FIRST: 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.
FIRST
Largest movements
- Receivables within one year -€12,750
down €12,750 (-43.5%), from €29,291 to €16,541
of which Other amounts receivable: -€12,415
- Profit (loss) carried forward -€26,293
down €26,293 (-27.7%), from -€94,842 to -€121,135
- Tax, wage and social debts +€16,142
up €16,142 (+58.9%), from €27,429 to €43,570
of which Remuneration and social security: +€16,749
- Gross operating margin -€9,448
down €9,448, from €1,582 to -€7,866
- Financial charges -€4,521
down €4,521 (-27.0%), from €16,772 to €12,251
- Other operating charges -€1,261
down €1,261 (-34.0%), from €3,707 to €2,445
- Depreciation -€233
down €233 (-5.9%), from €3,964 to €3,731
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 | €267,285 | €259,093 | -€8,192 | -3.1% |
| Fixed assets | 21/28 | €47,094 | €49,595 | +€2,500 | +5.3% |
| Tangible fixed assets | 22/27 | €47,052 | €49,552 | +€2,500 | +5.3% |
| Land and buildings | 22 | €44,892 | €48,669 | +€3,777 | +8.4% |
| Furniture and vehicles | 24 | €2,160 | €884 | -€1,277 | -59.1% |
| Financial fixed assets | 28 | €42 | €42 | = | 0.0% |
| Current assets | 29/58 | €220,191 | €209,498 | -€10,693 | -4.9% |
| Stocks and contracts in progress | 3 | €189,526 | €189,526 | = | 0.0% |
| Stocks | 30/36 | €189,526 | €189,526 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €29,291 | €16,541 | -€12,750 | -43.5% |
| Trade receivables | 40 | €655 | €320 | -€335 | -51.2% |
| Other amounts receivable | 41 | €28,636 | €16,221 | -€12,415 | -43.4% |
| Cash at bank and in hand | 54/58 | €681 | €2,713 | +€2,032 | +298.3% |
| Deferred charges and accrued income | 490/1 | €693 | €718 | +€26 | +3.7% |
| Total equity and liabilities | 10/49 | €267,285 | €259,093 | -€8,192 | -3.1% |
| Equity | 10/15 | -€61,842 | -€88,135 | -€26,293 | -42.5% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €3,000 | €3,000 | = | 0.0% |
| Distributable reserves | 133 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€94,842 | -€121,135 | -€26,293 | -27.7% |
| Amounts payable | 17/49 | €329,127 | €347,228 | +€18,101 | +5.5% |
| Amounts payable within one year | 42/48 | €329,127 | €346,168 | +€17,040 | +5.2% |
| Current portion of amounts payable after more than one year | 42 | €1,170 | €1,170 | = | 0.0% |
| Financial debts | 43 | €300,000 | €300,000 | = | 0.0% |
| Other loans | 439 | €300,000 | €300,000 | = | 0.0% |
| Trade debts | 44 | €529 | €1,427 | +€899 | +170.0% |
| Suppliers | 440/4 | €529 | €1,427 | +€899 | +170.0% |
| Taxes, remuneration and social security | 45 | €27,429 | €43,570 | +€16,142 | +58.9% |
| Taxes | 450/3 | €608 | - | -€608 | |
| Remuneration and social security | 454/9 | €26,821 | €43,570 | +€16,749 | +62.4% |
| Accrued charges and deferred income | 492/3 | - | €1,061 | +€1,061 | |
| Non-recurring operating income | 76A | €50 | - | -€50 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,964 | €3,731 | -€233 | -5.9% |
| Other operating charges | 640/8 | €3,707 | €2,445 | -€1,261 | -34.0% |
| Gross operating margin | 9900 | €1,582 | -€7,866 | -€9,448 | |
| Operating profit (loss) | 9901 | -€6,089 | -€14,042 | -€7,954 | -130.6% |
| Financial income | 75/76B | €0 | €0 | -€0 | -62.5% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -62.5% |
| Financial charges | 65/66B | €16,772 | €12,251 | -€4,521 | -27.0% |
| Recurring financial charges | 65 | €16,772 | €12,251 | -€4,521 | -27.0% |
| Profit (loss) for the period before taxes | 9903 | -€22,860 | -€26,293 | -€3,433 | -15.0% |
| Income taxes | 67/77 | €0 | - | -€0 | |
| Profit (loss) for the period | 9904 | -€22,861 | -€26,293 | -€3,433 | -15.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€22,861 | -€26,293 | -€3,433 | -15.0% |
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 9 October 2026 via checked.be.