EXPECT: 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.
EXPECT
Largest movements
- Receivables within one year -€73,978
down €73,978 (-76.9%), from €96,213 to €22,235
of which Other amounts receivable: -€40,509
- Reserves +€1.1m
up €1.1m (+2189.9%), from €52,000 to €1.2m
- Profit (loss) carried forward -€1.0m
down €1.0m (-100.0%), from €1.0m to €0
- Debts after one year -€154,375
down €154,375 (-27.0%), from €571,957 to €417,583
of which Financial debts: -€164,191
- Accrued charges and deferred income -€25,664
down €25,664 (-100.0%), from €25,664 to €0
- Other debts -€24,004
down €24,004 (-78.8%), from €30,450 to €6,445
- Gross operating margin -€62,904
down €62,904 (-21.6%), from €291,213 to €228,309
- Other operating charges -€43,226
down €43,226 (-77.0%), from €56,138 to €12,912
- Financial charges -€14,589
down €14,589 (-40.3%), from €36,158 to €21,569
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 | €1,957,976 | €1,898,262 | -€59,714 | -3.0% |
| Fixed assets | 21/28 | €1,833,198 | €1,831,853 | -€1,345 | -0.1% |
| Tangible fixed assets | 22/27 | €6,198 | €4,853 | -€1,345 | -21.7% |
| Plant, machinery and equipment | 23 | €932 | €0 | -€932 | -100.0% |
| Furniture and vehicles | 24 | €5,265 | €4,853 | -€413 | -7.8% |
| Financial fixed assets | 28 | €1,827,000 | €1,827,000 | = | 0.0% |
| Current assets | 29/58 | €124,778 | €66,409 | -€58,369 | -46.8% |
| Amounts receivable within one year | 40/41 | €96,213 | €22,235 | -€73,978 | -76.9% |
| Trade receivables | 40 | €55,571 | €22,102 | -€33,469 | -60.2% |
| Other amounts receivable | 41 | €40,642 | €134 | -€40,509 | -99.7% |
| Cash at bank and in hand | 54/58 | €24,905 | €37,336 | +€12,432 | +49.9% |
| Deferred charges and accrued income | 490/1 | €3,661 | €6,838 | +€3,177 | +86.8% |
| Total equity and liabilities | 10/49 | €1,957,976 | €1,898,262 | -€59,714 | -3.0% |
| Equity | 10/15 | €1,073,015 | €1,210,731 | +€137,716 | +12.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €52,000 | €1,190,731 | +€1.1m | +2189.9% |
| Distributable reserves | 133 | €52,000 | €1,190,731 | +€1.1m | +2189.9% |
| Profit (loss) carried forward | 14 | €1,001,015 | €0 | -€1.0m | -100.0% |
| Amounts payable | 17/49 | €884,961 | €687,530 | -€197,430 | -22.3% |
| Amounts payable after more than one year | 17 | €571,957 | €417,583 | -€154,375 | -27.0% |
| Financial debts | 170/4 | €251,957 | €87,766 | -€164,191 | -65.2% |
| Other amounts payable | 178/9 | €320,000 | €329,817 | +€9,817 | +3.1% |
| Amounts payable within one year | 42/48 | €287,339 | €269,947 | -€17,392 | -6.1% |
| Current portion of amounts payable after more than one year | 42 | €134,308 | €123,437 | -€10,871 | -8.1% |
| Trade debts | 44 | €4,913 | €13,781 | +€8,868 | +180.5% |
| Suppliers | 440/4 | €4,913 | €13,781 | +€8,868 | +180.5% |
| Taxes, remuneration and social security | 45 | €117,669 | €126,285 | +€8,616 | +7.3% |
| Taxes | 450/3 | €117,669 | €126,285 | +€8,616 | +7.3% |
| Other amounts payable | 47/48 | €30,450 | €6,445 | -€24,004 | -78.8% |
| Accrued charges and deferred income | 492/3 | €25,664 | €0 | -€25,664 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,365 | €3,935 | +€2,570 | +188.2% |
| Other operating charges | 640/8 | €56,138 | €12,912 | -€43,226 | -77.0% |
| Gross operating margin | 9900 | €291,213 | €228,309 | -€62,904 | -21.6% |
| Operating profit (loss) | 9901 | €233,709 | €211,463 | -€22,247 | -9.5% |
| Financial income | 75/76B | €2,848 | €1,177 | -€1,670 | -58.7% |
| Recurring financial income | 75 | €2,848 | €1,177 | -€1,670 | -58.7% |
| Financial charges | 65/66B | €36,158 | €21,569 | -€14,589 | -40.3% |
| Recurring financial charges | 65 | €36,158 | €21,569 | -€14,589 | -40.3% |
| Profit (loss) for the period before taxes | 9903 | €200,399 | €191,070 | -€9,328 | -4.7% |
| Income taxes | 67/77 | €55,060 | €53,354 | -€1,706 | -3.1% |
| Profit (loss) for the period | 9904 | €145,339 | €137,716 | -€7,623 | -5.2% |
| Profit (loss) for the period to be appropriated | 9905 | €145,339 | €137,716 | -€7,623 | -5.2% |
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.