I See Thee: what changed
I See Thee
Largest movements
- Receivables within one year -€53,719
down €53,719 (-63.7%), from €84,313 to €30,594
of which Trade receivables: -€53,688
- Receivables after one year +€45,500
up €45,500 (+34.9%), from €130,448 to €175,948
- Cash -€26,730
down €26,730 (-42.2%), from €63,323 to €36,593
mainly Trade debts (-€83,467) and Receivables after one year (-€45,500)
- Tangible fixed assets -€8,126
down €8,126 (-18.1%), from €44,854 to €36,729
of which Land and buildings: -€5,196
- Trade debts -€83,467
down €83,467 (-88.2%), from €94,588 to €11,121
- Reserves +€29,871
up €29,871 (+15.2%), from €196,599 to €226,470
- Other debts +€21,709
up €21,709 (+1,845%), from €1,177 to €22,885
- Current portion of long-term debt -€9,394
down €9,394 (-77.6%), from €12,107 to €2,713
- Short-term financial debts +€4,038
new in 2025: €4,038
- Gross operating margin +€8,757
up €8,757 (+11.9%), from €73,847 to €82,603
- Depreciation +€4,126
up €4,126 (+64.4%), from €6,403 to €10,530
- Taxes +€2,188
up €2,188 (+10.8%), from €20,169 to €22,357
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €328,241 | €285,901 | -€42,340 | -12.9% |
| Fixed assets | 21/28 | €44,854 | €36,729 | -€8,126 | -18.1% |
| Tangible fixed assets | 22/27 | €44,854 | €36,729 | -€8,126 | -18.1% |
| Land and buildings | 22 | €33,610 | €28,414 | -€5,196 | -15.5% |
| Furniture and vehicles | 24 | €11,245 | €8,314 | -€2,930 | -26.1% |
| Current assets | 29/58 | €283,386 | €249,172 | -€34,214 | -12.1% |
| Amounts receivable after more than one year | 29 | €130,448 | €175,948 | +€45,500 | +34.9% |
| Other amounts receivable | 291 | €130,448 | €175,948 | +€45,500 | +34.9% |
| Amounts receivable within one year | 40/41 | €84,313 | €30,594 | -€53,719 | -63.7% |
| Trade receivables | 40 | €84,282 | €30,594 | -€53,688 | -63.7% |
| Other amounts receivable | 41 | €31 | €0 | -€31 | -100% |
| Cash at bank and in hand | 54/58 | €63,323 | €36,593 | -€26,730 | -42.2% |
| Deferred charges and accrued income | 490/1 | €5,303 | €6,038 | +€735 | +13.9% |
| Total equity and liabilities | 10/49 | €328,241 | €285,901 | -€42,340 | -12.9% |
| Equity | 10/15 | €202,805 | €232,677 | +€29,871 | +14.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €196,599 | €226,470 | +€29,871 | +15.2% |
| Distributable reserves | 133 | €196,599 | €226,470 | +€29,871 | +15.2% |
| Profit (loss) carried forward | 14 | €6 | €6 | = | 0.0% |
| Amounts payable | 17/49 | €125,436 | €53,224 | -€72,211 | -57.6% |
| Amounts payable after more than one year | 17 | €2,713 | €0 | -€2,713 | -100% |
| Financial debts | 170/4 | €2,713 | €0 | -€2,713 | -100% |
| Amounts payable within one year | 42/48 | €122,722 | €53,215 | -€69,507 | -56.6% |
| Current portion of amounts payable after more than one year | 42 | €12,107 | €2,713 | -€9,394 | -77.6% |
| Financial debts | 43 | - | €4,038 | +€4,038 | |
| Credit institutions | 430/8 | - | €4,038 | +€4,038 | |
| Trade debts | 44 | €94,588 | €11,121 | -€83,467 | -88.2% |
| Suppliers | 440/4 | €94,588 | €11,121 | -€83,467 | -88.2% |
| Taxes, remuneration and social security | 45 | €14,851 | €12,458 | -€2,393 | -16.1% |
| Taxes | 450/3 | €14,851 | €12,458 | -€2,393 | -16.1% |
| Other amounts payable | 47/48 | €1,177 | €22,885 | +€21,709 | +1,845% |
| Accrued charges and deferred income | 492/3 | €0 | €9 | +€9 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,403 | €10,530 | +€4,126 | +64.4% |
| Other operating charges | 640/8 | €1,304 | €1,376 | +€72 | +5.5% |
| Gross operating margin | 9900 | €73,847 | €82,603 | +€8,757 | +11.9% |
| Operating profit (loss) | 9901 | €66,139 | €70,697 | +€4,558 | +6.9% |
| Financial income | 75/76B | €5,044 | €4,912 | -€132 | -2.6% |
| Recurring financial income | 75 | €5,044 | €4,912 | -€132 | -2.6% |
| Financial charges | 65/66B | €1,187 | €826 | -€361 | -30.4% |
| Recurring financial charges | 65 | €1,187 | €826 | -€361 | -30.4% |
| Profit (loss) for the period before taxes | 9903 | €69,996 | €74,783 | +€4,787 | +6.8% |
| Income taxes | 67/77 | €20,169 | €22,357 | +€2,188 | +10.8% |
| Profit (loss) for the period | 9904 | €49,827 | €52,426 | +€2,599 | +5.2% |
| Profit (loss) for the period to be appropriated | 9905 | €49,827 | €52,426 | +€2,599 | +5.2% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.