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
- Cash +€252,578
up €252,578 (+48.2%), from €524,221 to €776,798
mainly Accrued charges and deferred income (+€421,117) and Depreciation (+€123,997)
- Intangible fixed assets +€169,845
up €169,845 (+93.4%), from €181,930 to €351,775
- Tangible fixed assets +€62,154
up €62,154 (+28.7%), from €216,375 to €278,530
of which Leasing and similar rights: +€56,721
- Deferred charges and accrued income +€47,793
up €47,793 (+19.4%), from €246,003 to €293,796
- Receivables within one year +€28,804
up €28,804 (+3.9%), from €746,397 to €775,201
of which Trade receivables: +€84,504
- Accrued charges and deferred income +€421,117
up €421,117 (+33.2%), from €1.3m to €1.7m
- Profit (loss) carried forward +€94,533
up €94,533 (+2083.2%), from €4,538 to €99,071
- Other debts -€90,000
down €90,000 (-100.0%), from €90,000 to €0
- Trade debts +€88,880
up €88,880 (+366.0%), from €24,286 to €113,166
- Debts after one year +€33,031
up €33,031 (+26.8%), from €123,166 to €156,197
- Gross operating margin +€366,191
up €366,191 (+70.0%), from €523,053 to €889,244
- Staff costs +€213,721
up €213,721 (+52.9%), from €403,875 to €617,596
- Depreciation +€38,600
up €38,600 (+45.2%), from €85,397 to €123,997
- Taxes +€31,387
up €31,387 (+1322.8%), from €2,373 to €33,759
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 | €1,932,341 | €2,493,515 | +€561,173 | +29.0% |
| Fixed assets | 21/28 | €415,721 | €647,720 | +€231,999 | +55.8% |
| Intangible fixed assets | 21 | €181,930 | €351,775 | +€169,845 | +93.4% |
| Tangible fixed assets | 22/27 | €216,375 | €278,530 | +€62,154 | +28.7% |
| Furniture and vehicles | 24 | €12,692 | €12,223 | -€470 | -3.7% |
| Leasing and similar rights | 25 | €132,241 | €188,962 | +€56,721 | +42.9% |
| Other tangible fixed assets | 26 | €71,442 | €77,345 | +€5,903 | +8.3% |
| Financial fixed assets | 28 | €17,415 | €17,415 | = | 0.0% |
| Current assets | 29/58 | €1,516,621 | €1,845,795 | +€329,174 | +21.7% |
| Amounts receivable within one year | 40/41 | €746,397 | €775,201 | +€28,804 | +3.9% |
| Trade receivables | 40 | €660,653 | €745,157 | +€84,504 | +12.8% |
| Other amounts receivable | 41 | €85,744 | €30,044 | -€55,700 | -65.0% |
| Cash at bank and in hand | 54/58 | €524,221 | €776,798 | +€252,578 | +48.2% |
| Deferred charges and accrued income | 490/1 | €246,003 | €293,796 | +€47,793 | +19.4% |
| Total equity and liabilities | 10/49 | €1,932,341 | €2,493,515 | +€561,173 | +29.0% |
| Equity | 10/15 | €243,353 | €337,886 | +€94,533 | +38.8% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Reserves | 13 | €163,815 | €163,815 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €163,815 | €163,815 | = | 0.0% |
| Profit (loss) carried forward | 14 | €4,538 | €99,071 | +€94,533 | +2083.2% |
| Amounts payable | 17/49 | €1,688,989 | €2,155,629 | +€466,640 | +27.6% |
| Amounts payable after more than one year | 17 | €123,166 | €156,197 | +€33,031 | +26.8% |
| Financial debts | 170/4 | €123,166 | €156,197 | +€33,031 | +26.8% |
| Amounts payable within one year | 42/48 | €295,979 | €308,472 | +€12,493 | +4.2% |
| Current portion of amounts payable after more than one year | 42 | €66,750 | €60,262 | -€6,488 | -9.7% |
| Trade debts | 44 | €24,286 | €113,166 | +€88,880 | +366.0% |
| Suppliers | 440/4 | €24,286 | €113,166 | +€88,880 | +366.0% |
| Taxes, remuneration and social security | 45 | €114,943 | €135,044 | +€20,100 | +17.5% |
| Taxes | 450/3 | €84,419 | €71,546 | -€12,874 | -15.2% |
| Remuneration and social security | 454/9 | €30,524 | €63,498 | +€32,974 | +108.0% |
| Other amounts payable | 47/48 | €90,000 | €0 | -€90,000 | -100.0% |
| Accrued charges and deferred income | 492/3 | €1,269,843 | €1,690,960 | +€421,117 | +33.2% |
| Non-recurring operating income | 76A | €21,339 | €0 | -€21,339 | -100.0% |
| Remuneration, social security and pensions | 62 | €403,875 | €617,596 | +€213,721 | +52.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €85,397 | €123,997 | +€38,600 | +45.2% |
| Other operating charges | 640/8 | €11,106 | €13,337 | +€2,230 | +20.1% |
| Non-recurring operating charges | 66A | €0 | €382 | +€382 | |
| Gross operating margin | 9900 | €523,053 | €889,244 | +€366,191 | +70.0% |
| Operating profit (loss) | 9901 | €22,674 | €133,932 | +€111,258 | +490.7% |
| Financial income | 75/76B | €2,811 | €1,911 | -€899 | -32.0% |
| Recurring financial income | 75 | €2,811 | €1,911 | -€899 | -32.0% |
| Financial charges | 65/66B | €8,313 | €7,551 | -€762 | -9.2% |
| Recurring financial charges | 65 | €8,313 | €7,551 | -€762 | -9.2% |
| Profit (loss) for the period before taxes | 9903 | €17,172 | €128,292 | +€111,120 | +647.1% |
| Income taxes | 67/77 | €2,373 | €33,759 | +€31,387 | +1322.8% |
| Profit (loss) for the period | 9904 | €14,800 | €94,533 | +€79,734 | +538.8% |
| Profit (loss) for the period to be appropriated | 9905 | €14,800 | €94,533 | +€79,734 | +538.8% |
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.