FORTY-FIVE: 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.
FORTY-FIVE
Largest movements
- Cash -€28,494
down €28,494 (-87.9%), from €32,417 to €3,922
mainly Stocks and contracts (-€14,261) and Other debts (-€12,538)
- Stocks and contracts +€14,261
up €14,261 (+55.0%), from €25,930 to €40,191
- Other debts -€12,538
down €12,538 (-30.2%), from €41,530 to €28,992
- Advances received -€1,550
no longer reported in 2025 (was €1,550)
- Tax, wage and social debts -€1,283
down €1,283 (-23.8%), from €5,384 to €4,102
- Profit (loss) carried forward +€839
up €839 (+14.9%), from €5,633 to €6,471
- Gross operating margin -€5,614
down €5,614 (-59.7%), from €9,402 to €3,788
- Taxes -€1,507
down €1,507 (-78.2%), from €1,927 to €420
- Other operating charges +€573
up €573 (+45.6%), from €1,256 to €1,829
- Financial income -€419
no longer reported in 2025 (was €419)
- Financial charges -€180
down €180 (-32.7%), from €551 to €371
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 | €59,839 | €45,069 | -€14,770 | -24.7% |
| Fixed assets | 21/28 | €1,267 | €937 | -€330 | -26.1% |
| Intangible fixed assets | 21 | €1,267 | €937 | -€330 | -26.1% |
| Current assets | 29/58 | €58,572 | €44,132 | -€14,440 | -24.7% |
| Stocks and contracts in progress | 3 | €25,930 | €40,191 | +€14,261 | +55.0% |
| Stocks | 30/36 | €25,930 | €40,191 | +€14,261 | +55.0% |
| Amounts receivable within one year | 40/41 | - | €19 | +€19 | |
| Other amounts receivable | 41 | - | €19 | +€19 | |
| Cash at bank and in hand | 54/58 | €32,417 | €3,922 | -€28,494 | -87.9% |
| Deferred charges and accrued income | 490/1 | €225 | - | -€225 | |
| Total equity and liabilities | 10/49 | €59,839 | €45,069 | -€14,770 | -24.7% |
| Equity | 10/15 | €7,133 | €7,971 | +€839 | +11.8% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €5,633 | €6,471 | +€839 | +14.9% |
| Amounts payable | 17/49 | €52,706 | €37,097 | -€15,609 | -29.6% |
| Amounts payable within one year | 42/48 | €52,706 | €37,097 | -€15,609 | -29.6% |
| Trade debts | 44 | €4,242 | €4,004 | -€238 | -5.6% |
| Suppliers | 440/4 | €4,242 | €4,004 | -€238 | -5.6% |
| Advances received on contracts in progress | 46 | €1,550 | - | -€1,550 | |
| Taxes, remuneration and social security | 45 | €5,384 | €4,102 | -€1,283 | -23.8% |
| Taxes | 450/3 | €5,384 | €4,102 | -€1,283 | -23.8% |
| Other amounts payable | 47/48 | €41,530 | €28,992 | -€12,538 | -30.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €330 | €330 | = | 0.0% |
| Other operating charges | 640/8 | €1,256 | €1,829 | +€573 | +45.6% |
| Gross operating margin | 9900 | €9,402 | €3,788 | -€5,614 | -59.7% |
| Operating profit (loss) | 9901 | €7,816 | €1,629 | -€6,187 | -79.2% |
| Financial income | 75/76B | €419 | - | -€419 | |
| Recurring financial income | 75 | €419 | - | -€419 | |
| Financial charges | 65/66B | €551 | €371 | -€180 | -32.7% |
| Recurring financial charges | 65 | €551 | €371 | -€180 | -32.7% |
| Profit (loss) for the period before taxes | 9903 | €7,684 | €1,258 | -€6,426 | -83.6% |
| Income taxes | 67/77 | €1,927 | €420 | -€1,507 | -78.2% |
| Profit (loss) for the period | 9904 | €5,757 | €839 | -€4,919 | -85.4% |
| Profit (loss) for the period to be appropriated | 9905 | €5,757 | €839 | -€4,919 | -85.4% |
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.