IQUATION: what changed
Two fiscal 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.
IQUATION
Largest movements
- Cash -€59,971
down €59,971 (-76.4%), from €78,481 to €18,510
mainly Contributions, distributions and other (-€137,381) and Investment in fixed assets (net) (-€1,471)
- Receivables within one year -€3,468
down €3,468 (-20.8%), from €16,643 to €13,176
of which Other amounts receivable: -€4,914
- Deferred charges and accrued income -€2,355
down €2,355 (-21.6%), from €10,904 to €8,549
- Reserves -€78,644
down €78,644 (-100.0%), from €78,644 to €0
- Tax, wage and social debts +€8,133
up €8,133 (+92.8%), from €8,762 to €16,896
of which Taxes: +€8,144
- Other debts +€4,623
up €4,623, from €0 to €4,623
- Trade debts +€1,092
up €1,092 (+1034.6%), from €106 to €1,197
- Gross operating margin +€20,002
up €20,002 (+33.2%), from €60,266 to €80,268
- Taxes +€8,001
up €8,001 (+65.0%), from €12,302 to €20,302
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €106,211 | €41,416 | -€64,796 | -61.0% |
| Fixed assets | 21/28 | €183 | €1,182 | +€999 | +546.2% |
| Tangible fixed assets | 22/27 | €183 | €1,182 | +€999 | +546.2% |
| Plant, machinery and equipment | 23 | €183 | €1,182 | +€999 | +546.2% |
| Current assets | 29/58 | €106,029 | €40,234 | -€65,795 | -62.1% |
| Amounts receivable within one year | 40/41 | €16,643 | €13,176 | -€3,468 | -20.8% |
| Trade receivables | 40 | €11,622 | €13,068 | +€1,446 | +12.4% |
| Other amounts receivable | 41 | €5,021 | €108 | -€4,914 | -97.9% |
| Cash at bank and in hand | 54/58 | €78,481 | €18,510 | -€59,971 | -76.4% |
| Deferred charges and accrued income | 490/1 | €10,904 | €8,549 | -€2,355 | -21.6% |
| Total equity and liabilities | 10/49 | €106,211 | €41,416 | -€64,796 | -61.0% |
| Equity | 10/15 | €97,244 | €18,600 | -€78,644 | -80.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €78,644 | €0 | -€78,644 | -100.0% |
| Distributable reserves | 133 | €78,644 | €0 | -€78,644 | -100.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €8,968 | €22,816 | +€13,848 | +154.4% |
| Amounts payable within one year | 42/48 | €8,868 | €22,716 | +€13,848 | +156.2% |
| Trade debts | 44 | €106 | €1,197 | +€1,092 | +1034.6% |
| Suppliers | 440/4 | €106 | €1,197 | +€1,092 | +1034.6% |
| Taxes, remuneration and social security | 45 | €8,762 | €16,896 | +€8,133 | +92.8% |
| Taxes | 450/3 | €6,732 | €14,876 | +€8,144 | +121.0% |
| Remuneration and social security | 454/9 | €2,030 | €2,019 | -€11 | -0.5% |
| Other amounts payable | 47/48 | €0 | €4,623 | +€4,623 | |
| Accrued charges and deferred income | 492/3 | €100 | €100 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €348 | €472 | +€125 | +35.8% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €60,266 | €80,268 | +€20,002 | +33.2% |
| Operating profit (loss) | 9901 | €59,531 | €79,396 | +€19,865 | +33.4% |
| Financial income | 75/76B | €74 | €0 | -€74 | -100.0% |
| Recurring financial income | 75 | €74 | €0 | -€74 | -100.0% |
| Financial charges | 65/66B | €221 | €356 | +€134 | +60.7% |
| Recurring financial charges | 65 | €221 | €356 | +€134 | +60.7% |
| Profit (loss) for the period before taxes | 9903 | €59,384 | €79,040 | +€19,656 | +33.1% |
| Income taxes | 67/77 | €12,302 | €20,302 | +€8,001 | +65.0% |
| Profit (loss) for the period | 9904 | €47,082 | €58,738 | +€11,656 | +24.8% |
| Profit (loss) for the period to be appropriated | 9905 | €47,082 | €58,738 | +€11,656 | +24.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.