G. REYTER: 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.
G. REYTER
Largest movements
- Tangible fixed assets -€7,634
no longer reported in 2025 (was €7,634)
- Cash -€7,450
down €7,450 (-31.9%), from €23,352 to €15,902
mainly Debts after one year (-€21,105) and Net result for the year (-€11,014)
- Receivables within one year -€6,616
down €6,616 (-43.0%), from €15,402 to €8,786
of which Other amounts receivable: -€4,352
- Debts after one year -€21,105
no longer reported in 2025 (was €21,105)
- Other debts +€15,379
up €15,379 (+690%), from €2,227 to €17,606
- Profit (loss) carried forward -€11,014
down €11,014 (-26.5%), from -€41,504 to -€52,519
- Trade debts -€3,615
down €3,615 (-63.2%), from €5,718 to €2,103
- Current portion of long-term debt -€2,513
down €2,513 (-40.8%), from €6,167 to €3,654
- Gross operating margin +€5,306
up €5,306 (+75.6%), from -€7,016 to -€1,710
- Staff costs -€1,016
no longer reported in 2025 (was €1,016)
- Depreciation -€466
down €466 (-5.8%), from €8,100 to €7,634
- Financial charges -€338
down €338 (-34.9%), from €970 to €632
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 | €49,655 | €27,926 | -€21,729 | -43.8% |
| Fixed assets | 21/28 | €7,919 | - | -€7,919 | |
| Tangible fixed assets | 22/27 | €7,634 | - | -€7,634 | |
| Plant, machinery and equipment | 23 | €7,634 | - | -€7,634 | |
| Financial fixed assets | 28 | €285 | - | -€285 | |
| Current assets | 29/58 | €41,736 | €27,926 | -€13,810 | -33.1% |
| Amounts receivable within one year | 40/41 | €15,402 | €8,786 | -€6,616 | -43.0% |
| Trade receivables | 40 | €10,608 | €8,344 | -€2,264 | -21.3% |
| Other amounts receivable | 41 | €4,794 | €442 | -€4,352 | -90.8% |
| Cash at bank and in hand | 54/58 | €23,352 | €15,902 | -€7,450 | -31.9% |
| Deferred charges and accrued income | 490/1 | €2,983 | €3,238 | +€256 | +8.6% |
| Total equity and liabilities | 10/49 | €49,655 | €27,926 | -€21,729 | -43.8% |
| Equity | 10/15 | €13,947 | €2,933 | -€11,014 | -79.0% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €36,859 | €36,859 | = | 0.0% |
| Distributable reserves | 133 | €36,859 | €36,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€41,504 | -€52,519 | -€11,014 | -26.5% |
| Amounts payable | 17/49 | €35,708 | €24,993 | -€10,715 | -30.0% |
| Amounts payable after more than one year | 17 | €21,105 | - | -€21,105 | |
| Financial debts | 170/4 | €21,105 | - | -€21,105 | |
| Amounts payable within one year | 42/48 | €14,603 | €24,993 | +€10,390 | +71.1% |
| Current portion of amounts payable after more than one year | 42 | €6,167 | €3,654 | -€2,513 | -40.8% |
| Trade debts | 44 | €5,718 | €2,103 | -€3,615 | -63.2% |
| Suppliers | 440/4 | €5,718 | €2,103 | -€3,615 | -63.2% |
| Taxes, remuneration and social security | 45 | €491 | €1,630 | +€1,139 | +232% |
| Taxes | 450/3 | €491 | €1,630 | +€1,139 | +232% |
| Other amounts payable | 47/48 | €2,227 | €17,606 | +€15,379 | +690% |
| Non-recurring operating income | 76A | €202 | - | -€202 | |
| Remuneration, social security and pensions | 62 | €1,016 | - | -€1,016 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,100 | €7,634 | -€466 | -5.8% |
| Other operating charges | 640/8 | €977 | €1,009 | +€32 | +3.2% |
| Non-recurring operating charges | 66A | €11,107 | - | -€11,107 | |
| Gross operating margin | 9900 | -€7,016 | -€1,710 | +€5,306 | +75.6% |
| Operating profit (loss) | 9901 | -€28,216 | -€10,353 | +€17,863 | +63.3% |
| Financial income | 75/76B | €28 | €98 | +€70 | +250% |
| Recurring financial income | 75 | €28 | €64 | +€36 | +128% |
| Non-recurring financial income | 76B | - | €34 | +€34 | |
| Financial charges | 65/66B | €970 | €632 | -€338 | -34.9% |
| Recurring financial charges | 65 | €970 | €632 | -€338 | -34.9% |
| Profit (loss) for the period before taxes | 9903 | -€29,158 | -€10,887 | +€18,271 | +62.7% |
| Income taxes | 67/77 | €82 | €127 | +€44 | +53.8% |
| Profit (loss) for the period | 9904 | -€29,240 | -€11,014 | +€18,226 | +62.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€29,240 | -€11,014 | +€18,226 | +62.3% |
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 13 October 2026 via checked.be.