FACTOR: 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.
FACTOR
Largest movements
- Cash +€29,809
up €29,809 (+40.7%), from €73,297 to €103,106
mainly Net result for the year (+€26,937) and Depreciation (+€22,126)
- Tangible fixed assets -€20,126
down €20,126 (-15.1%), from €132,861 to €112,734
of which Furniture and vehicles: -€13,680
- Receivables within one year -€2,530
down €2,530 (-8.2%), from €30,947 to €28,417
of which Trade receivables: -€3,360
- Reserves +€26,937
up €26,937 (+24.5%), from €110,140 to €137,077
- Current portion of long-term debt -€13,989
down €13,989 (-100.0%), from €13,989 to €0
- Other debts -€3,073
down €3,073 (-37.3%), from €8,236 to €5,164
- Tax, wage and social debts -€3,062
down €3,062 (-98.8%), from €3,100 to €38
of which Taxes: -€2,062
- Depreciation +€2,229
up €2,229 (+11.2%), from €19,898 to €22,126
- Gross operating margin -€851
down €851 (-1.3%), from €65,647 to €64,797
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 | €237,566 | €246,024 | +€8,457 | +3.6% |
| Fixed assets | 21/28 | €133,211 | €113,085 | -€20,126 | -15.1% |
| Tangible fixed assets | 22/27 | €132,861 | €112,734 | -€20,126 | -15.1% |
| Plant, machinery and equipment | 23 | €8,456 | €5,217 | -€3,239 | -38.3% |
| Furniture and vehicles | 24 | €49,711 | €36,031 | -€13,680 | -27.5% |
| Other tangible fixed assets | 26 | €74,693 | €71,486 | -€3,207 | -4.3% |
| Financial fixed assets | 28 | €350 | €350 | = | 0.0% |
| Current assets | 29/58 | €104,355 | €132,939 | +€28,584 | +27.4% |
| Amounts receivable within one year | 40/41 | €30,947 | €28,417 | -€2,530 | -8.2% |
| Trade receivables | 40 | €28,560 | €25,200 | -€3,360 | -11.8% |
| Other amounts receivable | 41 | €2,387 | €3,217 | +€830 | +34.8% |
| Cash at bank and in hand | 54/58 | €73,297 | €103,106 | +€29,809 | +40.7% |
| Deferred charges and accrued income | 490/1 | €111 | €1,415 | +€1,304 | +1172.3% |
| Total equity and liabilities | 10/49 | €237,566 | €246,024 | +€8,457 | +3.6% |
| Equity | 10/15 | €211,712 | €238,649 | +€26,937 | +12.7% |
| Contributions | 10/11 | €101,572 | €101,572 | = | 0.0% |
| Reserves | 13 | €110,140 | €137,077 | +€26,937 | +24.5% |
| Distributable reserves | 133 | €110,140 | €137,077 | +€26,937 | +24.5% |
| Amounts payable | 17/49 | €25,854 | €7,374 | -€18,480 | -71.5% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €25,854 | €7,374 | -€18,480 | -71.5% |
| Current portion of amounts payable after more than one year | 42 | €13,989 | €0 | -€13,989 | -100.0% |
| Trade debts | 44 | €529 | €2,173 | +€1,644 | +310.9% |
| Suppliers | 440/4 | €529 | €2,173 | +€1,644 | +310.9% |
| Taxes, remuneration and social security | 45 | €3,100 | €38 | -€3,062 | -98.8% |
| Taxes | 450/3 | €2,100 | €38 | -€2,062 | -98.2% |
| Remuneration and social security | 454/9 | €1,000 | €0 | -€1,000 | -100.0% |
| Other amounts payable | 47/48 | €8,236 | €5,164 | -€3,073 | -37.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,898 | €22,126 | +€2,229 | +11.2% |
| Other operating charges | 640/8 | €873 | €702 | -€171 | -19.6% |
| Gross operating margin | 9900 | €65,647 | €64,797 | -€851 | -1.3% |
| Operating profit (loss) | 9901 | €44,876 | €41,968 | -€2,908 | -6.5% |
| Financial income | 75/76B | €410 | €0 | -€410 | -100.0% |
| Recurring financial income | 75 | €410 | €0 | -€410 | -100.0% |
| Financial charges | 65/66B | €597 | €25 | -€572 | -95.8% |
| Recurring financial charges | 65 | €597 | €25 | -€572 | -95.8% |
| Profit (loss) for the period before taxes | 9903 | €44,690 | €41,944 | -€2,747 | -6.1% |
| Income taxes | 67/77 | €14,957 | €15,007 | +€49 | +0.3% |
| Profit (loss) for the period | 9904 | €29,733 | €26,937 | -€2,796 | -9.4% |
| Profit (loss) for the period to be appropriated | 9905 | €29,733 | €26,937 | -€2,796 | -9.4% |
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 8 October 2026 via checked.be.