Inizio: 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.
Inizio
Largest movements
- Receivables within one year +€11,586
up €11,586 (+187%), from €6,192 to €17,778
of which Trade receivables: +€9,463
- Tangible fixed assets -€9,997
down €9,997 (-21.8%), from €45,935 to €35,939
- Cash -€946
down €946 (-2.7%), from €35,148 to €34,202
mainly Receivables within one year (-€11,586) and Debts after one year (-€8,493)
- Reserves +€8,515
up €8,515 (+37.8%), from €22,556 to €31,071
- Debts after one year -€8,493
down €8,493 (-28.6%), from €29,661 to €21,168
- Tax, wage and social debts -€2,884
down €2,884 (-53.5%), from €5,386 to €2,503
- Trade debts +€2,379
up €2,379 (+212%), from €1,120 to €3,500
- Gross operating margin -€13,516
down €13,516 (-35.8%), from €37,772 to €24,256
- Taxes -€2,709
down €2,709 (-46.8%), from €5,789 to €3,080
- Depreciation +€2,425
up €2,425 (+28.5%), from €8,516 to €10,941
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.
Derived cash bridge
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 | €87,731 | €88,375 | +€643 | +0.7% |
| Fixed assets | 21/28 | €45,935 | €35,939 | -€9,997 | -21.8% |
| Tangible fixed assets | 22/27 | €45,935 | €35,939 | -€9,997 | -21.8% |
| Furniture and vehicles | 24 | €45,935 | €35,939 | -€9,997 | -21.8% |
| Current assets | 29/58 | €41,796 | €52,436 | +€10,640 | +25.5% |
| Amounts receivable within one year | 40/41 | €6,192 | €17,778 | +€11,586 | +187% |
| Trade receivables | 40 | €6,192 | €15,655 | +€9,463 | +153% |
| Other amounts receivable | 41 | - | €2,123 | +€2,123 | |
| Cash at bank and in hand | 54/58 | €35,148 | €34,202 | -€946 | -2.7% |
| Deferred charges and accrued income | 490/1 | €456 | €456 | = | 0.0% |
| Total equity and liabilities | 10/49 | €87,731 | €88,375 | +€643 | +0.7% |
| Equity | 10/15 | €41,156 | €49,671 | +€8,515 | +20.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €22,556 | €31,071 | +€8,515 | +37.8% |
| Distributable reserves | 133 | €22,556 | €31,071 | +€8,515 | +37.8% |
| Amounts payable | 17/49 | €46,575 | €38,703 | -€7,872 | -16.9% |
| Amounts payable after more than one year | 17 | €29,661 | €21,168 | -€8,493 | -28.6% |
| Financial debts | 170/4 | €29,661 | €21,168 | -€8,493 | -28.6% |
| Amounts payable within one year | 42/48 | €16,914 | €17,535 | +€621 | +3.7% |
| Current portion of amounts payable after more than one year | 42 | €9,710 | €9,976 | +€266 | +2.7% |
| Trade debts | 44 | €1,120 | €3,500 | +€2,379 | +212% |
| Suppliers | 440/4 | €1,120 | €3,500 | +€2,379 | +212% |
| Taxes, remuneration and social security | 45 | €5,386 | €2,503 | -€2,884 | -53.5% |
| Taxes | 450/3 | €5,386 | €2,503 | -€2,884 | -53.5% |
| Other amounts payable | 47/48 | €697 | €1,557 | +€860 | +123% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,516 | €10,941 | +€2,425 | +28.5% |
| Other operating charges | 640/8 | €460 | €323 | -€137 | -29.9% |
| Gross operating margin | 9900 | €37,772 | €24,256 | -€13,516 | -35.8% |
| Operating profit (loss) | 9901 | €28,796 | €12,992 | -€15,803 | -54.9% |
| Financial income | 75/76B | €59 | €281 | +€221 | +372% |
| Recurring financial income | 75 | €59 | €281 | +€221 | +372% |
| Financial charges | 65/66B | €1,643 | €1,677 | +€34 | +2.1% |
| Recurring financial charges | 65 | €1,643 | €1,677 | +€34 | +2.1% |
| Profit (loss) for the period before taxes | 9903 | €27,212 | €11,596 | -€15,616 | -57.4% |
| Income taxes | 67/77 | €5,789 | €3,080 | -€2,709 | -46.8% |
| Profit (loss) for the period | 9904 | €21,423 | €8,515 | -€12,908 | -60.3% |
| Profit (loss) for the period to be appropriated | 9905 | €21,423 | €8,515 | -€12,908 | -60.3% |
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 26 October 2026 via checked.be.