Flywheel Dynamics: 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.
Flywheel Dynamics
Largest movements
- Cash +€13,006
up €13,006 (+24.7%), from €52,740 to €65,746
mainly Depreciation (+€9,269) and Receivables within one year (+€7,772)
- Receivables within one year -€7,772
down €7,772 (-82.8%), from €9,388 to €1,617
of which Trade receivables: -€8,773
- Tangible fixed assets -€4,494
down €4,494 (-24.9%), from €18,017 to €13,524
- Reserves -€2,191
down €2,191 (-6.3%), from €35,036 to €32,845
- Trade debts +€1,665
up €1,665 (+124.4%), from €1,339 to €3,004
- Gross operating margin -€20,930
down €20,930 (-61.5%), from €34,019 to €13,089
- Taxes -€6,198
down €6,198 (-76.4%), from €8,110 to €1,911
- Depreciation -€1,777
down €1,777 (-16.1%), from €11,046 to €9,269
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 | €80,145 | €80,886 | +€741 | +0.9% |
| Fixed assets | 21/28 | €18,017 | €13,524 | -€4,494 | -24.9% |
| Tangible fixed assets | 22/27 | €18,017 | €13,524 | -€4,494 | -24.9% |
| Plant, machinery and equipment | 23 | €11,188 | €10,674 | -€514 | -4.6% |
| Furniture and vehicles | 24 | €1,830 | €0 | -€1,830 | -100.0% |
| Other tangible fixed assets | 26 | €4,999 | €2,850 | -€2,150 | -43.0% |
| Current assets | 29/58 | €62,128 | €67,363 | +€5,235 | +8.4% |
| Amounts receivable within one year | 40/41 | €9,388 | €1,617 | -€7,772 | -82.8% |
| Trade receivables | 40 | €9,378 | €605 | -€8,773 | -93.5% |
| Other amounts receivable | 41 | €11 | €1,012 | +€1,001 | +9424.7% |
| Cash at bank and in hand | 54/58 | €52,740 | €65,746 | +€13,006 | +24.7% |
| Total equity and liabilities | 10/49 | €80,145 | €80,886 | +€741 | +0.9% |
| Equity | 10/15 | €47,436 | €45,245 | -€2,191 | -4.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €35,036 | €32,845 | -€2,191 | -6.3% |
| Distributable reserves | 133 | €35,036 | €32,845 | -€2,191 | -6.3% |
| Profit (loss) carried forward | 14 | -€0 | €0 | +€0 | |
| Amounts payable | 17/49 | €32,709 | €35,641 | +€2,932 | +9.0% |
| Amounts payable within one year | 42/48 | €32,709 | €35,641 | +€2,932 | +9.0% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €1,339 | €3,004 | +€1,665 | +124.4% |
| Suppliers | 440/4 | €1,339 | €3,004 | +€1,665 | +124.4% |
| Taxes, remuneration and social security | 45 | €7,150 | €7,795 | +€645 | +9.0% |
| Taxes | 450/3 | €7,150 | €7,795 | +€645 | +9.0% |
| Other amounts payable | 47/48 | €24,220 | €24,842 | +€622 | +2.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,046 | €9,269 | -€1,777 | -16.1% |
| Other operating charges | 640/8 | €1,120 | €1,312 | +€192 | +17.1% |
| Non-recurring operating charges | 66A | - | €119 | +€119 | |
| Gross operating margin | 9900 | €34,019 | €13,089 | -€20,930 | -61.5% |
| Operating profit (loss) | 9901 | €21,852 | €2,388 | -€19,464 | -89.1% |
| Financial charges | 65/66B | €289 | €317 | +€28 | +9.8% |
| Recurring financial charges | 65 | €289 | €317 | +€28 | +9.8% |
| Profit (loss) for the period before taxes | 9903 | €21,563 | €2,071 | -€19,492 | -90.4% |
| Income taxes | 67/77 | €8,110 | €1,911 | -€6,198 | -76.4% |
| Profit (loss) for the period | 9904 | €13,454 | €160 | -€13,294 | -98.8% |
| Profit (loss) for the period to be appropriated | 9905 | €13,454 | €160 | -€13,294 | -98.8% |
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 3 October 2026 via checked.be.