Enthusiasm: 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.
Enthusiasm
Largest movements
- Cash -€17,327
down €17,327 (-81.9%), from €21,147 to €3,820
mainly Tax, wage and social debts (-€8,342) and Deferred charges and accrued income (-€5,717)
- Deferred charges and accrued income +€5,717
up €5,717 (+818.9%), from €698 to €6,416
- Intangible fixed assets +€3,556
up €3,556 (+149.8%), from €2,373 to €5,929
- Tangible fixed assets -€2,997
down €2,997 (-62.4%), from €4,802 to €1,805
of which Furniture and vehicles: -€2,652
- Receivables within one year +€1,551
up €1,551 (+16.2%), from €9,597 to €11,148
of which Other amounts receivable: +€1,221
- Tax, wage and social debts -€8,342
down €8,342 (-58.2%), from €14,332 to €5,991
- Other debts -€2,533
no longer reported in 2025 (was €2,533)
- Trade debts +€1,655
up €1,655 (+174.3%), from €949 to €2,604
- Gross operating margin -€13,191
down €13,191 (-69.2%), from €19,069 to €5,878
- Taxes -€2,789
down €2,789 (-86.9%), from €3,208 to €419
- Depreciation +€459
up €459 (+11.2%), from €4,098 to €4,557
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 | €39,217 | €29,717 | -€9,500 | -24.2% |
| Fixed assets | 21/28 | €7,175 | €7,734 | +€559 | +7.8% |
| Intangible fixed assets | 21 | €2,373 | €5,929 | +€3,556 | +149.8% |
| Tangible fixed assets | 22/27 | €4,802 | €1,805 | -€2,997 | -62.4% |
| Plant, machinery and equipment | 23 | €431 | €86 | -€345 | -80.0% |
| Furniture and vehicles | 24 | €4,370 | €1,719 | -€2,652 | -60.7% |
| Current assets | 29/58 | €32,042 | €21,983 | -€10,059 | -31.4% |
| Amounts receivable within one year | 40/41 | €9,597 | €11,148 | +€1,551 | +16.2% |
| Trade receivables | 40 | €9,582 | €9,912 | +€330 | +3.4% |
| Other amounts receivable | 41 | €15 | €1,236 | +€1,221 | +8137.3% |
| Current investments | 50/53 | €600 | €600 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €21,147 | €3,820 | -€17,327 | -81.9% |
| Deferred charges and accrued income | 490/1 | €698 | €6,416 | +€5,717 | +818.9% |
| Total equity and liabilities | 10/49 | €39,217 | €29,717 | -€9,500 | -24.2% |
| Equity | 10/15 | €21,402 | €21,123 | -€280 | -1.3% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €20,402 | €20,123 | -€280 | -1.4% |
| Distributable reserves | 133 | €20,402 | €20,123 | -€280 | -1.4% |
| Amounts payable | 17/49 | €17,815 | €8,594 | -€9,220 | -51.8% |
| Amounts payable within one year | 42/48 | €17,815 | €8,594 | -€9,220 | -51.8% |
| Trade debts | 44 | €949 | €2,604 | +€1,655 | +174.3% |
| Suppliers | 440/4 | €949 | €2,604 | +€1,655 | +174.3% |
| Taxes, remuneration and social security | 45 | €14,332 | €5,991 | -€8,342 | -58.2% |
| Taxes | 450/3 | €14,332 | €5,991 | -€8,342 | -58.2% |
| Other amounts payable | 47/48 | €2,533 | - | -€2,533 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,098 | €4,557 | +€459 | +11.2% |
| Other operating charges | 640/8 | €1,025 | €1,189 | +€164 | +16.0% |
| Gross operating margin | 9900 | €19,069 | €5,878 | -€13,191 | -69.2% |
| Operating profit (loss) | 9901 | €13,945 | €132 | -€13,813 | -99.1% |
| Financial income | 75/76B | €168 | €41 | -€126 | -75.3% |
| Recurring financial income | 75 | €168 | €41 | -€126 | -75.3% |
| Financial charges | 65/66B | €45 | €33 | -€12 | -25.9% |
| Recurring financial charges | 65 | €45 | €33 | -€12 | -25.9% |
| Profit (loss) for the period before taxes | 9903 | €14,068 | €140 | -€13,928 | -99.0% |
| Income taxes | 67/77 | €3,208 | €419 | -€2,789 | -86.9% |
| Profit (loss) for the period | 9904 | €10,860 | -€280 | -€11,139 | |
| Profit (loss) for the period to be appropriated | 9905 | €10,860 | -€280 | -€11,139 |
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 3 October 2026 via checked.be.