Ethics & Compliance: 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.
Ethics & Compliance
Largest movements
- Deferred charges and accrued income +€10,218
up €10,218 (+1,000%), from €1,022 to €11,240
- Receivables within one year -€9,873
down €9,873 (-20.0%), from €49,419 to €39,546
of which Other amounts receivable: -€25,936
- Cash +€2,990
up €2,990 (+187%), from €1,598 to €4,588
mainly Trade debts (+€32,550) and Receivables within one year (+€9,873)
- Tangible fixed assets -€2,348
down €2,348 (-17.2%), from €13,645 to €11,297
of which Furniture and vehicles: -€2,348
- Intangible fixed assets -€1,716
down €1,716 (-29.8%), from €5,756 to €4,040
- Profit (loss) carried forward -€33,890
down €33,890 (-65.0%), from €52,151 to €18,262
- Trade debts +€32,550
up €32,550 (+216%), from €15,070 to €47,619
- Financial charges +€32,565
up €32,565 (+1,003%), from €3,248 to €35,813
- Gross operating margin +€19,475
up €19,475, from -€11,495 to €7,980
- Financial income -€717
down €717 (-96.2%), from €745 to €29
- Other operating charges -€591
down €591 (-46.3%), from €1,277 to €686
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 | €71,439 | €70,924 | -€516 | -0.7% |
| Fixed assets | 21/28 | €19,401 | €15,549 | -€3,851 | -19.9% |
| Intangible fixed assets | 21 | €5,756 | €4,040 | -€1,716 | -29.8% |
| Tangible fixed assets | 22/27 | €13,645 | €11,297 | -€2,348 | -17.2% |
| Furniture and vehicles | 24 | €3,145 | €797 | -€2,348 | -74.7% |
| Other tangible fixed assets | 26 | €10,500 | €10,500 | = | 0.0% |
| Financial fixed assets | 28 | - | €213 | +€213 | |
| Current assets | 29/58 | €52,039 | €55,374 | +€3,336 | +6.4% |
| Amounts receivable within one year | 40/41 | €49,419 | €39,546 | -€9,873 | -20.0% |
| Trade receivables | 40 | €17,349 | €33,413 | +€16,063 | +92.6% |
| Other amounts receivable | 41 | €32,069 | €6,133 | -€25,936 | -80.9% |
| Cash at bank and in hand | 54/58 | €1,598 | €4,588 | +€2,990 | +187% |
| Deferred charges and accrued income | 490/1 | €1,022 | €11,240 | +€10,218 | +1,000% |
| Total equity and liabilities | 10/49 | €71,439 | €70,924 | -€516 | -0.7% |
| Equity | 10/15 | €54,651 | €20,762 | -€33,890 | -62.0% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €52,151 | €18,262 | -€33,890 | -65.0% |
| Amounts payable | 17/49 | €16,788 | €50,162 | +€33,374 | +199% |
| Amounts payable within one year | 42/48 | €16,400 | €49,129 | +€32,729 | +200% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €15,070 | €47,619 | +€32,550 | +216% |
| Suppliers | 440/4 | €15,070 | €47,619 | +€32,550 | +216% |
| Taxes, remuneration and social security | 45 | €1,331 | €1,210 | -€121 | -9.1% |
| Taxes | 450/3 | €1,331 | €1,210 | -€121 | -9.1% |
| Other amounts payable | 47/48 | €0 | €300 | +€300 | |
| Accrued charges and deferred income | 492/3 | €387 | €1,033 | +€645 | +167% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,791 | €4,834 | +€43 | +0.9% |
| Other operating charges | 640/8 | €1,277 | €686 | -€591 | -46.3% |
| Non-recurring operating charges | 66A | €0 | €416 | +€416 | |
| Gross operating margin | 9900 | -€11,495 | €7,980 | +€19,475 | |
| Operating profit (loss) | 9901 | -€17,564 | €2,044 | +€19,608 | |
| Financial income | 75/76B | €745 | €29 | -€717 | -96.2% |
| Recurring financial income | 75 | €745 | €29 | -€717 | -96.2% |
| Financial charges | 65/66B | €3,248 | €35,813 | +€32,565 | +1,003% |
| Recurring financial charges | 65 | €3,248 | €35,813 | +€32,565 | +1,003% |
| Profit (loss) for the period before taxes | 9903 | -€20,067 | -€33,740 | -€13,674 | -68.1% |
| Income taxes | 67/77 | €161 | €149 | -€11 | -7.1% |
| Profit (loss) for the period | 9904 | -€20,227 | -€33,890 | -€13,662 | -67.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€20,227 | -€33,890 | -€13,662 | -67.5% |
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 27 October 2026 via checked.be.