FIRST GEAR: what changed
Two fiscal 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 GEAR
Largest movements
- Receivables within one year +€179,824
up €179,824 (+256.5%), from €70,098 to €249,922
of which Other amounts receivable: +€178,823
- Cash -€41,428
down €41,428 (-97.0%), from €42,703 to €1,275
mainly Receivables within one year (-€179,824) and Contributions, distributions and other (-€51,467)
- Reserves +€85,533
up €85,533 (+48.6%), from €175,967 to €261,501
- Short-term financial debts +€52,621
new in 2025: €52,621
- Tax, wage and social debts -€6,024
down €6,024 (-36.1%), from €16,698 to €10,674
- Gross operating margin +€155,841
up €155,841 (+393.3%), from €39,626 to €195,467
- Taxes +€52,333
up €52,333 (+420.8%), from €12,437 to €64,770
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 | €206,753 | €343,220 | +€136,467 | +66.0% |
| Fixed assets | 21/28 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €0 | - | = | |
| Furniture and vehicles | 24 | €0 | - | = | |
| Current assets | 29/58 | €206,753 | €343,220 | +€136,467 | +66.0% |
| Amounts receivable after more than one year | 29 | €90,006 | €89,997 | -€8 | 0.0% |
| Other amounts receivable | 291 | €90,006 | €89,997 | -€8 | 0.0% |
| Amounts receivable within one year | 40/41 | €70,098 | €249,922 | +€179,824 | +256.5% |
| Trade receivables | 40 | €0 | €1,000 | +€1,000 | |
| Other amounts receivable | 41 | €70,098 | €248,922 | +€178,823 | +255.1% |
| Cash at bank and in hand | 54/58 | €42,703 | €1,275 | -€41,428 | -97.0% |
| Deferred charges and accrued income | 490/1 | €3,946 | €2,026 | -€1,920 | -48.7% |
| Total equity and liabilities | 10/49 | €206,753 | €343,220 | +€136,467 | +66.0% |
| Equity | 10/15 | €188,367 | €275,274 | +€86,907 | +46.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €175,967 | €261,501 | +€85,533 | +48.6% |
| Distributable reserves | 133 | €175,967 | €261,501 | +€85,533 | +48.6% |
| Profit (loss) carried forward | 14 | €0 | €1,374 | +€1,374 | |
| Amounts payable | 17/49 | €18,386 | €67,946 | +€49,560 | +269.6% |
| Amounts payable within one year | 42/48 | €18,386 | €67,946 | +€49,560 | +269.6% |
| Financial debts | 43 | - | €52,621 | +€52,621 | |
| Credit institutions | 430/8 | - | €52,621 | +€52,621 | |
| Trade debts | 44 | €1,688 | €4,651 | +€2,963 | +175.5% |
| Suppliers | 440/4 | €1,688 | €4,651 | +€2,963 | +175.5% |
| Taxes, remuneration and social security | 45 | €16,698 | €10,674 | -€6,024 | -36.1% |
| Taxes | 450/3 | €16,698 | €10,674 | -€6,024 | -36.1% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Non-recurring operating income | 76A | €56,504 | - | -€56,504 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €83 | - | -€83 | |
| Other operating charges | 640/8 | €2,877 | €1,278 | -€1,599 | -55.6% |
| Gross operating margin | 9900 | €39,626 | €195,467 | +€155,841 | +393.3% |
| Operating profit (loss) | 9901 | €36,666 | €194,189 | +€157,522 | +429.6% |
| Financial income | 75/76B | €8,221 | €9,705 | +€1,484 | +18.0% |
| Recurring financial income | 75 | €8,221 | €9,705 | +€1,484 | +18.0% |
| Financial charges | 65/66B | €306 | €749 | +€443 | +144.8% |
| Recurring financial charges | 65 | €306 | €749 | +€443 | +144.8% |
| Profit (loss) for the period before taxes | 9903 | €44,581 | €203,144 | +€158,563 | +355.7% |
| Income taxes | 67/77 | €12,437 | €64,770 | +€52,333 | +420.8% |
| Profit (loss) for the period | 9904 | €32,144 | €138,374 | +€106,230 | +330.5% |
| Profit (loss) for the period to be appropriated | 9905 | €32,144 | €138,374 | +€106,230 | +330.5% |
Source: filed annual accounts (NBB), fiscal 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.