F & S: 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 & S
Largest movements
- Cash +€45,523
up €45,523 (+118.2%), from €38,508 to €84,032
mainly Tax, wage and social debts (+€68,950) and Net result for the year (+€21,344)
- Receivables within one year +€10,960
up €10,960 (+6.6%), from €164,926 to €175,886
of which Trade receivables: +€9,979
- Tax, wage and social debts +€68,950
up €68,950 (+167.3%), from €41,206 to €110,156
of which Remuneration and social security: +€64,920
- Trade debts -€31,358
down €31,358 (-54.9%), from €57,144 to €25,786
- Profit (loss) carried forward +€21,344
up €21,344 (+93.2%), from -€22,890 to -€1,546
- Gross operating margin +€254,101
up €254,101 (+121.9%), from €208,534 to €462,635
- Staff costs +€23,912
up €23,912 (+5.7%), from €419,558 to €443,470
- Financial income +€5,510
up €5,510 (+312.3%), from €1,765 to €7,275
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 | €219,637 | €275,937 | +€56,300 | +25.6% |
| Fixed assets | 21/28 | €12,151 | €10,766 | -€1,385 | -11.4% |
| Tangible fixed assets | 22/27 | €2,251 | €866 | -€1,385 | -61.5% |
| Furniture and vehicles | 24 | €2,251 | €866 | -€1,385 | -61.5% |
| Financial fixed assets | 28 | €9,900 | €9,900 | = | 0.0% |
| Current assets | 29/58 | €207,486 | €265,171 | +€57,685 | +27.8% |
| Amounts receivable within one year | 40/41 | €164,926 | €175,886 | +€10,960 | +6.6% |
| Trade receivables | 40 | €57,456 | €67,435 | +€9,979 | +17.4% |
| Other amounts receivable | 41 | €107,470 | €108,451 | +€981 | +0.9% |
| Cash at bank and in hand | 54/58 | €38,508 | €84,032 | +€45,523 | +118.2% |
| Deferred charges and accrued income | 490/1 | €4,052 | €5,254 | +€1,202 | +29.7% |
| Total equity and liabilities | 10/49 | €219,637 | €275,937 | +€56,300 | +25.6% |
| Equity | 10/15 | €98,110 | €119,454 | +€21,344 | +21.8% |
| Contributions | 10/11 | €110,000 | €110,000 | = | 0.0% |
| Capital | 10 | €110,000 | €110,000 | = | 0.0% |
| Issued capital | 100 | €110,000 | €110,000 | = | 0.0% |
| Reserves | 13 | €11,000 | €11,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €11,000 | €11,000 | = | 0.0% |
| Legal reserve | 130 | €11,000 | €11,000 | = | 0.0% |
| Distributable reserves | 133 | €0 | - | = | |
| Profit (loss) carried forward | 14 | -€22,890 | -€1,546 | +€21,344 | +93.2% |
| Amounts payable | 17/49 | €121,527 | €156,483 | +€34,956 | +28.8% |
| Amounts payable within one year | 42/48 | €121,527 | €156,483 | +€34,956 | +28.8% |
| Trade debts | 44 | €57,144 | €25,786 | -€31,358 | -54.9% |
| Suppliers | 440/4 | €57,144 | €25,786 | -€31,358 | -54.9% |
| Taxes, remuneration and social security | 45 | €41,206 | €110,156 | +€68,950 | +167.3% |
| Taxes | 450/3 | €6,118 | €10,148 | +€4,030 | +65.9% |
| Remuneration and social security | 454/9 | €35,087 | €100,007 | +€64,920 | +185.0% |
| Other amounts payable | 47/48 | €23,178 | €20,541 | -€2,637 | -11.4% |
| Remuneration, social security and pensions | 62 | €419,558 | €443,470 | +€23,912 | +5.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,413 | €1,385 | -€28 | -2.0% |
| Other operating charges | 640/8 | €1,917 | €1,241 | -€676 | -35.3% |
| Gross operating margin | 9900 | €208,534 | €462,635 | +€254,101 | +121.9% |
| Operating profit (loss) | 9901 | -€214,354 | €16,539 | +€230,893 | |
| Financial income | 75/76B | €1,765 | €7,275 | +€5,510 | +312.3% |
| Recurring financial income | 75 | €1,765 | €7,275 | +€5,510 | +312.3% |
| Financial charges | 65/66B | €1,148 | €1,779 | +€630 | +54.9% |
| Recurring financial charges | 65 | €1,148 | €1,779 | +€630 | +54.9% |
| Profit (loss) for the period before taxes | 9903 | -€213,738 | €22,035 | +€235,773 | |
| Income taxes | 67/77 | €746 | €691 | -€55 | -7.4% |
| Profit (loss) for the period | 9904 | -€214,484 | €21,344 | +€235,828 | |
| Profit (loss) for the period to be appropriated | 9905 | -€214,484 | €21,344 | +€235,828 |
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 6 October 2026 via checked.be.