Jonathan Cuvillier: 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.
Jonathan Cuvillier
Largest movements
- Receivables within one year -€8,902
down €8,902 (-48.6%), from €18,319 to €9,417
of which Trade receivables: -€8,687
- Tangible fixed assets -€2,619
down €2,619 (-21.4%), from €12,232 to €9,613
of which Plant, machinery and equipment: -€1,955
- Cash +€2,292
up €2,292 (+15.9%), from €14,430 to €16,722
mainly Other debts (+€12,097) and Advances received (+€9,491)
- Deferred charges and accrued income -€511
down €511 (-76.5%), from €668 to €157
- Profit (loss) carried forward -€12,173
down €12,173 (-17.6%), from -€69,232 to -€81,405
- Other debts +€12,097
up €12,097 (+13.6%), from €88,676 to €100,773
- Current portion of long-term debt -€10,091
down €10,091 (-100%), from €10,091 to €0
- Advances received +€9,491
new in 2025: €9,491
- Trade debts -€8,900
down €8,900 (-85.4%), from €10,416 to €1,517
- Gross operating margin -€11,207
down €11,207, from €5,552 to -€5,655
- Depreciation +€1,231
up €1,231 (+31.6%), from €3,888 to €5,119
- Financial charges -€505
down €505 (-36.1%), from €1,397 to €892
- Other operating charges -€346
down €346 (-39.9%), from €865 to €520
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 | €46,089 | €35,909 | -€10,180 | -22.1% |
| Fixed assets | 21/28 | €12,232 | €9,613 | -€2,619 | -21.4% |
| Tangible fixed assets | 22/27 | €12,232 | €9,613 | -€2,619 | -21.4% |
| Plant, machinery and equipment | 23 | €10,276 | €8,321 | -€1,955 | -19.0% |
| Furniture and vehicles | 24 | €148 | €0 | -€148 | -100% |
| Other tangible fixed assets | 26 | €1,808 | €1,292 | -€516 | -28.5% |
| Current assets | 29/58 | €33,857 | €26,296 | -€7,561 | -22.3% |
| Amounts receivable after more than one year | 29 | €440 | €0 | -€440 | -100% |
| Trade receivables | 290 | €440 | €0 | -€440 | -100% |
| Amounts receivable within one year | 40/41 | €18,319 | €9,417 | -€8,902 | -48.6% |
| Trade receivables | 40 | €17,708 | €9,021 | -€8,687 | -49.1% |
| Other amounts receivable | 41 | €611 | €396 | -€215 | -35.2% |
| Cash at bank and in hand | 54/58 | €14,430 | €16,722 | +€2,292 | +15.9% |
| Deferred charges and accrued income | 490/1 | €668 | €157 | -€511 | -76.5% |
| Total equity and liabilities | 10/49 | €46,089 | €35,909 | -€10,180 | -22.1% |
| Equity | 10/15 | -€66,482 | -€78,655 | -€12,173 | -18.3% |
| Contributions | 10/11 | €2,750 | €2,750 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€69,232 | -€81,405 | -€12,173 | -17.6% |
| Amounts payable | 17/49 | €112,572 | €114,565 | +€1,993 | +1.8% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €112,572 | €114,565 | +€1,993 | +1.8% |
| Current portion of amounts payable after more than one year | 42 | €10,091 | €0 | -€10,091 | -100% |
| Trade debts | 44 | €10,416 | €1,517 | -€8,900 | -85.4% |
| Suppliers | 440/4 | €10,416 | €1,517 | -€8,900 | -85.4% |
| Advances received on contracts in progress | 46 | - | €9,491 | +€9,491 | |
| Taxes, remuneration and social security | 45 | €3,388 | €2,784 | -€604 | -17.8% |
| Taxes | 450/3 | €1,221 | €617 | -€604 | -49.5% |
| Remuneration and social security | 454/9 | €2,167 | €2,167 | = | 0.0% |
| Other amounts payable | 47/48 | €88,676 | €100,773 | +€12,097 | +13.6% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,888 | €5,119 | +€1,231 | +31.6% |
| Other operating charges | 640/8 | €865 | €520 | -€346 | -39.9% |
| Gross operating margin | 9900 | €5,552 | -€5,655 | -€11,207 | |
| Operating profit (loss) | 9901 | €799 | -€11,293 | -€12,092 | |
| Financial income | 75/76B | €53 | €12 | -€41 | -76.7% |
| Recurring financial income | 75 | €53 | €12 | -€41 | -76.7% |
| Financial charges | 65/66B | €1,397 | €892 | -€505 | -36.1% |
| Recurring financial charges | 65 | €1,397 | €892 | -€505 | -36.1% |
| Profit (loss) for the period before taxes | 9903 | -€545 | -€12,173 | -€11,628 | -2,134% |
| Profit (loss) for the period | 9904 | -€545 | -€12,173 | -€11,628 | -2,134% |
| Profit (loss) for the period to be appropriated | 9905 | -€545 | -€12,173 | -€11,628 | -2,134% |
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 17 October 2026 via checked.be.