INTERMEZZO: 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.
INTERMEZZO
Largest movements
- Receivables within one year -€40,795
down €40,795 (-32.0%), from €127,666 to €86,871
of which Other amounts receivable: -€42,384
- Cash -€37,252
down €37,252 (-28.9%), from €128,778 to €91,526
mainly Trade debts (-€55,045) and Net result for the year (-€33,844)
- Tangible fixed assets -€17,255
down €17,255 (-27.8%), from €62,174 to €44,919
of which Furniture and vehicles: -€12,793
- Trade debts -€55,045
down €55,045 (-87.8%), from €62,719 to €7,674
- Profit (loss) carried forward -€33,844
down €33,844 (-233%), from -€14,522 to -€48,366
- Current portion of long-term debt -€5,532
down €5,532 (-34.3%), from €16,136 to €10,604
- Debts after one year -€4,894
down €4,894 (-61.3%), from €7,980 to €3,086
- Gross operating margin -€155,628
down €155,628 (-32.6%), from €476,673 to €321,045
- Staff costs -€110,540
down €110,540 (-24.7%), from €447,635 to €337,095
- Depreciation -€9,291
down €9,291 (-32.5%), from €28,615 to €19,324
- Financial income +€6,255
up €6,255 (+74.6%), from €8,386 to €14,641
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 | €360,876 | €260,567 | -€100,309 | -27.8% |
| Fixed assets | 21/28 | €62,174 | €44,919 | -€17,255 | -27.8% |
| Tangible fixed assets | 22/27 | €62,174 | €44,919 | -€17,255 | -27.8% |
| Land and buildings | 22 | €6,946 | €3,949 | -€2,997 | -43.1% |
| Plant, machinery and equipment | 23 | €38,536 | €37,070 | -€1,466 | -3.8% |
| Furniture and vehicles | 24 | €16,692 | €3,899 | -€12,793 | -76.6% |
| Current assets | 29/58 | €298,702 | €215,648 | -€83,054 | -27.8% |
| Stocks and contracts in progress | 3 | €30,666 | €27,174 | -€3,492 | -11.4% |
| Stocks | 30/36 | €30,666 | €27,174 | -€3,492 | -11.4% |
| Amounts receivable within one year | 40/41 | €127,666 | €86,871 | -€40,795 | -32.0% |
| Trade receivables | 40 | €4,279 | €5,868 | +€1,589 | +37.1% |
| Other amounts receivable | 41 | €123,387 | €81,002 | -€42,384 | -34.4% |
| Cash at bank and in hand | 54/58 | €128,778 | €91,526 | -€37,252 | -28.9% |
| Deferred charges and accrued income | 490/1 | €11,592 | €10,077 | -€1,515 | -13.1% |
| Total equity and liabilities | 10/49 | €360,876 | €260,567 | -€100,309 | -27.8% |
| Equity | 10/15 | €225,008 | €191,164 | -€33,844 | -15.0% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Contributions outside capital | 11 | €0 | - | = | |
| Other | 1109/19 | €0 | - | = | |
| Reserves | 13 | €177,530 | €177,530 | = | 0.0% |
| Non-distributable reserves | 130/1 | €5,569 | €5,569 | = | 0.0% |
| Legal reserve | 130 | €5,569 | €5,569 | = | 0.0% |
| Tax-exempt reserves | 132 | €84,741 | €84,741 | = | 0.0% |
| Distributable reserves | 133 | €87,220 | €87,220 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€14,522 | -€48,366 | -€33,844 | -233% |
| Amounts payable | 17/49 | €135,868 | €69,403 | -€66,465 | -48.9% |
| Amounts payable after more than one year | 17 | €7,980 | €3,086 | -€4,894 | -61.3% |
| Financial debts | 170/4 | €7,980 | €3,086 | -€4,894 | -61.3% |
| Amounts payable within one year | 42/48 | €115,042 | €54,073 | -€60,968 | -53.0% |
| Current portion of amounts payable after more than one year | 42 | €16,136 | €10,604 | -€5,532 | -34.3% |
| Trade debts | 44 | €62,719 | €7,674 | -€55,045 | -87.8% |
| Suppliers | 440/4 | €62,719 | €7,674 | -€55,045 | -87.8% |
| Taxes, remuneration and social security | 45 | €29,109 | €28,289 | -€820 | -2.8% |
| Taxes | 450/3 | €1,863 | €5,918 | +€4,055 | +218% |
| Remuneration and social security | 454/9 | €27,246 | €22,371 | -€4,875 | -17.9% |
| Other amounts payable | 47/48 | €7,078 | €7,507 | +€428 | +6.0% |
| Accrued charges and deferred income | 492/3 | €12,846 | €12,243 | -€603 | -4.7% |
| Remuneration, social security and pensions | 62 | €447,635 | €337,095 | -€110,540 | -24.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,615 | €19,324 | -€9,291 | -32.5% |
| Other operating charges | 640/8 | €8,166 | €4,598 | -€3,568 | -43.7% |
| Gross operating margin | 9900 | €476,673 | €321,045 | -€155,628 | -32.6% |
| Operating profit (loss) | 9901 | -€7,743 | -€39,972 | -€32,229 | -416% |
| Financial income | 75/76B | €8,386 | €14,641 | +€6,255 | +74.6% |
| Recurring financial income | 75 | €8,386 | €14,641 | +€6,255 | +74.6% |
| Financial charges | 65/66B | €10,100 | €8,478 | -€1,622 | -16.1% |
| Recurring financial charges | 65 | €10,100 | €8,478 | -€1,622 | -16.1% |
| Profit (loss) for the period before taxes | 9903 | -€9,457 | -€33,809 | -€24,352 | -257% |
| Income taxes | 67/77 | €1,565 | €35 | -€1,530 | -97.8% |
| Profit (loss) for the period | 9904 | -€11,022 | -€33,844 | -€22,822 | -207% |
| Profit (loss) for the period to be appropriated | 9905 | -€11,022 | -€33,844 | -€22,822 | -207% |
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 23 October 2026 via checked.be.