EV: 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.
EV
Largest movements
- Receivables within one year +€147,816
up €147,816 (+276.5%), from €53,453 to €201,269
of which Other amounts receivable: +€79,970
- Cash -€5,971
down €5,971 (-35.6%), from €16,792 to €10,821
mainly Receivables within one year (-€147,816) and Investment in fixed assets (net) (-€5,872)
- Profit (loss) carried forward +€68,743
up €68,743 (+160.0%), from €42,952 to €111,695
- Advances received +€26,000
new in 2025: €26,000
- Trade debts +€24,779
up €24,779 (+197.8%), from €12,528 to €37,308
- Tax, wage and social debts +€24,038
up €24,038 (+209.0%), from €11,502 to €35,540
- Gross operating margin +€48,782
up €48,782 (+89.3%), from €54,607 to €103,389
- Taxes +€23,033
up €23,033 (+202.1%), from €11,400 to €34,433
- Financial income +€3,312
up €3,312 (+248.6%), from €1,332 to €4,644
- Depreciation +€2,585
up €2,585 (+164.6%), from €1,570 to €4,156
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 | €71,982 | €215,543 | +€143,561 | +199.4% |
| Fixed assets | 21/28 | €1,736 | €3,453 | +€1,716 | +98.8% |
| Tangible fixed assets | 22/27 | €1,736 | €3,453 | +€1,716 | +98.8% |
| Plant, machinery and equipment | 23 | - | €2,849 | +€2,849 | |
| Furniture and vehicles | 24 | €1,736 | €604 | -€1,133 | -65.2% |
| Current assets | 29/58 | €70,245 | €212,090 | +€141,845 | +201.9% |
| Amounts receivable within one year | 40/41 | €53,453 | €201,269 | +€147,816 | +276.5% |
| Trade receivables | 40 | €9,950 | €77,796 | +€67,846 | +681.9% |
| Other amounts receivable | 41 | €43,504 | €123,473 | +€79,970 | +183.8% |
| Cash at bank and in hand | 54/58 | €16,792 | €10,821 | -€5,971 | -35.6% |
| Total equity and liabilities | 10/49 | €71,982 | €215,543 | +€143,561 | +199.4% |
| Equity | 10/15 | €47,952 | €116,695 | +€68,743 | +143.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €42,952 | €111,695 | +€68,743 | +160.0% |
| Amounts payable | 17/49 | €24,030 | €98,848 | +€74,818 | +311.3% |
| Amounts payable within one year | 42/48 | €24,030 | €98,848 | +€74,818 | +311.3% |
| Trade debts | 44 | €12,528 | €37,308 | +€24,779 | +197.8% |
| Suppliers | 440/4 | €12,528 | €37,308 | +€24,779 | +197.8% |
| Advances received on contracts in progress | 46 | - | €26,000 | +€26,000 | |
| Taxes, remuneration and social security | 45 | €11,502 | €35,540 | +€24,038 | +209.0% |
| Taxes | 450/3 | €11,502 | €35,540 | +€24,038 | +209.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,570 | €4,156 | +€2,585 | +164.6% |
| Other operating charges | 640/8 | - | €639 | +€639 | |
| Gross operating margin | 9900 | €54,607 | €103,389 | +€48,782 | +89.3% |
| Operating profit (loss) | 9901 | €53,037 | €98,595 | +€45,558 | +85.9% |
| Financial income | 75/76B | €1,332 | €4,644 | +€3,312 | +248.6% |
| Recurring financial income | 75 | €1,332 | €4,644 | +€3,312 | +248.6% |
| Financial charges | 65/66B | €18 | €63 | +€45 | +259.4% |
| Recurring financial charges | 65 | €18 | €63 | +€45 | +259.4% |
| Profit (loss) for the period before taxes | 9903 | €54,352 | €103,177 | +€48,825 | +89.8% |
| Income taxes | 67/77 | €11,400 | €34,433 | +€23,033 | +202.1% |
| Profit (loss) for the period | 9904 | €42,952 | €68,743 | +€25,792 | +60.0% |
| Profit (loss) for the period to be appropriated | 9905 | €42,952 | €68,743 | +€25,792 | +60.0% |
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 7 October 2026 via checked.be.