FIVETIMESWHY: 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.
FIVETIMESWHY
Largest movements
- Receivables within one year +€75,325
up €75,325 (+154.9%), from €48,636 to €123,960
of which Trade receivables: +€46,945
- Cash +€58,276
up €58,276 (+326.4%), from €17,854 to €76,130
mainly Net result for the year (+€100,879) and Tax, wage and social debts (+€20,835)
- Tangible fixed assets -€9,345
down €9,345 (-14.6%), from €63,939 to €54,593
- Reserves +€100,020
up €100,020 (+188.7%), from €53,005 to €153,025
- Tax, wage and social debts +€20,835
up €20,835 (+112.7%), from €18,486 to €39,320
- Accrued charges and deferred income +€17,287
up €17,287 (+34874.8%), from €50 to €17,337
- Debts after one year -€15,595
down €15,595 (-37.5%), from €41,577 to €25,983
- Gross operating margin +€68,075
up €68,075 (+90.0%), from €75,662 to €143,737
- Taxes +€14,337
up €14,337 (+101.0%), from €14,200 to €28,537
- Depreciation +€7,760
up €7,760 (+105.1%), from €7,383 to €15,143
- Financial income +€2,951
up €2,951 (+6982.1%), from €42 to €2,993
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 | €131,736 | €254,960 | +€123,224 | +93.5% |
| Fixed assets | 21/28 | €63,939 | €54,593 | -€9,345 | -14.6% |
| Tangible fixed assets | 22/27 | €63,939 | €54,593 | -€9,345 | -14.6% |
| Furniture and vehicles | 24 | €63,939 | €54,593 | -€9,345 | -14.6% |
| Current assets | 29/58 | €67,797 | €200,367 | +€132,570 | +195.5% |
| Amounts receivable within one year | 40/41 | €48,636 | €123,960 | +€75,325 | +154.9% |
| Trade receivables | 40 | €40,950 | €87,895 | +€46,945 | +114.6% |
| Other amounts receivable | 41 | €7,686 | €36,065 | +€28,380 | +369.3% |
| Cash at bank and in hand | 54/58 | €17,854 | €76,130 | +€58,276 | +326.4% |
| Deferred charges and accrued income | 490/1 | €1,307 | €277 | -€1,031 | -78.8% |
| Total equity and liabilities | 10/49 | €131,736 | €254,960 | +€123,224 | +93.5% |
| Equity | 10/15 | €55,005 | €155,025 | +€100,020 | +181.8% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €53,005 | €153,025 | +€100,020 | +188.7% |
| Distributable reserves | 133 | €53,005 | €153,025 | +€100,020 | +188.7% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €76,731 | €99,935 | +€23,204 | +30.2% |
| Amounts payable after more than one year | 17 | €41,577 | €25,983 | -€15,595 | -37.5% |
| Financial debts | 170/4 | €41,577 | €25,983 | -€15,595 | -37.5% |
| Amounts payable within one year | 42/48 | €35,104 | €56,616 | +€21,511 | +61.3% |
| Current portion of amounts payable after more than one year | 42 | €14,993 | €15,595 | +€602 | +4.0% |
| Trade debts | 44 | €1,626 | €1,701 | +€74 | +4.6% |
| Suppliers | 440/4 | €1,626 | €1,701 | +€74 | +4.6% |
| Taxes, remuneration and social security | 45 | €18,486 | €39,320 | +€20,835 | +112.7% |
| Taxes | 450/3 | €18,486 | €39,320 | +€20,835 | +112.7% |
| Accrued charges and deferred income | 492/3 | €50 | €17,337 | +€17,287 | +34874.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,383 | €15,143 | +€7,760 | +105.1% |
| Other operating charges | 640/8 | - | €120 | +€120 | |
| Gross operating margin | 9900 | €75,662 | €143,737 | +€68,075 | +90.0% |
| Operating profit (loss) | 9901 | €68,279 | €128,474 | +€60,195 | +88.2% |
| Financial income | 75/76B | €42 | €2,993 | +€2,951 | +6982.1% |
| Recurring financial income | 75 | €42 | €2,993 | +€2,951 | +6982.1% |
| Financial charges | 65/66B | €1,117 | €2,050 | +€933 | +83.5% |
| Recurring financial charges | 65 | €1,117 | €2,050 | +€933 | +83.5% |
| Profit (loss) for the period before taxes | 9903 | €67,205 | €129,417 | +€62,212 | +92.6% |
| Income taxes | 67/77 | €14,200 | €28,537 | +€14,337 | +101.0% |
| Profit (loss) for the period | 9904 | €53,005 | €100,879 | +€47,875 | +90.3% |
| Profit (loss) for the period to be appropriated | 9905 | €53,005 | €100,879 | +€47,875 | +90.3% |
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 10 October 2026 via checked.be.