EPISODE 3: what changed
Two financial 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.
EPISODE 3
Largest movements
- Receivables within one year +€25,112
up €25,112 (+100%), from €25,091 to €50,203
of which Trade receivables: +€20,016
- Cash +€9,469
up €9,469 (+2,541%), from €373 to €9,841
mainly Net result for the year (+€30,564) and Other debts (+€5,871)
- Tangible fixed assets +€2,278
new in 2026: €2,278
- Profit (loss) carried forward +€30,564
up €30,564 (+22.2%), from -€137,460 to -€106,895
- Other debts +€5,871
up €5,871 (+15.3%), from €38,416 to €44,288
- Gross operating margin +€37,029
up €37,029, from -€3,144 to €33,885
- Depreciation +€556
new in 2026: €556
From the 2025 result to the 2026 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.
Derived cash bridge
Derived from the 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €25,464 | €62,323 | +€36,859 | +145% |
| Fixed assets | 21/28 | - | €2,278 | +€2,278 | |
| Tangible fixed assets | 22/27 | - | €2,278 | +€2,278 | |
| Plant, machinery and equipment | 23 | - | €2,278 | +€2,278 | |
| Current assets | 29/58 | €25,464 | €60,045 | +€34,581 | +136% |
| Amounts receivable within one year | 40/41 | €25,091 | €50,203 | +€25,112 | +100% |
| Trade receivables | 40 | - | €20,016 | +€20,016 | |
| Other amounts receivable | 41 | €25,091 | €30,187 | +€5,096 | +20.3% |
| Cash at bank and in hand | 54/58 | €373 | €9,841 | +€9,469 | +2,541% |
| Total equity and liabilities | 10/49 | €25,464 | €62,323 | +€36,859 | +145% |
| Equity | 10/15 | -€30,660 | -€95 | +€30,564 | +99.7% |
| Contributions | 10/11 | €106,800 | €106,800 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€137,460 | -€106,895 | +€30,564 | +22.2% |
| Provisions and deferred taxes | 16 | €12,400 | €12,400 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €12,400 | €12,400 | = | 0.0% |
| Other liabilities and charges | 164/5 | €12,400 | €12,400 | = | 0.0% |
| Amounts payable | 17/49 | €43,724 | €50,019 | +€6,295 | +14.4% |
| Amounts payable within one year | 42/48 | €43,724 | €50,019 | +€6,295 | +14.4% |
| Trade debts | 44 | €5,308 | €5,731 | +€423 | +8.0% |
| Suppliers | 440/4 | €5,308 | €5,731 | +€423 | +8.0% |
| Other amounts payable | 47/48 | €38,416 | €44,288 | +€5,871 | +15.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €556 | +€556 | |
| Other operating charges | 640/8 | €396 | €400 | +€4 | +0.9% |
| Gross operating margin | 9900 | -€3,144 | €33,885 | +€37,029 | |
| Operating profit (loss) | 9901 | -€3,540 | €32,930 | +€36,469 | |
| Financial charges | 65/66B | €2,486 | €2,365 | -€121 | -4.9% |
| Recurring financial charges | 65 | €2,486 | €2,365 | -€121 | -4.9% |
| Profit (loss) for the period before taxes | 9903 | -€6,026 | €30,564 | +€36,590 | |
| Profit (loss) for the period | 9904 | -€6,026 | €30,564 | +€36,590 | |
| Profit (loss) for the period to be appropriated | 9905 | -€6,026 | €30,564 | +€36,590 |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.