Factor 9: 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 9
Largest movements
- Cash -€20,249
down €20,249 (-20.3%), from €99,537 to €79,288
mainly Contributions, distributions and other (-€16,484) and Receivables within one year (-€11,324)
- Receivables within one year +€11,324
up €11,324 (+72.7%), from €15,586 to €26,910
of which Trade receivables: +€11,616
- Tangible fixed assets +€2,131
new in 2025: €2,131
- Other debts -€7,324
down €7,324 (-17.1%), from €42,801 to €35,477
- Gross operating margin -€7,098
down €7,098 (-23.2%), from €30,572 to €23,473
- Taxes -€969
down €969 (-17.4%), from €5,562 to €4,593
- Depreciation -€759
down €759 (-82.1%), from €925 to €166
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.
Derived cash bridge
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 | €115,714 | €108,715 | -€6,999 | -6.0% |
| Fixed assets | 21/28 | - | €2,131 | +€2,131 | |
| Tangible fixed assets | 22/27 | - | €2,131 | +€2,131 | |
| Furniture and vehicles | 24 | - | €2,131 | +€2,131 | |
| Current assets | 29/58 | €115,714 | €106,584 | -€9,130 | -7.9% |
| Amounts receivable within one year | 40/41 | €15,586 | €26,910 | +€11,324 | +72.7% |
| Trade receivables | 40 | €12,886 | €24,503 | +€11,616 | +90.1% |
| Other amounts receivable | 41 | €2,700 | €2,407 | -€293 | -10.8% |
| Cash at bank and in hand | 54/58 | €99,537 | €79,288 | -€20,249 | -20.3% |
| Deferred charges and accrued income | 490/1 | €591 | €386 | -€205 | -34.6% |
| Total equity and liabilities | 10/49 | €115,714 | €108,715 | -€6,999 | -6.0% |
| Equity | 10/15 | €66,836 | €66,836 | = | 0.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €48,236 | €48,236 | = | 0.0% |
| Distributable reserves | 133 | €48,236 | €48,236 | = | 0.0% |
| Amounts payable | 17/49 | €48,878 | €41,879 | -€6,999 | -14.3% |
| Amounts payable within one year | 42/48 | €47,118 | €40,407 | -€6,711 | -14.2% |
| Trade debts | 44 | €881 | €1,791 | +€910 | +103% |
| Suppliers | 440/4 | €881 | €1,791 | +€910 | +103% |
| Taxes, remuneration and social security | 45 | €3,437 | €3,139 | -€297 | -8.7% |
| Taxes | 450/3 | €3,437 | €3,139 | -€297 | -8.7% |
| Other amounts payable | 47/48 | €42,801 | €35,477 | -€7,324 | -17.1% |
| Accrued charges and deferred income | 492/3 | €1,760 | €1,472 | -€288 | -16.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €925 | €166 | -€759 | -82.1% |
| Other operating charges | 640/8 | €678 | €694 | +€16 | +2.4% |
| Gross operating margin | 9900 | €30,572 | €23,473 | -€7,098 | -23.2% |
| Operating profit (loss) | 9901 | €28,969 | €22,614 | -€6,355 | -21.9% |
| Financial income | 75/76B | €8 | €0 | -€8 | -96.5% |
| Recurring financial income | 75 | €8 | €0 | -€8 | -96.5% |
| Financial charges | 65/66B | €1,837 | €1,537 | -€300 | -16.3% |
| Recurring financial charges | 65 | €1,837 | €1,537 | -€300 | -16.3% |
| Profit (loss) for the period before taxes | 9903 | €27,140 | €21,077 | -€6,063 | -22.3% |
| Income taxes | 67/77 | €5,562 | €4,593 | -€969 | -17.4% |
| Profit (loss) for the period | 9904 | €21,578 | €16,484 | -€5,094 | -23.6% |
| Profit (loss) for the period to be appropriated | 9905 | €21,578 | €16,484 | -€5,094 | -23.6% |
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 15 October 2026 via checked.be.