Financial Link: 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.
Financial Link
Largest movements
- Deferred charges and accrued income +€35,877
up €35,877 (+14.9%), from €241,595 to €277,473
- Cash +€29,646
up €29,646 (+45.4%), from €65,294 to €94,940
mainly Accrued charges and deferred income (+€41,461) and Current portion of long-term debt (+€21,300)
- Tangible fixed assets -€13,579
down €13,579 (-27.4%), from €49,532 to €35,954
of which Leasing and similar rights: -€12,405
- Accrued charges and deferred income +€41,461
up €41,461 (+19.0%), from €217,906 to €259,367
- Current portion of long-term debt +€21,300
up €21,300 (+61.1%), from €34,884 to €56,183
- Debts after one year -€9,403
down €9,403 (-32.2%), from €29,202 to €19,799
- Gross operating margin -€23,285
down €23,285 (-10.1%), from €229,547 to €206,263
- Taxes -€15,490
down €15,490 (-86.5%), from €17,905 to €2,415
- Staff costs +€9,418
up €9,418 (+6.0%), from €157,997 to €167,414
- Depreciation +€6,214
up €6,214 (+56.9%), from €10,917 to €17,131
- Other operating charges +€3,234
up €3,234 (+312%), from €1,036 to €4,271
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 | €547,918 | €603,488 | +€55,570 | +10.1% |
| Fixed assets | 21/28 | €49,532 | €35,954 | -€13,579 | -27.4% |
| Tangible fixed assets | 22/27 | €49,532 | €35,954 | -€13,579 | -27.4% |
| Furniture and vehicles | 24 | €11,345 | €10,171 | -€1,174 | -10.3% |
| Leasing and similar rights | 25 | €38,188 | €25,783 | -€12,405 | -32.5% |
| Current assets | 29/58 | €498,386 | €567,534 | +€69,148 | +13.9% |
| Amounts receivable within one year | 40/41 | €191,496 | €195,121 | +€3,625 | +1.9% |
| Trade receivables | 40 | €167,024 | €187,334 | +€20,310 | +12.2% |
| Other amounts receivable | 41 | €24,473 | €7,788 | -€16,685 | -68.2% |
| Cash at bank and in hand | 54/58 | €65,294 | €94,940 | +€29,646 | +45.4% |
| Deferred charges and accrued income | 490/1 | €241,595 | €277,473 | +€35,877 | +14.9% |
| Total equity and liabilities | 10/49 | €547,918 | €603,488 | +€55,570 | +10.1% |
| Equity | 10/15 | €46,612 | €46,612 | = | 0.0% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €24,938 | €24,938 | = | 0.0% |
| Distributable reserves | 133 | €24,938 | €24,938 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,675 | €1,675 | = | 0.0% |
| Amounts payable | 17/49 | €501,306 | €556,876 | +€55,570 | +11.1% |
| Amounts payable after more than one year | 17 | €29,202 | €19,799 | -€9,403 | -32.2% |
| Financial debts | 170/4 | €29,202 | €19,799 | -€9,403 | -32.2% |
| Amounts payable within one year | 42/48 | €254,198 | €277,709 | +€23,512 | +9.2% |
| Current portion of amounts payable after more than one year | 42 | €34,884 | €56,183 | +€21,300 | +61.1% |
| Trade debts | 44 | €164,300 | €162,656 | -€1,645 | -1.0% |
| Suppliers | 440/4 | €164,300 | €162,656 | -€1,645 | -1.0% |
| Taxes, remuneration and social security | 45 | €36,925 | €41,554 | +€4,629 | +12.5% |
| Taxes | 450/3 | €16,286 | €24,581 | +€8,295 | +50.9% |
| Remuneration and social security | 454/9 | €20,639 | €16,973 | -€3,666 | -17.8% |
| Other amounts payable | 47/48 | €18,089 | €17,317 | -€772 | -4.3% |
| Accrued charges and deferred income | 492/3 | €217,906 | €259,367 | +€41,461 | +19.0% |
| Remuneration, social security and pensions | 62 | €157,997 | €167,414 | +€9,418 | +6.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,917 | €17,131 | +€6,214 | +56.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €13,949 | €12,343 | -€1,606 | -11.5% |
| Other operating charges | 640/8 | €1,036 | €4,271 | +€3,234 | +312% |
| Gross operating margin | 9900 | €229,547 | €206,263 | -€23,285 | -10.1% |
| Operating profit (loss) | 9901 | €45,648 | €5,104 | -€40,544 | -88.8% |
| Financial income | 75/76B | €213 | €789 | +€577 | +271% |
| Recurring financial income | 75 | €213 | €789 | +€577 | +271% |
| Financial charges | 65/66B | €3,393 | €3,478 | +€85 | +2.5% |
| Recurring financial charges | 65 | €3,393 | €3,478 | +€85 | +2.5% |
| Profit (loss) for the period before taxes | 9903 | €42,468 | €2,415 | -€40,052 | -94.3% |
| Income taxes | 67/77 | €17,905 | €2,415 | -€15,490 | -86.5% |
| Profit (loss) for the period | 9904 | €24,563 | €0 | -€24,563 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €24,563 | €0 | -€24,563 | -100% |
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.