Formula sat: 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.
Formula sat
Largest movements
- Cash -€61,454
down €61,454 (-65.1%), from €94,372 to €32,917
mainly Net result for the year (-€44,643) and Receivables within one year (-€19,059)
- Receivables within one year +€19,059
up €19,059 (+18.4%), from €103,494 to €122,553
of which Trade receivables: +€19,726
- Receivables after one year -€15,800
down €15,800 (-24.4%), from €64,809 to €49,009
- Profit (loss) carried forward -€44,643
down €44,643 (-21.4%), from €208,455 to €163,812
- Trade debts -€13,430
down €13,430 (-35.1%), from €38,231 to €24,802
- Accrued charges and deferred income -€6,380
down €6,380 (-100%), from €6,380 to €0
- Turnover -€64,668
down €64,668 (-32.9%), from €196,489 to €131,821
- Purchases and services -€55,547
down €55,547 (-31.8%), from €174,557 to €119,009
- Taxes -€16,002
no longer reported in 2025 (was €16,002)
- Gross operating margin -€10,952
down €10,952 (-38.6%), from €28,369 to €17,417
- Staff costs +€3,574
up €3,574 (+7.2%), from €49,671 to €53,245
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 | €267,612 | €206,551 | -€61,061 | -22.8% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €2,070 | €1,670 | -€400 | -19.3% |
| Tangible fixed assets | 22/27 | €1,997 | €1,597 | -€400 | -20.0% |
| Furniture and vehicles | 24 | €1,997 | €1,597 | -€400 | -20.0% |
| Financial fixed assets | 28 | €73 | €73 | = | 0.0% |
| Current assets | 29/58 | €265,542 | €204,881 | -€60,661 | -22.8% |
| Amounts receivable after more than one year | 29 | €64,809 | €49,009 | -€15,800 | -24.4% |
| Other amounts receivable | 291 | €64,809 | €49,009 | -€15,800 | -24.4% |
| Amounts receivable within one year | 40/41 | €103,494 | €122,553 | +€19,059 | +18.4% |
| Trade receivables | 40 | €102,827 | €122,553 | +€19,726 | +19.2% |
| Other amounts receivable | 41 | €667 | €0 | -€667 | -100% |
| Cash at bank and in hand | 54/58 | €94,372 | €32,917 | -€61,454 | -65.1% |
| Deferred charges and accrued income | 490/1 | €2,868 | €401 | -€2,466 | -86.0% |
| Total equity and liabilities | 10/49 | €267,612 | €206,551 | -€61,061 | -22.8% |
| Equity | 10/15 | €216,515 | €171,872 | -€44,643 | -20.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €208,455 | €163,812 | -€44,643 | -21.4% |
| Amounts payable | 17/49 | €51,097 | €34,679 | -€16,418 | -32.1% |
| Amounts payable within one year | 42/48 | €44,717 | €34,679 | -€10,038 | -22.4% |
| Trade debts | 44 | €38,231 | €24,802 | -€13,430 | -35.1% |
| Suppliers | 440/4 | €38,231 | €24,802 | -€13,430 | -35.1% |
| Taxes, remuneration and social security | 45 | €4,590 | €5,340 | +€751 | +16.4% |
| Taxes | 450/3 | €369 | €862 | +€494 | +134% |
| Remuneration and social security | 454/9 | €4,221 | €4,478 | +€257 | +6.1% |
| Other amounts payable | 47/48 | €1,896 | €4,538 | +€2,642 | +139% |
| Accrued charges and deferred income | 492/3 | €6,380 | €0 | -€6,380 | -100% |
| Turnover | 70 | €196,489 | €131,821 | -€64,668 | -32.9% |
| Goods, raw materials, services and sundry goods | 60/61 | €174,557 | €119,009 | -€55,547 | -31.8% |
| Remuneration, social security and pensions | 62 | €49,671 | €53,245 | +€3,574 | +7.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,072 | €986 | -€86 | -8.0% |
| Other operating charges | 640/8 | €2,735 | €4,403 | +€1,667 | +61.0% |
| Non-recurring operating charges | 66A | €977 | €244 | -€733 | -75.0% |
| Gross operating margin | 9900 | €28,369 | €17,417 | -€10,952 | -38.6% |
| Operating profit (loss) | 9901 | -€26,086 | -€41,461 | -€15,375 | -58.9% |
| Financial income | 75/76B | €5 | €1,063 | +€1,058 | +19,960% |
| Recurring financial income | 75 | €5 | €1,063 | +€1,058 | +19,960% |
| Financial charges | 65/66B | €3,426 | €4,246 | +€820 | +23.9% |
| Recurring financial charges | 65 | €3,426 | €4,246 | +€820 | +23.9% |
| Profit (loss) for the period before taxes | 9903 | -€29,506 | -€44,643 | -€15,137 | -51.3% |
| Income taxes | 67/77 | €16,002 | - | -€16,002 | |
| Profit (loss) for the period | 9904 | -€45,508 | -€44,643 | +€865 | +1.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€45,508 | -€44,643 | +€865 | +1.9% |
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 25 October 2026 via checked.be.