EQUATIONS: 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.
EQUATIONS
Largest movements
- Receivables within one year -€35,133
down €35,133 (-39.4%), from €89,178 to €54,045
of which Other amounts receivable: -€42,113
- Cash -€16,867
down €16,867 (-31.9%), from €52,826 to €35,959
mainly Contributions, distributions and other (-€58,000) and Other debts (-€2,818)
- Reserves -€55,600
down €55,600 (-85.7%), from €64,859 to €9,259
- Trade debts +€7,142
up €7,142 (+1889.4%), from €378 to €7,520
- Other debts -€2,818
down €2,818 (-77.5%), from €3,634 to €816
- Tax, wage and social debts -€2,386
down €2,386 (-29.8%), from €8,018 to €5,632
- Taxes -€3,862
down €3,862 (-83.6%), from €4,620 to €758
- Financial income -€3,320
down €3,320 (-63.8%), from €5,206 to €1,886
- Gross operating margin +€1,285
up €1,285 (+40.1%), from €3,206 to €4,491
- Depreciation -€61
down €61 (-4.4%), from €1,390 to €1,329
- Other operating charges -€55
down €55 (-4.3%), from €1,290 to €1,235
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 | €149,332 | €96,004 | -€53,328 | -35.7% |
| Fixed assets | 21/28 | €6,664 | €5,335 | -€1,329 | -19.9% |
| Tangible fixed assets | 22/27 | €6,664 | €5,335 | -€1,329 | -19.9% |
| Plant, machinery and equipment | 23 | €6,540 | €5,335 | -€1,205 | -18.4% |
| Furniture and vehicles | 24 | €124 | - | -€124 | |
| Current assets | 29/58 | €142,668 | €90,669 | -€51,999 | -36.4% |
| Amounts receivable within one year | 40/41 | €89,178 | €54,045 | -€35,133 | -39.4% |
| Trade receivables | 40 | €5,573 | €12,553 | +€6,980 | +125.2% |
| Other amounts receivable | 41 | €83,605 | €41,492 | -€42,113 | -50.4% |
| Cash at bank and in hand | 54/58 | €52,826 | €35,959 | -€16,867 | -31.9% |
| Deferred charges and accrued income | 490/1 | €664 | €665 | +€1 | +0.2% |
| Total equity and liabilities | 10/49 | €149,332 | €96,004 | -€53,328 | -35.7% |
| Equity | 10/15 | €137,302 | €82,036 | -€55,266 | -40.3% |
| Contributions | 10/11 | €6,197 | €6,197 | = | 0.0% |
| Reserves | 13 | €64,859 | €9,259 | -€55,600 | -85.7% |
| Distributable reserves | 133 | €64,859 | €9,259 | -€55,600 | -85.7% |
| Profit (loss) carried forward | 14 | €66,246 | €66,580 | +€334 | +0.5% |
| Amounts payable | 17/49 | €12,030 | €13,968 | +€1,938 | +16.1% |
| Amounts payable within one year | 42/48 | €12,030 | €13,968 | +€1,938 | +16.1% |
| Trade debts | 44 | €378 | €7,520 | +€7,142 | +1889.4% |
| Suppliers | 440/4 | €378 | €7,520 | +€7,142 | +1889.4% |
| Taxes, remuneration and social security | 45 | €8,018 | €5,632 | -€2,386 | -29.8% |
| Taxes | 450/3 | €8,018 | €5,632 | -€2,386 | -29.8% |
| Other amounts payable | 47/48 | €3,634 | €816 | -€2,818 | -77.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,390 | €1,329 | -€61 | -4.4% |
| Other operating charges | 640/8 | €1,290 | €1,235 | -€55 | -4.3% |
| Gross operating margin | 9900 | €3,206 | €4,491 | +€1,285 | +40.1% |
| Operating profit (loss) | 9901 | €526 | €1,927 | +€1,401 | +266.3% |
| Financial income | 75/76B | €5,206 | €1,886 | -€3,320 | -63.8% |
| Recurring financial income | 75 | €5,206 | €1,886 | -€3,320 | -63.8% |
| Financial charges | 65/66B | €336 | €321 | -€15 | -4.5% |
| Recurring financial charges | 65 | €336 | €321 | -€15 | -4.5% |
| Profit (loss) for the period before taxes | 9903 | €5,396 | €3,492 | -€1,904 | -35.3% |
| Income taxes | 67/77 | €4,620 | €758 | -€3,862 | -83.6% |
| Profit (loss) for the period | 9904 | €776 | €2,734 | +€1,958 | +252.3% |
| Profit (loss) for the period to be appropriated | 9905 | €776 | €2,734 | +€1,958 | +252.3% |
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 1 October 2026 via checked.be.