Exordium: 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.
Exordium
Largest movements
- Cash +€86,353
up €86,353 (+250.5%), from €34,478 to €120,831
mainly Net result for the year (+€70,860) and Receivables within one year (+€15,609)
- Receivables within one year -€15,609
down €15,609 (-52.0%), from €30,033 to €14,423
of which Trade receivables: -€15,609
- Tangible fixed assets +€2,503
up €2,503 (+162.8%), from €1,537 to €4,040
- Profit (loss) carried forward +€70,027
up €70,027 (+137.2%), from €51,040 to €121,067
- Tax, wage and social debts +€1,521
up €1,521 (+19.9%), from €7,648 to €9,168
- Gross operating margin +€26,021
up €26,021 (+39.0%), from €66,776 to €92,797
- Taxes +€5,166
up €5,166 (+38.9%), from €13,263 to €18,429
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 | €68,416 | €141,663 | +€73,247 | +107.1% |
| Fixed assets | 21/28 | €1,537 | €4,040 | +€2,503 | +162.8% |
| Tangible fixed assets | 22/27 | €1,537 | €4,040 | +€2,503 | +162.8% |
| Furniture and vehicles | 24 | €1,537 | €4,040 | +€2,503 | +162.8% |
| Current assets | 29/58 | €66,879 | €137,624 | +€70,744 | +105.8% |
| Amounts receivable within one year | 40/41 | €30,033 | €14,423 | -€15,609 | -52.0% |
| Trade receivables | 40 | €30,032 | €14,423 | -€15,609 | -52.0% |
| Other amounts receivable | 41 | €0 | €0 | -€0 | -100.0% |
| Cash at bank and in hand | 54/58 | €34,478 | €120,831 | +€86,353 | +250.5% |
| Deferred charges and accrued income | 490/1 | €2,369 | €2,369 | +€0 | 0.0% |
| Total equity and liabilities | 10/49 | €68,416 | €141,663 | +€73,247 | +107.1% |
| Equity | 10/15 | €58,040 | €128,067 | +€70,027 | +120.7% |
| Contributions | 10/11 | €7,000 | €7,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €51,040 | €121,067 | +€70,027 | +137.2% |
| Amounts payable | 17/49 | €10,377 | €13,597 | +€3,220 | +31.0% |
| Amounts payable within one year | 42/48 | €10,377 | €13,597 | +€3,220 | +31.0% |
| Financial debts | 43 | €238 | €227 | -€11 | -4.6% |
| Other loans | 439 | €238 | €227 | -€11 | -4.6% |
| Trade debts | 44 | €749 | €1,953 | +€1,204 | +160.9% |
| Suppliers | 440/4 | €749 | €1,953 | +€1,204 | +160.9% |
| Taxes, remuneration and social security | 45 | €7,648 | €9,168 | +€1,521 | +19.9% |
| Taxes | 450/3 | €7,648 | €9,168 | +€1,521 | +19.9% |
| Other amounts payable | 47/48 | €1,743 | €2,249 | +€506 | +29.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €298 | €1,058 | +€760 | +254.7% |
| Other operating charges | 640/8 | - | €863 | +€863 | |
| Gross operating margin | 9900 | €66,776 | €92,797 | +€26,021 | +39.0% |
| Operating profit (loss) | 9901 | €66,477 | €90,876 | +€24,398 | +36.7% |
| Financial income | 75/76B | €18 | €195 | +€177 | +998.2% |
| Recurring financial income | 75 | €18 | €195 | +€177 | +998.2% |
| Financial charges | 65/66B | €1,360 | €1,782 | +€422 | +31.1% |
| Recurring financial charges | 65 | €1,360 | €1,782 | +€422 | +31.1% |
| Profit (loss) for the period before taxes | 9903 | €65,135 | €89,289 | +€24,153 | +37.1% |
| Income taxes | 67/77 | €13,263 | €18,429 | +€5,166 | +38.9% |
| Profit (loss) for the period | 9904 | €51,873 | €70,860 | +€18,987 | +36.6% |
| Profit (loss) for the period to be appropriated | 9905 | €51,873 | €70,860 | +€18,987 | +36.6% |
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 9 October 2026 via checked.be.