FIRST FLOOR: 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 FLOOR
Largest movements
- Formation expenses +€61,624
new in 2025: €61,624
- Intangible fixed assets -€17,280
down €17,280 (-15.8%), from €109,503 to €92,223
- Cash +€16,313
up €16,313 (+68.4%), from €23,866 to €40,179
mainly Current portion of long-term debt (+€55,221) and Trade debts (+€23,889)
- Receivables within one year +€13,365
up €13,365 (+13.1%), from €101,790 to €115,154
of which Other amounts receivable: +€14,572
- Deferred charges and accrued income -€4,315
down €4,315 (-58.3%), from €7,399 to €3,084
- Current portion of long-term debt +€55,221
up €55,221 (+44.2%), from €125,000 to €180,221
- Trade debts +€23,889
up €23,889 (+51.6%), from €46,322 to €70,210
- Tax, wage and social debts -€15,723
down €15,723 (-18.9%), from €83,087 to €67,364
of which Remuneration and social security: -€11,000
- Profit (loss) carried forward +€12,905
up €12,905 (+3.0%), from -€427,132 to -€414,227
- Short-term financial debts -€4,822
down €4,822 (-3.5%), from €138,732 to €133,910
of which Other loans: -€20,120
- Staff costs -€183,155
down €183,155 (-31.2%), from €587,545 to €404,391
- Gross operating margin -€137,024
down €137,024 (-25.2%), from €544,511 to €407,487
- Other operating charges -€24,179
down €24,179 (-97.2%), from €24,879 to €700
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 | €246,598 | €316,089 | +€69,492 | +28.2% |
| Formation expenses | 20 | - | €61,624 | +€61,624 | |
| Fixed assets | 21/28 | €113,543 | €96,048 | -€17,495 | -15.4% |
| Intangible fixed assets | 21 | €109,503 | €92,223 | -€17,280 | -15.8% |
| Tangible fixed assets | 22/27 | €1,474 | €1,259 | -€215 | -14.6% |
| Furniture and vehicles | 24 | €1,474 | €1,259 | -€215 | -14.6% |
| Financial fixed assets | 28 | €2,566 | €2,566 | = | 0.0% |
| Current assets | 29/58 | €133,054 | €158,418 | +€25,363 | +19.1% |
| Amounts receivable within one year | 40/41 | €101,790 | €115,154 | +€13,365 | +13.1% |
| Trade receivables | 40 | €101,790 | €100,582 | -€1,208 | -1.2% |
| Other amounts receivable | 41 | - | €14,572 | +€14,572 | |
| Cash at bank and in hand | 54/58 | €23,866 | €40,179 | +€16,313 | +68.4% |
| Deferred charges and accrued income | 490/1 | €7,399 | €3,084 | -€4,315 | -58.3% |
| Total equity and liabilities | 10/49 | €246,598 | €316,089 | +€69,492 | +28.2% |
| Equity | 10/15 | -€157,132 | -€144,227 | +€12,905 | +8.2% |
| Contributions | 10/11 | €270,000 | €270,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€427,132 | -€414,227 | +€12,905 | +3.0% |
| Amounts payable | 17/49 | €403,729 | €460,316 | +€56,586 | +14.0% |
| Amounts payable within one year | 42/48 | €396,429 | €455,644 | +€59,214 | +14.9% |
| Current portion of amounts payable after more than one year | 42 | €125,000 | €180,221 | +€55,221 | +44.2% |
| Financial debts | 43 | €138,732 | €133,910 | -€4,822 | -3.5% |
| Credit institutions | 430/8 | €118,612 | €133,910 | +€15,298 | +12.9% |
| Other loans | 439 | €20,120 | €0 | -€20,120 | -100% |
| Trade debts | 44 | €46,322 | €70,210 | +€23,889 | +51.6% |
| Suppliers | 440/4 | €46,322 | €70,210 | +€23,889 | +51.6% |
| Taxes, remuneration and social security | 45 | €83,087 | €67,364 | -€15,723 | -18.9% |
| Taxes | 450/3 | €30,174 | €25,450 | -€4,724 | -15.7% |
| Remuneration and social security | 454/9 | €52,913 | €41,913 | -€11,000 | -20.8% |
| Other amounts payable | 47/48 | €3,289 | €3,939 | +€650 | +19.8% |
| Accrued charges and deferred income | 492/3 | €7,300 | €4,672 | -€2,628 | -36.0% |
| Remuneration, social security and pensions | 62 | €587,545 | €404,391 | -€183,155 | -31.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,495 | €17,495 | = | 0.0% |
| Other operating charges | 640/8 | €24,879 | €700 | -€24,179 | -97.2% |
| Operating charges capitalised as restructuring costs | 649 | - | -€61,624 | -€61,624 | |
| Gross operating margin | 9900 | €544,511 | €407,487 | -€137,024 | -25.2% |
| Operating profit (loss) | 9901 | -€85,409 | €46,524 | +€131,933 | |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €30,037 | €32,953 | +€2,917 | +9.7% |
| Recurring financial charges | 65 | €30,037 | €32,953 | +€2,917 | +9.7% |
| Profit (loss) for the period before taxes | 9903 | -€115,445 | €13,571 | +€129,016 | |
| Income taxes | 67/77 | €728 | €666 | -€62 | -8.5% |
| Profit (loss) for the period | 9904 | -€116,173 | €12,905 | +€129,079 | |
| Profit (loss) for the period to be appropriated | 9905 | -€116,173 | €12,905 | +€129,079 |
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 14 October 2026 via checked.be.