Fused: 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.
Fused
Largest movements
- Cash +€29,358
up €29,358, from €0 to €29,358
mainly Accrued charges and deferred income (+€99,984) and Other debts (+€52,887)
- Tangible fixed assets +€27,171
up €27,171 (+114%), from €23,909 to €51,080
of which Leasing and similar rights: +€31,692
- Receivables within one year +€14,045
up €14,045 (+5.2%), from €268,597 to €282,642
of which Trade receivables: +€40,915
- Stocks and contracts -€8,000
down €8,000 (-6.5%), from €122,292 to €114,292
- Trade debts -€155,327
down €155,327 (-70.7%), from €219,761 to €64,434
- Accrued charges and deferred income +€99,984
new in 2025: €99,984
- Other debts +€52,887
new in 2025: €52,887
- Short-term financial debts +€49,945
up €49,945 (+632%), from €7,900 to €57,844
- Debts after one year +€26,196
up €26,196 (+191%), from €13,695 to €39,891
- Staff costs +€34,741
up €34,741 (+33.4%), from €104,053 to €138,794
- Taxes -€11,262
down €11,262, from €10,440 to -€822
- Depreciation +€8,389
up €8,389 (+41.3%), from €20,322 to €28,711
- Gross operating margin +€6,916
up €6,916 (+4.1%), from €168,293 to €175,209
- Financial charges -€4,796
down €4,796 (-34.5%), from €13,909 to €9,113
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 | €416,465 | €477,373 | +€60,908 | +14.6% |
| Fixed assets | 21/28 | €25,576 | €51,080 | +€25,504 | +99.7% |
| Intangible fixed assets | 21 | €1,667 | €0 | -€1,667 | -100% |
| Tangible fixed assets | 22/27 | €23,909 | €51,080 | +€27,171 | +114% |
| Plant, machinery and equipment | 23 | €434 | €125 | -€309 | -71.2% |
| Furniture and vehicles | 24 | €23,476 | €19,263 | -€4,212 | -17.9% |
| Leasing and similar rights | 25 | - | €31,692 | +€31,692 | |
| Current assets | 29/58 | €390,889 | €426,293 | +€35,403 | +9.1% |
| Stocks and contracts in progress | 3 | €122,292 | €114,292 | -€8,000 | -6.5% |
| Stocks | 30/36 | €122,292 | €114,292 | -€8,000 | -6.5% |
| Amounts receivable within one year | 40/41 | €268,597 | €282,642 | +€14,045 | +5.2% |
| Trade receivables | 40 | €116,194 | €157,109 | +€40,915 | +35.2% |
| Other amounts receivable | 41 | €152,404 | €125,533 | -€26,870 | -17.6% |
| Cash at bank and in hand | 54/58 | €0 | €29,358 | +€29,358 | |
| Total equity and liabilities | 10/49 | €416,465 | €477,373 | +€60,908 | +14.6% |
| Equity | 10/15 | €123,853 | €122,814 | -€1,039 | -0.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €63,276 | €63,276 | = | 0.0% |
| Distributable reserves | 133 | €63,276 | €63,276 | = | 0.0% |
| Profit (loss) carried forward | 14 | €41,977 | €40,938 | -€1,039 | -2.5% |
| Amounts payable | 17/49 | €292,612 | €354,559 | +€61,947 | +21.2% |
| Amounts payable after more than one year | 17 | €13,695 | €39,891 | +€26,196 | +191% |
| Financial debts | 170/4 | €13,695 | €39,891 | +€26,196 | +191% |
| Amounts payable within one year | 42/48 | €278,917 | €214,684 | -€64,233 | -23.0% |
| Current portion of amounts payable after more than one year | 42 | €6,087 | €15,410 | +€9,323 | +153% |
| Financial debts | 43 | €7,900 | €57,844 | +€49,945 | +632% |
| Credit institutions | 430/8 | €7,900 | €57,844 | +€49,945 | +632% |
| Trade debts | 44 | €219,761 | €64,434 | -€155,327 | -70.7% |
| Suppliers | 440/4 | €219,761 | €64,434 | -€155,327 | -70.7% |
| Taxes, remuneration and social security | 45 | €45,170 | €24,108 | -€21,062 | -46.6% |
| Taxes | 450/3 | €27,535 | €12,272 | -€15,263 | -55.4% |
| Remuneration and social security | 454/9 | €17,635 | €11,837 | -€5,799 | -32.9% |
| Other amounts payable | 47/48 | - | €52,887 | +€52,887 | |
| Accrued charges and deferred income | 492/3 | - | €99,984 | +€99,984 | |
| Remuneration, social security and pensions | 62 | €104,053 | €138,794 | +€34,741 | +33.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,322 | €28,711 | +€8,389 | +41.3% |
| Other operating charges | 640/8 | €4,117 | €454 | -€3,663 | -89.0% |
| Gross operating margin | 9900 | €168,293 | €175,209 | +€6,916 | +4.1% |
| Operating profit (loss) | 9901 | €39,801 | €7,249 | -€32,552 | -81.8% |
| Financial income | 75/76B | €96 | €2 | -€94 | -97.9% |
| Recurring financial income | 75 | €96 | €2 | -€94 | -97.9% |
| Financial charges | 65/66B | €13,909 | €9,113 | -€4,796 | -34.5% |
| Recurring financial charges | 65 | €13,909 | €9,113 | -€4,796 | -34.5% |
| Profit (loss) for the period before taxes | 9903 | €25,988 | -€1,862 | -€27,850 | |
| Income taxes | 67/77 | €10,440 | -€822 | -€11,262 | |
| Profit (loss) for the period | 9904 | €15,548 | -€1,039 | -€16,588 | |
| Profit (loss) for the period to be appropriated | 9905 | €15,548 | -€1,039 | -€16,588 |
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 22 October 2026 via checked.be.