H2: 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.
H2
Largest movements
- Receivables within one year +€10,312
up €10,312 (+62.6%), from €16,461 to €26,774
of which Trade receivables: +€9,010
- Cash +€6,313
up €6,313 (+36.6%), from €17,268 to €23,582
mainly Net result for the year (+€9,435) and Trade debts (+€8,628)
- Tangible fixed assets -€3,039
down €3,039 (-40.5%), from €7,501 to €4,462
of which Furniture and vehicles: -€2,225
- Stocks and contracts -€692
down €692 (-17.6%), from €3,925 to €3,233
- Other debts -€10,682
down €10,682 (-55.3%), from €19,331 to €8,649
- Profit (loss) carried forward +€9,435
up €9,435 (+54.1%), from -€17,435 to -€8,000
- Trade debts +€8,628
up €8,628 (+82.6%), from €10,441 to €19,068
- Tax, wage and social debts +€5,531
up €5,531 (+37.0%), from €14,940 to €20,472
of which Taxes: +€4,874
- Turnover -€23,079
down €23,079 (-9.3%), from €246,899 to €223,820
- Gross operating margin +€5,193
up €5,193 (+12.2%), from €42,602 to €47,794
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 | €55,136 | €68,184 | +€13,048 | +23.7% |
| Fixed assets | 21/28 | €7,501 | €4,462 | -€3,039 | -40.5% |
| Tangible fixed assets | 22/27 | €7,501 | €4,462 | -€3,039 | -40.5% |
| Plant, machinery and equipment | 23 | €1,549 | €1,017 | -€532 | -34.3% |
| Furniture and vehicles | 24 | €5,669 | €3,445 | -€2,225 | -39.2% |
| Other tangible fixed assets | 26 | €282 | - | -€282 | |
| Current assets | 29/58 | €47,635 | €63,722 | +€16,087 | +33.8% |
| Stocks and contracts in progress | 3 | €3,925 | €3,233 | -€692 | -17.6% |
| Stocks | 30/36 | €3,925 | €3,233 | -€692 | -17.6% |
| Amounts receivable within one year | 40/41 | €16,461 | €26,774 | +€10,312 | +62.6% |
| Trade receivables | 40 | €8,155 | €17,165 | +€9,010 | +110.5% |
| Other amounts receivable | 41 | €8,306 | €9,608 | +€1,302 | +15.7% |
| Current investments | 50/53 | €9,227 | €9,355 | +€128 | +1.4% |
| Cash at bank and in hand | 54/58 | €17,268 | €23,582 | +€6,313 | +36.6% |
| Deferred charges and accrued income | 490/1 | €753 | €778 | +€25 | +3.4% |
| Total equity and liabilities | 10/49 | €55,136 | €68,184 | +€13,048 | +23.7% |
| Equity | 10/15 | €2,565 | €12,000 | +€9,435 | +367.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€17,435 | -€8,000 | +€9,435 | +54.1% |
| Amounts payable | 17/49 | €52,571 | €56,184 | +€3,613 | +6.9% |
| Amounts payable within one year | 42/48 | €52,571 | €56,184 | +€3,613 | +6.9% |
| Financial debts | 43 | €2,536 | €2,345 | -€191 | -7.5% |
| Credit institutions | 430/8 | €2,536 | €2,345 | -€191 | -7.5% |
| Trade debts | 44 | €10,441 | €19,068 | +€8,628 | +82.6% |
| Suppliers | 440/4 | €10,441 | €19,068 | +€8,628 | +82.6% |
| Advances received on contracts in progress | 46 | €5,323 | €5,650 | +€328 | +6.2% |
| Taxes, remuneration and social security | 45 | €14,940 | €20,472 | +€5,531 | +37.0% |
| Taxes | 450/3 | €11,554 | €16,428 | +€4,874 | +42.2% |
| Remuneration and social security | 454/9 | €3,386 | €4,044 | +€657 | +19.4% |
| Other amounts payable | 47/48 | €19,331 | €8,649 | -€10,682 | -55.3% |
| Turnover | 70 | €246,899 | €223,820 | -€23,079 | -9.3% |
| Non-recurring operating income | 76A | - | €236 | +€236 | |
| Remuneration, social security and pensions | 62 | €29,924 | €32,195 | +€2,272 | +7.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,336 | €3,344 | +€1,008 | +43.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,749 | €674 | -€1,075 | -61.5% |
| Gross operating margin | 9900 | €42,602 | €47,794 | +€5,193 | +12.2% |
| Operating profit (loss) | 9901 | €8,593 | €11,581 | +€2,988 | +34.8% |
| Financial income | 75/76B | €301 | €182 | -€119 | -39.5% |
| Recurring financial income | 75 | €95 | €182 | +€88 | +92.7% |
| Non-recurring financial income | 76B | €207 | - | -€207 | |
| Financial charges | 65/66B | €1,327 | €1,601 | +€274 | +20.7% |
| Recurring financial charges | 65 | €1,327 | €1,320 | -€7 | -0.5% |
| Non-recurring financial charges | 66B | - | €281 | +€281 | |
| Profit (loss) for the period before taxes | 9903 | €7,567 | €10,162 | +€2,595 | +34.3% |
| Income taxes | 67/77 | €9 | €727 | +€718 | +7661.5% |
| Profit (loss) for the period | 9904 | €7,558 | €9,435 | +€1,877 | +24.8% |
| Profit (loss) for the period to be appropriated | 9905 | €7,558 | €9,435 | +€1,877 | +24.8% |
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 5 October 2026 via checked.be.