Gérald HOUBEAU: 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.
Gérald HOUBEAU
Largest movements
- Cash -€10,671
down €10,671 (-77.7%), from €13,730 to €3,059
mainly Net result for the year (-€12,537) and Tax, wage and social debts (-€5,157)
- Receivables within one year -€2,959
down €2,959 (-22.7%), from €13,014 to €10,055
of which Trade receivables: -€5,295
- Tangible fixed assets -€1,081
down €1,081 (-30.2%), from €3,579 to €2,498
- Profit (loss) carried forward -€12,537
down €12,537, from €4,243 to -€8,294
- Trade debts +€7,054
up €7,054 (+111%), from €6,344 to €13,398
- Tax, wage and social debts -€5,157
down €5,157 (-73.8%), from €6,984 to €1,827
- Other debts -€3,422
down €3,422 (-81.9%), from €4,178 to €756
- Current portion of long-term debt -€649
no longer reported in 2025 (was €649)
- Turnover -€53,350
down €53,350 (-41.9%), from €127,282 to €73,932
- Gross operating margin -€28,933
down €28,933, from €21,299 to -€7,634
- Purchases and services -€23,910
down €23,910 (-22.1%), from €108,383 to €84,473
- Depreciation -€2,366
down €2,366 (-51.4%), from €4,607 to €2,241
- Taxes -€1,827
no longer reported in 2025 (was €1,827)
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 | €30,458 | €15,747 | -€14,711 | -48.3% |
| Fixed assets | 21/28 | €3,714 | €2,633 | -€1,081 | -29.1% |
| Tangible fixed assets | 22/27 | €3,579 | €2,498 | -€1,081 | -30.2% |
| Plant, machinery and equipment | 23 | €3,579 | €2,498 | -€1,081 | -30.2% |
| Financial fixed assets | 28 | €135 | €135 | = | 0.0% |
| Current assets | 29/58 | €26,744 | €13,114 | -€13,630 | -51.0% |
| Amounts receivable within one year | 40/41 | €13,014 | €10,055 | -€2,959 | -22.7% |
| Trade receivables | 40 | €13,014 | €7,719 | -€5,295 | -40.7% |
| Other amounts receivable | 41 | - | €2,336 | +€2,336 | |
| Cash at bank and in hand | 54/58 | €13,730 | €3,059 | -€10,671 | -77.7% |
| Total equity and liabilities | 10/49 | €30,458 | €15,747 | -€14,711 | -48.3% |
| Equity | 10/15 | €12,303 | -€234 | -€12,537 | |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Capital | 10 | €6,200 | €6,200 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Uncalled capital | 101 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €4,243 | -€8,294 | -€12,537 | |
| Amounts payable | 17/49 | €18,155 | €15,981 | -€2,174 | -12.0% |
| Amounts payable within one year | 42/48 | €18,155 | €15,981 | -€2,174 | -12.0% |
| Current portion of amounts payable after more than one year | 42 | €649 | - | -€649 | |
| Trade debts | 44 | €6,344 | €13,398 | +€7,054 | +111% |
| Suppliers | 440/4 | €6,344 | €13,398 | +€7,054 | +111% |
| Taxes, remuneration and social security | 45 | €6,984 | €1,827 | -€5,157 | -73.8% |
| Taxes | 450/3 | €6,984 | €1,827 | -€5,157 | -73.8% |
| Other amounts payable | 47/48 | €4,178 | €756 | -€3,422 | -81.9% |
| Turnover | 70 | €127,282 | €73,932 | -€53,350 | -41.9% |
| Goods, raw materials, services and sundry goods | 60/61 | €108,383 | €84,473 | -€23,910 | -22.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,607 | €2,241 | -€2,366 | -51.4% |
| Other operating charges | 640/8 | €200 | €436 | +€236 | +118% |
| Gross operating margin | 9900 | €21,299 | -€7,634 | -€28,933 | |
| Operating profit (loss) | 9901 | €16,492 | -€10,311 | -€26,803 | |
| Financial charges | 65/66B | €670 | €2,226 | +€1,556 | +232% |
| Recurring financial charges | 65 | €670 | €2,226 | +€1,556 | +232% |
| Profit (loss) for the period before taxes | 9903 | €15,822 | -€12,537 | -€28,359 | |
| Income taxes | 67/77 | €1,827 | - | -€1,827 | |
| Profit (loss) for the period | 9904 | €13,995 | -€12,537 | -€26,532 | |
| Profit (loss) for the period to be appropriated | 9905 | €13,995 | -€12,537 | -€26,532 |
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 30 October 2026 via checked.be.