From2: 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.
From2
Largest movements
- Cash -€117,350
down €117,350 (-54.9%), from €213,810 to €96,460
mainly Contributions, distributions and other (-€407,424) and Investment in fixed assets (net) (-€900)
- Receivables within one year -€22,748
down €22,748 (-14.3%), from €158,811 to €136,063
of which Other amounts receivable: -€13,395
- Reserves -€283,699
down €283,699 (-85.3%), from €332,424 to €48,725
- Other debts +€64,807
new in 2025: €64,807
- Trade debts +€60,968
up €60,968 (+229.6%), from €26,552 to €87,520
- Tax, wage and social debts +€16,602
up €16,602 (+133.1%), from €12,477 to €29,080
- Financial charges +€110,849
up €110,849 (+149070.8%), from €74 to €110,923
- Gross operating margin +€60,127
up €60,127 (+28.0%), from €214,407 to €274,534
- Taxes -€12,597
down €12,597 (-24.7%), from €50,906 to €38,310
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 | €376,454 | €235,132 | -€141,322 | -37.5% |
| Formation expenses | 20 | €1,433 | €927 | -€506 | -35.3% |
| Fixed assets | 21/28 | €1,065 | €1,576 | +€510 | +47.9% |
| Tangible fixed assets | 22/27 | €1,013 | €1,524 | +€510 | +50.4% |
| Furniture and vehicles | 24 | €1,013 | €1,524 | +€510 | +50.4% |
| Financial fixed assets | 28 | €52 | €52 | = | 0.0% |
| Current assets | 29/58 | €373,955 | €232,629 | -€141,326 | -37.8% |
| Amounts receivable within one year | 40/41 | €158,811 | €136,063 | -€22,748 | -14.3% |
| Trade receivables | 40 | €141,725 | €132,373 | -€9,352 | -6.6% |
| Other amounts receivable | 41 | €17,085 | €3,690 | -€13,395 | -78.4% |
| Cash at bank and in hand | 54/58 | €213,810 | €96,460 | -€117,350 | -54.9% |
| Deferred charges and accrued income | 490/1 | €1,334 | €106 | -€1,228 | -92.0% |
| Total equity and liabilities | 10/49 | €376,454 | €235,132 | -€141,322 | -37.5% |
| Equity | 10/15 | €337,424 | €53,725 | -€283,699 | -84.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €332,424 | €48,725 | -€283,699 | -85.3% |
| Distributable reserves | 133 | €332,424 | €48,725 | -€283,699 | -85.3% |
| Amounts payable | 17/49 | €39,029 | €181,407 | +€142,377 | +364.8% |
| Amounts payable within one year | 42/48 | €39,029 | €181,407 | +€142,377 | +364.8% |
| Trade debts | 44 | €26,552 | €87,520 | +€60,968 | +229.6% |
| Suppliers | 440/4 | €26,552 | €87,520 | +€60,968 | +229.6% |
| Taxes, remuneration and social security | 45 | €12,477 | €29,080 | +€16,602 | +133.1% |
| Taxes | 450/3 | €12,477 | €29,080 | +€16,602 | +133.1% |
| Other amounts payable | 47/48 | - | €64,807 | +€64,807 | |
| Non-recurring operating income | 76A | - | €110,635 | +€110,635 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €657 | €896 | +€239 | +36.4% |
| Other operating charges | 640/8 | €110 | €680 | +€570 | +519.2% |
| Gross operating margin | 9900 | €214,407 | €274,534 | +€60,127 | +28.0% |
| Operating profit (loss) | 9901 | €213,640 | €272,958 | +€59,318 | +27.8% |
| Financial income | 75/76B | €598 | - | -€598 | |
| Recurring financial income | 75 | €598 | - | -€598 | |
| Financial charges | 65/66B | €74 | €110,923 | +€110,849 | +149070.8% |
| Recurring financial charges | 65 | €74 | €110,923 | +€110,849 | +149070.8% |
| Profit (loss) for the period before taxes | 9903 | €214,164 | €162,035 | -€52,129 | -24.3% |
| Income taxes | 67/77 | €50,906 | €38,310 | -€12,597 | -24.7% |
| Profit (loss) for the period | 9904 | €163,257 | €123,725 | -€39,532 | -24.2% |
| Profit (loss) for the period to be appropriated | 9905 | €163,257 | €123,725 | -€39,532 | -24.2% |
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 7 October 2026 via checked.be.