Indistinguishable from magic: 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.
Indistinguishable from magic
Largest movements
- Receivables after one year +€23,545
up €23,545 (+18.6%), from €126,455 to €150,000
- Tangible fixed assets +€21,433
up €21,433 (+49.9%), from €42,944 to €64,377
of which Plant, machinery and equipment: +€18,501
- Receivables within one year -€12,005
down €12,005 (-41.4%), from €29,003 to €16,998
of which Trade receivables: -€10,749
- Cash -€8,864
down €8,864 (-85.0%), from €10,430 to €1,567
mainly Investment in fixed assets (net) (-€38,862) and Contributions, distributions and other (-€30,000)
- Profit (loss) carried forward +€15,461
up €15,461 (+10.6%), from €146,287 to €161,749
- Other debts +€14,765
new in 2025: €14,765
- Debts after one year -€7,843
down €7,843 (-23.7%), from €33,118 to €25,275
- Gross operating margin -€15,952
down €15,952 (-14.1%), from €113,259 to €97,308
- Depreciation +€10,619
up €10,619 (+156.0%), from €6,809 to €17,428
- Financial income +€4,680
up €4,680 (+86.9%), from €5,385 to €10,064
- Taxes -€4,542
down €4,542 (-26.8%), from €16,942 to €12,399
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 | €210,492 | €233,500 | +€23,008 | +10.9% |
| Fixed assets | 21/28 | €43,194 | €64,627 | +€21,433 | +49.6% |
| Tangible fixed assets | 22/27 | €42,944 | €64,377 | +€21,433 | +49.9% |
| Land and buildings | 22 | €3,645 | €2,694 | -€951 | -26.1% |
| Plant, machinery and equipment | 23 | €24,033 | €42,534 | +€18,501 | +77.0% |
| Furniture and vehicles | 24 | €15,266 | €19,149 | +€3,883 | +25.4% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €167,299 | €168,873 | +€1,575 | +0.9% |
| Amounts receivable after more than one year | 29 | €126,455 | €150,000 | +€23,545 | +18.6% |
| Other amounts receivable | 291 | €126,455 | €150,000 | +€23,545 | +18.6% |
| Amounts receivable within one year | 40/41 | €29,003 | €16,998 | -€12,005 | -41.4% |
| Trade receivables | 40 | €23,133 | €12,383 | -€10,749 | -46.5% |
| Other amounts receivable | 41 | €5,871 | €4,615 | -€1,256 | -21.4% |
| Cash at bank and in hand | 54/58 | €10,430 | €1,567 | -€8,864 | -85.0% |
| Deferred charges and accrued income | 490/1 | €1,410 | €309 | -€1,101 | -78.1% |
| Total equity and liabilities | 10/49 | €210,492 | €233,500 | +€23,008 | +10.9% |
| Equity | 10/15 | €147,287 | €162,749 | +€15,461 | +10.5% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €146,287 | €161,749 | +€15,461 | +10.6% |
| Amounts payable | 17/49 | €63,205 | €70,751 | +€7,546 | +11.9% |
| Amounts payable after more than one year | 17 | €33,118 | €25,275 | -€7,843 | -23.7% |
| Financial debts | 170/4 | €33,118 | €25,275 | -€7,843 | -23.7% |
| Amounts payable within one year | 42/48 | €30,087 | €45,477 | +€15,389 | +51.1% |
| Current portion of amounts payable after more than one year | 42 | €7,570 | €7,843 | +€273 | +3.6% |
| Trade debts | 44 | €4,095 | €3,861 | -€234 | -5.7% |
| Suppliers | 440/4 | €4,095 | €3,861 | -€234 | -5.7% |
| Taxes, remuneration and social security | 45 | €18,422 | €19,008 | +€586 | +3.2% |
| Taxes | 450/3 | €14,916 | €15,310 | +€393 | +2.6% |
| Remuneration and social security | 454/9 | €3,506 | €3,698 | +€192 | +5.5% |
| Other amounts payable | 47/48 | - | €14,765 | +€14,765 | |
| Non-recurring operating income | 76A | - | €701 | +€701 | |
| Remuneration, social security and pensions | 62 | €28,294 | €28,844 | +€550 | +1.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,809 | €17,428 | +€10,619 | +156.0% |
| Other operating charges | 640/8 | €726 | €843 | +€118 | +16.2% |
| Gross operating margin | 9900 | €113,259 | €97,308 | -€15,952 | -14.1% |
| Operating profit (loss) | 9901 | €77,430 | €50,192 | -€27,239 | -35.2% |
| Financial income | 75/76B | €5,385 | €10,064 | +€4,680 | +86.9% |
| Recurring financial income | 75 | €5,385 | €10,064 | +€4,680 | +86.9% |
| Financial charges | 65/66B | €2,253 | €2,395 | +€142 | +6.3% |
| Recurring financial charges | 65 | €2,253 | €2,395 | +€142 | +6.3% |
| Profit (loss) for the period before taxes | 9903 | €80,562 | €57,861 | -€22,702 | -28.2% |
| Income taxes | 67/77 | €16,942 | €12,399 | -€4,542 | -26.8% |
| Profit (loss) for the period | 9904 | €63,621 | €45,461 | -€18,159 | -28.5% |
| Profit (loss) for the period to be appropriated | 9905 | €63,621 | €45,461 | -€18,159 | -28.5% |
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 9 October 2026 via checked.be.