Get the picture: what changed
Get the picture
Largest movements
- Tangible fixed assets +€44,888
up €44,888 (+1,646%), from €2,727 to €47,615
of which Furniture and vehicles: +€43,183
- Cash -€44,131
down €44,131 (-42.8%), from €103,227 to €59,096
mainly Investment in fixed assets (net) (-€54,466) and Contributions, distributions and other (-€54,268)
- Current investments +€30,630
up €30,630 (+121%), from €25,284 to €55,913
- Reserves -€30,000
no longer reported in 2025 (was €30,000)
- Other debts +€25,236
up €25,236 (+15.2%), from €165,760 to €190,995
- Debts after one year +€19,079
new in 2025: €19,079
- Tax, wage and social debts +€9,558
up €9,558 (+59.1%), from €16,166 to €25,725
- Current portion of long-term debt +€5,784
new in 2025: €5,784
- Gross operating margin -€46,326
down €46,326 (-51.1%), from €90,637 to €44,311
- Taxes -€9,943
down €9,943 (-53.1%), from €18,742 to €8,799
- Depreciation +€8,429
up €8,429 (+733%), from €1,150 to €9,578
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €234,998 | €266,091 | +€31,094 | +13.2% |
| Fixed assets | 21/28 | €2,727 | €47,615 | +€44,888 | +1,646% |
| Tangible fixed assets | 22/27 | €2,727 | €47,615 | +€44,888 | +1,646% |
| Plant, machinery and equipment | 23 | €2,727 | €1,753 | -€975 | -35.7% |
| Furniture and vehicles | 24 | - | €43,183 | +€43,183 | |
| Other tangible fixed assets | 26 | - | €2,679 | +€2,679 | |
| Current assets | 29/58 | €232,270 | €218,476 | -€13,794 | -5.9% |
| Amounts receivable within one year | 40/41 | €103,379 | €102,515 | -€865 | -0.8% |
| Trade receivables | 40 | €103,379 | €99,015 | -€4,365 | -4.2% |
| Other amounts receivable | 41 | - | €3,500 | +€3,500 | |
| Current investments | 50/53 | €25,284 | €55,913 | +€30,630 | +121% |
| Cash at bank and in hand | 54/58 | €103,227 | €59,096 | -€44,131 | -42.8% |
| Deferred charges and accrued income | 490/1 | €380 | €952 | +€572 | +150% |
| Total equity and liabilities | 10/49 | €234,998 | €266,091 | +€31,094 | +13.2% |
| Equity | 10/15 | €48,600 | €18,600 | -€30,000 | -61.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €30,000 | - | -€30,000 | |
| Distributable reserves | 133 | €30,000 | - | -€30,000 | |
| Amounts payable | 17/49 | €186,398 | €247,491 | +€61,094 | +32.8% |
| Amounts payable after more than one year | 17 | - | €19,079 | +€19,079 | |
| Financial debts | 170/4 | - | €19,079 | +€19,079 | |
| Amounts payable within one year | 42/48 | €183,714 | €224,281 | +€40,567 | +22.1% |
| Current portion of amounts payable after more than one year | 42 | - | €5,784 | +€5,784 | |
| Trade debts | 44 | €1,788 | €1,777 | -€11 | -0.6% |
| Suppliers | 440/4 | €1,788 | €1,777 | -€11 | -0.6% |
| Taxes, remuneration and social security | 45 | €16,166 | €25,725 | +€9,558 | +59.1% |
| Taxes | 450/3 | €16,166 | €25,725 | +€9,558 | +59.1% |
| Other amounts payable | 47/48 | €165,760 | €190,995 | +€25,236 | +15.2% |
| Accrued charges and deferred income | 492/3 | €2,684 | €4,131 | +€1,448 | +53.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,150 | €9,578 | +€8,429 | +733% |
| Other operating charges | 640/8 | €1,269 | €1,175 | -€94 | -7.4% |
| Gross operating margin | 9900 | €90,637 | €44,311 | -€46,326 | -51.1% |
| Operating profit (loss) | 9901 | €88,219 | €33,558 | -€54,661 | -62.0% |
| Financial income | 75/76B | - | €372 | +€372 | |
| Recurring financial income | 75 | - | €372 | +€372 | |
| Financial charges | 65/66B | €301 | €863 | +€562 | +187% |
| Recurring financial charges | 65 | €301 | €863 | +€562 | +187% |
| Profit (loss) for the period before taxes | 9903 | €87,918 | €33,067 | -€54,851 | -62.4% |
| Income taxes | 67/77 | €18,742 | €8,799 | -€9,943 | -53.1% |
| Profit (loss) for the period | 9904 | €69,176 | €24,268 | -€44,907 | -64.9% |
| Profit (loss) for the period to be appropriated | 9905 | €69,176 | €24,268 | -€44,907 | -64.9% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.