FONDAMENT: 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.
FONDAMENT
Largest movements
- Tangible fixed assets -€28,835
down €28,835 (-18.4%), from €156,723 to €127,889
of which Furniture and vehicles: -€19,942
- Receivables within one year -€24,535
down €24,535 (-45.8%), from €53,518 to €28,983
of which Trade receivables: -€24,306
- Stocks and contracts +€16,183
new in 2025: €16,183
- Cash -€6,189
down €6,189 (-81.8%), from €7,564 to €1,374
mainly Other debts (-€30,583) and Stocks and contracts (-€16,183)
- Other debts -€30,583
down €30,583 (-12.8%), from €239,495 to €208,911
- Debts after one year -€8,439
down €8,439 (-29.9%), from €28,265 to €19,826
- Profit (loss) carried forward +€4,525
up €4,525 (+6.3%), from -€71,870 to -€67,345
- Tax, wage and social debts -€3,903
no longer reported in 2025 (was €3,903)
- Gross operating margin -€37,218
down €37,218 (-46.4%), from €80,185 to €42,968
- Staff costs -€32,119
no longer reported in 2025 (was €32,119)
- Depreciation -€2,922
down €2,922 (-8.1%), from €36,272 to €33,350
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 | €344,411 | €301,104 | -€43,307 | -12.6% |
| Fixed assets | 21/28 | €281,253 | €252,419 | -€28,835 | -10.3% |
| Tangible fixed assets | 22/27 | €156,723 | €127,889 | -€28,835 | -18.4% |
| Land and buildings | 22 | €114,940 | €108,412 | -€6,527 | -5.7% |
| Plant, machinery and equipment | 23 | €979 | €2,448 | +€1,469 | +150.0% |
| Furniture and vehicles | 24 | €36,074 | €16,132 | -€19,942 | -55.3% |
| Leasing and similar rights | 25 | €3,386 | - | -€3,386 | |
| Other tangible fixed assets | 26 | €1,345 | €896 | -€448 | -33.3% |
| Financial fixed assets | 28 | €124,530 | €124,530 | = | 0.0% |
| Current assets | 29/58 | €63,158 | €48,685 | -€14,473 | -22.9% |
| Stocks and contracts in progress | 3 | - | €16,183 | +€16,183 | |
| Stocks | 30/36 | - | €16,183 | +€16,183 | |
| Amounts receivable within one year | 40/41 | €53,518 | €28,983 | -€24,535 | -45.8% |
| Trade receivables | 40 | €50,585 | €26,279 | -€24,306 | -48.0% |
| Other amounts receivable | 41 | €2,932 | €2,703 | -€229 | -7.8% |
| Cash at bank and in hand | 54/58 | €7,564 | €1,374 | -€6,189 | -81.8% |
| Deferred charges and accrued income | 490/1 | €2,077 | €2,146 | +€69 | +3.3% |
| Total equity and liabilities | 10/49 | €344,411 | €301,104 | -€43,307 | -12.6% |
| Equity | 10/15 | €28,130 | €32,655 | +€4,525 | +16.1% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€71,870 | -€67,345 | +€4,525 | +6.3% |
| Amounts payable | 17/49 | €316,282 | €268,449 | -€47,833 | -15.1% |
| Amounts payable after more than one year | 17 | €28,265 | €19,826 | -€8,439 | -29.9% |
| Financial debts | 170/4 | €28,265 | €19,826 | -€8,439 | -29.9% |
| Amounts payable within one year | 42/48 | €288,016 | €248,623 | -€39,393 | -13.7% |
| Current portion of amounts payable after more than one year | 42 | €10,696 | €8,439 | -€2,257 | -21.1% |
| Trade debts | 44 | €33,923 | €31,272 | -€2,650 | -7.8% |
| Suppliers | 440/4 | €33,923 | €31,272 | -€2,650 | -7.8% |
| Taxes, remuneration and social security | 45 | €3,903 | - | -€3,903 | |
| Taxes | 450/3 | €3,903 | - | -€3,903 | |
| Other amounts payable | 47/48 | €239,495 | €208,911 | -€30,583 | -12.8% |
| Remuneration, social security and pensions | 62 | €32,119 | - | -€32,119 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,272 | €33,350 | -€2,922 | -8.1% |
| Other operating charges | 640/8 | €3,784 | €3,056 | -€728 | -19.2% |
| Gross operating margin | 9900 | €80,185 | €42,968 | -€37,218 | -46.4% |
| Operating profit (loss) | 9901 | €8,011 | €6,562 | -€1,449 | -18.1% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €2,815 | €2,037 | -€778 | -27.6% |
| Recurring financial charges | 65 | €2,815 | €2,037 | -€778 | -27.6% |
| Profit (loss) for the period before taxes | 9903 | €5,195 | €4,525 | -€670 | -12.9% |
| Profit (loss) for the period | 9904 | €5,195 | €4,525 | -€670 | -12.9% |
| Profit (loss) for the period to be appropriated | 9905 | €5,195 | €4,525 | -€670 | -12.9% |
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 8 October 2026 via checked.be.