Externa: 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.
Externa
Largest movements
- Stocks and contracts -€147,252
down €147,252 (-33.8%), from €436,200 to €288,948
- Cash +€69,030
up €69,030 (+384.5%), from €17,954 to €86,984
mainly Stocks and contracts (+€147,252) and Trade debts (+€93,546)
- Receivables within one year -€29,314
down €29,314 (-11.1%), from €263,228 to €233,914
- Profit (loss) carried forward -€235,029
down €235,029, from €37,074 to -€197,956
- Debts after one year -€112,656
no longer reported in 2025 (was €112,656)
- Trade debts +€93,546
up €93,546 (+125.3%), from €74,635 to €168,180
- Short-term financial debts +€85,000
up €85,000 (+42.5%), from €200,000 to €285,000
- Other debts +€70,000
up €70,000 (+92.4%), from €75,749 to €145,749
- Gross operating margin -€78,549
down €78,549 (-64.0%), from -€122,659 to -€201,208
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 | €730,499 | €618,378 | -€112,121 | -15.3% |
| Fixed assets | 21/28 | €10,863 | €6,321 | -€4,543 | -41.8% |
| Tangible fixed assets | 22/27 | €9,863 | €5,321 | -€4,543 | -46.1% |
| Plant, machinery and equipment | 23 | €5,181 | €2,514 | -€2,667 | -51.5% |
| Furniture and vehicles | 24 | €4,683 | €2,807 | -€1,876 | -40.1% |
| Financial fixed assets | 28 | €1,000 | €1,000 | = | 0.0% |
| Current assets | 29/58 | €719,636 | €612,058 | -€107,578 | -14.9% |
| Stocks and contracts in progress | 3 | €436,200 | €288,948 | -€147,252 | -33.8% |
| Stocks | 30/36 | €436,200 | €288,948 | -€147,252 | -33.8% |
| Amounts receivable within one year | 40/41 | €263,228 | €233,914 | -€29,314 | -11.1% |
| Trade receivables | 40 | €263,228 | €233,914 | -€29,314 | -11.1% |
| Cash at bank and in hand | 54/58 | €17,954 | €86,984 | +€69,030 | +384.5% |
| Deferred charges and accrued income | 490/1 | €2,254 | €2,212 | -€42 | -1.9% |
| Total equity and liabilities | 10/49 | €730,499 | €618,378 | -€112,121 | -15.3% |
| Equity | 10/15 | €137,074 | -€97,956 | -€235,029 | |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €37,074 | -€197,956 | -€235,029 | |
| Amounts payable | 17/49 | €593,425 | €716,334 | +€122,909 | +20.7% |
| Amounts payable after more than one year | 17 | €112,656 | - | -€112,656 | |
| Financial debts | 170/4 | €112,656 | - | -€112,656 | |
| Amounts payable within one year | 42/48 | €480,769 | €716,311 | +€235,541 | +49.0% |
| Current portion of amounts payable after more than one year | 42 | €117,061 | €112,656 | -€4,405 | -3.8% |
| Financial debts | 43 | €200,000 | €285,000 | +€85,000 | +42.5% |
| Credit institutions | 430/8 | €200,000 | €285,000 | +€85,000 | +42.5% |
| Trade debts | 44 | €74,635 | €168,180 | +€93,546 | +125.3% |
| Suppliers | 440/4 | €74,635 | €168,180 | +€93,546 | +125.3% |
| Advances received on contracts in progress | 46 | - | €1,554 | +€1,554 | |
| Taxes, remuneration and social security | 45 | €13,325 | €3,172 | -€10,153 | -76.2% |
| Taxes | 450/3 | €13,325 | €3,172 | -€10,153 | -76.2% |
| Other amounts payable | 47/48 | €75,749 | €145,749 | +€70,000 | +92.4% |
| Accrued charges and deferred income | 492/3 | - | €23 | +€23 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,898 | €4,543 | +€645 | +16.6% |
| Other operating charges | 640/8 | €613 | €551 | -€62 | -10.1% |
| Gross operating margin | 9900 | -€122,659 | -€201,208 | -€78,549 | -64.0% |
| Operating profit (loss) | 9901 | -€127,170 | -€206,302 | -€79,133 | -62.2% |
| Financial income | 75/76B | €714 | €4 | -€709 | -99.4% |
| Recurring financial income | 75 | €714 | €4 | -€709 | -99.4% |
| Financial charges | 65/66B | €29,501 | €28,726 | -€775 | -2.6% |
| Recurring financial charges | 65 | €29,501 | €28,726 | -€775 | -2.6% |
| Profit (loss) for the period before taxes | 9903 | -€155,957 | -€235,024 | -€79,066 | -50.7% |
| Income taxes | 67/77 | - | €5 | +€5 | |
| Profit (loss) for the period | 9904 | -€155,957 | -€235,029 | -€79,072 | -50.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€155,957 | -€235,029 | -€79,072 | -50.7% |
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 1 October 2026 via checked.be.