In the Game: 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 the Game
Largest movements
- Receivables within one year +€54,107
up €54,107 (+668%), from €8,103 to €62,210
of which Trade receivables: +€53,635
- Tangible fixed assets +€43,244
up €43,244 (+18.0%), from €240,783 to €284,026
of which Assets under construction and advance payments: +€51,070
- Trade debts +€54,575
up €54,575 (+1,283%), from €4,254 to €58,829
- Debts after one year +€52,534
up €52,534 (+37.2%), from €141,207 to €193,741
- Profit (loss) carried forward -€20,875
down €20,875 (-84.0%), from -€24,844 to -€45,719
- Other debts +€12,996
up €12,996 (+10.1%), from €128,270 to €141,266
- Gross operating margin +€2,515
up €2,515 (+53.9%), from -€4,668 to -€2,153
- Other operating charges +€1,572
up €1,572 (+115%), from €1,370 to €2,941
- Financial charges +€1,438
up €1,438 (+24.8%), from €5,786 to €7,224
- Depreciation -€1,075
down €1,075 (-11.2%), from €9,632 to €8,557
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 | €248,887 | €348,118 | +€99,231 | +39.9% |
| Fixed assets | 21/28 | €240,783 | €284,026 | +€43,244 | +18.0% |
| Tangible fixed assets | 22/27 | €240,783 | €284,026 | +€43,244 | +18.0% |
| Land and buildings | 22 | €240,194 | €232,411 | -€7,783 | -3.2% |
| Furniture and vehicles | 24 | €43 | - | -€43 | |
| Assets under construction and advance payments | 27 | €545 | €51,615 | +€51,070 | +9,363% |
| Current assets | 29/58 | €8,104 | €64,091 | +€55,987 | +691% |
| Amounts receivable within one year | 40/41 | €8,103 | €62,210 | +€54,107 | +668% |
| Trade receivables | 40 | €7,410 | €61,045 | +€53,635 | +724% |
| Other amounts receivable | 41 | €693 | €1,165 | +€472 | +68.2% |
| Cash at bank and in hand | 54/58 | €2 | €1,882 | +€1,880 | +98,942% |
| Total equity and liabilities | 10/49 | €248,887 | €348,118 | +€99,231 | +39.9% |
| Equity | 10/15 | -€24,843 | -€45,718 | -€20,875 | -84.0% |
| Contributions | 10/11 | €1 | €1 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€24,844 | -€45,719 | -€20,875 | -84.0% |
| Amounts payable | 17/49 | €273,730 | €393,836 | +€120,106 | +43.9% |
| Amounts payable after more than one year | 17 | €141,207 | €193,741 | +€52,534 | +37.2% |
| Financial debts | 170/4 | €141,207 | €193,741 | +€52,534 | +37.2% |
| Amounts payable within one year | 42/48 | €132,524 | €200,095 | +€67,571 | +51.0% |
| Trade debts | 44 | €4,254 | €58,829 | +€54,575 | +1,283% |
| Suppliers | 440/4 | €4,254 | €58,829 | +€54,575 | +1,283% |
| Other amounts payable | 47/48 | €128,270 | €141,266 | +€12,996 | +10.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,632 | €8,557 | -€1,075 | -11.2% |
| Other operating charges | 640/8 | €1,370 | €2,941 | +€1,572 | +115% |
| Gross operating margin | 9900 | -€4,668 | -€2,153 | +€2,515 | +53.9% |
| Operating profit (loss) | 9901 | -€15,670 | -€13,651 | +€2,018 | +12.9% |
| Financial charges | 65/66B | €5,786 | €7,224 | +€1,438 | +24.8% |
| Recurring financial charges | 65 | €5,786 | €7,224 | +€1,438 | +24.8% |
| Profit (loss) for the period before taxes | 9903 | -€21,456 | -€20,875 | +€581 | +2.7% |
| Profit (loss) for the period | 9904 | -€21,456 | -€20,875 | +€581 | +2.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€21,456 | -€20,875 | +€581 | +2.7% |
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 27 October 2026 via checked.be.