Hybrid Pools: 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 Pools
Largest movements
- Cash -€191,833
down €191,833 (-89.1%), from €215,257 to €23,424
mainly Net result for the year (-€194,190) and Tax, wage and social debts (-€92,465)
- Tangible fixed assets -€53,244
down €53,244 (-62.4%), from €85,295 to €32,051
of which Leasing and similar rights: -€51,953
- Receivables within one year +€52,259
up €52,259 (+83.9%), from €62,267 to €114,526
of which Trade receivables: +€50,167
- Deferred charges and accrued income +€7,873
up €7,873 (+1,556%), from €506 to €8,379
- Reserves -€101,995
down €101,995 (-100%), from €101,995 to €0
- Tax, wage and social debts -€92,465
down €92,465 (-58.7%), from €157,399 to €64,934
of which Remuneration and social security: -€49,735
- Profit (loss) carried forward -€92,196
new in 2025: -€92,196
- Short-term financial debts +€89,000
new in 2025: €89,000
- Trade debts +€58,333
up €58,333 (+169%), from €34,538 to €92,871
- Gross operating margin -€522,864
down €522,864 (-71.0%), from €736,324 to €213,460
- Staff costs -€205,815
down €205,815 (-36.3%), from €567,245 to €361,430
- Taxes -€35,013
down €35,013 (-98.6%), from €35,526 to €513
- Depreciation +€11,235
up €11,235 (+168%), from €6,670 to €17,904
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 | €371,825 | €186,880 | -€184,945 | -49.7% |
| Fixed assets | 21/28 | €93,795 | €40,551 | -€53,244 | -56.8% |
| Tangible fixed assets | 22/27 | €85,295 | €32,051 | -€53,244 | -62.4% |
| Plant, machinery and equipment | 23 | €1,305 | €1,442 | +€138 | +10.6% |
| Furniture and vehicles | 24 | €28,208 | €22,310 | -€5,898 | -20.9% |
| Leasing and similar rights | 25 | €51,953 | €0 | -€51,953 | -100% |
| Other tangible fixed assets | 26 | €3,830 | €8,298 | +€4,468 | +117% |
| Financial fixed assets | 28 | €8,500 | €8,500 | = | 0.0% |
| Current assets | 29/58 | €278,030 | €146,329 | -€131,701 | -47.4% |
| Amounts receivable within one year | 40/41 | €62,267 | €114,526 | +€52,259 | +83.9% |
| Trade receivables | 40 | €56,322 | €106,490 | +€50,167 | +89.1% |
| Other amounts receivable | 41 | €5,945 | €8,036 | +€2,091 | +35.2% |
| Cash at bank and in hand | 54/58 | €215,257 | €23,424 | -€191,833 | -89.1% |
| Deferred charges and accrued income | 490/1 | €506 | €8,379 | +€7,873 | +1,556% |
| Total equity and liabilities | 10/49 | €371,825 | €186,880 | -€184,945 | -49.7% |
| Equity | 10/15 | €106,995 | -€87,196 | -€194,190 | |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €101,995 | €0 | -€101,995 | -100% |
| Distributable reserves | 133 | €101,995 | €0 | -€101,995 | -100% |
| Profit (loss) carried forward | 14 | - | -€92,196 | -€92,196 | |
| Amounts payable | 17/49 | €264,831 | €274,076 | +€9,245 | +3.5% |
| Amounts payable after more than one year | 17 | €55,229 | €16,989 | -€38,240 | -69.2% |
| Financial debts | 170/4 | €55,229 | €16,989 | -€38,240 | -69.2% |
| Amounts payable within one year | 42/48 | €209,601 | €256,957 | +€47,356 | +22.6% |
| Current portion of amounts payable after more than one year | 42 | €16,281 | €5,920 | -€10,361 | -63.6% |
| Financial debts | 43 | - | €89,000 | +€89,000 | |
| Credit institutions | 430/8 | - | €89,000 | +€89,000 | |
| Trade debts | 44 | €34,538 | €92,871 | +€58,333 | +169% |
| Suppliers | 440/4 | €34,538 | €92,871 | +€58,333 | +169% |
| Taxes, remuneration and social security | 45 | €157,399 | €64,934 | -€92,465 | -58.7% |
| Taxes | 450/3 | €64,401 | €21,670 | -€42,731 | -66.4% |
| Remuneration and social security | 454/9 | €92,999 | €43,264 | -€49,735 | -53.5% |
| Other amounts payable | 47/48 | €1,383 | €4,232 | +€2,848 | +206% |
| Accrued charges and deferred income | 492/3 | - | €129 | +€129 | |
| Remuneration, social security and pensions | 62 | €567,245 | €361,430 | -€205,815 | -36.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,670 | €17,904 | +€11,235 | +168% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,565 | -€2,565 | -€5,130 | |
| Other operating charges | 640/8 | €17,585 | €20,478 | +€2,894 | +16.5% |
| Gross operating margin | 9900 | €736,324 | €213,460 | -€522,864 | -71.0% |
| Operating profit (loss) | 9901 | €142,259 | -€183,788 | -€326,046 | |
| Financial income | 75/76B | €27 | €1,141 | +€1,114 | +4,137% |
| Recurring financial income | 75 | €27 | €1,141 | +€1,114 | +4,137% |
| Financial charges | 65/66B | €4,765 | €11,032 | +€6,266 | +131% |
| Recurring financial charges | 65 | €4,765 | €11,032 | +€6,266 | +131% |
| Profit (loss) for the period before taxes | 9903 | €137,520 | -€193,678 | -€331,198 | |
| Income taxes | 67/77 | €35,526 | €513 | -€35,013 | -98.6% |
| Profit (loss) for the period | 9904 | €101,995 | -€194,190 | -€296,185 | |
| Profit (loss) for the period to be appropriated | 9905 | €101,995 | -€194,190 | -€296,185 |
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.