FACTS: 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.
FACTS
Largest movements
- Cash -€74,997
down €74,997 (-45.3%), from €165,660 to €90,662
mainly Investment in fixed assets (net) (-€91,209) and Contributions, distributions and other (-€80,000)
- Tangible fixed assets +€52,791
up €52,791 (+42.2%), from €124,957 to €177,748
of which Leasing and similar rights: +€38,905
- Receivables within one year +€27,833
up €27,833 (+7122.5%), from €391 to €28,224
of which Trade receivables: +€17,312
- Reserves -€50,188
down €50,188 (-81.3%), from €61,749 to €11,561
of which Distributable reserves: -€50,188
- Trade debts +€36,998
up €36,998 (+3428.2%), from €1,079 to €38,077
- Profit (loss) carried forward -€21,638
down €21,638 (-23.7%), from €91,428 to €69,790
- Debts after one year +€19,415
new in 2025: €19,415
- Current portion of long-term debt +€13,157
new in 2025: €13,157
- Gross operating margin +€66,834
up €66,834, from -€11,396 to €55,437
- Depreciation +€5,122
up €5,122 (+15.4%), from €33,296 to €38,418
- Taxes +€2,618
up €2,618 (+12895.5%), from €20 to €2,638
- Other operating charges +€1,466
up €1,466 (+48.2%), from €3,040 to €4,506
- Financial charges +€1,077
up €1,077 (+166.5%), from €647 to €1,723
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 | €292,191 | €300,228 | +€8,038 | +2.8% |
| Fixed assets | 21/28 | €124,957 | €177,748 | +€52,791 | +42.2% |
| Tangible fixed assets | 22/27 | €124,957 | €177,748 | +€52,791 | +42.2% |
| Land and buildings | 22 | €40,964 | €36,300 | -€4,664 | -11.4% |
| Plant, machinery and equipment | 23 | €36,990 | €68,886 | +€31,896 | +86.2% |
| Furniture and vehicles | 24 | €47,003 | €33,656 | -€13,347 | -28.4% |
| Leasing and similar rights | 25 | - | €38,905 | +€38,905 | |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Current assets | 29/58 | €167,234 | €122,481 | -€44,753 | -26.8% |
| Amounts receivable within one year | 40/41 | €391 | €28,224 | +€27,833 | +7122.5% |
| Trade receivables | 40 | - | €17,312 | +€17,312 | |
| Other amounts receivable | 41 | €391 | €10,912 | +€10,521 | +2692.4% |
| Cash at bank and in hand | 54/58 | €165,660 | €90,662 | -€74,997 | -45.3% |
| Deferred charges and accrued income | 490/1 | €1,183 | €3,594 | +€2,411 | +203.8% |
| Total equity and liabilities | 10/49 | €292,191 | €300,228 | +€8,038 | +2.8% |
| Equity | 10/15 | €215,177 | €143,351 | -€71,826 | -33.4% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €61,749 | €11,561 | -€50,188 | -81.3% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €5,361 | €5,361 | = | 0.0% |
| Distributable reserves | 133 | €50,188 | €0 | -€50,188 | -100.0% |
| Profit (loss) carried forward | 14 | €91,428 | €69,790 | -€21,638 | -23.7% |
| Amounts payable | 17/49 | €77,013 | €156,877 | +€79,864 | +103.7% |
| Amounts payable after more than one year | 17 | - | €19,415 | +€19,415 | |
| Financial debts | 170/4 | - | €19,415 | +€19,415 | |
| Amounts payable within one year | 42/48 | €77,013 | €137,236 | +€60,222 | +78.2% |
| Current portion of amounts payable after more than one year | 42 | - | €13,157 | +€13,157 | |
| Trade debts | 44 | €1,079 | €38,077 | +€36,998 | +3428.2% |
| Suppliers | 440/4 | €1,079 | €38,077 | +€36,998 | +3428.2% |
| Taxes, remuneration and social security | 45 | €110 | €306 | +€196 | +179.1% |
| Taxes | 450/3 | €110 | €306 | +€196 | +179.1% |
| Other amounts payable | 47/48 | €75,824 | €85,695 | +€9,871 | +13.0% |
| Accrued charges and deferred income | 492/3 | - | €227 | +€227 | |
| Non-recurring operating income | 76A | €4,313 | €0 | -€4,313 | -100.0% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,296 | €38,418 | +€5,122 | +15.4% |
| Other operating charges | 640/8 | €3,040 | €4,506 | +€1,466 | +48.2% |
| Gross operating margin | 9900 | -€11,396 | €55,437 | +€66,834 | |
| Operating profit (loss) | 9901 | -€47,732 | €12,514 | +€60,245 | |
| Financial income | 75/76B | €4 | €22 | +€18 | +434.3% |
| Recurring financial income | 75 | €4 | €22 | +€18 | +434.3% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €647 | €1,723 | +€1,077 | +166.5% |
| Recurring financial charges | 65 | €647 | €1,723 | +€1,077 | +166.5% |
| Profit (loss) for the period before taxes | 9903 | -€48,374 | €10,812 | +€59,186 | |
| Income taxes | 67/77 | €20 | €2,638 | +€2,618 | +12895.5% |
| Profit (loss) for the period | 9904 | -€48,395 | €8,174 | +€56,569 | |
| Profit (loss) for the period to be appropriated | 9905 | -€48,395 | €8,174 | +€56,569 |
Source: filed annual accounts (NBB), fiscal years ended 30 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.