First Things First: 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 Things First
Largest movements
- Cash +€59,043
up €59,043 (+1093.3%), from €5,400 to €64,443
mainly Net result for the year (+€80,484) and Depreciation (+€39,594)
- Receivables within one year -€14,875
down €14,875 (-12.8%), from €116,451 to €101,576
of which Other amounts receivable: -€21,977
- Tangible fixed assets +€5,985
up €5,985 (+9.0%), from €66,459 to €72,444
of which Furniture and vehicles: +€6,573
- Reserves +€79,558
up €79,558 (+160.1%), from €49,682 to €129,240
- Debts after one year -€29,475
no longer reported in 2025 (was €29,475)
- Current portion of long-term debt -€9,625
no longer reported in 2025 (was €9,625)
- Other debts +€9,465
up €9,465 (+16.5%), from €57,310 to €66,775
- Gross operating margin +€71,328
up €71,328 (+62.6%), from €113,875 to €185,202
- Taxes +€19,508
up €19,508 (+146.4%), from €13,324 to €32,832
- Financial charges +€17,348
up €17,348 (+194.4%), from €8,925 to €26,273
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 | €192,155 | €241,205 | +€49,050 | +25.5% |
| Fixed assets | 21/28 | €66,959 | €72,944 | +€5,985 | +8.9% |
| Tangible fixed assets | 22/27 | €66,459 | €72,444 | +€5,985 | +9.0% |
| Plant, machinery and equipment | 23 | €4,118 | €5,406 | +€1,288 | +31.3% |
| Furniture and vehicles | 24 | €57,222 | €63,795 | +€6,573 | +11.5% |
| Other tangible fixed assets | 26 | €5,119 | €3,243 | -€1,876 | -36.7% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €125,196 | €168,261 | +€43,065 | +34.4% |
| Amounts receivable within one year | 40/41 | €116,451 | €101,576 | -€14,875 | -12.8% |
| Trade receivables | 40 | €81,474 | €88,576 | +€7,102 | +8.7% |
| Other amounts receivable | 41 | €34,977 | €13,000 | -€21,977 | -62.8% |
| Cash at bank and in hand | 54/58 | €5,400 | €64,443 | +€59,043 | +1093.3% |
| Deferred charges and accrued income | 490/1 | €3,344 | €2,241 | -€1,103 | -33.0% |
| Total equity and liabilities | 10/49 | €192,155 | €241,205 | +€49,050 | +25.5% |
| Equity | 10/15 | €68,282 | €147,840 | +€79,558 | +116.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €49,682 | €129,240 | +€79,558 | +160.1% |
| Distributable reserves | 133 | €49,682 | €129,240 | +€79,558 | +160.1% |
| Amounts payable | 17/49 | €123,873 | €93,365 | -€30,508 | -24.6% |
| Amounts payable after more than one year | 17 | €29,475 | - | -€29,475 | |
| Financial debts | 170/4 | €29,475 | - | -€29,475 | |
| Amounts payable within one year | 42/48 | €89,162 | €87,817 | -€1,345 | -1.5% |
| Current portion of amounts payable after more than one year | 42 | €9,625 | - | -€9,625 | |
| Trade debts | 44 | €3,379 | €1,589 | -€1,790 | -53.0% |
| Suppliers | 440/4 | €3,379 | €1,589 | -€1,790 | -53.0% |
| Taxes, remuneration and social security | 45 | €18,849 | €19,453 | +€605 | +3.2% |
| Taxes | 450/3 | €18,849 | €15,360 | -€3,489 | -18.5% |
| Remuneration and social security | 454/9 | - | €4,093 | +€4,093 | |
| Other amounts payable | 47/48 | €57,310 | €66,775 | +€9,465 | +16.5% |
| Accrued charges and deferred income | 492/3 | €5,235 | €5,548 | +€313 | +6.0% |
| Non-recurring operating income | 76A | - | €1,226 | +€1,226 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,880 | €39,594 | -€1,286 | -3.1% |
| Other operating charges | 640/8 | €977 | €1,763 | +€786 | +80.5% |
| Non-recurring operating charges | 66A | €19,602 | €4,301 | -€15,301 | -78.1% |
| Gross operating margin | 9900 | €113,875 | €185,202 | +€71,328 | +62.6% |
| Operating profit (loss) | 9901 | €52,415 | €139,544 | +€87,129 | +166.2% |
| Financial income | 75/76B | €0 | €44 | +€44 | +29180.0% |
| Recurring financial income | 75 | €0 | €44 | +€44 | +29180.0% |
| Financial charges | 65/66B | €8,925 | €26,273 | +€17,348 | +194.4% |
| Recurring financial charges | 65 | €8,925 | €26,273 | +€17,348 | +194.4% |
| Profit (loss) for the period before taxes | 9903 | €43,491 | €113,315 | +€69,825 | +160.6% |
| Income taxes | 67/77 | €13,324 | €32,832 | +€19,508 | +146.4% |
| Profit (loss) for the period | 9904 | €30,167 | €80,484 | +€50,317 | +166.8% |
| Profit (loss) for the period to be appropriated | 9905 | €30,167 | €80,484 | +€50,317 | +166.8% |
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 30 September 2026 via checked.be.