ENTROPY: 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.
ENTROPY
Largest movements
- Cash -€46,582
down €46,582 (-45.5%), from €102,456 to €55,874
mainly Contributions, distributions and other (-€47,718) and Tax, wage and social debts (-€19,995)
- Receivables within one year -€39,894
down €39,894 (-47.0%), from €84,868 to €44,973
of which Trade receivables: -€84,868
- Deferred charges and accrued income +€13,956
up €13,956 (+1064.0%), from €1,312 to €15,268
- Reserves -€55,705
down €55,705 (-36.2%), from €153,894 to €98,189
of which Distributable reserves: -€55,705
- Tax, wage and social debts -€19,995
down €19,995 (-99.6%), from €20,083 to €88
- Write-downs +€40,000
new in 2025: €40,000
- Gross operating margin +€27,794
up €27,794 (+894.9%), from €3,106 to €30,900
- Financial income -€15,409
down €15,409 (-83.3%), from €18,487 to €3,078
- Taxes -€8,054
down €8,054 (-99.7%), from €8,076 to €22
- Depreciation -€816
down €816 (-76.9%), from €1,061 to €246
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 | €188,881 | €116,115 | -€72,765 | -38.5% |
| Fixed assets | 21/28 | €246 | €0 | -€246 | -100.0% |
| Tangible fixed assets | 22/27 | €246 | €0 | -€246 | -100.0% |
| Plant, machinery and equipment | 23 | €235 | €0 | -€235 | -100.0% |
| Furniture and vehicles | 24 | €10 | €0 | -€10 | -100.0% |
| Current assets | 29/58 | €188,635 | €116,115 | -€72,520 | -38.4% |
| Amounts receivable within one year | 40/41 | €84,868 | €44,973 | -€39,894 | -47.0% |
| Trade receivables | 40 | €84,868 | - | -€84,868 | |
| Other amounts receivable | 41 | - | €44,973 | +€44,973 | |
| Cash at bank and in hand | 54/58 | €102,456 | €55,874 | -€46,582 | -45.5% |
| Deferred charges and accrued income | 490/1 | €1,312 | €15,268 | +€13,956 | +1064.0% |
| Total equity and liabilities | 10/49 | €188,881 | €116,115 | -€72,765 | -38.5% |
| Equity | 10/15 | €166,294 | €110,589 | -€55,705 | -33.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €153,894 | €98,189 | -€55,705 | -36.2% |
| Tax-exempt reserves | 132 | €25,171 | €25,171 | = | 0.0% |
| Distributable reserves | 133 | €128,723 | €73,018 | -€55,705 | -43.3% |
| Amounts payable | 17/49 | €22,587 | €5,527 | -€17,060 | -75.5% |
| Amounts payable within one year | 42/48 | €21,301 | €3,216 | -€18,085 | -84.9% |
| Trade debts | 44 | €359 | €741 | +€383 | +106.7% |
| Suppliers | 440/4 | €359 | €741 | +€383 | +106.7% |
| Taxes, remuneration and social security | 45 | €20,083 | €88 | -€19,995 | -99.6% |
| Taxes | 450/3 | €20,083 | €88 | -€19,995 | -99.6% |
| Other amounts payable | 47/48 | €859 | €2,386 | +€1,527 | +177.8% |
| Accrued charges and deferred income | 492/3 | €1,286 | €2,311 | +€1,025 | +79.7% |
| Non-recurring operating income | 76A | €1,914 | - | -€1,914 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,061 | €246 | -€816 | -76.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €40,000 | +€40,000 | |
| Other operating charges | 640/8 | €1,130 | €585 | -€545 | -48.2% |
| Gross operating margin | 9900 | €3,106 | €30,900 | +€27,794 | +894.9% |
| Operating profit (loss) | 9901 | €915 | -€9,931 | -€10,846 | |
| Financial income | 75/76B | €18,487 | €3,078 | -€15,409 | -83.3% |
| Recurring financial income | 75 | €18,487 | €3,078 | -€15,409 | -83.3% |
| Financial charges | 65/66B | €508 | €1,112 | +€604 | +118.8% |
| Recurring financial charges | 65 | €508 | €1,112 | +€604 | +118.8% |
| Profit (loss) for the period before taxes | 9903 | €18,893 | -€7,965 | -€26,858 | |
| Income taxes | 67/77 | €8,076 | €22 | -€8,054 | -99.7% |
| Profit (loss) for the period | 9904 | €10,817 | -€7,987 | -€18,804 | |
| Profit (loss) for the period to be appropriated | 9905 | €10,817 | -€7,987 | -€18,804 |
Source: filed annual accounts (NBB), fiscal years ended 30 December 2024 and 30 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.