EXPLORE AND SHARE: 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.
EXPLORE AND SHARE
Largest movements
- Cash +€189,231
up €189,231 (+37.9%), from €499,222 to €688,453
mainly Debts after one year (+€385,826) and Depreciation (+€76,593)
- Intangible fixed assets +€78,146
up €78,146 (+54.6%), from €143,173 to €221,319
- Receivables within one year -€22,123
down €22,123 (-73.7%), from €30,010 to €7,887
of which Trade receivables: -€22,817
- Debts after one year +€385,826
up €385,826 (+247%), from €155,900 to €541,726
- Profit (loss) carried forward -€137,548
down €137,548 (-8.0%), from -€1.7m to -€1.9m
- Gross operating margin -€244,060
down €244,060, from €188,459 to -€55,601
- Financial income +€72,084
up €72,084 (+180%), from €39,948 to €112,032
of which Financial income: +€101,599
- Financial charges +€25,268
up €25,268 (+27.6%), from €91,462 to €116,730
of which Financial charges: +€41,150
- Depreciation -€7,116
down €7,116 (-8.5%), from €83,709 to €76,593
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 | €673,011 | €918,910 | +€245,899 | +36.5% |
| Fixed assets | 21/28 | €143,779 | €221,539 | +€77,760 | +54.1% |
| Intangible fixed assets | 21 | €143,173 | €221,319 | +€78,146 | +54.6% |
| Tangible fixed assets | 22/27 | €386 | - | -€386 | |
| Plant, machinery and equipment | 23 | €386 | - | -€386 | |
| Financial fixed assets | 28 | €220 | €220 | = | 0.0% |
| Current assets | 29/58 | €529,232 | €697,371 | +€168,139 | +31.8% |
| Amounts receivable within one year | 40/41 | €30,010 | €7,887 | -€22,123 | -73.7% |
| Trade receivables | 40 | €22,817 | - | -€22,817 | |
| Other amounts receivable | 41 | €7,193 | €7,887 | +€693 | +9.6% |
| Cash at bank and in hand | 54/58 | €499,222 | €688,453 | +€189,231 | +37.9% |
| Deferred charges and accrued income | 490/1 | - | €1,031 | +€1,031 | |
| Total equity and liabilities | 10/49 | €673,011 | €918,910 | +€245,899 | +36.5% |
| Equity | 10/15 | -€56,341 | -€193,890 | -€137,548 | -244% |
| Contributions | 10/11 | €1,672,437 | €1,672,437 | = | 0.0% |
| Capital | 10 | €1,672,437 | €1,672,437 | = | 0.0% |
| Issued capital | 100 | €1,678,637 | €1,672,437 | -€6,200 | -0.4% |
| Uncalled capital | 101 | €6,200 | - | -€6,200 | |
| Reserves | 13 | €184 | €184 | = | 0.0% |
| Non-distributable reserves | 130/1 | €184 | €184 | = | 0.0% |
| Legal reserve | 130 | €184 | €184 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,728,962 | -€1,866,511 | -€137,548 | -8.0% |
| Amounts payable | 17/49 | €729,352 | €1,112,799 | +€383,447 | +52.6% |
| Amounts payable after more than one year | 17 | €155,900 | €541,726 | +€385,826 | +247% |
| Financial debts | 170/4 | €155,900 | €541,726 | +€385,826 | +247% |
| Amounts payable within one year | 42/48 | €571,750 | €571,073 | -€677 | -0.1% |
| Current portion of amounts payable after more than one year | 42 | €55,609 | €55,700 | +€91 | +0.2% |
| Trade debts | 44 | €67,931 | €63,650 | -€4,282 | -6.3% |
| Suppliers | 440/4 | €67,931 | €63,650 | -€4,282 | -6.3% |
| Taxes, remuneration and social security | 45 | €9,494 | €8,402 | -€1,092 | -11.5% |
| Taxes | 450/3 | €9,494 | €8,402 | -€1,092 | -11.5% |
| Other amounts payable | 47/48 | €438,716 | €443,321 | +€4,606 | +1.0% |
| Accrued charges and deferred income | 492/3 | €1,702 | - | -€1,702 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €83,709 | €76,593 | -€7,116 | -8.5% |
| Other operating charges | 640/8 | €85 | €657 | +€572 | +673% |
| Gross operating margin | 9900 | €188,459 | -€55,601 | -€244,060 | |
| Operating profit (loss) | 9901 | €104,666 | -€132,851 | -€237,517 | |
| Financial income | 75/76B | €39,948 | €112,032 | +€72,084 | +180% |
| Recurring financial income | 75 | €10,433 | €112,032 | +€101,599 | +974% |
| Non-recurring financial income | 76B | €29,515 | - | -€29,515 | |
| Financial charges | 65/66B | €91,462 | €116,730 | +€25,268 | +27.6% |
| Recurring financial charges | 65 | €75,580 | €116,730 | +€41,150 | +54.4% |
| Non-recurring financial charges | 66B | €15,882 | - | -€15,882 | |
| Profit (loss) for the period before taxes | 9903 | €53,152 | -€137,548 | -€190,700 | |
| Income taxes | 67/77 | €47 | - | -€47 | |
| Profit (loss) for the period | 9904 | €53,105 | -€137,548 | -€190,653 | |
| Profit (loss) for the period to be appropriated | 9905 | €53,105 | -€137,548 | -€190,653 |
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 15 October 2026 via checked.be.