Initial P: 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.
What changed
Initial P
NACE 82.100, Office administrative and support services
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€83,834
2024 · €5,192-€89,026
Equity
€80,599
2024 · €164,433-€83,834
Cash
€528,954
2024 · €533,872-€4,918
Balance sheet total
€1.8m
2024 · €2.0m-€204,559
Largest movements
Assets
- Receivables within one year -€207,136
down €207,136 (-21.1%), from €982,000 to €774,864
of which Trade receivables: -€192,617
- Formation expenses +€46,289
new in 2025: €46,289
- Intangible fixed assets -€34,177
down €34,177 (-15.1%), from €225,814 to €191,637
Equity and liabilities
- Other debts -€300,000
no longer reported in 2025 (was €300,000)
- Debts after one year +€213,295
up €213,295 (+744.5%), from €28,648 to €241,944
- Trade debts -€122,565
down €122,565 (-9.4%), from €1.3m to €1.2m
- Current portion of long-term debt +€91,402
up €91,402 (+1132.3%), from €8,072 to €99,474
- Profit (loss) carried forward -€83,834
down €83,834 (-63.8%), from €131,433 to €47,599
Income statement
- Staff costs +€212,316
up €212,316 (+27.6%), from €768,097 to €980,413
- Gross operating margin +€74,919
up €74,919 (+8.2%), from €919,213 to €994,131
- Taxes -€22,859
down €22,859 (-94.9%), from €24,091 to €1,233
- Financial charges +€17,455
up €17,455 (+138.7%), from €12,583 to €30,037
- Other operating charges -€10,896
down €10,896 (-47.1%), from €23,133 to €12,238
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.
Result 2024
€5,192
Gross operating margin
+€74,919
Staff costs
-€212,316
Depreciation
-€10
Write-downs
-€265
Other operating charges
+€10,896
Other operating items
+€32,964
Financial income
-€617
Financial charges
-€17,455
Taxes
+€22,859
Result 2025
-€83,834
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.
From operations
-€198,439
Investment
-€111,177
Financing
+€304,697
Cash 2024
€533,872
From operations (derived)
-€198,439
Net result for the year
-€83,834
Depreciation
+€86,397
Stocks and contracts
-€2,602
Receivables within one year
+€207,136
Deferred charges and accrued income
+€19,886
Trade debts
-€122,565
Tax, wage and social debts
-€7,623
Other debts
-€300,000
Accrued charges and deferred income
+€4,765
Investment (derived)
-€111,177
Investment in fixed assets (net)
-€111,177
Financing
+€304,697
Debts after one year
+€213,295
Current portion of long-term debt
+€91,402
Cash 2025
€528,954
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,046,422 | €1,841,863 | -€204,559 | -10.0% |
| Formation expenses | 20 | - | €46,289 | +€46,289 | |
| Fixed assets | 21/28 | €368,420 | €346,910 | -€21,510 | -5.8% |
| Intangible fixed assets | 21 | €225,814 | €191,637 | -€34,177 | -15.1% |
| Tangible fixed assets | 22/27 | €116,030 | €128,697 | +€12,667 | +10.9% |
| Plant, machinery and equipment | 23 | €67,828 | €104,660 | +€36,832 | +54.3% |
| Furniture and vehicles | 24 | €27,515 | €12,157 | -€15,358 | -55.8% |
| Leasing and similar rights | 25 | €19,261 | €11,283 | -€7,978 | -41.4% |
| Other tangible fixed assets | 26 | €1,426 | €597 | -€829 | -58.2% |
| Financial fixed assets | 28 | €26,576 | €26,576 | = | 0.0% |
| Current assets | 29/58 | €1,678,002 | €1,448,664 | -€229,338 | -13.7% |
| Stocks and contracts in progress | 3 | €104,321 | €106,923 | +€2,602 | +2.5% |
| Stocks | 30/36 | €104,321 | €106,923 | +€2,602 | +2.5% |
| Amounts receivable within one year | 40/41 | €982,000 | €774,864 | -€207,136 | -21.1% |
| Trade receivables | 40 | €928,747 | €736,130 | -€192,617 | -20.7% |
| Other amounts receivable | 41 | €53,253 | €38,734 | -€14,519 | -27.3% |
| Current investments | 50/53 | €1,052 | €1,052 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €533,872 | €528,954 | -€4,918 | -0.9% |
| Deferred charges and accrued income | 490/1 | €56,757 | €36,870 | -€19,886 | -35.0% |
| Total equity and liabilities | 10/49 | €2,046,422 | €1,841,863 | -€204,559 | -10.0% |
| Equity | 10/15 | €164,433 | €80,599 | -€83,834 | -51.0% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €3,000 | €3,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,000 | €3,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €131,433 | €47,599 | -€83,834 | -63.8% |
| Amounts payable | 17/49 | €1,881,989 | €1,761,264 | -€120,725 | -6.4% |
| Amounts payable after more than one year | 17 | €28,648 | €241,944 | +€213,295 | +744.5% |
| Financial debts | 170/4 | €28,648 | €241,944 | +€213,295 | +744.5% |
| Amounts payable within one year | 42/48 | €1,813,348 | €1,474,563 | -€338,785 | -18.7% |
| Current portion of amounts payable after more than one year | 42 | €8,072 | €99,474 | +€91,402 | +1132.3% |
| Trade debts | 44 | €1,300,405 | €1,177,841 | -€122,565 | -9.4% |
| Suppliers | 440/4 | €1,300,405 | €1,177,841 | -€122,565 | -9.4% |
| Taxes, remuneration and social security | 45 | €204,871 | €197,248 | -€7,623 | -3.7% |
| Taxes | 450/3 | €94,180 | €64,292 | -€29,889 | -31.7% |
| Remuneration and social security | 454/9 | €110,690 | €132,957 | +€22,266 | +20.1% |
| Other amounts payable | 47/48 | €300,000 | - | -€300,000 | |
| Accrued charges and deferred income | 492/3 | €39,992 | €44,757 | +€4,765 | +11.9% |
| Remuneration, social security and pensions | 62 | €768,097 | €980,413 | +€212,316 | +27.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €86,387 | €86,397 | +€10 | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€265 | - | +€265 | |
| Other operating charges | 640/8 | €23,133 | €12,238 | -€10,896 | -47.1% |
| Operating charges capitalised as restructuring costs | 649 | - | -€46,289 | -€46,289 | |
| Non-recurring operating charges | 66A | €657 | €13,982 | +€13,325 | +2029.2% |
| Gross operating margin | 9900 | €919,213 | €994,131 | +€74,919 | +8.2% |
| Operating profit (loss) | 9901 | €41,204 | -€52,609 | -€93,813 | |
| Financial income | 75/76B | €662 | €45 | -€617 | -93.2% |
| Recurring financial income | 75 | €662 | €45 | -€617 | -93.2% |
| Financial charges | 65/66B | €12,583 | €30,037 | +€17,455 | +138.7% |
| Recurring financial charges | 65 | €12,583 | €30,037 | +€17,455 | +138.7% |
| Profit (loss) for the period before taxes | 9903 | €29,284 | -€82,602 | -€111,885 | |
| Income taxes | 67/77 | €24,091 | €1,233 | -€22,859 | -94.9% |
| Profit (loss) for the period | 9904 | €5,192 | -€83,834 | -€89,026 | |
| Profit (loss) for the period to be appropriated | 9905 | €5,192 | -€83,834 | -€89,026 |
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 12 October 2026 via checked.be.