Impulse Response: 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.
Impulse Response
Largest movements
- Receivables within one year -€12,491
down €12,491 (-40.2%), from €31,086 to €18,595
- Tangible fixed assets -€9,576
down €9,576 (-45.5%), from €21,030 to €11,454
- Cash +€7,221
up €7,221 (+13.8%), from €52,360 to €59,581
mainly Net result for the year (+€48,892) and Receivables within one year (+€12,491)
- Current portion of long-term debt -€12,551
no longer reported in 2025 (was €12,551)
- Other debts -€4,912
down €4,912 (-17.1%), from €28,811 to €23,899
- Advances received -€2,862
no longer reported in 2025 (was €2,862)
- Gross operating margin -€7,410
down €7,410 (-9.1%), from €81,347 to €73,937
- Financial income +€1,871
up €1,871 (+190.5%), from €982 to €2,853
- Taxes -€1,290
down €1,290 (-7.7%), from €16,813 to €15,523
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.
Cash bridge derived
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 | €268,058 | €251,612 | -€16,446 | -6.1% |
| Fixed assets | 21/28 | €21,030 | €11,454 | -€9,576 | -45.5% |
| Tangible fixed assets | 22/27 | €21,030 | €11,454 | -€9,576 | -45.5% |
| Furniture and vehicles | 24 | €21,030 | €11,454 | -€9,576 | -45.5% |
| Current assets | 29/58 | €247,028 | €240,158 | -€6,870 | -2.8% |
| Amounts receivable within one year | 40/41 | €31,086 | €18,595 | -€12,491 | -40.2% |
| Trade receivables | 40 | €31,086 | €18,595 | -€12,491 | -40.2% |
| Current investments | 50/53 | €160,000 | €160,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €52,360 | €59,581 | +€7,221 | +13.8% |
| Deferred charges and accrued income | 490/1 | €3,582 | €1,982 | -€1,600 | -44.7% |
| Total equity and liabilities | 10/49 | €268,058 | €251,612 | -€16,446 | -6.1% |
| Equity | 10/15 | €211,922 | €214,058 | +€2,136 | +1.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €143,322 | €145,458 | +€2,136 | +1.5% |
| Distributable reserves | 133 | €143,322 | €145,458 | +€2,136 | +1.5% |
| Profit (loss) carried forward | 14 | €50,000 | €50,000 | = | 0.0% |
| Amounts payable | 17/49 | €56,136 | €37,554 | -€18,582 | -33.1% |
| Amounts payable within one year | 42/48 | €56,136 | €37,554 | -€18,582 | -33.1% |
| Current portion of amounts payable after more than one year | 42 | €12,551 | - | -€12,551 | |
| Trade debts | 44 | €500 | €429 | -€71 | -14.2% |
| Suppliers | 440/4 | €500 | €429 | -€71 | -14.2% |
| Advances received on contracts in progress | 46 | €2,862 | - | -€2,862 | |
| Taxes, remuneration and social security | 45 | €11,412 | €13,227 | +€1,814 | +15.9% |
| Taxes | 450/3 | €11,412 | €10,202 | -€1,210 | -10.6% |
| Remuneration and social security | 454/9 | - | €3,024 | +€3,024 | |
| Other amounts payable | 47/48 | €28,811 | €23,899 | -€4,912 | -17.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,124 | €11,352 | +€229 | +2.1% |
| Other operating charges | 640/8 | €124 | €520 | +€396 | +320.5% |
| Gross operating margin | 9900 | €81,347 | €73,937 | -€7,410 | -9.1% |
| Operating profit (loss) | 9901 | €70,100 | €62,065 | -€8,035 | -11.5% |
| Financial income | 75/76B | €982 | €2,853 | +€1,871 | +190.5% |
| Recurring financial income | 75 | €982 | €2,853 | +€1,871 | +190.5% |
| Financial charges | 65/66B | €458 | €503 | +€45 | +9.9% |
| Recurring financial charges | 65 | €458 | €503 | +€45 | +9.9% |
| Profit (loss) for the period before taxes | 9903 | €70,624 | €64,415 | -€6,209 | -8.8% |
| Income taxes | 67/77 | €16,813 | €15,523 | -€1,290 | -7.7% |
| Profit (loss) for the period | 9904 | €53,811 | €48,892 | -€4,919 | -9.1% |
| Profit (loss) for the period to be appropriated | 9905 | €53,811 | €48,892 | -€4,919 | -9.1% |
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 10 October 2026 via checked.be.