ImPROving: 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.
ImPROving
Largest movements
- Cash -€47,453
down €47,453 (-69.1%), from €68,694 to €21,241
mainly Net result for the year (-€56,964) and Debts after one year (-€46,681)
- Tangible fixed assets -€30,912
down €30,912 (-4.3%), from €712,274 to €681,362
of which Leasing and similar rights: -€25,421
- Receivables within one year -€17,968
down €17,968 (-86.6%), from €20,740 to €2,772
of which Trade receivables: -€16,851
- Profit (loss) carried forward -€56,964
new in 2025: -€56,964
- Debts after one year -€46,681
down €46,681 (-8.0%), from €585,752 to €539,071
- Gross operating margin -€37,888
down €37,888 (-60.9%), from €62,258 to €24,370
- Financial charges +€18,367
up €18,367 (+75.1%), from €24,468 to €42,835
- Depreciation +€12,386
up €12,386 (+53.4%), from €23,200 to €35,586
- Taxes -€5,713
down €5,713 (-93.4%), from €6,119 to €406
- Other operating charges +€1,372
up €1,372 (+108%), from €1,275 to €2,647
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 | €801,815 | €705,955 | -€95,860 | -12.0% |
| Fixed assets | 21/28 | €712,374 | €681,462 | -€30,912 | -4.3% |
| Tangible fixed assets | 22/27 | €712,274 | €681,362 | -€30,912 | -4.3% |
| Plant, machinery and equipment | 23 | €0 | €950 | +€950 | |
| Furniture and vehicles | 24 | €70,213 | €61,481 | -€8,732 | -12.4% |
| Leasing and similar rights | 25 | €620,101 | €594,680 | -€25,421 | -4.1% |
| Other tangible fixed assets | 26 | €21,959 | €24,250 | +€2,291 | +10.4% |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €89,441 | €24,493 | -€64,948 | -72.6% |
| Amounts receivable within one year | 40/41 | €20,740 | €2,772 | -€17,968 | -86.6% |
| Trade receivables | 40 | €19,624 | €2,772 | -€16,851 | -85.9% |
| Other amounts receivable | 41 | €1,116 | €0 | -€1,116 | -100% |
| Cash at bank and in hand | 54/58 | €68,694 | €21,241 | -€47,453 | -69.1% |
| Deferred charges and accrued income | 490/1 | €7 | €480 | +€473 | +7,044% |
| Total equity and liabilities | 10/49 | €801,815 | €705,955 | -€95,860 | -12.0% |
| Equity | 10/15 | €159,720 | €102,756 | -€56,964 | -35.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €141,120 | €141,120 | = | 0.0% |
| Distributable reserves | 133 | €141,120 | €141,120 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€56,964 | -€56,964 | |
| Amounts payable | 17/49 | €642,095 | €603,199 | -€38,896 | -6.1% |
| Amounts payable after more than one year | 17 | €585,752 | €539,071 | -€46,681 | -8.0% |
| Financial debts | 170/4 | €585,752 | €539,071 | -€46,681 | -8.0% |
| Amounts payable within one year | 42/48 | €56,342 | €64,128 | +€7,785 | +13.8% |
| Current portion of amounts payable after more than one year | 42 | €44,236 | €46,681 | +€2,446 | +5.5% |
| Trade debts | 44 | €4,161 | €4,338 | +€177 | +4.2% |
| Suppliers | 440/4 | €4,161 | €4,338 | +€177 | +4.2% |
| Taxes, remuneration and social security | 45 | €7,946 | €9,893 | +€1,947 | +24.5% |
| Taxes | 450/3 | €6,533 | €9,893 | +€3,360 | +51.4% |
| Remuneration and social security | 454/9 | €1,413 | €0 | -€1,413 | -100% |
| Other amounts payable | 47/48 | - | €3,216 | +€3,216 | |
| Non-recurring operating income | 76A | - | €2,066 | +€2,066 | |
| Remuneration, social security and pensions | 62 | €599 | €0 | -€599 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,200 | €35,586 | +€12,386 | +53.4% |
| Other operating charges | 640/8 | €1,275 | €2,647 | +€1,372 | +108% |
| Gross operating margin | 9900 | €62,258 | €24,370 | -€37,888 | -60.9% |
| Operating profit (loss) | 9901 | €37,183 | -€13,864 | -€51,047 | |
| Financial income | 75/76B | €0 | €140 | +€140 | +699,850% |
| Recurring financial income | 75 | €0 | €140 | +€140 | +699,850% |
| Financial charges | 65/66B | €24,468 | €42,835 | +€18,367 | +75.1% |
| Recurring financial charges | 65 | €24,468 | €42,835 | +€18,367 | +75.1% |
| Profit (loss) for the period before taxes | 9903 | €12,716 | -€56,558 | -€69,274 | |
| Income taxes | 67/77 | €6,119 | €406 | -€5,713 | -93.4% |
| Profit (loss) for the period | 9904 | €6,597 | -€56,964 | -€63,561 | |
| Profit (loss) for the period to be appropriated | 9905 | €6,597 | -€56,964 | -€63,561 |
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 14 October 2026 via checked.be.