FoRMaT-V: 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.
FoRMaT-V
Largest movements
- Receivables after one year -€21,325
down €21,325 (-44.1%), from €48,312 to €26,987
- Receivables within one year -€9,043
down €9,043 (-32.8%), from €27,576 to €18,534
of which Trade receivables: -€7,623
- Cash +€4,675
up €4,675 (+3.6%), from €131,395 to €136,070
mainly Other debts (+€55,268) and Net result for the year (+€48,677)
- Reserves -€84,913
down €84,913 (-41.7%), from €203,686 to €118,774
- Other debts +€55,268
new in 2025: €55,268
- Gross operating margin -€45,630
down €45,630 (-41.7%), from €109,382 to €63,752
- Taxes -€9,906
down €9,906 (-43.1%), from €22,995 to €13,089
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 | €211,405 | €184,706 | -€26,699 | -12.6% |
| Fixed assets | 21/28 | €3,906 | €2,452 | -€1,454 | -37.2% |
| Tangible fixed assets | 22/27 | €3,906 | €2,452 | -€1,454 | -37.2% |
| Plant, machinery and equipment | 23 | €178 | €0 | -€178 | -100.0% |
| Furniture and vehicles | 24 | €3,728 | €2,452 | -€1,276 | -34.2% |
| Current assets | 29/58 | €207,500 | €182,255 | -€25,245 | -12.2% |
| Amounts receivable after more than one year | 29 | €48,312 | €26,987 | -€21,325 | -44.1% |
| Other amounts receivable | 291 | €48,312 | €26,987 | -€21,325 | -44.1% |
| Amounts receivable within one year | 40/41 | €27,576 | €18,534 | -€9,043 | -32.8% |
| Trade receivables | 40 | €19,027 | €11,404 | -€7,623 | -40.1% |
| Other amounts receivable | 41 | €8,549 | €7,129 | -€1,420 | -16.6% |
| Cash at bank and in hand | 54/58 | €131,395 | €136,070 | +€4,675 | +3.6% |
| Deferred charges and accrued income | 490/1 | €217 | €664 | +€447 | +206.5% |
| Total equity and liabilities | 10/49 | €211,405 | €184,706 | -€26,699 | -12.6% |
| Equity | 10/15 | €206,186 | €121,274 | -€84,913 | -41.2% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €203,686 | €118,774 | -€84,913 | -41.7% |
| Distributable reserves | 133 | €203,686 | €118,774 | -€84,913 | -41.7% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €5,219 | €63,432 | +€58,213 | +1115.4% |
| Amounts payable within one year | 42/48 | €5,219 | €63,432 | +€58,213 | +1115.4% |
| Trade debts | 44 | €0 | €959 | +€959 | |
| Suppliers | 440/4 | €0 | €959 | +€959 | |
| Taxes, remuneration and social security | 45 | €5,219 | €7,206 | +€1,987 | +38.1% |
| Taxes | 450/3 | €5,219 | €7,206 | +€1,987 | +38.1% |
| Other amounts payable | 47/48 | - | €55,268 | +€55,268 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,537 | €1,454 | -€83 | -5.4% |
| Other operating charges | 640/8 | €1,140 | €1,566 | +€426 | +37.4% |
| Gross operating margin | 9900 | €109,382 | €63,752 | -€45,630 | -41.7% |
| Operating profit (loss) | 9901 | €106,705 | €60,732 | -€45,973 | -43.1% |
| Financial income | 75/76B | €1,343 | €1,229 | -€115 | -8.5% |
| Recurring financial income | 75 | €1,343 | €1,229 | -€115 | -8.5% |
| Financial charges | 65/66B | €140 | €194 | +€54 | +38.4% |
| Recurring financial charges | 65 | €140 | €194 | +€54 | +38.4% |
| Profit (loss) for the period before taxes | 9903 | €107,908 | €61,766 | -€46,142 | -42.8% |
| Income taxes | 67/77 | €22,995 | €13,089 | -€9,906 | -43.1% |
| Profit (loss) for the period | 9904 | €84,913 | €48,677 | -€36,236 | -42.7% |
| Profit (loss) for the period to be appropriated | 9905 | €84,913 | €48,677 | -€36,236 | -42.7% |
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 9 October 2026 via checked.be.