GREY MATTERS: 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.
GREY MATTERS
Largest movements
- Cash -€27,519
down €27,519 (-31.6%), from €87,218 to €59,700
mainly Other debts (-€71,122) and Trade debts (-€17,080)
- Tangible fixed assets -€7,765
down €7,765 (-18.6%), from €41,670 to €33,906
of which Other tangible fixed assets: -€4,542
- Receivables within one year +€2,605
up €2,605 (+7.3%), from €35,640 to €38,245
of which Other amounts receivable: +€38,084
- Other debts -€71,122
no longer reported in 2025 (was €71,122)
- Reserves +€61,014
up €61,014 (+158%), from €38,580 to €99,594
of which Distributable reserves: +€61,014
- Trade debts -€17,080
down €17,080 (-95.5%), from €17,892 to €812
- Tax, wage and social debts -€6,071
down €6,071 (-32.1%), from €18,915 to €12,844
of which Taxes: -€6,071
- Gross operating margin -€5,720
down €5,720 (-6.1%), from €93,230 to €87,510
- Taxes -€1,433
down €1,433 (-7.9%), from €18,059 to €16,626
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 | €165,108 | €131,850 | -€33,258 | -20.1% |
| Fixed assets | 21/28 | €41,715 | €33,906 | -€7,809 | -18.7% |
| Tangible fixed assets | 22/27 | €41,670 | €33,906 | -€7,765 | -18.6% |
| Furniture and vehicles | 24 | €8,253 | €5,030 | -€3,223 | -39.1% |
| Other tangible fixed assets | 26 | €33,417 | €28,876 | -€4,542 | -13.6% |
| Financial fixed assets | 28 | €45 | - | -€45 | |
| Current assets | 29/58 | €123,393 | €97,944 | -€25,449 | -20.6% |
| Amounts receivable within one year | 40/41 | €35,640 | €38,245 | +€2,605 | +7.3% |
| Trade receivables | 40 | €35,479 | - | -€35,479 | |
| Other amounts receivable | 41 | €161 | €38,245 | +€38,084 | +23,647% |
| Cash at bank and in hand | 54/58 | €87,218 | €59,700 | -€27,519 | -31.6% |
| Deferred charges and accrued income | 490/1 | €534 | - | -€534 | |
| Total equity and liabilities | 10/49 | €165,108 | €131,850 | -€33,258 | -20.1% |
| Equity | 10/15 | €57,180 | €118,194 | +€61,014 | +107% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €38,580 | €99,594 | +€61,014 | +158% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €36,720 | €97,734 | +€61,014 | +166% |
| Amounts payable | 17/49 | €107,928 | €13,656 | -€94,272 | -87.3% |
| Amounts payable within one year | 42/48 | €107,928 | €13,656 | -€94,272 | -87.3% |
| Trade debts | 44 | €17,892 | €812 | -€17,080 | -95.5% |
| Suppliers | 440/4 | €17,892 | €812 | -€17,080 | -95.5% |
| Taxes, remuneration and social security | 45 | €18,915 | €12,844 | -€6,071 | -32.1% |
| Taxes | 450/3 | €17,015 | €10,944 | -€6,071 | -35.7% |
| Remuneration and social security | 454/9 | €1,900 | €1,900 | = | 0.0% |
| Other amounts payable | 47/48 | €71,122 | - | -€71,122 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,397 | €7,765 | +€368 | +5.0% |
| Other operating charges | 640/8 | €387 | €223 | -€164 | -42.4% |
| Gross operating margin | 9900 | €93,230 | €87,510 | -€5,720 | -6.1% |
| Operating profit (loss) | 9901 | €85,446 | €79,523 | -€5,923 | -6.9% |
| Financial income | 75/76B | €3 | - | -€3 | |
| Recurring financial income | 75 | €3 | - | -€3 | |
| Financial charges | 65/66B | €1,671 | €1,883 | +€212 | +12.7% |
| Recurring financial charges | 65 | €1,671 | €1,883 | +€212 | +12.7% |
| Profit (loss) for the period before taxes | 9903 | €83,777 | €77,640 | -€6,137 | -7.3% |
| Income taxes | 67/77 | €18,059 | €16,626 | -€1,433 | -7.9% |
| Profit (loss) for the period | 9904 | €65,718 | €61,014 | -€4,704 | -7.2% |
| Profit (loss) for the period to be appropriated | 9905 | €65,718 | €61,014 | -€4,704 | -7.2% |
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 16 October 2026 via checked.be.