HEAD IN CLOUD: 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.
HEAD IN CLOUD
Largest movements
- Tangible fixed assets -€14,760
down €14,760 (-8.5%), from €173,524 to €158,764
of which Land and buildings: -€12,091
- Current investments +€3,569
up €3,569 (+17.0%), from €21,000 to €24,569
- Cash -€3,153
down €3,153 (-13.0%), from €24,231 to €21,078
mainly Contributions, distributions and other (-€89,000) and Debts after one year (-€6,941)
- Reserves -€82,062
down €82,062 (-99.8%), from €82,208 to €147
- Other debts +€69,290
up €69,290 (+253%), from €27,429 to €96,719
- Debts after one year -€6,941
down €6,941 (-6.2%), from €111,876 to €104,934
- Tax, wage and social debts +€4,193
up €4,193 (+78.8%), from €5,323 to €9,516
- Gross operating margin -€44,572
down €44,572 (-58.3%), from €76,389 to €31,817
- Taxes -€9,000
down €9,000 (-76.0%), from €11,846 to €2,846
- Financial income +€1,534
new in 2025: €1,534
of which Non-recurring financial income: +€1,534
- Depreciation +€1,001
up €1,001 (+6.7%), from €14,951 to €15,952
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.
Derived cash bridge
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 | €253,512 | €239,994 | -€13,518 | -5.3% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €173,524 | €158,764 | -€14,760 | -8.5% |
| Tangible fixed assets | 22/27 | €173,524 | €158,764 | -€14,760 | -8.5% |
| Land and buildings | 22 | €162,772 | €150,681 | -€12,091 | -7.4% |
| Plant, machinery and equipment | 23 | €3,806 | €3,143 | -€664 | -17.4% |
| Furniture and vehicles | 24 | €6,201 | €4,340 | -€1,861 | -30.0% |
| Other tangible fixed assets | 26 | €745 | €601 | -€144 | -19.4% |
| Current assets | 29/58 | €79,988 | €81,230 | +€1,242 | +1.6% |
| Amounts receivable within one year | 40/41 | €32,910 | €32,866 | -€44 | -0.1% |
| Trade receivables | 40 | €32,549 | €30,712 | -€1,837 | -5.6% |
| Other amounts receivable | 41 | €361 | €2,154 | +€1,793 | +497% |
| Current investments | 50/53 | €21,000 | €24,569 | +€3,569 | +17.0% |
| Cash at bank and in hand | 54/58 | €24,231 | €21,078 | -€3,153 | -13.0% |
| Deferred charges and accrued income | 490/1 | €1,847 | €2,718 | +€870 | +47.1% |
| Total equity and liabilities | 10/49 | €253,512 | €239,994 | -€13,518 | -5.3% |
| Equity | 10/15 | €100,758 | €18,697 | -€82,062 | -81.4% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €82,208 | €147 | -€82,062 | -99.8% |
| Distributable reserves | 133 | €82,208 | €147 | -€82,062 | -99.8% |
| Amounts payable | 17/49 | €152,754 | €221,297 | +€68,543 | +44.9% |
| Amounts payable after more than one year | 17 | €111,876 | €104,934 | -€6,941 | -6.2% |
| Financial debts | 170/4 | €111,876 | €104,934 | -€6,941 | -6.2% |
| Amounts payable within one year | 42/48 | €40,879 | €116,219 | +€75,341 | +184% |
| Current portion of amounts payable after more than one year | 42 | €6,655 | €6,941 | +€287 | +4.3% |
| Trade debts | 44 | €1,472 | €3,043 | +€1,571 | +107% |
| Suppliers | 440/4 | €1,472 | €3,043 | +€1,571 | +107% |
| Taxes, remuneration and social security | 45 | €5,323 | €9,516 | +€4,193 | +78.8% |
| Taxes | 450/3 | €5,323 | €9,516 | +€4,193 | +78.8% |
| Other amounts payable | 47/48 | €27,429 | €96,719 | +€69,290 | +253% |
| Accrued charges and deferred income | 492/3 | - | €144 | +€144 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,951 | €15,952 | +€1,001 | +6.7% |
| Other operating charges | 640/8 | €1,489 | €1,523 | +€35 | +2.3% |
| Gross operating margin | 9900 | €76,389 | €31,817 | -€44,572 | -58.3% |
| Operating profit (loss) | 9901 | €59,950 | €14,342 | -€45,607 | -76.1% |
| Financial income | 75/76B | - | €1,534 | +€1,534 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Non-recurring financial income | 76B | - | €1,534 | +€1,534 | |
| Financial charges | 65/66B | €6,372 | €6,091 | -€281 | -4.4% |
| Recurring financial charges | 65 | €6,372 | €6,091 | -€281 | -4.4% |
| Profit (loss) for the period before taxes | 9903 | €53,577 | €9,785 | -€43,793 | -81.7% |
| Income taxes | 67/77 | €11,846 | €2,846 | -€9,000 | -76.0% |
| Profit (loss) for the period | 9904 | €41,732 | €6,939 | -€34,793 | -83.4% |
| Profit (loss) for the period to be appropriated | 9905 | €41,732 | €6,939 | -€34,793 | -83.4% |
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 26 October 2026 via checked.be.