INITIAL K: 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.
INITIAL K
Largest movements
- Stocks and contracts -€27,639
down €27,639 (-11.3%), from €245,296 to €217,657
- Receivables within one year +€7,978
up €7,978 (+257%), from €3,104 to €11,082
of which Other amounts receivable: +€6,249
- Cash +€4,527
up €4,527 (+28.1%), from €16,136 to €20,663
mainly Stocks and contracts (+€27,639) and Tax, wage and social debts (+€7,302)
- Other debts -€12,578
down €12,578 (-84.7%), from €14,845 to €2,266
- Trade debts -€10,411
down €10,411 (-13.8%), from €75,509 to €65,098
- Tax, wage and social debts +€7,302
up €7,302 (+31.6%), from €23,108 to €30,411
of which Taxes: +€5,868
- Other operating charges -€27,500
down €27,500 (-95.8%), from €28,706 to €1,206
- Write-downs +€16,890
up €16,890, from -€3,066 to €13,824
- Staff costs +€9,187
up €9,187 (+34.1%), from €26,967 to €36,154
- Taxes -€833
down €833 (-44.5%), from €1,870 to €1,037
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €284,339 | €266,634 | -€17,705 | -6.2% |
| Fixed assets | 21/28 | €16,373 | €13,917 | -€2,455 | -15.0% |
| Tangible fixed assets | 22/27 | €11,873 | €9,417 | -€2,455 | -20.7% |
| Furniture and vehicles | 24 | €2,091 | €1,051 | -€1,040 | -49.7% |
| Other tangible fixed assets | 26 | €9,781 | €8,366 | -€1,415 | -14.5% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Financial fixed assets | 28 | €4,500 | €4,500 | = | 0.0% |
| Current assets | 29/58 | €267,966 | €252,717 | -€15,249 | -5.7% |
| Stocks and contracts in progress | 3 | €245,296 | €217,657 | -€27,639 | -11.3% |
| Stocks | 30/36 | €245,296 | €217,657 | -€27,639 | -11.3% |
| Amounts receivable within one year | 40/41 | €3,104 | €11,082 | +€7,978 | +257% |
| Trade receivables | 40 | €1,535 | €3,263 | +€1,729 | +113% |
| Other amounts receivable | 41 | €1,569 | €7,818 | +€6,249 | +398% |
| Cash at bank and in hand | 54/58 | €16,136 | €20,663 | +€4,527 | +28.1% |
| Deferred charges and accrued income | 490/1 | €3,431 | €3,315 | -€115 | -3.4% |
| Total equity and liabilities | 10/49 | €284,339 | €266,634 | -€17,705 | -6.2% |
| Equity | 10/15 | €166,042 | €166,286 | +€244 | +0.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €92,195 | €92,195 | = | 0.0% |
| Distributable reserves | 133 | €92,195 | €92,195 | = | 0.0% |
| Profit (loss) carried forward | 14 | €55,247 | €55,491 | +€244 | +0.4% |
| Amounts payable | 17/49 | €118,297 | €100,348 | -€17,949 | -15.2% |
| Amounts payable after more than one year | 17 | €2,573 | €0 | -€2,573 | -100% |
| Financial debts | 170/4 | €2,573 | €0 | -€2,573 | -100% |
| Amounts payable within one year | 42/48 | €115,724 | €100,348 | -€15,376 | -13.3% |
| Current portion of amounts payable after more than one year | 42 | €2,262 | €2,573 | +€310 | +13.7% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €75,509 | €65,098 | -€10,411 | -13.8% |
| Suppliers | 440/4 | €75,509 | €65,098 | -€10,411 | -13.8% |
| Taxes, remuneration and social security | 45 | €23,108 | €30,411 | +€7,302 | +31.6% |
| Taxes | 450/3 | €16,925 | €22,793 | +€5,868 | +34.7% |
| Remuneration and social security | 454/9 | €6,183 | €7,618 | +€1,434 | +23.2% |
| Other amounts payable | 47/48 | €14,845 | €2,266 | -€12,578 | -84.7% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €26,967 | €36,154 | +€9,187 | +34.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,393 | €2,455 | +€63 | +2.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€3,066 | €13,824 | +€16,890 | |
| Other operating charges | 640/8 | €28,706 | €1,206 | -€27,500 | -95.8% |
| Gross operating margin | 9900 | €59,033 | €58,798 | -€236 | -0.4% |
| Operating profit (loss) | 9901 | €4,034 | €5,158 | +€1,124 | +27.9% |
| Financial income | 75/76B | €544 | €700 | +€156 | +28.7% |
| Recurring financial income | 75 | €544 | €700 | +€156 | +28.7% |
| Financial charges | 65/66B | €4,393 | €4,577 | +€184 | +4.2% |
| Recurring financial charges | 65 | €4,393 | €4,577 | +€184 | +4.2% |
| Profit (loss) for the period before taxes | 9903 | €184 | €1,281 | +€1,097 | +595% |
| Income taxes | 67/77 | €1,870 | €1,037 | -€833 | -44.5% |
| Profit (loss) for the period | 9904 | -€1,685 | €244 | +€1,930 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,685 | €244 | +€1,930 |
Source: filed annual accounts (NBB), financial years ended 31 January 2025 and 31 January 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.