FIVE WHY: 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.
FIVE WHY
Largest movements
- Tangible fixed assets -€10,862
down €10,862 (-61.0%), from €17,804 to €6,942
of which Leasing and similar rights: -€7,537
- Receivables within one year -€6,872
down €6,872 (-25.8%), from €26,631 to €19,759
of which Trade receivables: -€6,872
- Cash -€542
down €542 (-32.4%), from €1,673 to €1,131
mainly Other debts (-€11,205) and Current portion of long-term debt (-€6,001)
- Other debts -€11,205
down €11,205 (-19.6%), from €57,205 to €45,999
- Trade debts +€7,840
up €7,840 (+104.2%), from €7,527 to €15,367
- Current portion of long-term debt -€6,001
no longer reported in 2025 (was €6,001)
- Profit (loss) carried forward -€5,038
down €5,038 (-12.6%), from -€40,055 to -€45,093
- Tax, wage and social debts -€3,581
down €3,581 (-55.7%), from €6,424 to €2,843
- Gross operating margin +€26,015
up €26,015, from -€13,408 to €12,608
- Staff costs -€2,025
down €2,025 (-53.9%), from €3,755 to €1,731
- Depreciation +€1,195
up €1,195 (+12.4%), from €9,667 to €10,862
- Financial charges +€903
up €903 (+48.8%), from €1,850 to €2,753
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 | €50,776 | €32,791 | -€17,985 | -35.4% |
| Fixed assets | 21/28 | €17,804 | €6,942 | -€10,862 | -61.0% |
| Tangible fixed assets | 22/27 | €17,804 | €6,942 | -€10,862 | -61.0% |
| Furniture and vehicles | 24 | €4,114 | €3,085 | -€1,029 | -25.0% |
| Leasing and similar rights | 25 | €7,971 | €434 | -€7,537 | -94.6% |
| Other tangible fixed assets | 26 | €5,719 | €3,423 | -€2,295 | -40.1% |
| Current assets | 29/58 | €32,971 | €25,849 | -€7,123 | -21.6% |
| Amounts receivable within one year | 40/41 | €26,631 | €19,759 | -€6,872 | -25.8% |
| Trade receivables | 40 | €26,594 | €19,722 | -€6,872 | -25.8% |
| Other amounts receivable | 41 | €38 | €38 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €1,673 | €1,131 | -€542 | -32.4% |
| Deferred charges and accrued income | 490/1 | €4,667 | €4,959 | +€292 | +6.2% |
| Total equity and liabilities | 10/49 | €50,776 | €32,791 | -€17,985 | -35.4% |
| Equity | 10/15 | -€30,149 | -€35,187 | -€5,038 | -16.7% |
| Contributions | 10/11 | €9,906 | €9,906 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€40,055 | -€45,093 | -€5,038 | -12.6% |
| Amounts payable | 17/49 | €80,925 | €67,978 | -€12,947 | -16.0% |
| Amounts payable after more than one year | 17 | €3,769 | €3,769 | = | 0.0% |
| Financial debts | 170/4 | €3,769 | €3,769 | = | 0.0% |
| Amounts payable within one year | 42/48 | €77,156 | €64,209 | -€12,947 | -16.8% |
| Current portion of amounts payable after more than one year | 42 | €6,001 | - | -€6,001 | |
| Trade debts | 44 | €7,527 | €15,367 | +€7,840 | +104.2% |
| Suppliers | 440/4 | €7,527 | €15,367 | +€7,840 | +104.2% |
| Taxes, remuneration and social security | 45 | €6,424 | €2,843 | -€3,581 | -55.7% |
| Taxes | 450/3 | €6,424 | €2,843 | -€3,581 | -55.7% |
| Other amounts payable | 47/48 | €57,205 | €45,999 | -€11,205 | -19.6% |
| Remuneration, social security and pensions | 62 | €3,755 | €1,731 | -€2,025 | -53.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,667 | €10,862 | +€1,195 | +12.4% |
| Other operating charges | 640/8 | €1,736 | €1,807 | +€71 | +4.1% |
| Gross operating margin | 9900 | -€13,408 | €12,608 | +€26,015 | |
| Operating profit (loss) | 9901 | -€28,567 | -€1,793 | +€26,774 | +93.7% |
| Financial income | 75/76B | - | €7 | +€7 | |
| Recurring financial income | 75 | - | €7 | +€7 | |
| Financial charges | 65/66B | €1,850 | €2,753 | +€903 | +48.8% |
| Recurring financial charges | 65 | €1,850 | €2,753 | +€903 | +48.8% |
| Profit (loss) for the period before taxes | 9903 | -€30,417 | -€4,538 | +€25,878 | +85.1% |
| Income taxes | 67/77 | €427 | €499 | +€72 | +16.9% |
| Profit (loss) for the period | 9904 | -€30,844 | -€5,038 | +€25,806 | +83.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€30,844 | -€5,038 | +€25,806 | +83.7% |
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.