GENERAL PAPER: 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.
GENERAL PAPER
Largest movements
- Cash +€69,686
up €69,686 (+66.5%), from €104,838 to €174,524
mainly Receivables within one year (+€64,028) and Net result for the year (+€16,783)
- Receivables within one year -€64,028
down €64,028 (-69.9%), from €91,620 to €27,592
of which Trade receivables: -€64,743
- Tangible fixed assets -€12,478
down €12,478 (-52.3%), from €23,848 to €11,371
- Stocks and contracts -€2,521
down €2,521 (-55.1%), from €4,573 to €2,052
- Other debts -€19,489
down €19,489 (-77.4%), from €25,186 to €5,697
- Reserves +€16,780
up €16,780 (+10.9%), from €153,317 to €170,097
of which Distributable reserves: +€16,780
- Debts after one year -€10,613
no longer reported in 2025 (was €10,613)
- Trade debts +€5,120
up €5,120 (+10756.4%), from €48 to €5,168
- Gross operating margin -€24,680
down €24,680 (-41.6%), from €59,313 to €34,634
- Taxes -€5,997
down €5,997 (-48.1%), from €12,455 to €6,458
- Financial income -€4,542
down €4,542 (-57.7%), from €7,868 to €3,326
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 | €224,880 | €215,538 | -€9,341 | -4.2% |
| Fixed assets | 21/28 | €23,848 | €11,371 | -€12,478 | -52.3% |
| Tangible fixed assets | 22/27 | €23,848 | €11,371 | -€12,478 | -52.3% |
| Furniture and vehicles | 24 | €23,848 | €11,371 | -€12,478 | -52.3% |
| Current assets | 29/58 | €201,031 | €204,168 | +€3,137 | +1.6% |
| Stocks and contracts in progress | 3 | €4,573 | €2,052 | -€2,521 | -55.1% |
| Stocks | 30/36 | €4,573 | €2,052 | -€2,521 | -55.1% |
| Amounts receivable within one year | 40/41 | €91,620 | €27,592 | -€64,028 | -69.9% |
| Trade receivables | 40 | €87,120 | €22,377 | -€64,743 | -74.3% |
| Other amounts receivable | 41 | €4,500 | €5,215 | +€715 | +15.9% |
| Cash at bank and in hand | 54/58 | €104,838 | €174,524 | +€69,686 | +66.5% |
| Total equity and liabilities | 10/49 | €224,880 | €215,538 | -€9,341 | -4.2% |
| Equity | 10/15 | €173,435 | €190,218 | +€16,783 | +9.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €153,317 | €170,097 | +€16,780 | +10.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,082 | €2,082 | = | 0.0% |
| Distributable reserves | 133 | €149,375 | €166,155 | +€16,780 | +11.2% |
| Profit (loss) carried forward | 14 | €1,518 | €1,521 | +€3 | +0.2% |
| Amounts payable | 17/49 | €51,444 | €25,321 | -€26,124 | -50.8% |
| Amounts payable after more than one year | 17 | €10,613 | - | -€10,613 | |
| Financial debts | 170/4 | €10,613 | - | -€10,613 | |
| Amounts payable within one year | 42/48 | €40,831 | €25,321 | -€15,511 | -38.0% |
| Current portion of amounts payable after more than one year | 42 | €10,194 | €10,613 | +€419 | +4.1% |
| Trade debts | 44 | €48 | €5,168 | +€5,120 | +10756.4% |
| Suppliers | 440/4 | €48 | €5,168 | +€5,120 | +10756.4% |
| Taxes, remuneration and social security | 45 | €5,404 | €3,843 | -€1,561 | -28.9% |
| Taxes | 450/3 | €5,404 | €3,843 | -€1,561 | -28.9% |
| Other amounts payable | 47/48 | €25,186 | €5,697 | -€19,489 | -77.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,520 | €12,478 | -€42 | -0.3% |
| Other operating charges | 640/8 | €1,116 | €894 | -€222 | -19.9% |
| Gross operating margin | 9900 | €59,313 | €34,634 | -€24,680 | -41.6% |
| Operating profit (loss) | 9901 | €45,678 | €21,262 | -€24,415 | -53.5% |
| Financial income | 75/76B | €7,868 | €3,326 | -€4,542 | -57.7% |
| Recurring financial income | 75 | €7,868 | €3,326 | -€4,542 | -57.7% |
| Financial charges | 65/66B | €1,711 | €1,348 | -€363 | -21.2% |
| Recurring financial charges | 65 | €1,711 | €1,348 | -€363 | -21.2% |
| Profit (loss) for the period before taxes | 9903 | €51,835 | €23,241 | -€28,594 | -55.2% |
| Income taxes | 67/77 | €12,455 | €6,458 | -€5,997 | -48.1% |
| Profit (loss) for the period | 9904 | €39,380 | €16,783 | -€22,597 | -57.4% |
| Profit (loss) for the period to be appropriated | 9905 | €39,380 | €16,783 | -€22,597 | -57.4% |
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 5 October 2026 via checked.be.