EXPECT ME: what changed
Two fiscal 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 ME
Largest movements
- Intangible fixed assets -€27,536
down €27,536 (-37.1%), from €74,249 to €46,713
- Cash +€1,026
new in 2025: €1,026
mainly Depreciation (+€40,653) and Current portion of long-term debt (+€28,109)
- Short-term financial debts -€44,491
down €44,491 (-96.3%), from €46,219 to €1,729
- Profit (loss) carried forward -€34,834
down €34,834 (-8.1%), from -€431,432 to -€466,266
- Trade debts -€28,151
down €28,151 (-46.1%), from €61,082 to €32,931
- Current portion of long-term debt +€28,109
up €28,109 (+11.2%), from €250,243 to €278,352
- Debts after one year +€27,207
up €27,207 (+234.7%), from €11,590 to €38,797
- Gross operating margin +€56,132
up €56,132, from -€25,534 to €30,598
- Financial charges +€2,498
up €2,498 (+11.6%), from €21,517 to €24,015
- Financial income -€617
down €617 (-79.8%), from €773 to €156
- Other operating charges +€414
up €414 (+82.0%), from €505 to €920
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 | €78,950 | €52,055 | -€26,895 | -34.1% |
| Fixed assets | 21/28 | €76,337 | €48,019 | -€28,319 | -37.1% |
| Intangible fixed assets | 21 | €74,249 | €46,713 | -€27,536 | -37.1% |
| Tangible fixed assets | 22/27 | €2,038 | €1,256 | -€782 | -38.4% |
| Furniture and vehicles | 24 | €2,038 | €1,256 | -€782 | -38.4% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €2,613 | €4,037 | +€1,424 | +54.5% |
| Amounts receivable within one year | 40/41 | €2,483 | €2,888 | +€405 | +16.3% |
| Trade receivables | 40 | €0 | €1,000 | +€1,000 | |
| Other amounts receivable | 41 | €2,483 | €1,888 | -€595 | -24.0% |
| Cash at bank and in hand | 54/58 | - | €1,026 | +€1,026 | |
| Deferred charges and accrued income | 490/1 | €130 | €123 | -€7 | -5.5% |
| Total equity and liabilities | 10/49 | €78,950 | €52,055 | -€26,895 | -34.1% |
| Equity | 10/15 | -€298,442 | -€333,276 | -€34,834 | -11.7% |
| Contributions | 10/11 | €132,990 | €132,990 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€431,432 | -€466,266 | -€34,834 | -8.1% |
| Amounts payable | 17/49 | €377,392 | €385,331 | +€7,939 | +2.1% |
| Amounts payable after more than one year | 17 | €11,590 | €38,797 | +€27,207 | +234.7% |
| Financial debts | 170/4 | €11,590 | €38,797 | +€27,207 | +234.7% |
| Amounts payable within one year | 42/48 | €362,545 | €334,011 | -€28,533 | -7.9% |
| Current portion of amounts payable after more than one year | 42 | €250,243 | €278,352 | +€28,109 | +11.2% |
| Financial debts | 43 | €46,219 | €1,729 | -€44,491 | -96.3% |
| Credit institutions | 430/8 | €46,219 | €1,729 | -€44,491 | -96.3% |
| Trade debts | 44 | €61,082 | €32,931 | -€28,151 | -46.1% |
| Suppliers | 440/4 | €61,082 | €32,931 | -€28,151 | -46.1% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €5,000 | €21,000 | +€16,000 | +320.0% |
| Accrued charges and deferred income | 492/3 | €3,257 | €12,523 | +€9,266 | +284.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,406 | €40,653 | +€247 | +0.6% |
| Other operating charges | 640/8 | €505 | €920 | +€414 | +82.0% |
| Gross operating margin | 9900 | -€25,534 | €30,598 | +€56,132 | |
| Operating profit (loss) | 9901 | -€66,445 | -€10,975 | +€55,470 | +83.5% |
| Financial income | 75/76B | €773 | €156 | -€617 | -79.8% |
| Recurring financial income | 75 | €773 | €156 | -€617 | -79.8% |
| Financial charges | 65/66B | €21,517 | €24,015 | +€2,498 | +11.6% |
| Recurring financial charges | 65 | €21,517 | €24,015 | +€2,498 | +11.6% |
| Profit (loss) for the period before taxes | 9903 | -€87,190 | -€34,834 | +€52,356 | +60.0% |
| Income taxes | 67/77 | €90 | - | -€90 | |
| Profit (loss) for the period | 9904 | -€87,279 | -€34,834 | +€52,445 | +60.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€87,279 | -€34,834 | +€52,445 | +60.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.