Groundwork: what changed
Two fiscal 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.
Groundwork
Largest movements
- Cash +€76,013
up €76,013 (+23.8%), from €319,086 to €395,099
mainly Net result for the year (+€70,905) and Depreciation (+€11,188)
- Receivables within one year +€15,388
up €15,388 (+1624.2%), from €947 to €16,335
of which Trade receivables: +€16,335
- Tangible fixed assets -€11,188
down €11,188 (-27.7%), from €40,340 to €29,151
- Reserves +€70,850
up €70,850 (+22.4%), from €316,470 to €387,320
- Tax, wage and social debts +€6,707
up €6,707 (+55.3%), from €12,119 to €18,826
- Other debts +€5,619
up €5,619 (+68.6%), from €8,187 to €13,806
- Gross operating margin +€4,700
up €4,700 (+4.4%), from €105,958 to €110,658
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 | €360,373 | €440,585 | +€80,212 | +22.3% |
| Fixed assets | 21/28 | €40,340 | €29,151 | -€11,188 | -27.7% |
| Tangible fixed assets | 22/27 | €40,340 | €29,151 | -€11,188 | -27.7% |
| Furniture and vehicles | 24 | €40,340 | €29,151 | -€11,188 | -27.7% |
| Current assets | 29/58 | €320,033 | €411,434 | +€91,400 | +28.6% |
| Amounts receivable within one year | 40/41 | €947 | €16,335 | +€15,388 | +1624.2% |
| Trade receivables | 40 | - | €16,335 | +€16,335 | |
| Other amounts receivable | 41 | €947 | - | -€947 | |
| Cash at bank and in hand | 54/58 | €319,086 | €395,099 | +€76,013 | +23.8% |
| Total equity and liabilities | 10/49 | €360,373 | €440,585 | +€80,212 | +22.3% |
| Equity | 10/15 | €336,578 | €407,482 | +€70,905 | +21.1% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €316,470 | €387,320 | +€70,850 | +22.4% |
| Distributable reserves | 133 | €316,470 | €387,320 | +€70,850 | +22.4% |
| Profit (loss) carried forward | 14 | €108 | €163 | +€55 | +50.9% |
| Amounts payable | 17/49 | €23,796 | €33,102 | +€9,307 | +39.1% |
| Amounts payable within one year | 42/48 | €21,950 | €33,102 | +€11,153 | +50.8% |
| Trade debts | 44 | €1,643 | €470 | -€1,174 | -71.4% |
| Suppliers | 440/4 | €1,643 | €470 | -€1,174 | -71.4% |
| Taxes, remuneration and social security | 45 | €12,119 | €18,826 | +€6,707 | +55.3% |
| Taxes | 450/3 | €12,119 | €18,826 | +€6,707 | +55.3% |
| Other amounts payable | 47/48 | €8,187 | €13,806 | +€5,619 | +68.6% |
| Accrued charges and deferred income | 492/3 | €1,846 | - | -€1,846 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,188 | €11,188 | = | 0.0% |
| Other operating charges | 640/8 | €946 | €1,026 | +€80 | +8.4% |
| Gross operating margin | 9900 | €105,958 | €110,658 | +€4,700 | +4.4% |
| Operating profit (loss) | 9901 | €93,824 | €98,444 | +€4,620 | +4.9% |
| Financial charges | 65/66B | €113 | €87 | -€26 | -23.1% |
| Recurring financial charges | 65 | €113 | €87 | -€26 | -23.1% |
| Profit (loss) for the period before taxes | 9903 | €93,711 | €98,357 | +€4,646 | +5.0% |
| Income taxes | 67/77 | €26,399 | €27,452 | +€1,053 | +4.0% |
| Profit (loss) for the period | 9904 | €67,312 | €70,905 | +€3,593 | +5.3% |
| Profit (loss) for the period to be appropriated | 9905 | €67,312 | €70,905 | +€3,593 | +5.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.