EUPHORIA: 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.
EUPHORIA
Largest movements
- Intangible fixed assets -€79,917
down €79,917 (-70.5%), from €113,401 to €33,484
- Stocks and contracts -€20,799
down €20,799 (-30.5%), from €68,158 to €47,359
- Cash +€8,542
up €8,542 (+123.9%), from €6,896 to €15,437
mainly Depreciation (+€80,717) and Short-term financial debts (+€54,000)
- Receivables within one year -€7,834
down €7,834 (-91.7%), from €8,545 to €711
of which Other amounts receivable: -€7,845
- Financial fixed assets -€2,878
no longer reported in 2025 (was €2,878)
- Profit (loss) carried forward -€115,851
down €115,851 (-18.4%), from -€631,294 to -€747,146
- Short-term financial debts +€54,000
new in 2025: €54,000
- Trade debts -€45,314
down €45,314 (-41.6%), from €108,911 to €63,597
- Accrued charges and deferred income +€3,895
up €3,895 (+12.6%), from €31,034 to €34,929
- Gross operating margin +€258,096
up €258,096 (+99.5%), from -€259,306 to -€1,210
- Write-downs +€18,863
new in 2025: €18,863
- Depreciation -€6,384
down €6,384 (-7.3%), from €87,101 to €80,717
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 | €201,519 | €97,833 | -€103,687 | -51.5% |
| Fixed assets | 21/28 | €117,921 | €34,326 | -€83,595 | -70.9% |
| Intangible fixed assets | 21 | €113,401 | €33,484 | -€79,917 | -70.5% |
| Tangible fixed assets | 22/27 | €1,642 | €842 | -€800 | -48.7% |
| Plant, machinery and equipment | 23 | €1,642 | €842 | -€800 | -48.7% |
| Financial fixed assets | 28 | €2,878 | - | -€2,878 | |
| Current assets | 29/58 | €83,598 | €63,507 | -€20,091 | -24.0% |
| Stocks and contracts in progress | 3 | €68,158 | €47,359 | -€20,799 | -30.5% |
| Stocks | 30/36 | €68,158 | €47,359 | -€20,799 | -30.5% |
| Amounts receivable within one year | 40/41 | €8,545 | €711 | -€7,834 | -91.7% |
| Trade receivables | 40 | €435 | €445 | +€11 | +2.4% |
| Other amounts receivable | 41 | €8,110 | €266 | -€7,845 | -96.7% |
| Cash at bank and in hand | 54/58 | €6,896 | €15,437 | +€8,542 | +123.9% |
| Total equity and liabilities | 10/49 | €201,519 | €97,833 | -€103,687 | -51.5% |
| Equity | 10/15 | -€106,494 | -€222,346 | -€115,851 | -108.8% |
| Contributions | 10/11 | €524,800 | €524,800 | = | 0.0% |
| Contributions outside capital | 11 | €524,800 | €524,800 | = | 0.0% |
| Other | 1109/19 | €524,800 | €524,800 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€631,294 | -€747,146 | -€115,851 | -18.4% |
| Amounts payable | 17/49 | €308,014 | €320,179 | +€12,165 | +3.9% |
| Amounts payable after more than one year | 17 | €167,440 | €167,440 | = | 0.0% |
| Financial debts | 170/4 | €167,440 | €167,440 | = | 0.0% |
| Amounts payable within one year | 42/48 | €109,540 | €117,810 | +€8,269 | +7.5% |
| Financial debts | 43 | - | €54,000 | +€54,000 | |
| Other loans | 439 | - | €54,000 | +€54,000 | |
| Trade debts | 44 | €108,911 | €63,597 | -€45,314 | -41.6% |
| Suppliers | 440/4 | €108,911 | €63,597 | -€45,314 | -41.6% |
| Taxes, remuneration and social security | 45 | €629 | €212 | -€417 | -66.2% |
| Taxes | 450/3 | €629 | €212 | -€417 | -66.2% |
| Accrued charges and deferred income | 492/3 | €31,034 | €34,929 | +€3,895 | +12.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €87,101 | €80,717 | -€6,384 | -7.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €18,863 | +€18,863 | |
| Other operating charges | 640/8 | €1,187 | €520 | -€667 | -56.2% |
| Gross operating margin | 9900 | -€259,306 | -€1,210 | +€258,096 | +99.5% |
| Operating profit (loss) | 9901 | -€347,594 | -€101,310 | +€246,284 | +70.9% |
| Financial income | 75/76B | €6 | €46 | +€41 | +712.4% |
| Recurring financial income | 75 | €6 | €46 | +€41 | +712.4% |
| Financial charges | 65/66B | €15,246 | €14,587 | -€658 | -4.3% |
| Recurring financial charges | 65 | €15,246 | €14,587 | -€658 | -4.3% |
| Profit (loss) for the period before taxes | 9903 | -€362,834 | -€115,851 | +€246,983 | +68.1% |
| Profit (loss) for the period | 9904 | -€362,834 | -€115,851 | +€246,983 | +68.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€362,834 | -€115,851 | +€246,983 | +68.1% |
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 10 October 2026 via checked.be.