EXCLUSIVEONLINE: 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.
EXCLUSIVEONLINE
Largest movements
- Intangible fixed assets +€78,562
up €78,562 (+213%), from €36,950 to €115,512
- Cash +€66,195
up €66,195 (+75.2%), from €88,038 to €154,233
mainly Debts after one year (+€66,615) and Net result for the year (+€63,968)
- Tangible fixed assets +€14,781
up €14,781 (+61.5%), from €24,017 to €38,798
of which Furniture and vehicles: +€16,496
- Receivables within one year +€10,916
up €10,916 (+10.4%), from €104,754 to €115,671
of which Trade receivables: +€38,514
- Debts after one year +€66,615
up €66,615 (+312%), from €21,375 to €87,990
- Current portion of long-term debt +€58,055
up €58,055 (+408%), from €14,234 to €72,289
- Reserves +€46,689
up €46,689 (+45.4%), from €102,915 to €149,603
of which Distributable reserves: +€46,689
- Accrued charges and deferred income +€46,455
up €46,455 (+670%), from €6,928 to €53,384
- Other debts -€33,998
down €33,998 (-80.8%), from €42,067 to €8,069
- Gross operating margin +€135,595
up €135,595 (+787%), from €17,228 to €152,823
- Depreciation +€27,925
up €27,925 (+140%), from €19,945 to €47,869
- Taxes +€25,922
up €25,922 (+3,189%), from €813 to €26,735
- Financial income -€1,960
down €1,960 (-48.9%), from €4,004 to €2,044
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 | €259,237 | €430,473 | +€171,236 | +66.1% |
| Fixed assets | 21/28 | €61,077 | €154,420 | +€93,343 | +153% |
| Intangible fixed assets | 21 | €36,950 | €115,512 | +€78,562 | +213% |
| Tangible fixed assets | 22/27 | €24,017 | €38,798 | +€14,781 | +61.5% |
| Plant, machinery and equipment | 23 | €2,439 | €1,265 | -€1,174 | -48.1% |
| Furniture and vehicles | 24 | €18,908 | €35,403 | +€16,496 | +87.2% |
| Other tangible fixed assets | 26 | €2,670 | €2,129 | -€541 | -20.3% |
| Financial fixed assets | 28 | €110 | €110 | = | 0.0% |
| Current assets | 29/58 | €198,161 | €276,053 | +€77,892 | +39.3% |
| Amounts receivable within one year | 40/41 | €104,754 | €115,671 | +€10,916 | +10.4% |
| Trade receivables | 40 | €75,748 | €114,262 | +€38,514 | +50.8% |
| Other amounts receivable | 41 | €29,007 | €1,409 | -€27,598 | -95.1% |
| Cash at bank and in hand | 54/58 | €88,038 | €154,233 | +€66,195 | +75.2% |
| Deferred charges and accrued income | 490/1 | €5,368 | €6,149 | +€781 | +14.5% |
| Total equity and liabilities | 10/49 | €259,237 | €430,473 | +€171,236 | +66.1% |
| Equity | 10/15 | €104,236 | €168,203 | +€63,968 | +61.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €102,915 | €149,603 | +€46,689 | +45.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €101,055 | €147,743 | +€46,689 | +46.2% |
| Profit (loss) carried forward | 14 | -€17,279 | - | +€17,279 | |
| Amounts payable | 17/49 | €155,002 | €262,270 | +€107,268 | +69.2% |
| Amounts payable after more than one year | 17 | €21,375 | €87,990 | +€66,615 | +312% |
| Financial debts | 170/4 | €21,375 | €87,990 | +€66,615 | +312% |
| Amounts payable within one year | 42/48 | €126,698 | €120,896 | -€5,802 | -4.6% |
| Current portion of amounts payable after more than one year | 42 | €14,234 | €72,289 | +€58,055 | +408% |
| Trade debts | 44 | €64,297 | €37,469 | -€26,828 | -41.7% |
| Suppliers | 440/4 | €64,297 | €37,469 | -€26,828 | -41.7% |
| Taxes, remuneration and social security | 45 | €6,100 | €3,069 | -€3,031 | -49.7% |
| Taxes | 450/3 | €6,100 | €3,069 | -€3,031 | -49.7% |
| Other amounts payable | 47/48 | €42,067 | €8,069 | -€33,998 | -80.8% |
| Accrued charges and deferred income | 492/3 | €6,928 | €53,384 | +€46,455 | +670% |
| Non-recurring operating income | 76A | - | €3,290 | +€3,290 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,945 | €47,869 | +€27,925 | +140% |
| Other operating charges | 640/8 | €3,510 | €2,777 | -€734 | -20.9% |
| Gross operating margin | 9900 | €17,228 | €152,823 | +€135,595 | +787% |
| Operating profit (loss) | 9901 | -€6,228 | €102,177 | +€108,405 | |
| Financial income | 75/76B | €4,004 | €2,044 | -€1,960 | -48.9% |
| Recurring financial income | 75 | €4,004 | €2,044 | -€1,960 | -48.9% |
| Financial charges | 65/66B | €14,243 | €13,518 | -€724 | -5.1% |
| Recurring financial charges | 65 | €14,243 | €13,518 | -€724 | -5.1% |
| Profit (loss) for the period before taxes | 9903 | -€16,466 | €90,702 | +€107,169 | |
| Income taxes | 67/77 | €813 | €26,735 | +€25,922 | +3,189% |
| Profit (loss) for the period | 9904 | -€17,279 | €63,968 | +€81,247 | |
| Profit (loss) for the period to be appropriated | 9905 | -€17,279 | €63,968 | +€81,247 |
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 23 October 2026 via checked.be.