IN-depth: 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.
IN-depth
Largest movements
- Receivables within one year +€22,342
up €22,342 (+12.4%), from €180,801 to €203,143
of which Other amounts receivable: +€17,574
- Cash +€12,179
up €12,179 (+104%), from €11,686 to €23,864
mainly Net result for the year (+€30,158) and Depreciation (+€10,264)
- Tangible fixed assets -€10,264
down €10,264 (-30.6%), from €33,490 to €23,227
of which Other tangible fixed assets: -€7,392
- Deferred charges and accrued income +€9,910
up €9,910 (+801%), from €1,237 to €11,147
- Reserves +€30,158
up €30,158 (+20.6%), from €146,392 to €176,550
- Tax, wage and social debts +€3,576
up €3,576 (+136%), from €2,635 to €6,211
- Gross operating margin -€14,100
down €14,100 (-21.3%), from €66,220 to €52,121
- Taxes -€4,748
down €4,748 (-23.8%), from €19,947 to €15,199
- Financial charges -€4,411
down €4,411 (-63.6%), from €6,935 to €2,523
- Depreciation -€1,193
down €1,193 (-10.4%), from €11,457 to €10,264
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 | €227,214 | €261,380 | +€34,166 | +15.0% |
| Fixed assets | 21/28 | €33,490 | €23,227 | -€10,264 | -30.6% |
| Tangible fixed assets | 22/27 | €33,490 | €23,227 | -€10,264 | -30.6% |
| Plant, machinery and equipment | 23 | €1,747 | €1,215 | -€532 | -30.5% |
| Furniture and vehicles | 24 | €4,230 | €1,891 | -€2,339 | -55.3% |
| Other tangible fixed assets | 26 | €27,513 | €20,121 | -€7,392 | -26.9% |
| Current assets | 29/58 | €193,724 | €238,153 | +€44,430 | +22.9% |
| Amounts receivable within one year | 40/41 | €180,801 | €203,143 | +€22,342 | +12.4% |
| Trade receivables | 40 | €45,703 | €50,470 | +€4,767 | +10.4% |
| Other amounts receivable | 41 | €135,098 | €152,673 | +€17,574 | +13.0% |
| Cash at bank and in hand | 54/58 | €11,686 | €23,864 | +€12,179 | +104% |
| Deferred charges and accrued income | 490/1 | €1,237 | €11,147 | +€9,910 | +801% |
| Total equity and liabilities | 10/49 | €227,214 | €261,380 | +€34,166 | +15.0% |
| Equity | 10/15 | €187,522 | €217,680 | +€30,158 | +16.1% |
| Contributions | 10/11 | €41,130 | €41,130 | = | 0.0% |
| Reserves | 13 | €146,392 | €176,550 | +€30,158 | +20.6% |
| Distributable reserves | 133 | €146,392 | €176,550 | +€30,158 | +20.6% |
| Amounts payable | 17/49 | €39,692 | €43,700 | +€4,008 | +10.1% |
| Amounts payable within one year | 42/48 | €39,692 | €43,700 | +€4,008 | +10.1% |
| Financial debts | 43 | €35,000 | €35,000 | = | 0.0% |
| Other loans | 439 | €35,000 | €35,000 | = | 0.0% |
| Trade debts | 44 | €2,057 | €2,490 | +€432 | +21.0% |
| Suppliers | 440/4 | €2,057 | €2,490 | +€432 | +21.0% |
| Taxes, remuneration and social security | 45 | €2,635 | €6,211 | +€3,576 | +136% |
| Taxes | 450/3 | €2,635 | €6,211 | +€3,576 | +136% |
| Non-recurring operating income | 76A | - | €8,785 | +€8,785 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,457 | €10,264 | -€1,193 | -10.4% |
| Other operating charges | 640/8 | €1,756 | €1,720 | -€36 | -2.0% |
| Gross operating margin | 9900 | €66,220 | €52,121 | -€14,100 | -21.3% |
| Operating profit (loss) | 9901 | €53,007 | €40,137 | -€12,871 | -24.3% |
| Financial income | 75/76B | €7,651 | €7,744 | +€93 | +1.2% |
| Recurring financial income | 75 | €7,651 | €7,744 | +€93 | +1.2% |
| Financial charges | 65/66B | €6,935 | €2,523 | -€4,411 | -63.6% |
| Recurring financial charges | 65 | €6,935 | €2,523 | -€4,411 | -63.6% |
| Profit (loss) for the period before taxes | 9903 | €53,724 | €45,357 | -€8,366 | -15.6% |
| Income taxes | 67/77 | €19,947 | €15,199 | -€4,748 | -23.8% |
| Profit (loss) for the period | 9904 | €33,777 | €30,158 | -€3,618 | -10.7% |
| Profit (loss) for the period to be appropriated | 9905 | €33,777 | €30,158 | -€3,618 | -10.7% |
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 20 October 2026 via checked.be.