Equals Three: 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.
Equals Three
Largest movements
- Cash -€150,136
down €150,136 (-23.7%), from €633,833 to €483,697
mainly Tax, wage and social debts (-€78,089) and Debts after one year (-€67,285)
- Deferred charges and accrued income +€40,361
up €40,361 (+294.2%), from €13,719 to €54,080
- Tangible fixed assets +€16,925
up €16,925 (+35.4%), from €47,771 to €64,696
of which Other tangible fixed assets: +€10,866
- Receivables within one year -€13,070
down €13,070 (-2.3%), from €557,093 to €544,023
of which Trade receivables: -€17,711
- Tax, wage and social debts -€78,089
down €78,089 (-35.6%), from €219,113 to €141,025
of which Taxes: -€72,820
- Debts after one year -€67,285
down €67,285 (-18.0%), from €374,643 to €307,358
of which Other amounts payable: -€67,285
- Trade debts +€40,839
up €40,839 (+126.0%), from €32,418 to €73,257
- Financial income -€220,594
down €220,594 (-98.8%), from €223,340 to €2,746
of which Non-recurring financial income: -€216,104
- Gross operating margin +€199,126
up €199,126 (+31.6%), from €629,183 to €828,310
- Staff costs -€10,890
down €10,890 (-1.4%), from €792,506 to €781,616
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 | €1,263,521 | €1,156,525 | -€106,996 | -8.5% |
| Fixed assets | 21/28 | €58,875 | €74,725 | +€15,850 | +26.9% |
| Intangible fixed assets | 21 | €11,105 | €9,729 | -€1,375 | -12.4% |
| Tangible fixed assets | 22/27 | €47,771 | €64,696 | +€16,925 | +35.4% |
| Land and buildings | 22 | €0 | - | = | |
| Plant, machinery and equipment | 23 | €1,421 | €0 | -€1,421 | -100.0% |
| Furniture and vehicles | 24 | €46,350 | €53,829 | +€7,480 | +16.1% |
| Other tangible fixed assets | 26 | - | €10,866 | +€10,866 | |
| Financial fixed assets | 28 | - | €300 | +€300 | |
| Current assets | 29/58 | €1,204,646 | €1,081,800 | -€122,846 | -10.2% |
| Amounts receivable within one year | 40/41 | €557,093 | €544,023 | -€13,070 | -2.3% |
| Trade receivables | 40 | €553,956 | €536,244 | -€17,711 | -3.2% |
| Other amounts receivable | 41 | €3,137 | €7,778 | +€4,641 | +148.0% |
| Cash at bank and in hand | 54/58 | €633,833 | €483,697 | -€150,136 | -23.7% |
| Deferred charges and accrued income | 490/1 | €13,719 | €54,080 | +€40,361 | +294.2% |
| Total equity and liabilities | 10/49 | €1,263,521 | €1,156,525 | -€106,996 | -8.5% |
| Equity | 10/15 | €627,300 | €628,337 | +€1,037 | +0.2% |
| Contributions | 10/11 | €7,500 | €7,500 | = | 0.0% |
| Reserves | 13 | €619,800 | €620,837 | +€1,037 | +0.2% |
| Distributable reserves | 133 | €619,800 | €620,837 | +€1,037 | +0.2% |
| Amounts payable | 17/49 | €636,221 | €528,188 | -€108,033 | -17.0% |
| Amounts payable after more than one year | 17 | €374,643 | €307,358 | -€67,285 | -18.0% |
| Financial debts | 170/4 | €0 | - | = | |
| Other amounts payable | 178/9 | €374,643 | €307,358 | -€67,285 | -18.0% |
| Amounts payable within one year | 42/48 | €258,527 | €219,832 | -€38,695 | -15.0% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €32,418 | €73,257 | +€40,839 | +126.0% |
| Suppliers | 440/4 | €32,418 | €73,257 | +€40,839 | +126.0% |
| Taxes, remuneration and social security | 45 | €219,113 | €141,025 | -€78,089 | -35.6% |
| Taxes | 450/3 | €94,073 | €21,253 | -€72,820 | -77.4% |
| Remuneration and social security | 454/9 | €125,040 | €119,772 | -€5,269 | -4.2% |
| Other amounts payable | 47/48 | €6,996 | €5,550 | -€1,446 | -20.7% |
| Accrued charges and deferred income | 492/3 | €3,051 | €998 | -€2,053 | -67.3% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €792,506 | €781,616 | -€10,890 | -1.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,931 | €21,199 | +€3,268 | +18.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €870 | €0 | -€870 | -100.0% |
| Other operating charges | 640/8 | €6,611 | €7,848 | +€1,237 | +18.7% |
| Gross operating margin | 9900 | €629,183 | €828,310 | +€199,126 | +31.6% |
| Operating profit (loss) | 9901 | -€188,735 | €17,646 | +€206,381 | |
| Financial income | 75/76B | €223,340 | €2,746 | -€220,594 | -98.8% |
| Recurring financial income | 75 | €7,236 | €2,746 | -€4,490 | -62.0% |
| Non-recurring financial income | 76B | €216,104 | - | -€216,104 | |
| Financial charges | 65/66B | €18,664 | €12,134 | -€6,530 | -35.0% |
| Recurring financial charges | 65 | €18,664 | €12,134 | -€6,530 | -35.0% |
| Profit (loss) for the period before taxes | 9903 | €15,941 | €8,259 | -€7,682 | -48.2% |
| Income taxes | 67/77 | €9,580 | €7,222 | -€2,358 | -24.6% |
| Profit (loss) for the period | 9904 | €6,361 | €1,037 | -€5,324 | -83.7% |
| Profit (loss) for the period to be appropriated | 9905 | €6,361 | €1,037 | -€5,324 | -83.7% |
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.