Effect: 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.
Effect
Largest movements
- Deferred charges and accrued income -€21,308
down €21,308 (-85.3%), from €24,971 to €3,663
- Cash +€14,797
up €14,797 (+29.7%), from €49,770 to €64,566
mainly Deferred charges and accrued income (+€21,308) and Net result for the year (+€17,180)
- Tangible fixed assets -€8,073
down €8,073 (-88.3%), from €9,141 to €1,068
of which Furniture and vehicles: -€8,141
- Trade debts -€46,667
down €46,667 (-89.8%), from €51,970 to €5,303
- Other debts +€15,948
new in 2025: €15,948
- Reserves +€12,824
up €12,824 (+13.5%), from €95,266 to €108,090
- Profit (loss) carried forward +€4,357
new in 2025: €4,357
- Taxes -€14,541
down €14,541 (-70.7%), from €20,559 to €6,018
- Depreciation -€6,453
down €6,453 (-44.0%), from €14,667 to €8,214
- Gross operating margin -€4,418
down €4,418 (-6.4%), from €68,500 to €64,082
- Other operating charges +€2,978
up €2,978 (+55.1%), from €5,406 to €8,383
- Staff costs -€2,386
down €2,386 (-25.8%), from €9,244 to €6,859
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 | €165,485 | €149,335 | -€16,151 | -9.8% |
| Fixed assets | 21/28 | €9,141 | €1,068 | -€8,073 | -88.3% |
| Tangible fixed assets | 22/27 | €9,141 | €1,068 | -€8,073 | -88.3% |
| Plant, machinery and equipment | 23 | €1,000 | €1,068 | +€68 | +6.8% |
| Furniture and vehicles | 24 | €8,141 | - | -€8,141 | |
| Current assets | 29/58 | €156,345 | €148,267 | -€8,078 | -5.2% |
| Amounts receivable within one year | 40/41 | €81,604 | €80,037 | -€1,567 | -1.9% |
| Trade receivables | 40 | €61,701 | €67,659 | +€5,958 | +9.7% |
| Other amounts receivable | 41 | €19,903 | €12,378 | -€7,525 | -37.8% |
| Cash at bank and in hand | 54/58 | €49,770 | €64,566 | +€14,797 | +29.7% |
| Deferred charges and accrued income | 490/1 | €24,971 | €3,663 | -€21,308 | -85.3% |
| Total equity and liabilities | 10/49 | €165,485 | €149,335 | -€16,151 | -9.8% |
| Equity | 10/15 | €101,766 | €118,946 | +€17,180 | +16.9% |
| Contributions | 10/11 | €6,500 | €6,500 | = | 0.0% |
| Capital | 10 | €6,500 | €6,500 | = | 0.0% |
| Issued capital | 100 | €6,500 | €6,500 | = | 0.0% |
| Reserves | 13 | €95,266 | €108,090 | +€12,824 | +13.5% |
| Distributable reserves | 133 | €95,266 | €108,090 | +€12,824 | +13.5% |
| Profit (loss) carried forward | 14 | - | €4,357 | +€4,357 | |
| Amounts payable | 17/49 | €63,720 | €30,388 | -€33,331 | -52.3% |
| Amounts payable within one year | 42/48 | €61,970 | €29,633 | -€32,337 | -52.2% |
| Trade debts | 44 | €51,970 | €5,303 | -€46,667 | -89.8% |
| Suppliers | 440/4 | €51,970 | €5,303 | -€46,667 | -89.8% |
| Taxes, remuneration and social security | 45 | €10,000 | €8,383 | -€1,617 | -16.2% |
| Taxes | 450/3 | €10,000 | - | -€10,000 | |
| Remuneration and social security | 454/9 | - | €8,383 | +€8,383 | |
| Other amounts payable | 47/48 | - | €15,948 | +€15,948 | |
| Accrued charges and deferred income | 492/3 | €1,750 | €755 | -€995 | -56.8% |
| Non-recurring operating income | 76A | €7,120 | €22,620 | +€15,500 | +217.7% |
| Remuneration, social security and pensions | 62 | €9,244 | €6,859 | -€2,386 | -25.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,667 | €8,214 | -€6,453 | -44.0% |
| Other operating charges | 640/8 | €5,406 | €8,383 | +€2,978 | +55.1% |
| Non-recurring operating charges | 66A | -€11,240 | €11,240 | +€22,480 | |
| Gross operating margin | 9900 | €68,500 | €64,082 | -€4,418 | -6.4% |
| Operating profit (loss) | 9901 | €50,423 | €29,386 | -€21,037 | -41.7% |
| Financial income | 75/76B | €9 | €0 | -€9 | -98.2% |
| Recurring financial income | 75 | €9 | €0 | -€9 | -98.2% |
| Financial charges | 65/66B | €4,770 | €6,188 | +€1,418 | +29.7% |
| Recurring financial charges | 65 | €4,770 | €6,188 | +€1,418 | +29.7% |
| Profit (loss) for the period before taxes | 9903 | €45,662 | €23,199 | -€22,464 | -49.2% |
| Income taxes | 67/77 | €20,559 | €6,018 | -€14,541 | -70.7% |
| Profit (loss) for the period | 9904 | €25,103 | €17,180 | -€7,923 | -31.6% |
| Profit (loss) for the period to be appropriated | 9905 | €25,103 | €17,180 | -€7,923 | -31.6% |
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 7 October 2026 via checked.be.