Head over Heels: 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 over Heels
Largest movements
- Current investments -€50,000
no longer reported in 2025 (was €50,000)
- Cash -€13,276
down €13,276 (-19.0%), from €69,807 to €56,531
mainly Contributions, distributions and other (-€175,000) and Receivables within one year (-€12,283)
- Receivables within one year +€12,283
up €12,283 (+76.7%), from €16,013 to €28,296
of which Trade receivables: +€10,650
- Tangible fixed assets -€4,902
down €4,902 (-5.8%), from €83,831 to €78,929
of which Other tangible fixed assets: -€3,809
- Profit (loss) carried forward -€123,590
down €123,590 (-85.0%), from €145,333 to €21,742
- Other debts +€89,107
up €89,107 (+280%), from €31,787 to €120,894
- Trade debts -€8,460
down €8,460 (-48.5%), from €17,443 to €8,983
- Accrued charges and deferred income -€7,833
down €7,833 (-75.8%), from €10,333 to €2,500
- Tax, wage and social debts -€2,768
down €2,768 (-21.3%), from €13,011 to €10,244
- Gross operating margin +€22,381
up €22,381 (+37.0%), from €60,412 to €82,793
- Taxes +€4,768
up €4,768 (+39.2%), from €12,154 to €16,922
- Depreciation +€3,666
up €3,666 (+43.5%), from €8,429 to €12,095
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 | €220,560 | €166,362 | -€54,197 | -24.6% |
| Fixed assets | 21/28 | €84,217 | €79,290 | -€4,927 | -5.9% |
| Intangible fixed assets | 21 | €25 | - | -€25 | |
| Tangible fixed assets | 22/27 | €83,831 | €78,929 | -€4,902 | -5.8% |
| Plant, machinery and equipment | 23 | €4,369 | €3,852 | -€517 | -11.8% |
| Furniture and vehicles | 24 | €14,238 | €13,662 | -€576 | -4.0% |
| Other tangible fixed assets | 26 | €65,224 | €61,415 | -€3,809 | -5.8% |
| Financial fixed assets | 28 | €361 | €361 | = | 0.0% |
| Current assets | 29/58 | €136,343 | €87,073 | -€49,270 | -36.1% |
| Amounts receivable within one year | 40/41 | €16,013 | €28,296 | +€12,283 | +76.7% |
| Trade receivables | 40 | €13,437 | €24,087 | +€10,650 | +79.3% |
| Other amounts receivable | 41 | €2,576 | €4,209 | +€1,633 | +63.4% |
| Current investments | 50/53 | €50,000 | - | -€50,000 | |
| Cash at bank and in hand | 54/58 | €69,807 | €56,531 | -€13,276 | -19.0% |
| Deferred charges and accrued income | 490/1 | €523 | €2,246 | +€1,723 | +330% |
| Total equity and liabilities | 10/49 | €220,560 | €166,362 | -€54,197 | -24.6% |
| Equity | 10/15 | €147,333 | €23,742 | -€123,590 | -83.9% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €145,333 | €21,742 | -€123,590 | -85.0% |
| Amounts payable | 17/49 | €73,227 | €142,620 | +€69,393 | +94.8% |
| Amounts payable within one year | 42/48 | €62,894 | €140,120 | +€77,226 | +123% |
| Trade debts | 44 | €17,443 | €8,983 | -€8,460 | -48.5% |
| Suppliers | 440/4 | €17,443 | €8,983 | -€8,460 | -48.5% |
| Advances received on contracts in progress | 46 | €653 | - | -€653 | |
| Taxes, remuneration and social security | 45 | €13,011 | €10,244 | -€2,768 | -21.3% |
| Taxes | 450/3 | €13,011 | €10,244 | -€2,768 | -21.3% |
| Other amounts payable | 47/48 | €31,787 | €120,894 | +€89,107 | +280% |
| Accrued charges and deferred income | 492/3 | €10,333 | €2,500 | -€7,833 | -75.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,429 | €12,095 | +€3,666 | +43.5% |
| Other operating charges | 640/8 | €1,910 | €1,916 | +€6 | +0.3% |
| Gross operating margin | 9900 | €60,412 | €82,793 | +€22,381 | +37.0% |
| Operating profit (loss) | 9901 | €50,073 | €68,782 | +€18,709 | +37.4% |
| Financial income | 75/76B | €4 | €57 | +€52 | +1,263% |
| Recurring financial income | 75 | €4 | €57 | +€52 | +1,263% |
| Financial charges | 65/66B | €173 | €507 | +€334 | +193% |
| Recurring financial charges | 65 | €173 | €507 | +€334 | +193% |
| Profit (loss) for the period before taxes | 9903 | €49,904 | €68,332 | +€18,428 | +36.9% |
| Income taxes | 67/77 | €12,154 | €16,922 | +€4,768 | +39.2% |
| Profit (loss) for the period | 9904 | €37,750 | €51,410 | +€13,660 | +36.2% |
| Profit (loss) for the period to be appropriated | 9905 | €37,750 | €51,410 | +€13,660 | +36.2% |
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 28 October 2026 via checked.be.