@Gemba: 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.
@Gemba
Largest movements
- Cash +€157,698
up €157,698 (+155.6%), from €101,339 to €259,037
mainly Net result for the year (+€135,424) and Receivables within one year (+€87,328)
- Receivables within one year -€87,328
down €87,328 (-81.6%), from €107,020 to €19,693
- Tangible fixed assets -€30,500
down €30,500 (-28.3%), from €107,963 to €77,463
of which Furniture and vehicles: -€29,139
- Other debts +€87,304
up €87,304 (+40.7%), from €214,270 to €301,574
- Profit (loss) carried forward -€56,239
down €56,239 (-91.2%), from €61,663 to €5,424
- Tax, wage and social debts +€8,543
up €8,543 (+25.3%), from €33,812 to €42,355
- Gross operating margin -€22,805
down €22,805 (-9.7%), from €234,334 to €211,529
- Taxes -€5,351
down €5,351 (-11.0%), from €48,714 to €43,364
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 | €333,500 | €376,514 | +€43,013 | +12.9% |
| Fixed assets | 21/28 | €107,963 | €77,463 | -€30,500 | -28.3% |
| Tangible fixed assets | 22/27 | €107,963 | €77,463 | -€30,500 | -28.3% |
| Furniture and vehicles | 24 | €102,998 | €73,859 | -€29,139 | -28.3% |
| Other tangible fixed assets | 26 | €4,965 | €3,603 | -€1,362 | -27.4% |
| Current assets | 29/58 | €225,538 | €299,051 | +€73,514 | +32.6% |
| Amounts receivable within one year | 40/41 | €107,020 | €19,693 | -€87,328 | -81.6% |
| Trade receivables | 40 | €107,020 | €19,693 | -€87,328 | -81.6% |
| Current investments | 50/53 | €13,000 | €13,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €101,339 | €259,037 | +€157,698 | +155.6% |
| Deferred charges and accrued income | 490/1 | €4,178 | €7,321 | +€3,143 | +75.2% |
| Total equity and liabilities | 10/49 | €333,500 | €376,514 | +€43,013 | +12.9% |
| Equity | 10/15 | €83,663 | €27,424 | -€56,239 | -67.2% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €61,663 | €5,424 | -€56,239 | -91.2% |
| Amounts payable | 17/49 | €249,837 | €349,090 | +€99,253 | +39.7% |
| Amounts payable within one year | 42/48 | €249,450 | €348,690 | +€99,240 | +39.8% |
| Trade debts | 44 | €1,368 | €4,761 | +€3,393 | +248.0% |
| Suppliers | 440/4 | €1,368 | €4,761 | +€3,393 | +248.0% |
| Taxes, remuneration and social security | 45 | €33,812 | €42,355 | +€8,543 | +25.3% |
| Taxes | 450/3 | €33,812 | €42,355 | +€8,543 | +25.3% |
| Other amounts payable | 47/48 | €214,270 | €301,574 | +€87,304 | +40.7% |
| Accrued charges and deferred income | 492/3 | €387 | €400 | +€12 | +3.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,709 | €31,656 | -€53 | -0.2% |
| Other operating charges | 640/8 | €2,138 | €1,233 | -€904 | -42.3% |
| Gross operating margin | 9900 | €234,334 | €211,529 | -€22,805 | -9.7% |
| Operating profit (loss) | 9901 | €200,487 | €178,639 | -€21,848 | -10.9% |
| Financial income | 75/76B | €217 | €387 | +€170 | +78.3% |
| Recurring financial income | 75 | €217 | €387 | +€170 | +78.3% |
| Financial charges | 65/66B | €327 | €238 | -€88 | -27.0% |
| Recurring financial charges | 65 | €327 | €238 | -€88 | -27.0% |
| Profit (loss) for the period before taxes | 9903 | €200,378 | €178,788 | -€21,590 | -10.8% |
| Income taxes | 67/77 | €48,714 | €43,364 | -€5,351 | -11.0% |
| Profit (loss) for the period | 9904 | €151,663 | €135,424 | -€16,239 | -10.7% |
| Profit (loss) for the period to be appropriated | 9905 | €151,663 | €135,424 | -€16,239 | -10.7% |
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 28 September 2026 via checked.be.