GOLDEN LINES: 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.
GOLDEN LINES
Largest movements
- Receivables within one year +€90,434
up €90,434 (+245%), from €36,982 to €127,416
of which Trade receivables: +€87,190
- Cash +€22,677
up €22,677 (+87.7%), from €25,860 to €48,538
mainly Trade debts (+€106,700) and Other debts (+€37,113)
- Tangible fixed assets -€14,696
down €14,696 (-27.4%), from €53,669 to €38,973
- Trade debts +€106,700
up €106,700 (+919%), from €11,606 to €118,306
- Other debts +€37,113
up €37,113 (+9,649%), from €385 to €37,498
- Profit (loss) carried forward -€27,304
no longer reported in 2025 (was €27,304)
- Debts after one year -€16,532
down €16,532 (-40.5%), from €40,801 to €24,269
- Tax, wage and social debts -€6,768
down €6,768 (-39.8%), from €16,995 to €10,228
of which Remuneration and social security: -€6,241
- Gross operating margin -€51,570
down €51,570 (-25.5%), from €202,369 to €150,799
- Staff costs -€43,281
down €43,281 (-27.6%), from €156,721 to €113,439
- Other operating charges +€3,779
up €3,779 (+200%), from €1,894 to €5,674
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 | €116,512 | €214,928 | +€98,416 | +84.5% |
| Fixed assets | 21/28 | €53,669 | €38,973 | -€14,696 | -27.4% |
| Tangible fixed assets | 22/27 | €53,669 | €38,973 | -€14,696 | -27.4% |
| Furniture and vehicles | 24 | €53,669 | €38,973 | -€14,696 | -27.4% |
| Current assets | 29/58 | €62,843 | €175,954 | +€113,111 | +180% |
| Amounts receivable within one year | 40/41 | €36,982 | €127,416 | +€90,434 | +245% |
| Trade receivables | 40 | €35,391 | €122,581 | +€87,190 | +246% |
| Other amounts receivable | 41 | €1,591 | €4,835 | +€3,244 | +204% |
| Cash at bank and in hand | 54/58 | €25,860 | €48,538 | +€22,677 | +87.7% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €116,512 | €214,928 | +€98,416 | +84.5% |
| Equity | 10/15 | €30,304 | €3,000 | -€27,304 | -90.1% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €27,304 | - | -€27,304 | |
| Amounts payable | 17/49 | €86,208 | €211,928 | +€125,719 | +146% |
| Amounts payable after more than one year | 17 | €40,801 | €24,269 | -€16,532 | -40.5% |
| Financial debts | 170/4 | €40,801 | €24,269 | -€16,532 | -40.5% |
| Amounts payable within one year | 42/48 | €45,408 | €187,659 | +€142,251 | +313% |
| Current portion of amounts payable after more than one year | 42 | €16,422 | €21,628 | +€5,206 | +31.7% |
| Trade debts | 44 | €11,606 | €118,306 | +€106,700 | +919% |
| Suppliers | 440/4 | €11,606 | €118,306 | +€106,700 | +919% |
| Taxes, remuneration and social security | 45 | €16,995 | €10,228 | -€6,768 | -39.8% |
| Taxes | 450/3 | €1,200 | €673 | -€527 | -43.9% |
| Remuneration and social security | 454/9 | €15,796 | €9,555 | -€6,241 | -39.5% |
| Other amounts payable | 47/48 | €385 | €37,498 | +€37,113 | +9,649% |
| Remuneration, social security and pensions | 62 | €156,721 | €113,439 | -€43,281 | -27.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,203 | €16,349 | +€146 | +0.9% |
| Other operating charges | 640/8 | €1,894 | €5,674 | +€3,779 | +200% |
| Gross operating margin | 9900 | €202,369 | €150,799 | -€51,570 | -25.5% |
| Operating profit (loss) | 9901 | €27,552 | €15,338 | -€12,214 | -44.3% |
| Financial income | 75/76B | €40 | €21 | -€19 | -48.1% |
| Recurring financial income | 75 | €40 | €21 | -€19 | -48.1% |
| Financial charges | 65/66B | €2,078 | €2,233 | +€155 | +7.5% |
| Recurring financial charges | 65 | €2,078 | €2,233 | +€155 | +7.5% |
| Profit (loss) for the period before taxes | 9903 | €25,513 | €13,125 | -€12,388 | -48.6% |
| Income taxes | 67/77 | €5,569 | €4,149 | -€1,420 | -25.5% |
| Profit (loss) for the period | 9904 | €19,944 | €8,976 | -€10,968 | -55.0% |
| Profit (loss) for the period to be appropriated | 9905 | €19,944 | €8,976 | -€10,968 | -55.0% |
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 21 October 2026 via checked.be.