GREYBOX: 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.
GREYBOX
Largest movements
- Cash -€9,904
down €9,904 (-29.0%), from €34,179 to €24,276
mainly Contributions, distributions and other (-€17,070) and Tax, wage and social debts (-€4,391)
- Tangible fixed assets -€5,133
down €5,133 (-24.1%), from €21,333 to €16,200
- Receivables within one year +€648
new in 2025: €648
- Reserves -€9,667
down €9,667 (-24.1%), from €40,091 to €30,424
- Tax, wage and social debts -€4,391
down €4,391 (-100.0%), from €4,391 to €0
- Accrued charges and deferred income -€675
down €675 (-65.9%), from €1,025 to €350
- Gross operating margin -€1,848
down €1,848 (-10.1%), from €18,290 to €16,442
- Taxes -€1,077
down €1,077 (-23.8%), from €4,532 to €3,455
- Depreciation +€727
up €727 (+18.7%), from €3,886 to €4,613
- Financial charges -€675
down €675 (-63.1%), from €1,070 to €395
- Other operating charges +€533
up €533 (+137.5%), from €387 to €920
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 | €55,512 | €41,124 | -€14,389 | -25.9% |
| Fixed assets | 21/28 | €21,333 | €16,200 | -€5,133 | -24.1% |
| Tangible fixed assets | 22/27 | €21,333 | €16,200 | -€5,133 | -24.1% |
| Land and buildings | 22 | €21,333 | €16,200 | -€5,133 | -24.1% |
| Current assets | 29/58 | €34,179 | €24,924 | -€9,255 | -27.1% |
| Amounts receivable within one year | 40/41 | - | €648 | +€648 | |
| Other amounts receivable | 41 | - | €648 | +€648 | |
| Cash at bank and in hand | 54/58 | €34,179 | €24,276 | -€9,904 | -29.0% |
| Total equity and liabilities | 10/49 | €55,512 | €41,124 | -€14,389 | -25.9% |
| Equity | 10/15 | €40,982 | €31,315 | -€9,667 | -23.6% |
| Contributions | 10/11 | €877 | €877 | = | 0.0% |
| Reserves | 13 | €40,091 | €30,424 | -€9,667 | -24.1% |
| Distributable reserves | 133 | €40,091 | €30,424 | -€9,667 | -24.1% |
| Profit (loss) carried forward | 14 | €14 | €14 | = | 0.0% |
| Amounts payable | 17/49 | €14,531 | €9,809 | -€4,722 | -32.5% |
| Amounts payable within one year | 42/48 | €13,506 | €9,459 | -€4,047 | -30.0% |
| Trade debts | 44 | - | €421 | +€421 | |
| Suppliers | 440/4 | - | €421 | +€421 | |
| Taxes, remuneration and social security | 45 | €4,391 | €0 | -€4,391 | -100.0% |
| Taxes | 450/3 | €4,391 | €0 | -€4,391 | -100.0% |
| Other amounts payable | 47/48 | €9,115 | €9,038 | -€77 | -0.8% |
| Accrued charges and deferred income | 492/3 | €1,025 | €350 | -€675 | -65.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,886 | €4,613 | +€727 | +18.7% |
| Other operating charges | 640/8 | €387 | €920 | +€533 | +137.5% |
| Gross operating margin | 9900 | €18,290 | €16,442 | -€1,848 | -10.1% |
| Operating profit (loss) | 9901 | €14,016 | €10,909 | -€3,108 | -22.2% |
| Financial income | 75/76B | €471 | €344 | -€128 | -27.1% |
| Recurring financial income | 75 | €471 | €344 | -€128 | -27.1% |
| Financial charges | 65/66B | €1,070 | €395 | -€675 | -63.1% |
| Recurring financial charges | 65 | €1,070 | €395 | -€675 | -63.1% |
| Profit (loss) for the period before taxes | 9903 | €13,418 | €10,858 | -€2,560 | -19.1% |
| Income taxes | 67/77 | €4,532 | €3,455 | -€1,077 | -23.8% |
| Profit (loss) for the period | 9904 | €8,885 | €7,403 | -€1,482 | -16.7% |
| Profit (loss) for the period to be appropriated | 9905 | €8,885 | €7,403 | -€1,482 | -16.7% |
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 12 October 2026 via checked.be.