June20: 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.
June20
Largest movements
- Receivables within one year -€338,847
down €338,847 (-30.3%), from €1.1m to €779,987
of which Trade receivables: -€391,239
- Cash +€245,966
up €245,966 (+84.4%), from €291,287 to €537,254
- Financial fixed assets +€160,000
up €160,000 (+141%), from €113,288 to €273,288
- Tangible fixed assets -€50,831
down €50,831 (-53.3%), from €95,433 to €44,602
of which Plant, machinery and equipment: -€37,123
- Intangible fixed assets +€35,074
up €35,074 (+230%), from €15,249 to €50,323
- Contributions +€160,000
up €160,000 (+120%), from €133,800 to €293,800
- Short-term financial debts +€150,000
up €150,000 (+50.0%), from €300,000 to €450,000
- Profit (loss) carried forward -€135,904
new in 2025: -€135,904
- Reserves -€67,575
down €67,575 (-96.4%), from €70,075 to €2,500
of which Distributable reserves: -€67,575
- Tax, wage and social debts -€48,498
down €48,498 (-37.2%), from €130,200 to €81,702
of which Remuneration and social security: -€45,144
- Staff costs +€663,487
up €663,487 (+70.7%), from €938,053 to €1.6m
- Gross operating margin +€553,790
up €553,790 (+55.3%), from €1.0m to €1.6m
- Depreciation +€33,332
up €33,332 (+62.4%), from €53,434 to €86,767
- Financial charges +€29,341
up €29,341 (+152%), from €19,287 to €48,629
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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,653,978 | €1,700,421 | +€46,443 | +2.8% |
| Fixed assets | 21/28 | €223,970 | €368,213 | +€144,243 | +64.4% |
| Intangible fixed assets | 21 | €15,249 | €50,323 | +€35,074 | +230% |
| Tangible fixed assets | 22/27 | €95,433 | €44,602 | -€50,831 | -53.3% |
| Plant, machinery and equipment | 23 | €78,661 | €41,537 | -€37,123 | -47.2% |
| Furniture and vehicles | 24 | €16,772 | €3,065 | -€13,707 | -81.7% |
| Financial fixed assets | 28 | €113,288 | €273,288 | +€160,000 | +141% |
| Current assets | 29/58 | €1,430,008 | €1,332,208 | -€97,800 | -6.8% |
| Amounts receivable within one year | 40/41 | €1,118,834 | €779,987 | -€338,847 | -30.3% |
| Trade receivables | 40 | €1,114,278 | €723,039 | -€391,239 | -35.1% |
| Other amounts receivable | 41 | €4,556 | €56,948 | +€52,392 | +1,150% |
| Cash at bank and in hand | 54/58 | €291,287 | €537,254 | +€245,966 | +84.4% |
| Deferred charges and accrued income | 490/1 | €19,886 | €14,967 | -€4,920 | -24.7% |
| Total equity and liabilities | 10/49 | €1,653,978 | €1,700,421 | +€46,443 | +2.8% |
| Equity | 10/15 | €203,875 | €160,396 | -€43,480 | -21.3% |
| Contributions | 10/11 | €133,800 | €293,800 | +€160,000 | +120% |
| Reserves | 13 | €70,075 | €2,500 | -€67,575 | -96.4% |
| Non-distributable reserves | 130/1 | €2,500 | €2,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,500 | €2,500 | = | 0.0% |
| Distributable reserves | 133 | €67,575 | €0 | -€67,575 | -100% |
| Profit (loss) carried forward | 14 | - | -€135,904 | -€135,904 | |
| Amounts payable | 17/49 | €1,450,102 | €1,540,025 | +€89,923 | +6.2% |
| Amounts payable after more than one year | 17 | €11,198 | €988 | -€10,211 | -91.2% |
| Financial debts | 170/4 | €11,198 | €988 | -€10,211 | -91.2% |
| Amounts payable within one year | 42/48 | €1,438,904 | €1,539,038 | +€100,134 | +7.0% |
| Current portion of amounts payable after more than one year | 42 | €62,775 | €68,269 | +€5,494 | +8.8% |
| Financial debts | 43 | €300,000 | €450,000 | +€150,000 | +50.0% |
| Credit institutions | 430/8 | €300,000 | €450,000 | +€150,000 | +50.0% |
| Trade debts | 44 | €945,929 | €939,067 | -€6,862 | -0.7% |
| Suppliers | 440/4 | €945,929 | €939,067 | -€6,862 | -0.7% |
| Taxes, remuneration and social security | 45 | €130,200 | €81,702 | -€48,498 | -37.2% |
| Taxes | 450/3 | €3,354 | €0 | -€3,354 | -100% |
| Remuneration and social security | 454/9 | €126,845 | €81,702 | -€45,144 | -35.6% |
| Remuneration, social security and pensions | 62 | €938,053 | €1,601,540 | +€663,487 | +70.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,434 | €86,767 | +€33,332 | +62.4% |
| Other operating charges | 640/8 | €6,541 | €13,997 | +€7,456 | +114% |
| Gross operating margin | 9900 | €1,001,395 | €1,555,184 | +€553,790 | +55.3% |
| Operating profit (loss) | 9901 | €3,366 | -€147,120 | -€150,486 | |
| Financial income | 75/76B | €2,179 | €220 | -€1,959 | -89.9% |
| Recurring financial income | 75 | €2,179 | €220 | -€1,959 | -89.9% |
| Financial charges | 65/66B | €19,287 | €48,629 | +€29,341 | +152% |
| Recurring financial charges | 65 | €19,287 | €48,629 | +€29,341 | +152% |
| Profit (loss) for the period before taxes | 9903 | -€13,742 | -€195,529 | -€181,787 | -1,323% |
| Income taxes | 67/77 | €3,354 | €7,951 | +€4,597 | +137% |
| Profit (loss) for the period | 9904 | -€17,096 | -€203,480 | -€186,384 | -1,090% |
| Profit (loss) for the period to be appropriated | 9905 | -€17,096 | -€203,480 | -€186,384 | -1,090% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.