Home: 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.
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Largest movements
- Stocks and contracts -€1.2m
down €1.2m (-78.0%), from €1.5m to €332,356
- Receivables within one year +€140,016
up €140,016 (+47.5%), from €294,554 to €434,570
of which Other amounts receivable: +€388,139
- Short-term financial debts -€500,000
down €500,000 (-51.0%), from €981,100 to €481,100
- Other debts -€445,680
down €445,680 (-66.4%), from €671,707 to €226,027
- Profit (loss) carried forward -€180,953
down €180,953, from €100,965 to -€79,989
- Tax, wage and social debts +€91,758
up €91,758 (+1230.9%), from €7,454 to €99,213
- Gross operating margin -€152,898
down €152,898, from €15,826 to -€137,071
- Financial charges +€38,185
up €38,185 (+8072.2%), from €473 to €38,658
- Other operating charges +€3,222
up €3,222 (+183.3%), from €1,757 to €4,980
- Taxes -€2,474
down €2,474 (-91.0%), from €2,718 to €245
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 | €2,062,443 | €1,024,823 | -€1.0m | -50.3% |
| Fixed assets | 21/28 | €255,087 | €255,087 | -€0 | 0.0% |
| Tangible fixed assets | 22/27 | €255,087 | €255,087 | -€0 | 0.0% |
| Land and buildings | 22 | €255,087 | €255,087 | = | 0.0% |
| Plant, machinery and equipment | 23 | €0 | - | -€0 | |
| Current assets | 29/58 | €1,807,356 | €769,736 | -€1.0m | -57.4% |
| Stocks and contracts in progress | 3 | €1,509,785 | €332,356 | -€1.2m | -78.0% |
| Stocks | 30/36 | €1,509,785 | €332,356 | -€1.2m | -78.0% |
| Amounts receivable within one year | 40/41 | €294,554 | €434,570 | +€140,016 | +47.5% |
| Trade receivables | 40 | €294,554 | €46,431 | -€248,123 | -84.2% |
| Other amounts receivable | 41 | - | €388,139 | +€388,139 | |
| Cash at bank and in hand | 54/58 | €2,681 | €2,753 | +€72 | +2.7% |
| Deferred charges and accrued income | 490/1 | €336 | €56 | -€280 | -83.3% |
| Total equity and liabilities | 10/49 | €2,062,443 | €1,024,823 | -€1.0m | -50.3% |
| Equity | 10/15 | €391,019 | €210,065 | -€180,953 | -46.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Revaluation surpluses | 12 | €250,000 | €250,000 | = | 0.0% |
| Reserves | 13 | €21,454 | €21,454 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,679 | €18,679 | = | 0.0% |
| Distributable reserves | 133 | €2,775 | €2,775 | = | 0.0% |
| Profit (loss) carried forward | 14 | €100,965 | -€79,989 | -€180,953 | |
| Amounts payable | 17/49 | €1,671,425 | €814,758 | -€856,667 | -51.3% |
| Amounts payable within one year | 42/48 | €1,671,425 | €814,758 | -€856,667 | -51.3% |
| Financial debts | 43 | €981,100 | €481,100 | -€500,000 | -51.0% |
| Credit institutions | 430/8 | €981,100 | €481,100 | -€500,000 | -51.0% |
| Trade debts | 44 | €11,164 | €8,418 | -€2,745 | -24.6% |
| Suppliers | 440/4 | €11,164 | €8,418 | -€2,745 | -24.6% |
| Taxes, remuneration and social security | 45 | €7,454 | €99,213 | +€91,758 | +1230.9% |
| Taxes | 450/3 | €7,454 | €99,213 | +€91,758 | +1230.9% |
| Other amounts payable | 47/48 | €671,707 | €226,027 | -€445,680 | -66.4% |
| Other operating charges | 640/8 | €1,757 | €4,980 | +€3,222 | +183.3% |
| Gross operating margin | 9900 | €15,826 | -€137,071 | -€152,898 | |
| Operating profit (loss) | 9901 | €14,069 | -€142,051 | -€156,120 | |
| Financial charges | 65/66B | €473 | €38,658 | +€38,185 | +8072.2% |
| Recurring financial charges | 65 | €473 | €38,658 | +€38,185 | +8072.2% |
| Profit (loss) for the period before taxes | 9903 | €13,596 | -€180,709 | -€194,305 | |
| Income taxes | 67/77 | €2,718 | €245 | -€2,474 | -91.0% |
| Profit (loss) for the period | 9904 | €10,878 | -€180,953 | -€191,831 | |
| Profit (loss) for the period to be appropriated | 9905 | €10,878 | -€180,953 | -€191,831 |
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 7 October 2026 via checked.be.