EVP: 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.
EVP
Largest movements
- Receivables within one year +€994,152
up €994,152 (+675%), from €147,337 to €1.1m
of which Other amounts receivable: +€993,012
- Cash -€569,618
down €569,618 (-96.1%), from €592,564 to €22,946
mainly Receivables within one year (-€994,152) and Investment in fixed assets (net) (-€124,127)
- Stocks and contracts +€64,155
up €64,155 (+3.2%), from €2.0m to €2.1m
- Formation expenses +€62,127
up €62,127 (+99.8%), from €62,259 to €124,386
- Tangible fixed assets +€43,590
up €43,590 (+32.6%), from €133,785 to €177,375
of which Land and buildings: +€56,274
- Other debts +€520,553
up €520,553 (+19.2%), from €2.7m to €3.2m
- Accrued charges and deferred income +€73,677
up €73,677 (+48.3%), from €152,548 to €226,224
- Gross operating margin +€6,236
up €6,236 (+10.4%), from €59,734 to €65,969
- Depreciation +€6,088
up €6,088 (+49.4%), from €12,323 to €18,410
- Financial income -€1,958
down €1,958 (-49.7%), from €3,942 to €1,985
- Staff costs -€1,440
down €1,440 (-3.1%), from €47,029 to €45,589
- Taxes +€1,068
up €1,068 (+245%), from €436 to €1,504
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 | €2,958,380 | €3,554,765 | +€596,385 | +20.2% |
| Formation expenses | 20 | €62,259 | €124,386 | +€62,127 | +99.8% |
| Fixed assets | 21/28 | €133,785 | €177,375 | +€43,590 | +32.6% |
| Tangible fixed assets | 22/27 | €133,785 | €177,375 | +€43,590 | +32.6% |
| Land and buildings | 22 | €111,130 | €167,404 | +€56,274 | +50.6% |
| Plant, machinery and equipment | 23 | €771 | €338 | -€433 | -56.2% |
| Furniture and vehicles | 24 | €21,884 | €9,633 | -€12,251 | -56.0% |
| Current assets | 29/58 | €2,762,336 | €3,253,004 | +€490,668 | +17.8% |
| Stocks and contracts in progress | 3 | €2,022,435 | €2,086,590 | +€64,155 | +3.2% |
| Stocks | 30/36 | €2,022,435 | €2,086,590 | +€64,155 | +3.2% |
| Amounts receivable within one year | 40/41 | €147,337 | €1,141,489 | +€994,152 | +675% |
| Trade receivables | 40 | €9,750 | €10,890 | +€1,140 | +11.7% |
| Other amounts receivable | 41 | €137,587 | €1,130,599 | +€993,012 | +722% |
| Cash at bank and in hand | 54/58 | €592,564 | €22,946 | -€569,618 | -96.1% |
| Deferred charges and accrued income | 490/1 | - | €1,978 | +€1,978 | |
| Total equity and liabilities | 10/49 | €2,958,380 | €3,554,765 | +€596,385 | +20.2% |
| Equity | 10/15 | -€9,772 | -€8,832 | +€940 | +9.6% |
| Contributions | 10/11 | €68,600 | €68,600 | = | 0.0% |
| Reserves | 13 | €2,300 | €2,300 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,300 | €2,300 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,300 | €2,300 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€80,672 | -€79,732 | +€940 | +1.2% |
| Amounts payable | 17/49 | €2,968,153 | €3,563,597 | +€595,444 | +20.1% |
| Amounts payable after more than one year | 17 | €92,000 | €92,000 | = | 0.0% |
| Financial debts | 170/4 | €92,000 | €92,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €2,723,605 | €3,245,373 | +€521,768 | +19.2% |
| Trade debts | 44 | €7,031 | €6,452 | -€578 | -8.2% |
| Suppliers | 440/4 | €7,031 | €6,452 | -€578 | -8.2% |
| Taxes, remuneration and social security | 45 | €5,650 | €7,443 | +€1,793 | +31.7% |
| Taxes | 450/3 | €1,027 | €1,278 | +€251 | +24.4% |
| Remuneration and social security | 454/9 | €4,623 | €6,165 | +€1,542 | +33.4% |
| Other amounts payable | 47/48 | €2,710,925 | €3,231,477 | +€520,553 | +19.2% |
| Accrued charges and deferred income | 492/3 | €152,548 | €226,224 | +€73,677 | +48.3% |
| Remuneration, social security and pensions | 62 | €47,029 | €45,589 | -€1,440 | -3.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,323 | €18,410 | +€6,088 | +49.4% |
| Other operating charges | 640/8 | €2,167 | €1,468 | -€698 | -32.2% |
| Gross operating margin | 9900 | €59,734 | €65,969 | +€6,236 | +10.4% |
| Operating profit (loss) | 9901 | -€1,784 | €502 | +€2,286 | |
| Financial income | 75/76B | €3,942 | €1,985 | -€1,958 | -49.7% |
| Recurring financial income | 75 | €3,942 | €1,985 | -€1,958 | -49.7% |
| Financial charges | 65/66B | €510 | €42 | -€467 | -91.7% |
| Recurring financial charges | 65 | €510 | €42 | -€467 | -91.7% |
| Profit (loss) for the period before taxes | 9903 | €1,648 | €2,444 | +€796 | +48.3% |
| Income taxes | 67/77 | €436 | €1,504 | +€1,068 | +245% |
| Profit (loss) for the period | 9904 | €1,213 | €940 | -€272 | -22.5% |
| Profit (loss) for the period to be appropriated | 9905 | €1,213 | €940 | -€272 | -22.5% |
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 20 October 2026 via checked.be.