Hammertime: 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.
Hammertime
Largest movements
- Receivables within one year -€156,884
down €156,884 (-23.2%), from €676,795 to €519,911
of which Trade receivables: -€154,871
- Cash -€130,002
down €130,002 (-11.5%), from €1.1m to €996,359
mainly Advances received (-€485,697) and Contributions, distributions and other (-€70,000)
- Advances received -€485,697
down €485,697 (-59.3%), from €818,946 to €333,249
- Trade debts +€125,590
up €125,590 (+36.4%), from €345,246 to €470,836
- Other debts +€72,639
up €72,639 (+21.4%), from €339,271 to €411,910
- Debts after one year -€52,251
down €52,251 (-16.0%), from €326,013 to €273,763
- Tax, wage and social debts +€38,359
up €38,359 (+86.1%), from €44,543 to €82,902
of which Taxes: +€37,485
- Gross operating margin -€241,377
down €241,377 (-43.3%), from €556,826 to €315,448
- Financial income +€11,429
up €11,429 (+136.7%), from €8,362 to €19,791
of which Financial income: +€16,115
- Taxes +€6,790
up €6,790 (+100.0%), from €6,793 to €13,583
- Other operating charges +€5,985
up €5,985 (+198.0%), from €3,022 to €9,007
- Depreciation -€5,727
down €5,727 (-9.9%), from €57,647 to €51,920
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 | €2,096,840 | €1,804,030 | -€292,810 | -14.0% |
| Fixed assets | 21/28 | €284,456 | €279,464 | -€4,992 | -1.8% |
| Tangible fixed assets | 22/27 | €284,106 | €279,114 | -€4,992 | -1.8% |
| Plant, machinery and equipment | 23 | €4,771 | €3,087 | -€1,684 | -35.3% |
| Furniture and vehicles | 24 | €17,849 | €19,691 | +€1,842 | +10.3% |
| Other tangible fixed assets | 26 | €261,486 | €256,336 | -€5,150 | -2.0% |
| Financial fixed assets | 28 | €350 | €350 | = | 0.0% |
| Current assets | 29/58 | €1,812,384 | €1,524,566 | -€287,818 | -15.9% |
| Amounts receivable within one year | 40/41 | €676,795 | €519,911 | -€156,884 | -23.2% |
| Trade receivables | 40 | €363,529 | €208,658 | -€154,871 | -42.6% |
| Other amounts receivable | 41 | €313,265 | €311,253 | -€2,012 | -0.6% |
| Cash at bank and in hand | 54/58 | €1,126,362 | €996,359 | -€130,002 | -11.5% |
| Deferred charges and accrued income | 490/1 | €9,227 | €8,295 | -€932 | -10.1% |
| Total equity and liabilities | 10/49 | €2,096,840 | €1,804,030 | -€292,810 | -14.0% |
| Equity | 10/15 | €172,166 | €177,130 | +€4,965 | +2.9% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €36,201 | €36,201 | = | 0.0% |
| Tax-exempt reserves | 132 | €24,501 | €24,501 | = | 0.0% |
| Distributable reserves | 133 | €11,700 | €11,700 | = | 0.0% |
| Profit (loss) carried forward | 14 | €115,965 | €120,930 | +€4,965 | +4.3% |
| Amounts payable | 17/49 | €1,924,674 | €1,626,900 | -€297,774 | -15.5% |
| Amounts payable after more than one year | 17 | €326,013 | €273,763 | -€52,251 | -16.0% |
| Financial debts | 170/4 | €326,013 | €273,763 | -€52,251 | -16.0% |
| Amounts payable within one year | 42/48 | €1,598,661 | €1,353,137 | -€245,524 | -15.4% |
| Current portion of amounts payable after more than one year | 42 | €50,655 | €52,251 | +€1,596 | +3.2% |
| Financial debts | 43 | - | €1,989 | +€1,989 | |
| Credit institutions | 430/8 | - | €1,989 | +€1,989 | |
| Trade debts | 44 | €345,246 | €470,836 | +€125,590 | +36.4% |
| Suppliers | 440/4 | €345,246 | €470,836 | +€125,590 | +36.4% |
| Advances received on contracts in progress | 46 | €818,946 | €333,249 | -€485,697 | -59.3% |
| Taxes, remuneration and social security | 45 | €44,543 | €82,902 | +€38,359 | +86.1% |
| Taxes | 450/3 | €23,092 | €60,577 | +€37,485 | +162.3% |
| Remuneration and social security | 454/9 | €21,451 | €22,325 | +€874 | +4.1% |
| Other amounts payable | 47/48 | €339,271 | €411,910 | +€72,639 | +21.4% |
| Remuneration, social security and pensions | 62 | €170,269 | €172,313 | +€2,043 | +1.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €57,647 | €51,920 | -€5,727 | -9.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €986 | €0 | -€986 | -100.0% |
| Other operating charges | 640/8 | €3,022 | €9,007 | +€5,985 | +198.0% |
| Gross operating margin | 9900 | €556,826 | €315,448 | -€241,377 | -43.3% |
| Operating profit (loss) | 9901 | €324,901 | €82,209 | -€242,692 | -74.7% |
| Financial income | 75/76B | €8,362 | €19,791 | +€11,429 | +136.7% |
| Recurring financial income | 75 | €3,676 | €19,791 | +€16,115 | +438.4% |
| Non-recurring financial income | 76B | €4,686 | €0 | -€4,686 | -100.0% |
| Financial charges | 65/66B | €9,977 | €13,452 | +€3,475 | +34.8% |
| Recurring financial charges | 65 | €9,977 | €13,452 | +€3,475 | +34.8% |
| Profit (loss) for the period before taxes | 9903 | €323,286 | €88,547 | -€234,739 | -72.6% |
| Income taxes | 67/77 | €6,793 | €13,583 | +€6,790 | +100.0% |
| Profit (loss) for the period | 9904 | €316,493 | €74,965 | -€241,528 | -76.3% |
| Profit (loss) for the period to be appropriated | 9905 | €316,493 | €74,965 | -€241,528 | -76.3% |
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 4 October 2026 via checked.be.