Early: 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.
Early
Largest movements
- Receivables within one year -€51,602
down €51,602 (-25.3%), from €204,122 to €152,520
- Cash +€11,436
up €11,436 (+59.7%), from €19,165 to €30,600
mainly Net result for the year (+€161,580) and Receivables within one year (+€51,602)
- Tangible fixed assets -€5,702
down €5,702 (-17.4%), from €32,705 to €27,003
of which Leasing and similar rights: -€8,919
- Tax, wage and social debts -€45,197
down €45,197 (-51.4%), from €87,852 to €42,655
- Other debts +€34,497
up €34,497 (+75.7%), from €45,547 to €80,044
- Current portion of long-term debt -€20,795
down €20,795 (-43.6%), from €47,662 to €26,867
- Debts after one year -€15,095
down €15,095 (-71.7%), from €21,040 to €5,946
- Trade debts -€4,495
down €4,495 (-51.5%), from €8,725 to €4,230
- Financial income -€14,454
down €14,454 (-89.9%), from €16,070 to €1,616
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 | €256,914 | €210,753 | -€46,161 | -18.0% |
| Fixed assets | 21/28 | €33,025 | €27,323 | -€5,702 | -17.3% |
| Tangible fixed assets | 22/27 | €32,705 | €27,003 | -€5,702 | -17.4% |
| Plant, machinery and equipment | 23 | €4,628 | €3,684 | -€944 | -20.4% |
| Furniture and vehicles | 24 | €1,437 | €6,340 | +€4,903 | +341.1% |
| Leasing and similar rights | 25 | €23,897 | €14,978 | -€8,919 | -37.3% |
| Other tangible fixed assets | 26 | €2,743 | €2,001 | -€742 | -27.1% |
| Financial fixed assets | 28 | €320 | €320 | = | 0.0% |
| Current assets | 29/58 | €223,888 | €183,430 | -€40,459 | -18.1% |
| Amounts receivable within one year | 40/41 | €204,122 | €152,520 | -€51,602 | -25.3% |
| Trade receivables | 40 | €204,122 | €152,520 | -€51,602 | -25.3% |
| Cash at bank and in hand | 54/58 | €19,165 | €30,600 | +€11,436 | +59.7% |
| Deferred charges and accrued income | 490/1 | €602 | €309 | -€292 | -48.6% |
| Total equity and liabilities | 10/49 | €256,914 | €210,753 | -€46,161 | -18.0% |
| Equity | 10/15 | €46,087 | €49,399 | +€3,311 | +7.2% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €45,087 | €48,399 | +€3,311 | +7.3% |
| Distributable reserves | 133 | €45,087 | €48,399 | +€3,311 | +7.3% |
| Amounts payable | 17/49 | €210,826 | €161,354 | -€49,472 | -23.5% |
| Amounts payable after more than one year | 17 | €21,040 | €5,946 | -€15,095 | -71.7% |
| Financial debts | 170/4 | €21,040 | €5,946 | -€15,095 | -71.7% |
| Amounts payable within one year | 42/48 | €189,786 | €153,796 | -€35,990 | -19.0% |
| Current portion of amounts payable after more than one year | 42 | €47,662 | €26,867 | -€20,795 | -43.6% |
| Financial debts | 43 | €0 | - | -€0 | |
| Credit institutions | 430/8 | €0 | - | -€0 | |
| Trade debts | 44 | €8,725 | €4,230 | -€4,495 | -51.5% |
| Suppliers | 440/4 | €8,725 | €4,230 | -€4,495 | -51.5% |
| Taxes, remuneration and social security | 45 | €87,852 | €42,655 | -€45,197 | -51.4% |
| Taxes | 450/3 | €87,852 | €42,655 | -€45,197 | -51.4% |
| Other amounts payable | 47/48 | €45,547 | €80,044 | +€34,497 | +75.7% |
| Accrued charges and deferred income | 492/3 | - | €1,613 | +€1,613 | |
| Non-recurring operating income | 76A | €850 | €29,031 | +€28,181 | +3315.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,176 | €14,887 | +€711 | +5.0% |
| Other operating charges | 640/8 | €1,531 | €1,751 | +€220 | +14.4% |
| Non-recurring operating charges | 66A | - | €290 | +€290 | |
| Gross operating margin | 9900 | €226,672 | €228,364 | +€1,691 | +0.7% |
| Operating profit (loss) | 9901 | €210,965 | €211,436 | +€470 | +0.2% |
| Financial income | 75/76B | €16,070 | €1,616 | -€14,454 | -89.9% |
| Recurring financial income | 75 | €16,070 | €1,616 | -€14,454 | -89.9% |
| Financial charges | 65/66B | €1,654 | €2,814 | +€1,160 | +70.1% |
| Recurring financial charges | 65 | €1,654 | €2,814 | +€1,160 | +70.1% |
| Profit (loss) for the period before taxes | 9903 | €225,381 | €210,237 | -€15,143 | -6.7% |
| Income taxes | 67/77 | €49,225 | €48,658 | -€567 | -1.2% |
| Profit (loss) for the period | 9904 | €176,156 | €161,580 | -€14,576 | -8.3% |
| Profit (loss) for the period to be appropriated | 9905 | €176,156 | €161,580 | -€14,576 | -8.3% |
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 5 October 2026 via checked.be.