EXCLUSIVE: 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.
EXCLUSIVE
Largest movements
- Cash -€28,243
down €28,243 (-55.3%), from €51,043 to €22,800
mainly Current investments (-€20,000) and Investment in fixed assets (net) (-€13,064)
- Current investments +€20,000
new in 2025: €20,000
- Receivables within one year -€2,101
down €2,101 (-19.8%), from €10,593 to €8,492
of which Other amounts receivable: -€1,775
- Tangible fixed assets -€2,022
down €2,022 (-5.7%), from €35,576 to €33,554
of which Other tangible fixed assets: -€3,935
- Current portion of long-term debt -€10,825
down €10,825 (-65.3%), from €16,567 to €5,742
- Profit (loss) carried forward +€9,606
up €9,606 (+355.8%), from €2,700 to €12,306
- Other debts -€7,145
down €7,145 (-70.4%), from €10,145 to €3,000
- Trade debts -€3,174
down €3,174 (-10.8%), from €29,508 to €26,334
- Debts after one year -€2,830
down €2,830 (-40.3%), from €7,028 to €4,198
- Gross operating margin +€14,874
up €14,874 (+7.6%), from €195,054 to €209,929
- Staff costs +€3,916
up €3,916 (+2.3%), from €171,598 to €175,513
- Taxes +€2,119
up €2,119 (+5613.9%), from €38 to €2,157
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 | €146,947 | €134,034 | -€12,913 | -8.8% |
| Formation expenses | 20 | €546 | - | -€546 | |
| Fixed assets | 21/28 | €36,087 | €34,065 | -€2,022 | -5.6% |
| Tangible fixed assets | 22/27 | €35,576 | €33,554 | -€2,022 | -5.7% |
| Plant, machinery and equipment | 23 | €1,308 | €3,221 | +€1,913 | +146.3% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Other tangible fixed assets | 26 | €34,268 | €30,333 | -€3,935 | -11.5% |
| Financial fixed assets | 28 | €511 | €511 | = | 0.0% |
| Current assets | 29/58 | €110,314 | €99,969 | -€10,345 | -9.4% |
| Amounts receivable after more than one year | 29 | €23,183 | €23,107 | -€77 | -0.3% |
| Trade receivables | 290 | €23,183 | €23,107 | -€77 | -0.3% |
| Stocks and contracts in progress | 3 | €23,084 | €23,185 | +€101 | +0.4% |
| Stocks | 30/36 | €23,084 | €23,185 | +€101 | +0.4% |
| Amounts receivable within one year | 40/41 | €10,593 | €8,492 | -€2,101 | -19.8% |
| Trade receivables | 40 | €5,896 | €5,570 | -€326 | -5.5% |
| Other amounts receivable | 41 | €4,697 | €2,923 | -€1,775 | -37.8% |
| Current investments | 50/53 | - | €20,000 | +€20,000 | |
| Cash at bank and in hand | 54/58 | €51,043 | €22,800 | -€28,243 | -55.3% |
| Deferred charges and accrued income | 490/1 | €2,411 | €2,385 | -€26 | -1.1% |
| Total equity and liabilities | 10/49 | €146,947 | €134,034 | -€12,913 | -8.8% |
| Equity | 10/15 | €59,851 | €69,457 | +€9,606 | +16.1% |
| Contributions | 10/11 | €28,171 | €28,171 | = | 0.0% |
| Reserves | 13 | €28,980 | €28,980 | = | 0.0% |
| Tax-exempt reserves | 132 | €8,980 | €8,980 | = | 0.0% |
| Distributable reserves | 133 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,700 | €12,306 | +€9,606 | +355.8% |
| Amounts payable | 17/49 | €87,097 | €64,577 | -€22,520 | -25.9% |
| Amounts payable after more than one year | 17 | €7,028 | €4,198 | -€2,830 | -40.3% |
| Financial debts | 170/4 | €7,028 | €4,198 | -€2,830 | -40.3% |
| Amounts payable within one year | 42/48 | €79,994 | €60,378 | -€19,616 | -24.5% |
| Current portion of amounts payable after more than one year | 42 | €16,567 | €5,742 | -€10,825 | -65.3% |
| Trade debts | 44 | €29,508 | €26,334 | -€3,174 | -10.8% |
| Suppliers | 440/4 | €29,508 | €26,334 | -€3,174 | -10.8% |
| Taxes, remuneration and social security | 45 | €23,775 | €25,302 | +€1,528 | +6.4% |
| Taxes | 450/3 | €5,620 | €6,862 | +€1,243 | +22.1% |
| Remuneration and social security | 454/9 | €18,155 | €18,440 | +€285 | +1.6% |
| Other amounts payable | 47/48 | €10,145 | €3,000 | -€7,145 | -70.4% |
| Accrued charges and deferred income | 492/3 | €74 | €1 | -€73 | -98.1% |
| Remuneration, social security and pensions | 62 | €171,598 | €175,513 | +€3,916 | +2.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,889 | €15,632 | -€257 | -1.6% |
| Other operating charges | 640/8 | €604 | €619 | +€14 | +2.4% |
| Gross operating margin | 9900 | €195,054 | €209,929 | +€14,874 | +7.6% |
| Operating profit (loss) | 9901 | €6,963 | €18,164 | +€11,201 | +160.9% |
| Financial income | 75/76B | €862 | €172 | -€690 | -80.1% |
| Recurring financial income | 75 | €862 | €172 | -€690 | -80.1% |
| Financial charges | 65/66B | €2,197 | €3,573 | +€1,375 | +62.6% |
| Recurring financial charges | 65 | €2,197 | €3,573 | +€1,375 | +62.6% |
| Profit (loss) for the period before taxes | 9903 | €5,628 | €14,763 | +€9,135 | +162.3% |
| Income taxes | 67/77 | €38 | €2,157 | +€2,119 | +5613.9% |
| Profit (loss) for the period | 9904 | €5,590 | €12,606 | +€7,016 | +125.5% |
| Profit (loss) for the period to be appropriated | 9905 | €5,590 | €12,606 | +€7,016 | +125.5% |
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 11 October 2026 via checked.be.