FIRSTEP: 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.
FIRSTEP
Largest movements
- Receivables within one year +€42,972
up €42,972 (+174%), from €24,702 to €67,673
of which Trade receivables: +€55,284
- Tangible fixed assets -€23,281
down €23,281 (-34.1%), from €68,354 to €45,072
- Cash -€18,171
down €18,171 (-5.6%), from €322,534 to €304,363
mainly Receivables within one year (-€42,972) and Debts after one year (-€9,448)
- Trade debts +€13,195
up €13,195 (+94.5%), from €13,970 to €27,165
- Debts after one year -€9,448
down €9,448 (-66.0%), from €14,307 to €4,858
- Tax, wage and social debts -€4,530
down €4,530 (-23.9%), from €18,945 to €14,415
of which Taxes: -€4,530
- Gross operating margin -€52,404
down €52,404 (-60.7%), from €86,299 to €33,895
- Taxes -€11,728
down €11,728 (-63.2%), from €18,542 to €6,815
- Financial income +€1,876
up €1,876 (+282%), from €664 to €2,540
of which Financial income: +€1,876
- Depreciation +€1,748
up €1,748 (+8.1%), from €21,534 to €23,281
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 | €430,119 | €431,639 | +€1,520 | +0.4% |
| Fixed assets | 21/28 | €68,713 | €45,431 | -€23,281 | -33.9% |
| Tangible fixed assets | 22/27 | €68,354 | €45,072 | -€23,281 | -34.1% |
| Furniture and vehicles | 24 | €68,354 | €45,072 | -€23,281 | -34.1% |
| Financial fixed assets | 28 | €359 | €359 | = | 0.0% |
| Current assets | 29/58 | €361,406 | €386,207 | +€24,801 | +6.9% |
| Stocks and contracts in progress | 3 | €14,171 | €14,171 | = | 0.0% |
| Stocks | 30/36 | €14,171 | €14,171 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €24,702 | €67,673 | +€42,972 | +174% |
| Trade receivables | 40 | €8,222 | €63,506 | +€55,284 | +672% |
| Other amounts receivable | 41 | €16,480 | €4,167 | -€12,312 | -74.7% |
| Cash at bank and in hand | 54/58 | €322,534 | €304,363 | -€18,171 | -5.6% |
| Total equity and liabilities | 10/49 | €430,119 | €431,639 | +€1,520 | +0.4% |
| Equity | 10/15 | €373,797 | €375,752 | +€1,955 | +0.5% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €133,727 | €135,827 | +€2,100 | +1.6% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €131,727 | €133,827 | +€2,100 | +1.6% |
| Profit (loss) carried forward | 14 | €220,070 | €219,925 | -€145 | -0.1% |
| Amounts payable | 17/49 | €56,322 | €55,887 | -€436 | -0.8% |
| Amounts payable after more than one year | 17 | €14,307 | €4,858 | -€9,448 | -66.0% |
| Financial debts | 170/4 | €14,307 | €4,858 | -€9,448 | -66.0% |
| Amounts payable within one year | 42/48 | €42,016 | €51,028 | +€9,013 | +21.5% |
| Current portion of amounts payable after more than one year | 42 | €9,101 | €9,448 | +€347 | +3.8% |
| Trade debts | 44 | €13,970 | €27,165 | +€13,195 | +94.5% |
| Suppliers | 440/4 | €13,970 | €27,165 | +€13,195 | +94.5% |
| Taxes, remuneration and social security | 45 | €18,945 | €14,415 | -€4,530 | -23.9% |
| Taxes | 450/3 | €14,845 | €10,315 | -€4,530 | -30.5% |
| Remuneration and social security | 454/9 | €4,100 | €4,100 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,534 | €23,281 | +€1,748 | +8.1% |
| Other operating charges | 640/8 | €1,336 | €928 | -€408 | -30.5% |
| Gross operating margin | 9900 | €86,299 | €33,895 | -€52,404 | -60.7% |
| Operating profit (loss) | 9901 | €63,429 | €9,685 | -€53,744 | -84.7% |
| Financial income | 75/76B | €664 | €2,540 | +€1,876 | +282% |
| Recurring financial income | 75 | €664 | €2,540 | +€1,876 | +282% |
| Non-recurring financial income | 76B | - | €0 | +€0 | |
| Financial charges | 65/66B | €2,059 | €1,244 | -€814 | -39.6% |
| Recurring financial charges | 65 | €1,617 | €1,244 | -€373 | -23.1% |
| Non-recurring financial charges | 66B | €441 | - | -€441 | |
| Profit (loss) for the period before taxes | 9903 | €62,035 | €10,981 | -€51,054 | -82.3% |
| Income taxes | 67/77 | €18,542 | €6,815 | -€11,728 | -63.2% |
| Profit (loss) for the period | 9904 | €43,493 | €4,166 | -€39,326 | -90.4% |
| Profit (loss) for the period to be appropriated | 9905 | €43,493 | €4,166 | -€39,326 | -90.4% |
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 13 October 2026 via checked.be.