FORTY NINE: 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 NINE
Largest movements
- Tangible fixed assets +€340,613
up €340,613 (+864%), from €39,404 to €380,017
of which Other tangible fixed assets: +€327,626
- Cash -€50,134
down €50,134 (-87.8%), from €57,086 to €6,951
mainly Investment in fixed assets (net) (-€382,683) and Other debts (-€15,760)
- Debts after one year +€213,653
new in 2025: €213,653
- Profit (loss) carried forward +€37,927
up €37,927 (+65.7%), from -€57,708 to -€19,781
- Trade debts +€26,121
up €26,121 (+62.8%), from €41,582 to €67,703
- Current portion of long-term debt +€23,891
new in 2025: €23,891
- Other debts -€15,760
down €15,760 (-20.2%), from €77,876 to €62,116
- Gross operating margin +€136,198
up €136,198 (+83.2%), from €163,753 to €299,951
- Staff costs +€54,626
up €54,626 (+37.8%), from €144,503 to €199,129
- Depreciation +€28,967
up €28,967 (+221%), from €13,104 to €42,071
- Other operating charges -€6,985
down €6,985 (-56.7%), from €12,328 to €5,343
- Financial charges +€4,317
up €4,317 (+39.7%), from €10,871 to €15,187
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 | €128,242 | €419,498 | +€291,257 | +227% |
| Fixed assets | 21/28 | €39,404 | €380,017 | +€340,613 | +864% |
| Tangible fixed assets | 22/27 | €39,404 | €380,017 | +€340,613 | +864% |
| Plant, machinery and equipment | 23 | €4,346 | €735 | -€3,611 | -83.1% |
| Furniture and vehicles | 24 | €4,351 | €20,948 | +€16,597 | +381% |
| Other tangible fixed assets | 26 | €30,708 | €358,334 | +€327,626 | +1,067% |
| Current assets | 29/58 | €88,837 | €39,481 | -€49,356 | -55.6% |
| Stocks and contracts in progress | 3 | €4,578 | €7,733 | +€3,154 | +68.9% |
| Stocks | 30/36 | €4,578 | €7,733 | +€3,154 | +68.9% |
| Amounts receivable within one year | 40/41 | €25,510 | €24,317 | -€1,193 | -4.7% |
| Trade receivables | 40 | €21,744 | €16,305 | -€5,439 | -25.0% |
| Other amounts receivable | 41 | €3,766 | €8,013 | +€4,247 | +113% |
| Cash at bank and in hand | 54/58 | €57,086 | €6,951 | -€50,134 | -87.8% |
| Deferred charges and accrued income | 490/1 | €1,664 | €480 | -€1,184 | -71.2% |
| Total equity and liabilities | 10/49 | €128,242 | €419,498 | +€291,257 | +227% |
| Equity | 10/15 | -€37,248 | €679 | +€37,927 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | - | €1,860 | +€1,860 | |
| Profit (loss) carried forward | 14 | -€57,708 | -€19,781 | +€37,927 | +65.7% |
| Amounts payable | 17/49 | €165,490 | €418,819 | +€253,329 | +153% |
| Amounts payable after more than one year | 17 | - | €213,653 | +€213,653 | |
| Financial debts | 170/4 | - | €213,653 | +€213,653 | |
| Amounts payable within one year | 42/48 | €165,490 | €204,375 | +€38,885 | +23.5% |
| Current portion of amounts payable after more than one year | 42 | - | €23,891 | +€23,891 | |
| Financial debts | 43 | €9,925 | €8,857 | -€1,068 | -10.8% |
| Credit institutions | 430/8 | €9,925 | €8,857 | -€1,068 | -10.8% |
| Trade debts | 44 | €41,582 | €67,703 | +€26,121 | +62.8% |
| Suppliers | 440/4 | €41,582 | €67,703 | +€26,121 | +62.8% |
| Taxes, remuneration and social security | 45 | €36,107 | €41,808 | +€5,701 | +15.8% |
| Taxes | 450/3 | €3,044 | €2,307 | -€737 | -24.2% |
| Remuneration and social security | 454/9 | €33,063 | €39,501 | +€6,438 | +19.5% |
| Other amounts payable | 47/48 | €77,876 | €62,116 | -€15,760 | -20.2% |
| Accrued charges and deferred income | 492/3 | - | €792 | +€792 | |
| Remuneration, social security and pensions | 62 | €144,503 | €199,129 | +€54,626 | +37.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,104 | €42,071 | +€28,967 | +221% |
| Other operating charges | 640/8 | €12,328 | €5,343 | -€6,985 | -56.7% |
| Gross operating margin | 9900 | €163,753 | €299,951 | +€136,198 | +83.2% |
| Operating profit (loss) | 9901 | -€6,183 | €53,408 | +€59,591 | |
| Financial income | 75/76B | €127 | €262 | +€135 | +106% |
| Recurring financial income | 75 | €127 | €262 | +€135 | +106% |
| Financial charges | 65/66B | €10,871 | €15,187 | +€4,317 | +39.7% |
| Recurring financial charges | 65 | €10,871 | €15,187 | +€4,317 | +39.7% |
| Profit (loss) for the period before taxes | 9903 | -€16,926 | €38,483 | +€55,409 | |
| Income taxes | 67/77 | €1,807 | €556 | -€1,251 | -69.2% |
| Profit (loss) for the period | 9904 | -€18,733 | €37,927 | +€56,660 | |
| Profit (loss) for the period to be appropriated | 9905 | -€18,733 | €37,927 | +€56,660 |
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 1 November 2026 via checked.be.