INCEPTION: 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.
INCEPTION
Largest movements
- Cash -€235,923
down €235,923 (-97.6%), from €241,712 to €5,789
mainly Trade debts (-€299,669) and Receivables within one year (-€179,266)
- Receivables within one year +€179,266
up €179,266 (+93.7%), from €191,270 to €370,535
of which Trade receivables: +€144,264
- Tangible fixed assets -€51,470
down €51,470 (-9.6%), from €536,316 to €484,846
of which Furniture and vehicles: -€51,148
- Trade debts -€299,669
no longer reported in 2025 (was €299,669)
- Other debts +€199,115
up €199,115 (+391.3%), from €50,885 to €250,000
- Profit (loss) carried forward -€49,160
down €49,160 (-51.8%), from €94,954 to €45,794
- Debts after one year +€42,570
up €42,570 (+12.7%), from €334,353 to €376,923
- Current portion of long-term debt -€20,454
down €20,454 (-82.4%), from €24,815 to €4,361
- Gross operating margin -€69,919
down €69,919 (-57.5%), from €121,610 to €51,691
- Financial charges +€15,079
up €15,079 (+111.2%), from €13,555 to €28,633
- Other operating charges -€13,010
down €13,010 (-60.1%), from €21,646 to €8,637
- Taxes -€3,709
down €3,709 (-11.8%), from €31,436 to €27,727
- Depreciation +€3,499
up €3,499 (+10.8%), from €32,355 to €35,854
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 | €1,413,549 | €1,296,771 | -€116,779 | -8.3% |
| Fixed assets | 21/28 | €971,916 | €920,446 | -€51,470 | -5.3% |
| Tangible fixed assets | 22/27 | €536,316 | €484,846 | -€51,470 | -9.6% |
| Land and buildings | 22 | €364,960 | €348,545 | -€16,414 | -4.5% |
| Plant, machinery and equipment | 23 | €13,277 | €29,369 | +€16,092 | +121.2% |
| Furniture and vehicles | 24 | €158,079 | €106,931 | -€51,148 | -32.4% |
| Financial fixed assets | 28 | €435,600 | €435,600 | = | 0.0% |
| Current assets | 29/58 | €441,633 | €376,325 | -€65,309 | -14.8% |
| Amounts receivable after more than one year | 29 | €4,000 | - | -€4,000 | |
| Trade receivables | 290 | €4,000 | - | -€4,000 | |
| Stocks and contracts in progress | 3 | €4,651 | - | -€4,651 | |
| Stocks | 30/36 | €4,651 | - | -€4,651 | |
| Amounts receivable within one year | 40/41 | €191,270 | €370,535 | +€179,266 | +93.7% |
| Trade receivables | 40 | €191,270 | €335,534 | +€144,264 | +75.4% |
| Other amounts receivable | 41 | - | €35,001 | +€35,001 | |
| Cash at bank and in hand | 54/58 | €241,712 | €5,789 | -€235,923 | -97.6% |
| Total equity and liabilities | 10/49 | €1,413,549 | €1,296,771 | -€116,779 | -8.3% |
| Equity | 10/15 | €518,254 | €469,094 | -€49,160 | -9.5% |
| Contributions | 10/11 | €21,000 | €21,000 | = | 0.0% |
| Revaluation surpluses | 12 | €400,200 | €400,200 | = | 0.0% |
| Reserves | 13 | €2,100 | €2,100 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,100 | €2,100 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,100 | €2,100 | = | 0.0% |
| Profit (loss) carried forward | 14 | €94,954 | €45,794 | -€49,160 | -51.8% |
| Amounts payable | 17/49 | €895,296 | €827,677 | -€67,619 | -7.6% |
| Amounts payable after more than one year | 17 | €334,353 | €376,923 | +€42,570 | +12.7% |
| Financial debts | 170/4 | €334,353 | €376,923 | +€42,570 | +12.7% |
| Amounts payable within one year | 42/48 | €560,943 | €450,754 | -€110,190 | -19.6% |
| Current portion of amounts payable after more than one year | 42 | €24,815 | €4,361 | -€20,454 | -82.4% |
| Financial debts | 43 | €150,000 | €158,247 | +€8,247 | +5.5% |
| Credit institutions | 430/8 | €150,000 | €158,247 | +€8,247 | +5.5% |
| Trade debts | 44 | €299,669 | - | -€299,669 | |
| Suppliers | 440/4 | €299,669 | - | -€299,669 | |
| Taxes, remuneration and social security | 45 | €35,574 | €38,145 | +€2,571 | +7.2% |
| Taxes | 450/3 | €35,574 | €38,145 | +€2,571 | +7.2% |
| Other amounts payable | 47/48 | €50,885 | €250,000 | +€199,115 | +391.3% |
| Remuneration, social security and pensions | 62 | €348 | - | -€348 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,355 | €35,854 | +€3,499 | +10.8% |
| Other operating charges | 640/8 | €21,646 | €8,637 | -€13,010 | -60.1% |
| Gross operating margin | 9900 | €121,610 | €51,691 | -€69,919 | -57.5% |
| Operating profit (loss) | 9901 | €67,260 | €7,200 | -€60,060 | -89.3% |
| Financial income | 75/76B | €57 | - | -€57 | |
| Recurring financial income | 75 | €57 | - | -€57 | |
| Financial charges | 65/66B | €13,555 | €28,633 | +€15,079 | +111.2% |
| Recurring financial charges | 65 | €13,555 | €28,633 | +€15,079 | +111.2% |
| Profit (loss) for the period before taxes | 9903 | €53,763 | -€21,433 | -€75,196 | |
| Income taxes | 67/77 | €31,436 | €27,727 | -€3,709 | -11.8% |
| Profit (loss) for the period | 9904 | €22,327 | -€49,160 | -€71,487 | |
| Profit (loss) for the period to be appropriated | 9905 | €22,327 | -€49,160 | -€71,487 |
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 11 October 2026 via checked.be.