EXPRESSION: what changed
EXPRESSION
Largest movements
- Cash -€9,641
down €9,641 (-9.5%), from €101,795 to €92,154
mainly Trade debts (-€11,246) and Other debts (-€9,794)
- Receivables within one year +€7,943
up €7,943 (+24.8%), from €32,015 to €39,958
of which Other amounts receivable: +€7,525
- Tangible fixed assets -€7,802
down €7,802 (-57.6%), from €13,545 to €5,742
of which Furniture and vehicles: -€7,191
- Deferred charges and accrued income +€2,384
up €2,384 (+90.0%), from €2,650 to €5,035
- Reserves +€18,043
up €18,043 (+58.3%), from €30,946 to €48,989
of which Distributable reserves: +€14,990
- Trade debts -€11,246
down €11,246 (-55.9%), from €20,116 to €8,870
- Other debts -€9,794
down €9,794 (-50.5%), from €19,380 to €9,586
- Accrued charges and deferred income -€3,000
no longer reported in 2025 (was €3,000)
- Gross operating margin +€33,169
up €33,169 (+162%), from €20,425 to €53,594
- Taxes +€16,542
up €16,542 (+536%), from €3,088 to €19,630
- Other operating charges +€4,354
up €4,354 (+445%), from €978 to €5,331
- Depreciation -€3,504
down €3,504 (-42.8%), from €8,186 to €4,682
- Staff costs -€957
no longer reported in 2025 (was €957)
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €150,005 | €142,889 | -€7,116 | -4.7% |
| Fixed assets | 21/28 | €13,545 | €5,742 | -€7,802 | -57.6% |
| Tangible fixed assets | 22/27 | €13,545 | €5,742 | -€7,802 | -57.6% |
| Plant, machinery and equipment | 23 | €2,351 | €1,740 | -€611 | -26.0% |
| Furniture and vehicles | 24 | €11,194 | €4,003 | -€7,191 | -64.2% |
| Current assets | 29/58 | €136,460 | €137,147 | +€686 | +0.5% |
| Amounts receivable within one year | 40/41 | €32,015 | €39,958 | +€7,943 | +24.8% |
| Trade receivables | 40 | €31,859 | €32,278 | +€418 | +1.3% |
| Other amounts receivable | 41 | €156 | €7,680 | +€7,525 | +4,839% |
| Cash at bank and in hand | 54/58 | €101,795 | €92,154 | -€9,641 | -9.5% |
| Deferred charges and accrued income | 490/1 | €2,650 | €5,035 | +€2,384 | +90.0% |
| Total equity and liabilities | 10/49 | €150,005 | €142,889 | -€7,116 | -4.7% |
| Equity | 10/15 | €92,946 | €110,989 | +€18,043 | +19.4% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €30,946 | €48,989 | +€18,043 | +58.3% |
| Non-distributable reserves | 130/1 | €689 | €3,742 | +€3,053 | +443% |
| Legal reserve | 130 | €689 | €3,742 | +€3,053 | +443% |
| Tax-exempt reserves | 132 | €303 | €303 | = | 0.0% |
| Distributable reserves | 133 | €29,954 | €44,944 | +€14,990 | +50.0% |
| Amounts payable | 17/49 | €57,059 | €31,900 | -€25,159 | -44.1% |
| Amounts payable within one year | 42/48 | €54,059 | €31,900 | -€22,159 | -41.0% |
| Trade debts | 44 | €20,116 | €8,870 | -€11,246 | -55.9% |
| Suppliers | 440/4 | €20,116 | €8,870 | -€11,246 | -55.9% |
| Taxes, remuneration and social security | 45 | €14,563 | €13,444 | -€1,119 | -7.7% |
| Taxes | 450/3 | €10,279 | €13,444 | +€3,166 | +30.8% |
| Remuneration and social security | 454/9 | €4,285 | - | -€4,285 | |
| Other amounts payable | 47/48 | €19,380 | €9,586 | -€9,794 | -50.5% |
| Accrued charges and deferred income | 492/3 | €3,000 | - | -€3,000 | |
| Remuneration, social security and pensions | 62 | €957 | - | -€957 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,186 | €4,682 | -€3,504 | -42.8% |
| Other operating charges | 640/8 | €978 | €5,331 | +€4,354 | +445% |
| Non-recurring operating charges | 66A | €1,163 | €5,379 | +€4,216 | +363% |
| Gross operating margin | 9900 | €20,425 | €53,594 | +€33,169 | +162% |
| Operating profit (loss) | 9901 | €9,141 | €38,202 | +€29,061 | +318% |
| Financial income | 75/76B | €23 | €273 | +€251 | +1,105% |
| Recurring financial income | 75 | €23 | €273 | +€251 | +1,105% |
| Financial charges | 65/66B | €50 | €802 | +€752 | +1,493% |
| Recurring financial charges | 65 | €50 | €802 | +€752 | +1,493% |
| Profit (loss) for the period before taxes | 9903 | €9,114 | €37,673 | +€28,559 | +313% |
| Income taxes | 67/77 | €3,088 | €19,630 | +€16,542 | +536% |
| Profit (loss) for the period | 9904 | €6,026 | €18,043 | +€12,017 | +199% |
| Profit (loss) for the period to be appropriated | 9905 | €6,026 | €18,043 | +€12,017 | +199% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.