GAMECHANGER: 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.
GAMECHANGER
Largest movements
- Cash +€80,620
up €80,620 (+20.6%), from €390,539 to €471,159
mainly Net result for the year (+€117,892) and Other debts (+€31,213)
- Reserves +€61,345
up €61,345 (+16.3%), from €375,872 to €437,217
of which Distributable reserves: +€61,345
- Other debts +€31,213
up €31,213 (+123.2%), from €25,335 to €56,547
- Trade debts -€15,947
down €15,947 (-96.6%), from €16,504 to €557
- Gross operating margin +€23,938
up €23,938 (+15.7%), from €152,271 to €176,209
- Taxes +€7,544
up €7,544 (+15.6%), from €48,281 to €55,826
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 | €445,592 | €520,747 | +€75,155 | +16.9% |
| Fixed assets | 21/28 | €9,465 | €7,138 | -€2,327 | -24.6% |
| Tangible fixed assets | 22/27 | €4,775 | €2,448 | -€2,327 | -48.7% |
| Furniture and vehicles | 24 | €4,775 | €2,448 | -€2,327 | -48.7% |
| Financial fixed assets | 28 | €4,690 | €4,690 | = | 0.0% |
| Current assets | 29/58 | €436,127 | €513,609 | +€77,482 | +17.8% |
| Amounts receivable within one year | 40/41 | €45,588 | €42,450 | -€3,138 | -6.9% |
| Trade receivables | 40 | €45,304 | €41,784 | -€3,519 | -7.8% |
| Other amounts receivable | 41 | €284 | €666 | +€382 | +134.2% |
| Cash at bank and in hand | 54/58 | €390,539 | €471,159 | +€80,620 | +20.6% |
| Total equity and liabilities | 10/49 | €445,592 | €520,747 | +€75,155 | +16.9% |
| Equity | 10/15 | €394,472 | €455,817 | +€61,345 | +15.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €375,872 | €437,217 | +€61,345 | +16.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €374,012 | €435,357 | +€61,345 | +16.4% |
| Amounts payable | 17/49 | €51,119 | €64,930 | +€13,810 | +27.0% |
| Amounts payable within one year | 42/48 | €51,119 | €64,930 | +€13,810 | +27.0% |
| Trade debts | 44 | €16,504 | €557 | -€15,947 | -96.6% |
| Suppliers | 440/4 | €16,504 | €557 | -€15,947 | -96.6% |
| Taxes, remuneration and social security | 45 | €9,281 | €7,826 | -€1,456 | -15.7% |
| Taxes | 450/3 | €9,281 | €7,826 | -€1,456 | -15.7% |
| Other amounts payable | 47/48 | €25,335 | €56,547 | +€31,213 | +123.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,473 | €2,327 | -€146 | -5.9% |
| Other operating charges | 640/8 | €422 | €446 | +€23 | +5.5% |
| Gross operating margin | 9900 | €152,271 | €176,209 | +€23,938 | +15.7% |
| Operating profit (loss) | 9901 | €149,376 | €173,436 | +€24,060 | +16.1% |
| Financial income | 75/76B | €883 | €525 | -€358 | -40.6% |
| Recurring financial income | 75 | €883 | €525 | -€358 | -40.6% |
| Financial charges | 65/66B | €86 | €243 | +€156 | +181.2% |
| Recurring financial charges | 65 | €86 | €243 | +€156 | +181.2% |
| Profit (loss) for the period before taxes | 9903 | €150,172 | €173,718 | +€23,545 | +15.7% |
| Income taxes | 67/77 | €48,281 | €55,826 | +€7,544 | +15.6% |
| Profit (loss) for the period | 9904 | €101,891 | €117,892 | +€16,001 | +15.7% |
| Profit (loss) for the period to be appropriated | 9905 | €101,891 | €117,892 | +€16,001 | +15.7% |
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 8 October 2026 via checked.be.