IPO: 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.
IPO
Largest movements
- Intangible fixed assets +€124,932
new in 2025: €124,932
- Cash +€89,080
up €89,080 (+1,975%), from €4,510 to €93,591
mainly Trade debts (+€222,571) and Net result for the year (+€35,901)
- Receivables within one year +€43,071
up €43,071 (+236%), from €18,212 to €61,283
of which Trade receivables: +€26,394
- Trade debts +€222,571
up €222,571, from €0 to €222,571
- Profit (loss) carried forward +€35,901
up €35,901 (+1,417%), from €2,534 to €38,435
- Gross operating margin -€130,978
down €130,978 (-63.6%), from €206,050 to €75,072
- Taxes -€50,741
down €50,741 (-93.0%), from €54,534 to €3,793
- Staff costs +€36,019
new in 2025: €36,019
- Financial income -€11,276
down €11,276 (-86.5%), from €13,043 to €1,766
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 | €23,037 | €279,870 | +€256,832 | +1,115% |
| Fixed assets | 21/28 | €315 | €124,997 | +€124,682 | +39,581% |
| Intangible fixed assets | 21 | - | €124,932 | +€124,932 | |
| Tangible fixed assets | 22/27 | €0 | - | = | |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €0 | - | = | |
| Financial fixed assets | 28 | €315 | €65 | -€250 | -79.4% |
| Current assets | 29/58 | €22,722 | €154,873 | +€132,151 | +582% |
| Amounts receivable within one year | 40/41 | €18,212 | €61,283 | +€43,071 | +236% |
| Trade receivables | 40 | €1,808 | €28,203 | +€26,394 | +1,460% |
| Other amounts receivable | 41 | €16,404 | €33,080 | +€16,676 | +102% |
| Cash at bank and in hand | 54/58 | €4,510 | €93,591 | +€89,080 | +1,975% |
| Total equity and liabilities | 10/49 | €23,037 | €279,870 | +€256,832 | +1,115% |
| Equity | 10/15 | €21,134 | €57,035 | +€35,901 | +170% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €0 | - | = | |
| Distributable reserves | 133 | €0 | - | = | |
| Profit (loss) carried forward | 14 | €2,534 | €38,435 | +€35,901 | +1,417% |
| Amounts payable | 17/49 | €1,903 | €222,834 | +€220,931 | +11,607% |
| Amounts payable within one year | 42/48 | €1,903 | €222,834 | +€220,931 | +11,607% |
| Trade debts | 44 | €0 | €222,571 | +€222,571 | |
| Suppliers | 440/4 | €0 | €222,571 | +€222,571 | |
| Taxes, remuneration and social security | 45 | €1,903 | €264 | -€1,640 | -86.1% |
| Taxes | 450/3 | €1,903 | €264 | -€1,640 | -86.1% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Non-recurring operating income | 76A | €5,342 | €0 | -€5,342 | -100% |
| Remuneration, social security and pensions | 62 | - | €36,019 | +€36,019 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €0 | €68 | +€68 | |
| Other operating charges | 640/8 | €1,438 | €0 | -€1,438 | -100% |
| Non-recurring operating charges | 66A | €423 | €0 | -€423 | -100% |
| Gross operating margin | 9900 | €206,050 | €75,072 | -€130,978 | -63.6% |
| Operating profit (loss) | 9901 | €204,189 | €38,985 | -€165,204 | -80.9% |
| Financial income | 75/76B | €13,043 | €1,766 | -€11,276 | -86.5% |
| Recurring financial income | 75 | €13,043 | €1,766 | -€11,276 | -86.5% |
| Financial charges | 65/66B | €164 | €1,057 | +€893 | +546% |
| Recurring financial charges | 65 | €164 | €1,057 | +€893 | +546% |
| Profit (loss) for the period before taxes | 9903 | €217,067 | €39,694 | -€177,373 | -81.7% |
| Income taxes | 67/77 | €54,534 | €3,793 | -€50,741 | -93.0% |
| Profit (loss) for the period | 9904 | €162,534 | €35,901 | -€126,632 | -77.9% |
| Profit (loss) for the period to be appropriated | 9905 | €162,534 | €35,901 | -€126,632 | -77.9% |
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 14 October 2026 via checked.be.