FIRST ELEMENT: 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 ELEMENT
Largest movements
- Cash +€165,397
up €165,397 (+40.8%), from €405,758 to €571,155
mainly Trade debts (+€419,266) and Depreciation (+€11,830)
- Receivables within one year +€23,433
up €23,433 (+5.8%), from €404,401 to €427,834
of which Other amounts receivable: +€38,717
- Trade debts +€419,266
up €419,266 (+530.4%), from €79,044 to €498,310
- Profit (loss) carried forward -€236,115
down €236,115 (-47.0%), from €502,404 to €266,289
- Gross operating margin -€300,226
down €300,226, from €211,281 to -€88,945
- Financial income -€43,317
down €43,317 (-74.4%), from €58,221 to €14,905
- Taxes -€39,321
no longer reported in 2025 (was €39,321)
- Financial charges +€33,289
up €33,289 (+95.1%), from €34,987 to €68,276
- Staff costs +€17,080
up €17,080 (+29.8%), from €57,234 to €74,314
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 | €859,493 | €1,043,360 | +€183,867 | +21.4% |
| Fixed assets | 21/28 | €29,734 | €24,070 | -€5,664 | -19.0% |
| Tangible fixed assets | 22/27 | €16,006 | €10,342 | -€5,664 | -35.4% |
| Plant, machinery and equipment | 23 | €12,715 | €2,087 | -€10,627 | -83.6% |
| Furniture and vehicles | 24 | €3,292 | €8,255 | +€4,963 | +150.8% |
| Financial fixed assets | 28 | €13,728 | €13,728 | = | 0.0% |
| Current assets | 29/58 | €829,759 | €1,019,289 | +€189,531 | +22.8% |
| Amounts receivable within one year | 40/41 | €404,401 | €427,834 | +€23,433 | +5.8% |
| Trade receivables | 40 | €15,284 | - | -€15,284 | |
| Other amounts receivable | 41 | €389,117 | €427,834 | +€38,717 | +9.9% |
| Cash at bank and in hand | 54/58 | €405,758 | €571,155 | +€165,397 | +40.8% |
| Deferred charges and accrued income | 490/1 | €19,600 | €20,300 | +€700 | +3.6% |
| Total equity and liabilities | 10/49 | €859,493 | €1,043,360 | +€183,867 | +21.4% |
| Equity | 10/15 | €752,864 | €516,749 | -€236,115 | -31.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €231,860 | €231,860 | = | 0.0% |
| Distributable reserves | 133 | €231,860 | €231,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €502,404 | €266,289 | -€236,115 | -47.0% |
| Amounts payable | 17/49 | €106,629 | €526,611 | +€419,982 | +393.9% |
| Amounts payable within one year | 42/48 | €88,365 | €504,847 | +€416,481 | +471.3% |
| Trade debts | 44 | €79,044 | €498,310 | +€419,266 | +530.4% |
| Suppliers | 440/4 | €79,044 | €498,310 | +€419,266 | +530.4% |
| Taxes, remuneration and social security | 45 | €9,321 | €6,537 | -€2,784 | -29.9% |
| Taxes | 450/3 | €9,321 | - | -€9,321 | |
| Remuneration and social security | 454/9 | - | €6,537 | +€6,537 | |
| Accrued charges and deferred income | 492/3 | €18,264 | €21,764 | +€3,500 | +19.2% |
| Remuneration, social security and pensions | 62 | €57,234 | €74,314 | +€17,080 | +29.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,594 | €11,830 | -€1,764 | -13.0% |
| Other operating charges | 640/8 | €6,511 | €7,655 | +€1,143 | +17.6% |
| Gross operating margin | 9900 | €211,281 | -€88,945 | -€300,226 | |
| Operating profit (loss) | 9901 | €133,942 | -€182,743 | -€316,685 | |
| Financial income | 75/76B | €58,221 | €14,905 | -€43,317 | -74.4% |
| Recurring financial income | 75 | €58,221 | €14,905 | -€43,317 | -74.4% |
| Financial charges | 65/66B | €34,987 | €68,276 | +€33,289 | +95.1% |
| Recurring financial charges | 65 | €34,987 | €68,276 | +€33,289 | +95.1% |
| Profit (loss) for the period before taxes | 9903 | €157,176 | -€236,115 | -€393,291 | |
| Income taxes | 67/77 | €39,321 | - | -€39,321 | |
| Profit (loss) for the period | 9904 | €117,855 | -€236,115 | -€353,970 | |
| Profit (loss) for the period to be appropriated | 9905 | €117,855 | -€236,115 | -€353,970 |
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.