H W: 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.
H W
Largest movements
- Tangible fixed assets -€37,454
down €37,454 (-35.5%), from €105,568 to €68,114
of which Furniture and vehicles: -€21,328
- Cash +€5,443
up €5,443 (+16.3%), from €33,433 to €38,876
mainly Depreciation (+€22,122) and Tax, wage and social debts (+€19,578)
- Receivables within one year +€5,265
up €5,265 (+19.2%), from €27,409 to €32,674
- Profit (loss) carried forward -€32,779
down €32,779 (-40.1%), from €81,824 to €49,045
- Tax, wage and social debts +€19,578
up €19,578 (+71.3%), from €27,446 to €47,024
of which Taxes: +€19,374
- Debts after one year -€9,774
down €9,774 (-92.1%), from €10,617 to €843
- Current portion of long-term debt -€3,281
down €3,281 (-25.1%), from €13,055 to €9,774
- Staff costs +€44,976
up €44,976 (+28.7%), from €156,603 to €201,579
- Gross operating margin +€33,577
up €33,577 (+17.6%), from €191,221 to €224,798
- Depreciation -€17,065
down €17,065 (-43.5%), from €39,187 to €22,122
- Taxes +€16,877
new in 2025: €16,877
- Other operating charges +€2,544
up €2,544 (+30.2%), from €8,419 to €10,964
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 | €178,354 | €152,684 | -€25,669 | -14.4% |
| Fixed assets | 21/28 | €105,568 | €68,114 | -€37,454 | -35.5% |
| Tangible fixed assets | 22/27 | €105,568 | €68,114 | -€37,454 | -35.5% |
| Plant, machinery and equipment | 23 | €9,273 | €3,206 | -€6,067 | -65.4% |
| Furniture and vehicles | 24 | €26,110 | €4,782 | -€21,328 | -81.7% |
| Other tangible fixed assets | 26 | €70,185 | €60,126 | -€10,059 | -14.3% |
| Current assets | 29/58 | €72,785 | €84,570 | +€11,785 | +16.2% |
| Stocks and contracts in progress | 3 | €11,549 | €13,021 | +€1,472 | +12.7% |
| Stocks | 30/36 | €11,549 | €13,021 | +€1,472 | +12.7% |
| Amounts receivable within one year | 40/41 | €27,409 | €32,674 | +€5,265 | +19.2% |
| Other amounts receivable | 41 | €27,409 | €32,674 | +€5,265 | +19.2% |
| Cash at bank and in hand | 54/58 | €33,433 | €38,876 | +€5,443 | +16.3% |
| Deferred charges and accrued income | 490/1 | €395 | - | -€395 | |
| Total equity and liabilities | 10/49 | €178,354 | €152,684 | -€25,669 | -14.4% |
| Equity | 10/15 | €102,498 | €69,720 | -€32,779 | -32.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €2,075 | €2,075 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,075 | €2,075 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,075 | €2,075 | = | 0.0% |
| Profit (loss) carried forward | 14 | €81,824 | €49,045 | -€32,779 | -40.1% |
| Amounts payable | 17/49 | €75,855 | €82,965 | +€7,110 | +9.4% |
| Amounts payable after more than one year | 17 | €10,617 | €843 | -€9,774 | -92.1% |
| Financial debts | 170/4 | €10,617 | €843 | -€9,774 | -92.1% |
| Amounts payable within one year | 42/48 | €65,238 | €82,121 | +€16,883 | +25.9% |
| Current portion of amounts payable after more than one year | 42 | €13,055 | €9,774 | -€3,281 | -25.1% |
| Trade debts | 44 | €24,738 | €25,324 | +€586 | +2.4% |
| Suppliers | 440/4 | €24,738 | €25,324 | +€586 | +2.4% |
| Taxes, remuneration and social security | 45 | €27,446 | €47,024 | +€19,578 | +71.3% |
| Taxes | 450/3 | €299 | €19,673 | +€19,374 | +6476.0% |
| Remuneration and social security | 454/9 | €27,146 | €27,351 | +€204 | +0.8% |
| Remuneration, social security and pensions | 62 | €156,603 | €201,579 | +€44,976 | +28.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,187 | €22,122 | -€17,065 | -43.5% |
| Other operating charges | 640/8 | €8,419 | €10,964 | +€2,544 | +30.2% |
| Gross operating margin | 9900 | €191,221 | €224,798 | +€33,577 | +17.6% |
| Operating profit (loss) | 9901 | -€12,988 | -€9,867 | +€3,122 | +24.0% |
| Financial income | 75/76B | €13 | €191 | +€177 | +1330.2% |
| Recurring financial income | 75 | €13 | €191 | +€177 | +1330.2% |
| Financial charges | 65/66B | €6,819 | €6,226 | -€593 | -8.7% |
| Recurring financial charges | 65 | €6,819 | €6,226 | -€593 | -8.7% |
| Profit (loss) for the period before taxes | 9903 | -€19,794 | -€15,902 | +€3,892 | +19.7% |
| Income taxes | 67/77 | - | €16,877 | +€16,877 | |
| Profit (loss) for the period | 9904 | -€19,794 | -€32,779 | -€12,985 | -65.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€19,794 | -€32,779 | -€12,985 | -65.6% |
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 11 October 2026 via checked.be.