ESTATEMENT: 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.
ESTATEMENT
Largest movements
- Receivables within one year +€120,777
up €120,777 (+65.0%), from €185,765 to €306,542
of which Trade receivables: +€120,266
- Formation expenses -€10,951
down €10,951 (-20.0%), from €54,755 to €43,804
- Tangible fixed assets -€6,028
down €6,028 (-3.2%), from €190,988 to €184,960
of which Land and buildings: -€4,448
- Trade debts +€77,538
up €77,538 (+880%), from €8,815 to €86,353
- Other debts +€40,000
up €40,000 (+400%), from €10,000 to €50,000
- Debts after one year -€39,590
down €39,590 (-10.0%), from €394,510 to €354,919
of which Other amounts payable: -€30,000
- Tax, wage and social debts +€15,864
up €15,864 (+90.8%), from €17,474 to €33,338
of which Taxes: +€13,888
- Staff costs -€76,900
down €76,900 (-50.4%), from €152,444 to €75,544
- Gross operating margin -€26,909
down €26,909 (-19.0%), from €141,749 to €114,840
- Depreciation -€1,421
down €1,421 (-5.7%), from €25,127 to €23,706
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 | €459,568 | €555,864 | +€96,297 | +21.0% |
| Formation expenses | 20 | €54,755 | €43,804 | -€10,951 | -20.0% |
| Fixed assets | 21/28 | €200,025 | €190,983 | -€9,041 | -4.5% |
| Intangible fixed assets | 21 | €7,222 | €4,209 | -€3,013 | -41.7% |
| Tangible fixed assets | 22/27 | €190,988 | €184,960 | -€6,028 | -3.2% |
| Land and buildings | 22 | €186,853 | €182,405 | -€4,448 | -2.4% |
| Furniture and vehicles | 24 | €4,135 | €2,555 | -€1,581 | -38.2% |
| Financial fixed assets | 28 | €1,815 | €1,815 | = | 0.0% |
| Current assets | 29/58 | €204,788 | €321,077 | +€116,289 | +56.8% |
| Amounts receivable within one year | 40/41 | €185,765 | €306,542 | +€120,777 | +65.0% |
| Trade receivables | 40 | €184,689 | €304,956 | +€120,266 | +65.1% |
| Other amounts receivable | 41 | €1,076 | €1,586 | +€510 | +47.4% |
| Cash at bank and in hand | 54/58 | €16,046 | €10,833 | -€5,213 | -32.5% |
| Deferred charges and accrued income | 490/1 | €2,977 | €3,703 | +€726 | +24.4% |
| Total equity and liabilities | 10/49 | €459,568 | €555,864 | +€96,297 | +21.0% |
| Equity | 10/15 | €19,510 | €21,664 | +€2,154 | +11.0% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €9,510 | €11,664 | +€2,154 | +22.6% |
| Distributable reserves | 133 | €9,510 | €11,664 | +€2,154 | +22.6% |
| Amounts payable | 17/49 | €440,058 | €534,201 | +€94,143 | +21.4% |
| Amounts payable after more than one year | 17 | €394,510 | €354,919 | -€39,590 | -10.0% |
| Financial debts | 170/4 | €164,510 | €154,919 | -€9,590 | -5.8% |
| Other amounts payable | 178/9 | €230,000 | €200,000 | -€30,000 | -13.0% |
| Amounts payable within one year | 42/48 | €45,548 | €179,281 | +€133,734 | +294% |
| Current portion of amounts payable after more than one year | 42 | €9,259 | €9,590 | +€332 | +3.6% |
| Trade debts | 44 | €8,815 | €86,353 | +€77,538 | +880% |
| Suppliers | 440/4 | €8,815 | €86,353 | +€77,538 | +880% |
| Taxes, remuneration and social security | 45 | €17,474 | €33,338 | +€15,864 | +90.8% |
| Taxes | 450/3 | €6,050 | €19,938 | +€13,888 | +230% |
| Remuneration and social security | 454/9 | €11,424 | €13,400 | +€1,976 | +17.3% |
| Other amounts payable | 47/48 | €10,000 | €50,000 | +€40,000 | +400% |
| Remuneration, social security and pensions | 62 | €152,444 | €75,544 | -€76,900 | -50.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,127 | €23,706 | -€1,421 | -5.7% |
| Other operating charges | 640/8 | €4,145 | €2,925 | -€1,220 | -29.4% |
| Operating charges capitalised as restructuring costs | 649 | -€54,755 | - | +€54,755 | |
| Non-recurring operating charges | 66A | €0 | €0 | = | |
| Gross operating margin | 9900 | €141,749 | €114,840 | -€26,909 | -19.0% |
| Operating profit (loss) | 9901 | €14,788 | €12,665 | -€2,124 | -14.4% |
| Financial income | 75/76B | €96 | €1 | -€96 | -99.5% |
| Recurring financial income | 75 | €96 | €1 | -€96 | -99.5% |
| Financial charges | 65/66B | €8,685 | €9,242 | +€557 | +6.4% |
| Recurring financial charges | 65 | €8,685 | €9,242 | +€557 | +6.4% |
| Profit (loss) for the period before taxes | 9903 | €6,200 | €3,424 | -€2,776 | -44.8% |
| Income taxes | 67/77 | €399 | €1,270 | +€871 | +218% |
| Profit (loss) for the period | 9904 | €5,800 | €2,154 | -€3,647 | -62.9% |
| Profit (loss) for the period to be appropriated | 9905 | €5,800 | €2,154 | -€3,647 | -62.9% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.