Faits et causes: 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.
Faits et causes
Largest movements
- Receivables within one year -€23,851
down €23,851 (-90.3%), from €26,403 to €2,552
- Cash +€6,870
up €6,870 (+184.8%), from €3,718 to €10,588
mainly Receivables within one year (+€23,851) and Other debts (+€18,414)
- Tangible fixed assets -€315
down €315 (-26.1%), from €1,207 to €892
- Profit (loss) carried forward -€36,122
down €36,122 (-137.4%), from -€26,294 to -€62,416
- Other debts +€18,414
up €18,414 (+32.1%), from €57,312 to €75,727
- Accrued charges and deferred income +€487
new in 2025: €487
- Write-downs +€12,250
new in 2025: €12,250
- Gross operating margin +€3,400
up €3,400 (+13.0%), from -€26,224 to -€22,824
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 | €31,327 | €14,032 | -€17,295 | -55.2% |
| Fixed assets | 21/28 | €1,207 | €892 | -€315 | -26.1% |
| Tangible fixed assets | 22/27 | €1,207 | €892 | -€315 | -26.1% |
| Furniture and vehicles | 24 | €1,207 | €892 | -€315 | -26.1% |
| Current assets | 29/58 | €30,120 | €13,140 | -€16,981 | -56.4% |
| Amounts receivable within one year | 40/41 | €26,403 | €2,552 | -€23,851 | -90.3% |
| Trade receivables | 40 | €26,403 | €2,552 | -€23,851 | -90.3% |
| Cash at bank and in hand | 54/58 | €3,718 | €10,588 | +€6,870 | +184.8% |
| Total equity and liabilities | 10/49 | €31,327 | €14,032 | -€17,295 | -55.2% |
| Equity | 10/15 | -€26,293 | -€62,415 | -€36,122 | -137.4% |
| Contributions | 10/11 | €1 | €1 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€26,294 | -€62,416 | -€36,122 | -137.4% |
| Amounts payable | 17/49 | €57,620 | €76,447 | +€18,826 | +32.7% |
| Amounts payable within one year | 42/48 | €57,620 | €75,960 | +€18,340 | +31.8% |
| Trade debts | 44 | €86 | €233 | +€148 | +172.1% |
| Suppliers | 440/4 | €86 | €233 | +€148 | +172.1% |
| Taxes, remuneration and social security | 45 | €222 | €0 | -€222 | -99.9% |
| Taxes | 450/3 | €222 | €0 | -€222 | -99.9% |
| Other amounts payable | 47/48 | €57,312 | €75,727 | +€18,414 | +32.1% |
| Accrued charges and deferred income | 492/3 | - | €487 | +€487 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €492 | €315 | -€177 | -35.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €12,250 | +€12,250 | |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | -€26,224 | -€22,824 | +€3,400 | +13.0% |
| Operating profit (loss) | 9901 | -€27,103 | -€35,788 | -€8,686 | -32.0% |
| Financial charges | 65/66B | €127 | €334 | +€206 | +161.8% |
| Recurring financial charges | 65 | €127 | €334 | +€206 | +161.8% |
| Profit (loss) for the period before taxes | 9903 | -€27,230 | -€36,122 | -€8,892 | -32.7% |
| Profit (loss) for the period | 9904 | -€27,230 | -€36,122 | -€8,892 | -32.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€27,230 | -€36,122 | -€8,892 | -32.7% |
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.