EX CURSUS: 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.
EX CURSUS
Largest movements
- Tangible fixed assets -€39,093
down €39,093 (-14.4%), from €272,262 to €233,169
of which Plant, machinery and equipment: -€33,834
- Stocks and contracts +€12,300
up €12,300 (+1,025%), from €1,200 to €13,500
- Cash -€11,593
down €11,593 (-13.4%), from €86,456 to €74,863
mainly Net result for the year (-€35,626) and Stocks and contracts (-€12,300)
- Profit (loss) carried forward -€35,626
down €35,626 (-25.0%), from -€142,314 to -€177,941
- Gross operating margin +€27,088
up €27,088, from -€18,182 to €8,906
- Depreciation -€6,548
down €6,548 (-13.6%), from €48,057 to €41,509
- Financial charges +€1,900
up €1,900 (+295%), from €644 to €2,544
of which Non-recurring financial charges: +€2,057
- Financial income -€1,732
no longer reported in 2025 (was €1,732)
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 | €431,655 | €394,145 | -€37,511 | -8.7% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €272,262 | €233,169 | -€39,093 | -14.4% |
| Tangible fixed assets | 22/27 | €272,262 | €233,169 | -€39,093 | -14.4% |
| Plant, machinery and equipment | 23 | €254,598 | €220,764 | -€33,834 | -13.3% |
| Furniture and vehicles | 24 | €17,664 | €12,405 | -€5,259 | -29.8% |
| Current assets | 29/58 | €159,393 | €160,975 | +€1,582 | +1.0% |
| Stocks and contracts in progress | 3 | €1,200 | €13,500 | +€12,300 | +1,025% |
| Stocks | 30/36 | €1,200 | €13,500 | +€12,300 | +1,025% |
| Amounts receivable within one year | 40/41 | €70,782 | €71,672 | +€889 | +1.3% |
| Trade receivables | 40 | €0 | €15 | +€15 | |
| Other amounts receivable | 41 | €70,782 | €71,657 | +€875 | +1.2% |
| Cash at bank and in hand | 54/58 | €86,456 | €74,863 | -€11,593 | -13.4% |
| Deferred charges and accrued income | 490/1 | €954 | €941 | -€14 | -1.4% |
| Total equity and liabilities | 10/49 | €431,655 | €394,145 | -€37,511 | -8.7% |
| Equity | 10/15 | €411,741 | €376,115 | -€35,626 | -8.7% |
| Contributions | 10/11 | €38,000 | €38,000 | = | 0.0% |
| Reserves | 13 | €516,056 | €516,056 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €516,056 | €516,056 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€142,314 | -€177,941 | -€35,626 | -25.0% |
| Amounts payable | 17/49 | €19,914 | €18,030 | -€1,885 | -9.5% |
| Amounts payable within one year | 42/48 | €19,914 | €18,030 | -€1,885 | -9.5% |
| Trade debts | 44 | €1,084 | €2,803 | +€1,719 | +159% |
| Suppliers | 440/4 | €1,084 | €2,803 | +€1,719 | +159% |
| Taxes, remuneration and social security | 45 | €155 | €144 | -€11 | -7.3% |
| Taxes | 450/3 | €155 | €144 | -€11 | -7.3% |
| Other amounts payable | 47/48 | €18,674 | €15,082 | -€3,592 | -19.2% |
| Turnover | 70 | €0 | - | = | |
| Goods, raw materials, services and sundry goods | 60/61 | €0 | €0 | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,057 | €41,509 | -€6,548 | -13.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €0 | = | |
| Other operating charges | 640/8 | €407 | €479 | +€72 | +17.6% |
| Non-recurring operating charges | 66A | €67,967 | - | -€67,967 | |
| Gross operating margin | 9900 | -€18,182 | €8,906 | +€27,088 | |
| Operating profit (loss) | 9901 | -€134,613 | -€33,082 | +€101,530 | +75.4% |
| Financial income | 75/76B | €1,732 | - | -€1,732 | |
| Recurring financial income | 75 | €1,732 | - | -€1,732 | |
| Financial charges | 65/66B | €644 | €2,544 | +€1,900 | +295% |
| Recurring financial charges | 65 | €644 | €487 | -€158 | -24.5% |
| Non-recurring financial charges | 66B | - | €2,057 | +€2,057 | |
| Profit (loss) for the period before taxes | 9903 | -€133,525 | -€35,626 | +€97,899 | +73.3% |
| Income taxes | 67/77 | €0 | - | -€0 | |
| Profit (loss) for the period | 9904 | -€133,525 | -€35,626 | +€97,899 | +73.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€133,525 | -€35,626 | +€97,899 | +73.3% |
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.