Flow Accounting: 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.
Flow Accounting
Largest movements
- Receivables within one year -€167,222
down €167,222 (-35.4%), from €472,002 to €304,780
of which Trade receivables: -€167,271
- Intangible fixed assets -€153,866
down €153,866 (-19.8%), from €775,612 to €621,746
- Cash +€62,635
up €62,635 (+100.0%), from €62,645 to €125,279
mainly Depreciation (+€167,968) and Receivables within one year (+€167,222)
- Debts after one year -€190,882
down €190,882 (-22.6%), from €845,030 to €654,147
- Current portion of long-term debt -€74,368
down €74,368 (-25.1%), from €296,523 to €222,155
- Tax, wage and social debts -€24,400
down €24,400 (-17.8%), from €137,314 to €112,914
of which Remuneration and social security: -€25,439
- Staff costs -€133,985
down €133,985 (-22.8%), from €586,602 to €452,617
- Gross operating margin -€80,325
down €80,325 (-10.2%), from €785,662 to €705,336
- Financial charges +€25,060
up €25,060 (+96.4%), from €26,005 to €51,065
- Write-downs +€15,699
new in 2025: €15,699
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 | €1,396,024 | €1,123,058 | -€272,967 | -19.6% |
| Fixed assets | 21/28 | €808,532 | €651,677 | -€156,855 | -19.4% |
| Intangible fixed assets | 21 | €775,612 | €621,746 | -€153,866 | -19.8% |
| Tangible fixed assets | 22/27 | €32,920 | €29,681 | -€3,239 | -9.8% |
| Plant, machinery and equipment | 23 | €713 | €1,958 | +€1,245 | +175% |
| Furniture and vehicles | 24 | €30,854 | €18,071 | -€12,783 | -41.4% |
| Other tangible fixed assets | 26 | €1,354 | €9,652 | +€8,299 | +613% |
| Financial fixed assets | 28 | - | €250 | +€250 | |
| Current assets | 29/58 | €587,492 | €471,380 | -€116,112 | -19.8% |
| Amounts receivable within one year | 40/41 | €472,002 | €304,780 | -€167,222 | -35.4% |
| Trade receivables | 40 | €471,980 | €304,710 | -€167,271 | -35.4% |
| Other amounts receivable | 41 | €22 | €70 | +€49 | +227% |
| Cash at bank and in hand | 54/58 | €62,645 | €125,279 | +€62,635 | +100.0% |
| Deferred charges and accrued income | 490/1 | €52,846 | €41,321 | -€11,525 | -21.8% |
| Total equity and liabilities | 10/49 | €1,396,024 | €1,123,058 | -€272,967 | -19.6% |
| Equity | 10/15 | €35,709 | €47,767 | +€12,058 | +33.8% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €5,709 | €17,767 | +€12,058 | +211% |
| Amounts payable | 17/49 | €1,360,316 | €1,075,291 | -€285,025 | -21.0% |
| Amounts payable after more than one year | 17 | €845,030 | €654,147 | -€190,882 | -22.6% |
| Financial debts | 170/4 | €845,030 | €654,147 | -€190,882 | -22.6% |
| Amounts payable within one year | 42/48 | €514,863 | €420,806 | -€94,056 | -18.3% |
| Current portion of amounts payable after more than one year | 42 | €296,523 | €222,155 | -€74,368 | -25.1% |
| Trade debts | 44 | €80,406 | €85,388 | +€4,982 | +6.2% |
| Suppliers | 440/4 | €80,406 | €85,388 | +€4,982 | +6.2% |
| Advances received on contracts in progress | 46 | €621 | €350 | -€271 | -43.6% |
| Taxes, remuneration and social security | 45 | €137,314 | €112,914 | -€24,400 | -17.8% |
| Taxes | 450/3 | €66,622 | €67,661 | +€1,039 | +1.6% |
| Remuneration and social security | 454/9 | €70,691 | €45,253 | -€25,439 | -36.0% |
| Accrued charges and deferred income | 492/3 | €424 | €337 | -€87 | -20.5% |
| Non-recurring operating income | 76A | - | €233 | +€233 | |
| Remuneration, social security and pensions | 62 | €586,602 | €452,617 | -€133,985 | -22.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €162,925 | €167,968 | +€5,043 | +3.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €15,699 | +€15,699 | |
| Other operating charges | 640/8 | €2,692 | €2,276 | -€416 | -15.5% |
| Non-recurring operating charges | 66A | - | €875 | +€875 | |
| Gross operating margin | 9900 | €785,662 | €705,336 | -€80,325 | -10.2% |
| Operating profit (loss) | 9901 | €33,442 | €65,901 | +€32,459 | +97.1% |
| Financial income | 75/76B | €1,196 | €666 | -€530 | -44.3% |
| Recurring financial income | 75 | €1,196 | €666 | -€530 | -44.3% |
| Financial charges | 65/66B | €26,005 | €51,065 | +€25,060 | +96.4% |
| Recurring financial charges | 65 | €26,005 | €51,065 | +€25,060 | +96.4% |
| Profit (loss) for the period before taxes | 9903 | €8,633 | €15,502 | +€6,869 | +79.6% |
| Income taxes | 67/77 | €7,093 | €3,444 | -€3,649 | -51.4% |
| Profit (loss) for the period | 9904 | €1,541 | €12,058 | +€10,518 | +683% |
| Profit (loss) for the period to be appropriated | 9905 | €1,541 | €12,058 | +€10,518 | +683% |
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 17 October 2026 via checked.be.