First Track: 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 Track
Largest movements
- Tangible fixed assets +€65,972
up €65,972 (+132.9%), from €49,641 to €115,612
of which Furniture and vehicles: +€63,329
- Cash -€2,262
down €2,262 (-8.7%), from €26,069 to €23,807
mainly Contributions, distributions and other (-€93,624) and Investment in fixed assets (net) (-€77,674)
- Debts after one year +€43,829
new in 2025: €43,829
- Other debts +€11,146
up €11,146 (+14.9%), from €74,564 to €85,710
- Current portion of long-term debt +€10,325
new in 2025: €10,325
- Trade debts -€3,975
down €3,975 (-88.5%), from €4,490 to €516
- Tax, wage and social debts +€2,104
up €2,104 (+36.1%), from €5,825 to €7,929
- Turnover -€241,311
no longer reported in 2025 (was €241,311)
- Purchases and services -€137,504
no longer reported in 2025 (was €137,504)
- Gross operating margin +€28,780
up €28,780 (+27.7%), from €104,023 to €132,803
- Taxes +€6,267
up €6,267 (+30.4%), from €20,583 to €26,851
- Depreciation +€3,741
up €3,741 (+47.0%), from €7,961 to €11,702
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 | €104,267 | €166,909 | +€62,643 | +60.1% |
| Fixed assets | 21/28 | €49,641 | €115,612 | +€65,972 | +132.9% |
| Tangible fixed assets | 22/27 | €49,641 | €115,612 | +€65,972 | +132.9% |
| Plant, machinery and equipment | 23 | €3,373 | €5,066 | +€1,693 | +50.2% |
| Furniture and vehicles | 24 | €7,759 | €71,088 | +€63,329 | +816.2% |
| Other tangible fixed assets | 26 | €38,509 | €39,458 | +€950 | +2.5% |
| Current assets | 29/58 | €54,626 | €51,297 | -€3,329 | -6.1% |
| Amounts receivable within one year | 40/41 | €27,522 | €26,439 | -€1,082 | -3.9% |
| Trade receivables | 40 | €25,105 | €24,023 | -€1,082 | -4.3% |
| Other amounts receivable | 41 | €2,417 | €2,417 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €26,069 | €23,807 | -€2,262 | -8.7% |
| Deferred charges and accrued income | 490/1 | €1,035 | €1,050 | +€15 | +1.5% |
| Total equity and liabilities | 10/49 | €104,267 | €166,909 | +€62,643 | +60.1% |
| Equity | 10/15 | €19,387 | €18,600 | -€787 | -4.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €787 | €0 | -€787 | -100.0% |
| Distributable reserves | 133 | €787 | €0 | -€787 | -100.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €84,880 | €148,309 | +€63,430 | +74.7% |
| Amounts payable after more than one year | 17 | - | €43,829 | +€43,829 | |
| Financial debts | 170/4 | - | €43,829 | +€43,829 | |
| Amounts payable within one year | 42/48 | €84,880 | €104,480 | +€19,601 | +23.1% |
| Current portion of amounts payable after more than one year | 42 | - | €10,325 | +€10,325 | |
| Trade debts | 44 | €4,490 | €516 | -€3,975 | -88.5% |
| Suppliers | 440/4 | €4,490 | €516 | -€3,975 | -88.5% |
| Taxes, remuneration and social security | 45 | €5,825 | €7,929 | +€2,104 | +36.1% |
| Taxes | 450/3 | €5,825 | €7,929 | +€2,104 | +36.1% |
| Other amounts payable | 47/48 | €74,564 | €85,710 | +€11,146 | +14.9% |
| Turnover | 70 | €241,311 | - | -€241,311 | |
| Non-recurring operating income | 76A | €0 | €19,910 | +€19,910 | |
| Goods, raw materials, services and sundry goods | 60/61 | €137,504 | - | -€137,504 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,961 | €11,702 | +€3,741 | +47.0% |
| Other operating charges | 640/8 | €1,114 | €1,157 | +€42 | +3.8% |
| Non-recurring operating charges | 66A | €94 | €0 | -€94 | -100.0% |
| Gross operating margin | 9900 | €104,023 | €132,803 | +€28,780 | +27.7% |
| Operating profit (loss) | 9901 | €94,853 | €119,944 | +€25,091 | +26.5% |
| Financial income | 75/76B | €42 | €130 | +€88 | +211.0% |
| Recurring financial income | 75 | €42 | €130 | +€88 | +211.0% |
| Financial charges | 65/66B | €330 | €386 | +€56 | +16.8% |
| Recurring financial charges | 65 | €330 | €386 | +€56 | +16.8% |
| Profit (loss) for the period before taxes | 9903 | €94,564 | €119,688 | +€25,124 | +26.6% |
| Income taxes | 67/77 | €20,583 | €26,851 | +€6,267 | +30.4% |
| Profit (loss) for the period | 9904 | €73,981 | €92,837 | +€18,856 | +25.5% |
| Profit (loss) for the period to be appropriated | 9905 | €73,981 | €92,837 | +€18,856 | +25.5% |
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 8 October 2026 via checked.be.