F=m.a: 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.
F=m.a
Largest movements
- Cash +€44,915
up €44,915 (+28.4%), from €158,255 to €203,170
mainly Other debts (+€151,614) and Net result for the year (+€36,232)
- Tangible fixed assets -€17,261
down €17,261 (-28.6%), from €60,293 to €43,033
- Receivables within one year -€5,365
down €5,365 (-27.9%), from €19,238 to €13,873
of which Other amounts receivable: -€5,758
- Deferred charges and accrued income +€3,646
up €3,646 (+303.6%), from €1,201 to €4,847
- Other debts +€151,614
up €151,614 (+200.8%), from €75,491 to €227,106
- Profit (loss) carried forward -€116,168
down €116,168 (-99.9%), from €116,241 to €73
- Tax, wage and social debts -€7,270
down €7,270 (-37.0%), from €19,629 to €12,359
of which Taxes: -€5,776
- Staff costs +€1,562
up €1,562 (+4.8%), from €32,253 to €33,815
- Taxes -€1,300
down €1,300 (-8.4%), from €15,404 to €14,104
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 | €240,067 | €266,003 | +€25,936 | +10.8% |
| Fixed assets | 21/28 | €61,373 | €44,113 | -€17,261 | -28.1% |
| Tangible fixed assets | 22/27 | €60,293 | €43,033 | -€17,261 | -28.6% |
| Furniture and vehicles | 24 | €60,293 | €43,033 | -€17,261 | -28.6% |
| Financial fixed assets | 28 | €1,080 | €1,080 | = | 0.0% |
| Current assets | 29/58 | €178,694 | €221,891 | +€43,196 | +24.2% |
| Amounts receivable within one year | 40/41 | €19,238 | €13,873 | -€5,365 | -27.9% |
| Trade receivables | 40 | €12,584 | €12,977 | +€393 | +3.1% |
| Other amounts receivable | 41 | €6,654 | €896 | -€5,758 | -86.5% |
| Cash at bank and in hand | 54/58 | €158,255 | €203,170 | +€44,915 | +28.4% |
| Deferred charges and accrued income | 490/1 | €1,201 | €4,847 | +€3,646 | +303.6% |
| Total equity and liabilities | 10/49 | €240,067 | €266,003 | +€25,936 | +10.8% |
| Equity | 10/15 | €136,701 | €20,533 | -€116,168 | -85.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €116,241 | €73 | -€116,168 | -99.9% |
| Amounts payable | 17/49 | €103,366 | €245,470 | +€142,103 | +137.5% |
| Amounts payable after more than one year | 17 | €1,500 | €0 | -€1,500 | -100.0% |
| Other amounts payable | 178/9 | €1,500 | €0 | -€1,500 | -100.0% |
| Amounts payable within one year | 42/48 | €95,876 | €240,182 | +€144,305 | +150.5% |
| Trade debts | 44 | €756 | €717 | -€39 | -5.1% |
| Suppliers | 440/4 | €756 | €717 | -€39 | -5.1% |
| Taxes, remuneration and social security | 45 | €19,629 | €12,359 | -€7,270 | -37.0% |
| Taxes | 450/3 | €12,563 | €6,787 | -€5,776 | -46.0% |
| Remuneration and social security | 454/9 | €7,067 | €5,572 | -€1,494 | -21.1% |
| Other amounts payable | 47/48 | €75,491 | €227,106 | +€151,614 | +200.8% |
| Accrued charges and deferred income | 492/3 | €5,990 | €5,288 | -€702 | -11.7% |
| Remuneration, social security and pensions | 62 | €32,253 | €33,815 | +€1,562 | +4.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,385 | €18,863 | -€522 | -2.7% |
| Other operating charges | 640/8 | €2,055 | €3,169 | +€1,114 | +54.2% |
| Gross operating margin | 9900 | €112,554 | €111,916 | -€638 | -0.6% |
| Operating profit (loss) | 9901 | €58,861 | €56,069 | -€2,792 | -4.7% |
| Financial income | 75/76B | €1 | €0 | -€1 | -100.0% |
| Recurring financial income | 75 | €1 | €0 | -€1 | -100.0% |
| Financial charges | 65/66B | €6,235 | €5,732 | -€503 | -8.1% |
| Recurring financial charges | 65 | €6,235 | €5,732 | -€503 | -8.1% |
| Profit (loss) for the period before taxes | 9903 | €52,627 | €50,337 | -€2,290 | -4.4% |
| Income taxes | 67/77 | €15,404 | €14,104 | -€1,300 | -8.4% |
| Profit (loss) for the period | 9904 | €37,223 | €36,232 | -€990 | -2.7% |
| Profit (loss) for the period to be appropriated | 9905 | €37,223 | €36,232 | -€990 | -2.7% |
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 5 October 2026 via checked.be.