EFFECTIVE LINK: 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.
EFFECTIVE LINK
Largest movements
- Cash -€55,419
down €55,419 (-76.7%), from €72,287 to €16,868
mainly Net result for the year (-€26,778) and Tax, wage and social debts (-€24,659)
- Receivables after one year -€27,000
no longer reported in 2025 (was €27,000)
- Receivables within one year -€11,396
down €11,396 (-29.4%), from €38,720 to €27,324
of which Trade receivables: -€11,495
- Profit (loss) carried forward -€26,778
down €26,778, from €818 to -€25,960
- Tax, wage and social debts -€24,659
down €24,659 (-60.1%), from €41,032 to €16,372
- Accrued charges and deferred income -€24,000
down €24,000 (-97.5%), from €24,621 to €621
- Debts after one year -€12,050
down €12,050 (-33.8%), from €35,625 to €23,575
- Other debts -€9,432
down €9,432 (-53.4%), from €17,672 to €8,240
- Gross operating margin -€44,834
down €44,834, from €21,110 to -€23,724
- Taxes -€5,676
down €5,676 (-92.9%), from €6,110 to €434
- Other operating charges -€725
down €725 (-40.3%), from €1,797 to €1,072
- Financial income -€665
down €665 (-94.7%), from €702 to €37
- Financial charges -€553
down €553 (-25.9%), from €2,138 to €1,585
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 | €142,598 | €47,809 | -€94,789 | -66.5% |
| Fixed assets | 21/28 | €3,132 | €3,132 | = | 0.0% |
| Financial fixed assets | 28 | €3,132 | €3,132 | = | 0.0% |
| Current assets | 29/58 | €139,466 | €44,677 | -€94,789 | -68.0% |
| Amounts receivable after more than one year | 29 | €27,000 | - | -€27,000 | |
| Trade receivables | 290 | €27,000 | - | -€27,000 | |
| Amounts receivable within one year | 40/41 | €38,720 | €27,324 | -€11,396 | -29.4% |
| Trade receivables | 40 | €38,720 | €27,225 | -€11,495 | -29.7% |
| Other amounts receivable | 41 | - | €99 | +€99 | |
| Current investments | 50/53 | €38 | €39 | +€0 | +0.6% |
| Cash at bank and in hand | 54/58 | €72,287 | €16,868 | -€55,419 | -76.7% |
| Deferred charges and accrued income | 490/1 | €1,420 | €447 | -€973 | -68.5% |
| Total equity and liabilities | 10/49 | €142,598 | €47,809 | -€94,789 | -66.5% |
| Equity | 10/15 | €5,818 | -€20,960 | -€26,778 | |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €818 | -€25,960 | -€26,778 | |
| Amounts payable | 17/49 | €136,780 | €68,769 | -€68,011 | -49.7% |
| Amounts payable after more than one year | 17 | €35,625 | €23,575 | -€12,050 | -33.8% |
| Financial debts | 170/4 | €35,625 | €23,575 | -€12,050 | -33.8% |
| Amounts payable within one year | 42/48 | €76,534 | €44,572 | -€31,961 | -41.8% |
| Current portion of amounts payable after more than one year | 42 | €12,864 | €13,046 | +€183 | +1.4% |
| Financial debts | 43 | - | €127 | +€127 | |
| Credit institutions | 430/8 | - | €127 | +€127 | |
| Trade debts | 44 | €4,966 | €6,786 | +€1,820 | +36.6% |
| Suppliers | 440/4 | €4,966 | €6,786 | +€1,820 | +36.6% |
| Taxes, remuneration and social security | 45 | €41,032 | €16,372 | -€24,659 | -60.1% |
| Taxes | 450/3 | €41,032 | €16,372 | -€24,659 | -60.1% |
| Other amounts payable | 47/48 | €17,672 | €8,240 | -€9,432 | -53.4% |
| Accrued charges and deferred income | 492/3 | €24,621 | €621 | -€24,000 | -97.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €140 | - | -€140 | |
| Other operating charges | 640/8 | €1,797 | €1,072 | -€725 | -40.3% |
| Gross operating margin | 9900 | €21,110 | -€23,724 | -€44,834 | |
| Operating profit (loss) | 9901 | €19,173 | -€24,796 | -€43,969 | |
| Financial income | 75/76B | €702 | €37 | -€665 | -94.7% |
| Recurring financial income | 75 | €702 | €37 | -€665 | -94.7% |
| Financial charges | 65/66B | €2,138 | €1,585 | -€553 | -25.9% |
| Recurring financial charges | 65 | €2,138 | €1,585 | -€553 | -25.9% |
| Profit (loss) for the period before taxes | 9903 | €17,738 | -€26,343 | -€44,081 | |
| Income taxes | 67/77 | €6,110 | €434 | -€5,676 | -92.9% |
| Profit (loss) for the period | 9904 | €11,627 | -€26,778 | -€38,405 | |
| Profit (loss) for the period to be appropriated | 9905 | €11,627 | -€26,778 | -€38,405 |
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 9 October 2026 via checked.be.