F0rmula!: 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.
F0rmula!
Largest movements
- Receivables within one year -€212,439
down €212,439 (-96.4%), from €220,415 to €7,976
of which Other amounts receivable: -€200,927
- Tangible fixed assets +€8,959
up €8,959 (+137.1%), from €6,536 to €15,495
of which Furniture and vehicles: +€9,888
- Cash +€7,117
up €7,117 (+2.3%), from €309,164 to €316,281
mainly Receivables within one year (+€212,439) and Net result for the year (+€110,422)
- Other debts -€181,952
down €181,952 (-97.4%), from €186,900 to €4,948
- Tax, wage and social debts -€50,978
down €50,978 (-43.9%), from €116,107 to €65,129
- Reserves +€35,605
up €35,605 (+16.6%), from €213,966 to €249,571
- Gross operating margin +€122,760
up €122,760 (+348.1%), from €35,262 to €158,023
- Taxes +€31,937
up €31,937 (+355.7%), from €8,980 to €40,917
- Depreciation +€2,302
up €2,302 (+119.8%), from €1,922 to €4,225
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 | €538,976 | €342,623 | -€196,353 | -36.4% |
| Fixed assets | 21/28 | €6,806 | €15,765 | +€8,959 | +131.6% |
| Tangible fixed assets | 22/27 | €6,536 | €15,495 | +€8,959 | +137.1% |
| Plant, machinery and equipment | 23 | €4,123 | €3,194 | -€930 | -22.5% |
| Furniture and vehicles | 24 | €2,413 | €12,301 | +€9,888 | +409.9% |
| Financial fixed assets | 28 | €270 | €270 | = | 0.0% |
| Current assets | 29/58 | €532,169 | €326,858 | -€205,312 | -38.6% |
| Amounts receivable within one year | 40/41 | €220,415 | €7,976 | -€212,439 | -96.4% |
| Trade receivables | 40 | €19,488 | €7,976 | -€11,512 | -59.1% |
| Other amounts receivable | 41 | €200,927 | - | -€200,927 | |
| Cash at bank and in hand | 54/58 | €309,164 | €316,281 | +€7,117 | +2.3% |
| Deferred charges and accrued income | 490/1 | €2,590 | €2,600 | +€11 | +0.4% |
| Total equity and liabilities | 10/49 | €538,976 | €342,623 | -€196,353 | -36.4% |
| Equity | 10/15 | €233,966 | €269,571 | +€35,605 | +15.2% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €213,966 | €249,571 | +€35,605 | +16.6% |
| Distributable reserves | 133 | €213,966 | €249,571 | +€35,605 | +16.6% |
| Amounts payable | 17/49 | €305,010 | €73,052 | -€231,958 | -76.0% |
| Amounts payable within one year | 42/48 | €305,010 | €73,052 | -€231,958 | -76.0% |
| Trade debts | 44 | €2,003 | €2,975 | +€972 | +48.6% |
| Suppliers | 440/4 | €2,003 | €2,975 | +€972 | +48.6% |
| Taxes, remuneration and social security | 45 | €116,107 | €65,129 | -€50,978 | -43.9% |
| Taxes | 450/3 | €116,107 | €65,129 | -€50,978 | -43.9% |
| Other amounts payable | 47/48 | €186,900 | €4,948 | -€181,952 | -97.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,922 | €4,225 | +€2,302 | +119.8% |
| Other operating charges | 640/8 | €1,552 | €1,841 | +€289 | +18.6% |
| Gross operating margin | 9900 | €35,262 | €158,023 | +€122,760 | +348.1% |
| Operating profit (loss) | 9901 | €31,789 | €151,957 | +€120,169 | +378.0% |
| Financial income | 75/76B | €66 | €229 | +€164 | +249.7% |
| Recurring financial income | 75 | €66 | €229 | +€164 | +249.7% |
| Financial charges | 65/66B | €1,632 | €848 | -€784 | -48.0% |
| Recurring financial charges | 65 | €1,632 | €848 | -€784 | -48.0% |
| Profit (loss) for the period before taxes | 9903 | €30,222 | €151,339 | +€121,116 | +400.7% |
| Income taxes | 67/77 | €8,980 | €40,917 | +€31,937 | +355.7% |
| Profit (loss) for the period | 9904 | €21,243 | €110,422 | +€89,179 | +419.8% |
| Profit (loss) for the period to be appropriated | 9905 | €21,243 | €110,422 | +€89,179 | +419.8% |
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 7 October 2026 via checked.be.