Hybrid Core: 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.
Hybrid Core
Largest movements
- Receivables within one year -€182,900
down €182,900 (-39.1%), from €467,621 to €284,722
of which Trade receivables: -€191,903
- Deferred charges and accrued income -€31,500
no longer reported in 2025 (was €31,500)
- Cash +€21,388
up €21,388 (+1,062%), from €2,013 to €23,401
mainly Receivables within one year (+€182,900) and Deferred charges and accrued income (+€31,500)
- Trade debts -€157,765
down €157,765 (-50.9%), from €310,035 to €152,269
- Accrued charges and deferred income -€90,000
no longer reported in 2025 (was €90,000)
- Debts after one year +€20,000
new in 2025: €20,000
- Tax, wage and social debts +€19,280
up €19,280 (+39.5%), from €48,779 to €68,059
of which Remuneration and social security: +€10,761
- Reserves +€11,746
up €11,746 (+155%), from €7,595 to €19,341
- Gross operating margin +€166,533
up €166,533 (+117%), from €142,753 to €309,285
- Staff costs +€81,852
up €81,852 (+66.3%), from €123,432 to €205,284
- Other operating charges +€77,860
up €77,860 (+12,119%), from €642 to €78,502
- Taxes +€3,222
up €3,222 (+88.7%), from €3,632 to €6,854
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 | €508,630 | €319,199 | -€189,431 | -37.2% |
| Fixed assets | 21/28 | €7,496 | €11,076 | +€3,581 | +47.8% |
| Tangible fixed assets | 22/27 | €3,496 | €7,076 | +€3,581 | +102% |
| Plant, machinery and equipment | 23 | €2,530 | €7,076 | +€4,547 | +180% |
| Furniture and vehicles | 24 | €966 | - | -€966 | |
| Financial fixed assets | 28 | €4,000 | €4,000 | = | 0.0% |
| Current assets | 29/58 | €501,135 | €308,123 | -€193,012 | -38.5% |
| Amounts receivable within one year | 40/41 | €467,621 | €284,722 | -€182,900 | -39.1% |
| Trade receivables | 40 | €343,903 | €152,000 | -€191,903 | -55.8% |
| Other amounts receivable | 41 | €123,719 | €132,722 | +€9,003 | +7.3% |
| Cash at bank and in hand | 54/58 | €2,013 | €23,401 | +€21,388 | +1,062% |
| Deferred charges and accrued income | 490/1 | €31,500 | - | -€31,500 | |
| Total equity and liabilities | 10/49 | €508,630 | €319,199 | -€189,431 | -37.2% |
| Equity | 10/15 | €17,509 | €29,255 | +€11,746 | +67.1% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €7,595 | €19,341 | +€11,746 | +155% |
| Distributable reserves | 133 | €7,595 | €19,341 | +€11,746 | +155% |
| Profit (loss) carried forward | 14 | €8,914 | €8,914 | = | 0.0% |
| Amounts payable | 17/49 | €491,122 | €289,944 | -€201,178 | -41.0% |
| Amounts payable after more than one year | 17 | - | €20,000 | +€20,000 | |
| Financial debts | 170/4 | - | €20,000 | +€20,000 | |
| Amounts payable within one year | 42/48 | €401,122 | €269,944 | -€131,178 | -32.7% |
| Financial debts | 43 | €30 | - | -€30 | |
| Credit institutions | 430/8 | €30 | - | -€30 | |
| Trade debts | 44 | €310,035 | €152,269 | -€157,765 | -50.9% |
| Suppliers | 440/4 | €310,035 | €152,269 | -€157,765 | -50.9% |
| Taxes, remuneration and social security | 45 | €48,779 | €68,059 | +€19,280 | +39.5% |
| Taxes | 450/3 | €18,084 | €26,603 | +€8,519 | +47.1% |
| Remuneration and social security | 454/9 | €30,695 | €41,456 | +€10,761 | +35.1% |
| Other amounts payable | 47/48 | €42,279 | €49,616 | +€7,337 | +17.4% |
| Accrued charges and deferred income | 492/3 | €90,000 | - | -€90,000 | |
| Remuneration, social security and pensions | 62 | €123,432 | €205,284 | +€81,852 | +66.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,426 | €2,757 | +€1,331 | +93.3% |
| Other operating charges | 640/8 | €642 | €78,502 | +€77,860 | +12,119% |
| Gross operating margin | 9900 | €142,753 | €309,285 | +€166,533 | +117% |
| Operating profit (loss) | 9901 | €17,253 | €22,742 | +€5,489 | +31.8% |
| Financial income | 75/76B | - | €1,642 | +€1,642 | |
| Recurring financial income | 75 | - | €1,642 | +€1,642 | |
| Financial charges | 65/66B | €6,026 | €5,784 | -€242 | -4.0% |
| Recurring financial charges | 65 | €6,026 | €5,784 | -€242 | -4.0% |
| Profit (loss) for the period before taxes | 9903 | €11,227 | €18,600 | +€7,373 | +65.7% |
| Income taxes | 67/77 | €3,632 | €6,854 | +€3,222 | +88.7% |
| Profit (loss) for the period | 9904 | €7,595 | €11,746 | +€4,151 | +54.7% |
| Profit (loss) for the period to be appropriated | 9905 | €7,595 | €11,746 | +€4,151 | +54.7% |
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 25 October 2026 via checked.be.