F-ECTIVE: 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.
F-ECTIVE
Largest movements
- Cash -€225,200
down €225,200 (-85.9%), from €262,316 to €37,116
mainly Investment in fixed assets (net) (-€360,107) and Trade debts (-€167,460)
- Tangible fixed assets +€195,463
up €195,463 (+6.3%), from €3.1m to €3.3m
of which Other tangible fixed assets: +€190,913
- Receivables within one year +€167,009
up €167,009 (+272.7%), from €61,249 to €228,258
of which Other amounts receivable: +€159,669
- Other debts +€390,105
up €390,105 (+194.3%), from €200,750 to €590,855
- Trade debts -€167,460
down €167,460 (-97.7%), from €171,352 to €3,892
- Debts after one year -€123,450
down €123,450 (-4.0%), from €3.1m to €3.0m
of which Other amounts payable: -€150,000
- Gross operating margin +€109,229
up €109,229 (+40.7%), from €268,302 to €377,531
- Financial charges +€38,008
up €38,008 (+30.6%), from €124,076 to €162,084
- Staff costs +€6,735
up €6,735 (+92.7%), from €7,269 to €14,004
- Taxes +€4,094
new in 2025: €4,094
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 | €4,473,696 | €4,615,499 | +€141,803 | +3.2% |
| Fixed assets | 21/28 | €4,149,631 | €4,345,094 | +€195,463 | +4.7% |
| Tangible fixed assets | 22/27 | €3,097,468 | €3,292,931 | +€195,463 | +6.3% |
| Plant, machinery and equipment | 23 | - | €4,550 | +€4,550 | |
| Other tangible fixed assets | 26 | €3,097,468 | €3,288,381 | +€190,913 | +6.2% |
| Financial fixed assets | 28 | €1,052,163 | €1,052,163 | = | 0.0% |
| Current assets | 29/58 | €324,065 | €270,405 | -€53,660 | -16.6% |
| Amounts receivable within one year | 40/41 | €61,249 | €228,258 | +€167,009 | +272.7% |
| Trade receivables | 40 | €30,000 | €37,340 | +€7,340 | +24.5% |
| Other amounts receivable | 41 | €31,249 | €190,918 | +€159,669 | +511.0% |
| Current investments | 50/53 | €500 | €500 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €262,316 | €37,116 | -€225,200 | -85.9% |
| Deferred charges and accrued income | 490/1 | - | €4,531 | +€4,531 | |
| Total equity and liabilities | 10/49 | €4,473,696 | €4,615,499 | +€141,803 | +3.2% |
| Equity | 10/15 | €874,891 | €905,028 | +€30,137 | +3.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €374,642 | €404,779 | +€30,137 | +8.0% |
| Distributable reserves | 133 | €374,642 | €404,779 | +€30,137 | +8.0% |
| Profit (loss) carried forward | 14 | €481,649 | €481,649 | = | 0.0% |
| Amounts payable | 17/49 | €3,598,805 | €3,710,471 | +€111,666 | +3.1% |
| Amounts payable after more than one year | 17 | €3,073,450 | €2,950,000 | -€123,450 | -4.0% |
| Financial debts | 170/4 | €2,173,450 | €2,200,000 | +€26,550 | +1.2% |
| Other amounts payable | 178/9 | €900,000 | €750,000 | -€150,000 | -16.7% |
| Amounts payable within one year | 42/48 | €525,355 | €760,471 | +€235,116 | +44.8% |
| Current portion of amounts payable after more than one year | 42 | €150,000 | €150,000 | = | 0.0% |
| Trade debts | 44 | €171,352 | €3,892 | -€167,460 | -97.7% |
| Suppliers | 440/4 | €171,352 | €3,892 | -€167,460 | -97.7% |
| Taxes, remuneration and social security | 45 | €3,253 | €15,724 | +€12,471 | +383.4% |
| Taxes | 450/3 | €1,439 | €12,856 | +€11,417 | +793.4% |
| Remuneration and social security | 454/9 | €1,814 | €2,868 | +€1,054 | +58.1% |
| Other amounts payable | 47/48 | €200,750 | €590,855 | +€390,105 | +194.3% |
| Remuneration, social security and pensions | 62 | €7,269 | €14,004 | +€6,735 | +92.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €164,339 | €164,644 | +€305 | +0.2% |
| Other operating charges | 640/8 | €6,419 | €3,795 | -€2,624 | -40.9% |
| Gross operating margin | 9900 | €268,302 | €377,531 | +€109,229 | +40.7% |
| Operating profit (loss) | 9901 | €90,275 | €195,088 | +€104,813 | +116.1% |
| Financial income | 75/76B | €2,405 | €1,227 | -€1,178 | -49.0% |
| Recurring financial income | 75 | €2,405 | €1,227 | -€1,178 | -49.0% |
| Financial charges | 65/66B | €124,076 | €162,084 | +€38,008 | +30.6% |
| Recurring financial charges | 65 | €124,076 | €162,084 | +€38,008 | +30.6% |
| Profit (loss) for the period before taxes | 9903 | -€31,396 | €34,231 | +€65,627 | |
| Income taxes | 67/77 | - | €4,094 | +€4,094 | |
| Profit (loss) for the period | 9904 | -€31,396 | €30,137 | +€61,533 | |
| Profit (loss) for the period to be appropriated | 9905 | -€31,396 | €30,137 | +€61,533 |
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 10 October 2026 via checked.be.