EBITDA: 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.
EBITDA
Largest movements
- Receivables after one year +€1.3m
up €1.3m (+309.9%), from €406,713 to €1.7m
of which Other amounts receivable: +€1.2m
- Intangible fixed assets +€857,006
up €857,006 (+200.6%), from €427,158 to €1.3m
- Receivables within one year +€183,677
up €183,677 (+3167.2%), from €5,799 to €189,476
of which Trade receivables: +€182,474
- Tangible fixed assets +€73,212
up €73,212 (+3.9%), from €1.9m to €1.9m
of which Other tangible fixed assets: +€61,046
- Profit (loss) carried forward +€1.3m
up €1.3m (+49.3%), from -€2.6m to -€1.3m
- Debts after one year +€968,646
up €968,646 (+75.6%), from €1.3m to €2.2m
- Trade debts +€88,649
up €88,649 (+159.7%), from €55,505 to €144,154
- Financial income +€1.5m
up €1.5m (+6023.0%), from €24,838 to €1.5m
- Gross operating margin -€1.1m
down €1.1m (-87.2%), from €1.2m to €157,209
- Depreciation +€206,212
up €206,212 (+152.8%), from €134,949 to €341,160
- Financial charges +€23,315
up €23,315 (+69.6%), from €33,511 to €56,826
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 | €2,878,447 | €5,193,397 | +€2.3m | +80.4% |
| Fixed assets | 21/28 | €2,361,091 | €3,275,255 | +€914,164 | +38.7% |
| Intangible fixed assets | 21 | €427,158 | €1,284,164 | +€857,006 | +200.6% |
| Tangible fixed assets | 22/27 | €1,855,053 | €1,928,265 | +€73,212 | +3.9% |
| Land and buildings | 22 | €1,325,040 | €1,337,206 | +€12,166 | +0.9% |
| Other tangible fixed assets | 26 | €530,013 | €591,059 | +€61,046 | +11.5% |
| Financial fixed assets | 28 | €78,880 | €62,826 | -€16,054 | -20.4% |
| Current assets | 29/58 | €517,356 | €1,918,142 | +€1.4m | +270.8% |
| Amounts receivable after more than one year | 29 | €406,713 | €1,667,243 | +€1.3m | +309.9% |
| Trade receivables | 290 | €18,213 | €89,587 | +€71,374 | +391.9% |
| Other amounts receivable | 291 | €388,500 | €1,577,656 | +€1.2m | +306.1% |
| Amounts receivable within one year | 40/41 | €5,799 | €189,476 | +€183,677 | +3167.2% |
| Trade receivables | 40 | €2,349 | €184,823 | +€182,474 | +7766.9% |
| Other amounts receivable | 41 | €3,450 | €4,653 | +€1,203 | +34.9% |
| Current investments | 50/53 | €34,594 | €16,641 | -€17,953 | -51.9% |
| Cash at bank and in hand | 54/58 | €51,015 | €39,233 | -€11,783 | -23.1% |
| Deferred charges and accrued income | 490/1 | €19,234 | €5,550 | -€13,684 | -71.1% |
| Total equity and liabilities | 10/49 | €2,878,447 | €5,193,397 | +€2.3m | +80.4% |
| Equity | 10/15 | €1,415,389 | €2,688,585 | +€1.3m | +90.0% |
| Contributions | 10/11 | €4,000,000 | €4,000,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,584,611 | -€1,311,415 | +€1.3m | +49.3% |
| Amounts payable | 17/49 | €1,463,058 | €2,504,812 | +€1.0m | +71.2% |
| Amounts payable after more than one year | 17 | €1,281,275 | €2,249,921 | +€968,646 | +75.6% |
| Financial debts | 170/4 | €1,281,275 | €2,249,921 | +€968,646 | +75.6% |
| Amounts payable within one year | 42/48 | €174,392 | €252,556 | +€78,163 | +44.8% |
| Current portion of amounts payable after more than one year | 42 | €84,058 | €86,221 | +€2,162 | +2.6% |
| Financial debts | 43 | €2,067 | €6,653 | +€4,586 | +221.9% |
| Credit institutions | 430/8 | €2,067 | €6,653 | +€4,586 | +221.9% |
| Trade debts | 44 | €55,505 | €144,154 | +€88,649 | +159.7% |
| Suppliers | 440/4 | €55,505 | €144,154 | +€88,649 | +159.7% |
| Taxes, remuneration and social security | 45 | €14,792 | €15,528 | +€736 | +5.0% |
| Taxes | 450/3 | €14,792 | €15,528 | +€736 | +5.0% |
| Other amounts payable | 47/48 | €17,970 | - | -€17,970 | |
| Accrued charges and deferred income | 492/3 | €7,390 | €2,334 | -€5,056 | -68.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €134,949 | €341,160 | +€206,212 | +152.8% |
| Other operating charges | 640/8 | €10,722 | €1,252 | -€9,470 | -88.3% |
| Gross operating margin | 9900 | €1,227,323 | €157,209 | -€1.1m | -87.2% |
| Operating profit (loss) | 9901 | €1,081,652 | -€185,203 | -€1.3m | |
| Financial income | 75/76B | €24,838 | €1,520,862 | +€1.5m | +6023.0% |
| Recurring financial income | 75 | €24,838 | €1,520,862 | +€1.5m | +6023.0% |
| Financial charges | 65/66B | €33,511 | €56,826 | +€23,315 | +69.6% |
| Recurring financial charges | 65 | €33,511 | €56,826 | +€23,315 | +69.6% |
| Profit (loss) for the period before taxes | 9903 | €1,072,979 | €1,278,833 | +€205,854 | +19.2% |
| Income taxes | 67/77 | - | €5,637 | +€5,637 | |
| Profit (loss) for the period | 9904 | €1,072,979 | €1,273,196 | +€200,217 | +18.7% |
| Profit (loss) for the period to be appropriated | 9905 | €1,072,979 | €1,273,196 | +€200,217 | +18.7% |
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 30 September 2026 via checked.be.