ImprovementatWork: 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.
ImprovementatWork
Largest movements
- Current investments -€359,561
down €359,561 (-55.1%), from €652,932 to €293,371
- Receivables after one year -€204,300
no longer reported in 2025 (was €204,300)
- Cash +€50,339
up €50,339 (+656%), from €7,676 to €58,015
mainly Current investments (+€359,561) and Net result for the year (+€292,849)
- Receivables within one year +€33,241
up €33,241 (+50.1%), from €66,386 to €99,627
of which Other amounts receivable: +€51,524
- Tangible fixed assets -€25,671
down €25,671 (-29.2%), from €87,881 to €62,210
- Reserves -€595,840
down €595,840 (-51.5%), from €1.2m to €561,125
- Profit (loss) carried forward +€91,849
up €91,849, from -€90,480 to €1,369
- Financial income +€343,362
up €343,362 (+2,978%), from €11,529 to €354,891
- Gross operating margin +€99,932
up €99,932, from -€73,428 to €26,504
- Financial charges +€54,956
up €54,956 (+4,642%), from €1,184 to €56,140
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 | €1,116,881 | €610,977 | -€505,905 | -45.3% |
| Fixed assets | 21/28 | €184,657 | €158,986 | -€25,671 | -13.9% |
| Tangible fixed assets | 22/27 | €87,881 | €62,210 | -€25,671 | -29.2% |
| Furniture and vehicles | 24 | €87,881 | €62,210 | -€25,671 | -29.2% |
| Financial fixed assets | 28 | €96,777 | €96,777 | = | 0.0% |
| Current assets | 29/58 | €932,224 | €451,990 | -€480,234 | -51.5% |
| Amounts receivable after more than one year | 29 | €204,300 | - | -€204,300 | |
| Trade receivables | 290 | €204,300 | - | -€204,300 | |
| Amounts receivable within one year | 40/41 | €66,386 | €99,627 | +€33,241 | +50.1% |
| Trade receivables | 40 | €18,283 | - | -€18,283 | |
| Other amounts receivable | 41 | €48,103 | €99,627 | +€51,524 | +107% |
| Current investments | 50/53 | €652,932 | €293,371 | -€359,561 | -55.1% |
| Cash at bank and in hand | 54/58 | €7,676 | €58,015 | +€50,339 | +656% |
| Deferred charges and accrued income | 490/1 | €930 | €977 | +€47 | +5.0% |
| Total equity and liabilities | 10/49 | €1,116,881 | €610,977 | -€505,905 | -45.3% |
| Equity | 10/15 | €1,106,485 | €602,494 | -€503,991 | -45.5% |
| Contributions | 10/11 | €40,000 | €40,000 | = | 0.0% |
| Reserves | 13 | €1,156,965 | €561,125 | -€595,840 | -51.5% |
| Distributable reserves | 133 | €1,156,965 | €561,125 | -€595,840 | -51.5% |
| Profit (loss) carried forward | 14 | -€90,480 | €1,369 | +€91,849 | |
| Amounts payable | 17/49 | €10,396 | €8,482 | -€1,914 | -18.4% |
| Amounts payable within one year | 42/48 | €10,396 | €8,482 | -€1,914 | -18.4% |
| Trade debts | 44 | €7,052 | €8,482 | +€1,430 | +20.3% |
| Suppliers | 440/4 | €7,052 | €8,482 | +€1,430 | +20.3% |
| Taxes, remuneration and social security | 45 | €2,750 | - | -€2,750 | |
| Taxes | 450/3 | €2,750 | - | -€2,750 | |
| Other amounts payable | 47/48 | €594 | - | -€594 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,161 | €28,418 | +€257 | +0.9% |
| Other operating charges | 640/8 | €2,255 | €2,530 | +€275 | +12.2% |
| Gross operating margin | 9900 | -€73,428 | €26,504 | +€99,932 | |
| Operating profit (loss) | 9901 | -€103,844 | -€4,444 | +€99,400 | +95.7% |
| Financial income | 75/76B | €11,529 | €354,891 | +€343,362 | +2,978% |
| Recurring financial income | 75 | €11,529 | €354,891 | +€343,362 | +2,978% |
| Financial charges | 65/66B | €1,184 | €56,140 | +€54,956 | +4,642% |
| Recurring financial charges | 65 | €1,184 | €56,140 | +€54,956 | +4,642% |
| Profit (loss) for the period before taxes | 9903 | -€93,499 | €294,307 | +€387,806 | |
| Income taxes | 67/77 | €1,211 | €1,457 | +€247 | +20.4% |
| Profit (loss) for the period | 9904 | -€94,710 | €292,849 | +€387,559 | |
| Profit (loss) for the period to be appropriated | 9905 | -€94,710 | €292,849 | +€387,559 |
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 29 October 2026 via checked.be.