INITIAL D: what changed
Two fiscal 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.
INITIAL D
Largest movements
- Receivables within one year -€2,003
no longer reported in 2025 (was €2,003)
of which Other amounts receivable: -€1,603
- Profit (loss) carried forward -€19,093
down €19,093 (-430.0%), from -€4,441 to -€23,533
- Other debts +€17,578
new in 2025: €17,578
- Advances received -€484
no longer reported in 2025 (was €484)
- Trade debts +€78
new in 2025: €78
- Tax, wage and social debts -€69
down €69 (-7.2%), from €948 to €879
- Gross operating margin -€18,081
down €18,081 (-2208.8%), from -€819 to -€18,899
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 | €2,003 | €1 | -€2,002 | -99.9% |
| Current assets | 29/58 | €2,003 | €1 | -€2,002 | -99.9% |
| Amounts receivable within one year | 40/41 | €2,003 | - | -€2,003 | |
| Trade receivables | 40 | €400 | - | -€400 | |
| Other amounts receivable | 41 | €1,603 | - | -€1,603 | |
| Cash at bank and in hand | 54/58 | - | €1 | +€1 | |
| Total equity and liabilities | 10/49 | €2,003 | €1 | -€2,002 | -99.9% |
| Equity | 10/15 | €559 | -€18,533 | -€19,093 | |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€4,441 | -€23,533 | -€19,093 | -430.0% |
| Amounts payable | 17/49 | €1,444 | €18,535 | +€17,091 | +1183.7% |
| Amounts payable within one year | 42/48 | €1,444 | €18,535 | +€17,091 | +1183.7% |
| Financial debts | 43 | €12 | - | -€12 | |
| Credit institutions | 430/8 | €12 | - | -€12 | |
| Trade debts | 44 | - | €78 | +€78 | |
| Suppliers | 440/4 | - | €78 | +€78 | |
| Advances received on contracts in progress | 46 | €484 | - | -€484 | |
| Taxes, remuneration and social security | 45 | €948 | €879 | -€69 | -7.2% |
| Taxes | 450/3 | €948 | €879 | -€69 | -7.2% |
| Other amounts payable | 47/48 | - | €17,578 | +€17,578 | |
| Gross operating margin | 9900 | -€819 | -€18,899 | -€18,081 | -2208.8% |
| Operating profit (loss) | 9901 | -€819 | -€18,899 | -€18,081 | -2208.8% |
| Financial income | 75/76B | €47 | - | -€47 | |
| Recurring financial income | 75 | €47 | - | -€47 | |
| Financial charges | 65/66B | €235 | €193 | -€41 | -17.6% |
| Recurring financial charges | 65 | €235 | €193 | -€41 | -17.6% |
| Profit (loss) for the period before taxes | 9903 | -€1,007 | -€19,093 | -€18,086 | -1796.9% |
| Profit (loss) for the period | 9904 | -€1,007 | -€19,093 | -€18,086 | -1796.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,007 | -€19,093 | -€18,086 | -1796.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.