Headlight: 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.
Headlight
Largest movements
- Receivables within one year +€97,903
up €97,903 (+106.3%), from €92,124 to €190,026
of which Trade receivables: +€97,903
- Cash -€5,204
down €5,204 (-6.5%), from €79,812 to €74,608
mainly Receivables within one year (-€97,903) and Debts after one year (-€60,553)
- Profit (loss) carried forward +€113,298
up €113,298 (+38.8%), from -€292,132 to -€178,834
- Debts after one year -€60,553
down €60,553 (-34.9%), from €173,261 to €112,708
- Trade debts +€32,004
up €32,004 (+996.4%), from €3,212 to €35,216
- Tax, wage and social debts +€3,154
up €3,154 (+34.1%), from €9,247 to €12,401
of which Taxes: +€3,154
- Staff costs -€66,100
down €66,100 (-99.7%), from €66,269 to €170
- Gross operating margin -€27,638
down €27,638 (-18.3%), from €151,273 to €123,635
- Financial charges -€5,542
down €5,542 (-36.6%), from €15,136 to €9,595
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 | €173,457 | €265,639 | +€92,182 | +53.1% |
| Fixed assets | 21/28 | €1,522 | €1,005 | -€517 | -34.0% |
| Tangible fixed assets | 22/27 | €1,522 | €1,005 | -€517 | -34.0% |
| Furniture and vehicles | 24 | €1,522 | €1,005 | -€517 | -34.0% |
| Current assets | 29/58 | €171,935 | €264,634 | +€92,699 | +53.9% |
| Amounts receivable within one year | 40/41 | €92,124 | €190,026 | +€97,903 | +106.3% |
| Trade receivables | 40 | €63,757 | €161,660 | +€97,903 | +153.6% |
| Other amounts receivable | 41 | €28,367 | €28,367 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €79,812 | €74,608 | -€5,204 | -6.5% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €173,457 | €265,639 | +€92,182 | +53.1% |
| Equity | 10/15 | -€71,347 | €41,950 | +€113,298 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €202,184 | €202,184 | = | 0.0% |
| Distributable reserves | 133 | €202,184 | €202,184 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€292,132 | -€178,834 | +€113,298 | +38.8% |
| Amounts payable | 17/49 | €244,805 | €223,689 | -€21,116 | -8.6% |
| Amounts payable after more than one year | 17 | €173,261 | €112,708 | -€60,553 | -34.9% |
| Financial debts | 170/4 | €173,261 | €112,708 | -€60,553 | -34.9% |
| Amounts payable within one year | 42/48 | €71,544 | €110,981 | +€39,437 | +55.1% |
| Current portion of amounts payable after more than one year | 42 | €57,905 | €60,553 | +€2,648 | +4.6% |
| Trade debts | 44 | €3,212 | €35,216 | +€32,004 | +996.4% |
| Suppliers | 440/4 | €3,212 | €35,216 | +€32,004 | +996.4% |
| Taxes, remuneration and social security | 45 | €9,247 | €12,401 | +€3,154 | +34.1% |
| Taxes | 450/3 | €9,247 | €12,401 | +€3,154 | +34.1% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €1,180 | €2,811 | +€1,631 | +138.2% |
| Remuneration, social security and pensions | 62 | €66,269 | €170 | -€66,100 | -99.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €517 | €517 | = | 0.0% |
| Other operating charges | 640/8 | €1,102 | €1,119 | +€18 | +1.6% |
| Gross operating margin | 9900 | €151,273 | €123,635 | -€27,638 | -18.3% |
| Operating profit (loss) | 9901 | €83,385 | €121,829 | +€38,444 | +46.1% |
| Financial income | 75/76B | €0 | €1,063 | +€1,063 | |
| Recurring financial income | 75 | €0 | €1,063 | +€1,063 | |
| Financial charges | 65/66B | €15,136 | €9,595 | -€5,542 | -36.6% |
| Recurring financial charges | 65 | €15,136 | €9,595 | -€5,542 | -36.6% |
| Profit (loss) for the period before taxes | 9903 | €68,248 | €113,298 | +€45,049 | +66.0% |
| Income taxes | 67/77 | €534 | €0 | -€534 | -100.0% |
| Profit (loss) for the period | 9904 | €67,715 | €113,298 | +€45,583 | +67.3% |
| Profit (loss) for the period to be appropriated | 9905 | €67,715 | €113,298 | +€45,583 | +67.3% |
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 9 October 2026 via checked.be.