Equation Belgium: 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.
Equation Belgium
Largest movements
- Cash -€12,446
down €12,446 (-26.1%), from €47,600 to €35,154
mainly Contributions, distributions and other (-€40,000) and Debts after one year (-€21,510)
- Receivables within one year +€10,422
up €10,422 (+4.2%), from €247,968 to €258,389
of which Trade receivables: +€15,463
- Debts after one year -€21,510
down €21,510 (-100%), from €21,510 to €0
- Accrued charges and deferred income +€11,631
up €11,631 (+88.2%), from €13,194 to €24,825
- Current portion of long-term debt -€3,022
down €3,022 (-12.3%), from €24,532 to €21,510
- Staff costs -€8,149
down €8,149 (-32.6%), from €25,014 to €16,865
- Gross operating margin -€6,654
down €6,654 (-9.6%), from €69,653 to €62,999
- Depreciation -€1,425
down €1,425 (-63.9%), from €2,230 to €805
- Financial charges +€1,279
up €1,279 (+154%), from €828 to €2,107
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.
Derived cash bridge
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 | €300,743 | €296,836 | -€3,907 | -1.3% |
| Fixed assets | 21/28 | €3,242 | €2,437 | -€805 | -24.8% |
| Tangible fixed assets | 22/27 | €1,318 | €513 | -€805 | -61.1% |
| Plant, machinery and equipment | 23 | €1,318 | - | -€1,318 | |
| Furniture and vehicles | 24 | - | €513 | +€513 | |
| Financial fixed assets | 28 | €1,924 | €1,924 | = | 0.0% |
| Current assets | 29/58 | €297,500 | €294,399 | -€3,102 | -1.0% |
| Amounts receivable within one year | 40/41 | €247,968 | €258,389 | +€10,422 | +4.2% |
| Trade receivables | 40 | €74,496 | €89,958 | +€15,463 | +20.8% |
| Other amounts receivable | 41 | €173,472 | €168,431 | -€5,041 | -2.9% |
| Cash at bank and in hand | 54/58 | €47,600 | €35,154 | -€12,446 | -26.1% |
| Deferred charges and accrued income | 490/1 | €1,933 | €855 | -€1,078 | -55.7% |
| Total equity and liabilities | 10/49 | €300,743 | €296,836 | -€3,907 | -1.3% |
| Equity | 10/15 | €148,866 | €150,554 | +€1,688 | +1.1% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €6,150 | €6,150 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Profit (loss) carried forward | 14 | €81,216 | €82,904 | +€1,688 | +2.1% |
| Amounts payable | 17/49 | €151,877 | €146,282 | -€5,595 | -3.7% |
| Amounts payable after more than one year | 17 | €21,510 | €0 | -€21,510 | -100% |
| Financial debts | 170/4 | €21,510 | €0 | -€21,510 | -100% |
| Amounts payable within one year | 42/48 | €117,173 | €121,457 | +€4,284 | +3.7% |
| Current portion of amounts payable after more than one year | 42 | €24,532 | €21,510 | -€3,022 | -12.3% |
| Trade debts | 44 | €55,554 | €57,482 | +€1,928 | +3.5% |
| Suppliers | 440/4 | €55,554 | €57,482 | +€1,928 | +3.5% |
| Taxes, remuneration and social security | 45 | €86 | €2,465 | +€2,379 | +2,775% |
| Taxes | 450/3 | - | €2,465 | +€2,465 | |
| Remuneration and social security | 454/9 | €86 | €0 | -€86 | -100% |
| Other amounts payable | 47/48 | €37,001 | €40,000 | +€2,999 | +8.1% |
| Accrued charges and deferred income | 492/3 | €13,194 | €24,825 | +€11,631 | +88.2% |
| Remuneration, social security and pensions | 62 | €25,014 | €16,865 | -€8,149 | -32.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,230 | €805 | -€1,425 | -63.9% |
| Other operating charges | 640/8 | €231 | €194 | -€37 | -16.0% |
| Gross operating margin | 9900 | €69,653 | €62,999 | -€6,654 | -9.6% |
| Operating profit (loss) | 9901 | €42,179 | €45,136 | +€2,957 | +7.0% |
| Financial income | 75/76B | €47 | €6 | -€42 | -88.0% |
| Recurring financial income | 75 | €47 | €6 | -€42 | -88.0% |
| Financial charges | 65/66B | €828 | €2,107 | +€1,279 | +154% |
| Recurring financial charges | 65 | €828 | €2,107 | +€1,279 | +154% |
| Profit (loss) for the period before taxes | 9903 | €41,398 | €43,034 | +€1,636 | +4.0% |
| Income taxes | 67/77 | €1,692 | €1,346 | -€346 | -20.4% |
| Profit (loss) for the period | 9904 | €39,707 | €41,688 | +€1,981 | +5.0% |
| Profit (loss) for the period to be appropriated | 9905 | €39,707 | €41,688 | +€1,981 | +5.0% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 31 October 2026 via checked.be.