Fil Rouge: 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.
Fil Rouge
Largest movements
- Receivables within one year -€809,231
down €809,231 (-79.2%), from €1.0m to €212,997
of which Trade receivables: -€861,367
- Cash -€202,197
down €202,197 (-53.0%), from €381,640 to €179,443
mainly Trade debts (-€972,611) and Other debts (-€42,455)
- Trade debts -€972,611
down €972,611 (-74.5%), from €1.3m to €333,163
- Other debts -€42,455
down €42,455 (-94.3%), from €45,030 to €2,576
- Financial income -€10,503
down €10,503 (-100.0%), from €10,507 to €4
- Financial charges -€6,554
down €6,554 (-83.3%), from €7,872 to €1,318
- Gross operating margin -€5,681
down €5,681 (-83.3%), from €6,816 to €1,135
- Write-downs -€5,370
down €5,370, from €2,685 to -€2,685
- Other operating charges -€4,064
down €4,064 (-76.4%), from €5,318 to €1,254
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 | €1,406,759 | €392,478 | -€1.0m | -72.1% |
| Current assets | 29/58 | €1,406,759 | €392,478 | -€1.0m | -72.1% |
| Amounts receivable within one year | 40/41 | €1,022,228 | €212,997 | -€809,231 | -79.2% |
| Trade receivables | 40 | €969,367 | €108,001 | -€861,367 | -88.9% |
| Other amounts receivable | 41 | €52,861 | €104,997 | +€52,136 | +98.6% |
| Cash at bank and in hand | 54/58 | €381,640 | €179,443 | -€202,197 | -53.0% |
| Deferred charges and accrued income | 490/1 | €2,891 | €38 | -€2,853 | -98.7% |
| Total equity and liabilities | 10/49 | €1,406,759 | €392,478 | -€1.0m | -72.1% |
| Equity | 10/15 | €55,488 | €56,322 | +€834 | +1.5% |
| Contributions | 10/11 | €15,600 | €15,600 | = | 0.0% |
| Reserves | 13 | €2,898 | €3,732 | +€834 | +28.8% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,038 | €1,872 | +€834 | +80.4% |
| Profit (loss) carried forward | 14 | €36,990 | €36,990 | = | 0.0% |
| Amounts payable | 17/49 | €1,351,271 | €336,156 | -€1.0m | -75.1% |
| Amounts payable within one year | 42/48 | €1,351,037 | €336,155 | -€1.0m | -75.1% |
| Trade debts | 44 | €1,305,774 | €333,163 | -€972,611 | -74.5% |
| Suppliers | 440/4 | €1,305,774 | €333,163 | -€972,611 | -74.5% |
| Taxes, remuneration and social security | 45 | €233 | €416 | +€183 | +78.7% |
| Taxes | 450/3 | €233 | €416 | +€183 | +78.7% |
| Other amounts payable | 47/48 | €45,030 | €2,576 | -€42,455 | -94.3% |
| Accrued charges and deferred income | 492/3 | €233 | €1 | -€232 | -99.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €0 | - | = | |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,685 | -€2,685 | -€5,370 | |
| Other operating charges | 640/8 | €5,318 | €1,254 | -€4,064 | -76.4% |
| Gross operating margin | 9900 | €6,816 | €1,135 | -€5,681 | -83.3% |
| Operating profit (loss) | 9901 | -€1,188 | €2,565 | +€3,753 | |
| Financial income | 75/76B | €10,507 | €4 | -€10,503 | -100.0% |
| Recurring financial income | 75 | €10,507 | €4 | -€10,503 | -100.0% |
| Financial charges | 65/66B | €7,872 | €1,318 | -€6,554 | -83.3% |
| Recurring financial charges | 65 | €7,872 | €1,318 | -€6,554 | -83.3% |
| Profit (loss) for the period before taxes | 9903 | €1,447 | €1,252 | -€196 | -13.5% |
| Income taxes | 67/77 | €409 | €417 | +€8 | +2.0% |
| Profit (loss) for the period | 9904 | €1,038 | €834 | -€204 | -19.6% |
| Profit (loss) for the period to be appropriated | 9905 | €1,038 | €834 | -€204 | -19.6% |
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 29 October 2026 via checked.be.