First Tracks: 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 Tracks
Largest movements
- Cash +€45,979
up €45,979 (+345.9%), from €13,292 to €59,271
mainly Net result for the year (+€49,539) and Receivables within one year (+€15,540)
- Deferred charges and accrued income +€30,310
up €30,310 (+5761.9%), from €526 to €30,836
- Receivables within one year -€15,540
down €15,540 (-45.2%), from €34,380 to €18,839
- Tangible fixed assets +€1,798
up €1,798 (+190.2%), from €945 to €2,743
- Profit (loss) carried forward +€47,873
up €47,873 (+235.1%), from €20,360 to €68,233
- Tax, wage and social debts +€14,615
up €14,615 (+74.3%), from €19,681 to €34,296
of which Taxes: +€14,615
- Gross operating margin +€32,754
up €32,754 (+100.3%), from €32,645 to €65,399
- Taxes +€6,672
up €6,672 (+88.3%), from €7,555 to €14,228
- Depreciation -€1,616
down €1,616 (-60.4%), from €2,676 to €1,060
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 | €49,142 | €111,689 | +€62,546 | +127.3% |
| Fixed assets | 21/28 | €945 | €2,743 | +€1,798 | +190.2% |
| Tangible fixed assets | 22/27 | €945 | €2,743 | +€1,798 | +190.2% |
| Furniture and vehicles | 24 | €945 | €2,743 | +€1,798 | +190.2% |
| Current assets | 29/58 | €48,198 | €108,946 | +€60,749 | +126.0% |
| Amounts receivable within one year | 40/41 | €34,380 | €18,839 | -€15,540 | -45.2% |
| Trade receivables | 40 | €34,380 | €18,839 | -€15,540 | -45.2% |
| Cash at bank and in hand | 54/58 | €13,292 | €59,271 | +€45,979 | +345.9% |
| Deferred charges and accrued income | 490/1 | €526 | €30,836 | +€30,310 | +5761.9% |
| Total equity and liabilities | 10/49 | €49,142 | €111,689 | +€62,546 | +127.3% |
| Equity | 10/15 | €25,360 | €73,233 | +€47,873 | +188.8% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €20,360 | €68,233 | +€47,873 | +235.1% |
| Amounts payable | 17/49 | €23,782 | €38,456 | +€14,674 | +61.7% |
| Amounts payable within one year | 42/48 | €23,782 | €38,352 | +€14,570 | +61.3% |
| Trade debts | 44 | €1,440 | €782 | -€658 | -45.7% |
| Suppliers | 440/4 | €1,440 | €782 | -€658 | -45.7% |
| Taxes, remuneration and social security | 45 | €19,681 | €34,296 | +€14,615 | +74.3% |
| Taxes | 450/3 | €17,181 | €31,796 | +€14,615 | +85.1% |
| Remuneration and social security | 454/9 | €2,500 | €2,500 | = | 0.0% |
| Other amounts payable | 47/48 | €2,661 | €3,274 | +€613 | +23.0% |
| Accrued charges and deferred income | 492/3 | - | €103 | +€103 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,676 | €1,060 | -€1,616 | -60.4% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €32,645 | €65,399 | +€32,754 | +100.3% |
| Operating profit (loss) | 9901 | €29,582 | €63,939 | +€34,357 | +116.1% |
| Financial income | 75/76B | - | €56 | +€56 | |
| Recurring financial income | 75 | - | €56 | +€56 | |
| Financial charges | 65/66B | €0 | €229 | +€228 | +58530.8% |
| Recurring financial charges | 65 | €0 | €229 | +€228 | +58530.8% |
| Profit (loss) for the period before taxes | 9903 | €29,582 | €63,766 | +€34,185 | +115.6% |
| Income taxes | 67/77 | €7,555 | €14,228 | +€6,672 | +88.3% |
| Profit (loss) for the period | 9904 | €22,026 | €49,539 | +€27,513 | +124.9% |
| Profit (loss) for the period to be appropriated | 9905 | €22,026 | €49,539 | +€27,513 | +124.9% |
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.