% |
| Profit (loss) for the period before taxes | 9903 | -€706,815 | -€611,406 | +€95,409 | +13.5% |
| Income taxes | 67/77 | €111 | -€16,838 | -€16,949 | |
| Profit (loss) for the period | 9904 | -€706,926 | -€594,568 | +€112,358 | +15.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€706,926 | -€594,568 | +€112,358 | +15.9% |
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 9 October 2026 via checked.be.