Factor 10: 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.
Factor 10
Largest movements
- Receivables within one year +€348,828
up €348,828 (+810.2%), from €43,053 to €391,881
of which Other amounts receivable: +€349,673
- Reserves +€490,257
up €490,257 (+150.8%), from €325,002 to €815,259
- Debts after one year -€234,929
down €234,929 (-17.0%), from €1.4m to €1.1m
- Other debts +€52,796
up €52,796 (+36149.1%), from €146 to €52,942
- Financial income +€170,169
up €170,169 (+53.2%), from €319,831 to €490,000
of which Financial income: +€250,000
- Financial charges -€17,817
down €17,817 (-41.9%), from €42,521 to €24,703
- Gross operating margin +€16,005
up €16,005 (+146.1%), from €10,957 to €26,962
- Taxes -€2,583
down €2,583, from €2,445 to -€139
- Other operating charges -€870
down €870 (-28.9%), from €3,010 to €2,140
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 | €2,540,040 | €2,874,388 | +€334,348 | +13.2% |
| Fixed assets | 21/28 | €2,460,000 | €2,460,000 | = | 0.0% |
| Financial fixed assets | 28 | €2,460,000 | €2,460,000 | = | 0.0% |
| Current assets | 29/58 | €80,040 | €414,388 | +€334,348 | +417.7% |
| Amounts receivable within one year | 40/41 | €43,053 | €391,881 | +€348,828 | +810.2% |
| Trade receivables | 40 | €855 | €10 | -€845 | -98.8% |
| Other amounts receivable | 41 | €42,198 | €391,871 | +€349,673 | +828.7% |
| Cash at bank and in hand | 54/58 | €36,988 | €22,507 | -€14,480 | -39.1% |
| Total equity and liabilities | 10/49 | €2,540,040 | €2,874,388 | +€334,348 | +13.2% |
| Equity | 10/15 | €925,002 | €1,415,259 | +€490,257 | +53.0% |
| Contributions | 10/11 | €600,000 | €600,000 | = | 0.0% |
| Reserves | 13 | €325,002 | €815,259 | +€490,257 | +150.8% |
| Distributable reserves | 133 | €325,002 | €815,259 | +€490,257 | +150.8% |
| Amounts payable | 17/49 | €1,615,038 | €1,459,129 | -€155,909 | -9.7% |
| Amounts payable after more than one year | 17 | €1,382,327 | €1,147,398 | -€234,929 | -17.0% |
| Financial debts | 170/4 | €1,382,327 | €1,147,398 | -€234,929 | -17.0% |
| Amounts payable within one year | 42/48 | €232,711 | €310,127 | +€77,416 | +33.3% |
| Current portion of amounts payable after more than one year | 42 | €232,565 | €257,186 | +€24,620 | +10.6% |
| Other amounts payable | 47/48 | €146 | €52,942 | +€52,796 | +36149.1% |
| Accrued charges and deferred income | 492/3 | - | €1,603 | +€1,603 | |
| Non-recurring operating income | 76A | - | €0 | = | |
| Other operating charges | 640/8 | €3,010 | €2,140 | -€870 | -28.9% |
| Gross operating margin | 9900 | €10,957 | €26,962 | +€16,005 | +146.1% |
| Operating profit (loss) | 9901 | €7,947 | €24,822 | +€16,875 | +212.3% |
| Financial income | 75/76B | €319,831 | €490,000 | +€170,169 | +53.2% |
| Recurring financial income | 75 | €240,000 | €490,000 | +€250,000 | +104.2% |
| Non-recurring financial income | 76B | €79,831 | - | -€79,831 | |
| Financial charges | 65/66B | €42,521 | €24,703 | -€17,817 | -41.9% |
| Recurring financial charges | 65 | €42,521 | €24,703 | -€17,817 | -41.9% |
| Profit (loss) for the period before taxes | 9903 | €285,257 | €490,119 | +€204,861 | +71.8% |
| Income taxes | 67/77 | €2,445 | -€139 | -€2,583 | |
| Profit (loss) for the period | 9904 | €282,813 | €490,257 | +€207,444 | +73.4% |
| Profit (loss) for the period to be appropriated | 9905 | €282,813 | €490,257 | +€207,444 | +73.4% |
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.