JUSTINE CRAVATTE: 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.
JUSTINE CRAVATTE
Largest movements
- Tangible fixed assets +€314,471
up €314,471 (+5,396%), from €5,828 to €320,299
of which Land and buildings: +€314,349
- Receivables within one year +€16,295
up €16,295 (+149%), from €10,972 to €27,268
of which Other amounts receivable: +€12,500
- Cash +€13,159
up €13,159 (+340%), from €3,866 to €17,026
mainly Debts after one year (+€310,321) and Depreciation (+€40,306)
- Debts after one year +€310,321
new in 2025: €310,321
of which Financial debts: +€309,041
- Other debts +€33,335
up €33,335 (+332%), from €10,035 to €43,370
- Current portion of long-term debt +€14,959
new in 2025: €14,959
- Profit (loss) carried forward -€13,818
new in 2025: -€13,818
- Depreciation +€39,923
up €39,923 (+10,417%), from €383 to €40,306
- Gross operating margin +€21,034
up €21,034 (+181%), from €11,627 to €32,661
- Financial charges +€4,451
up €4,451 (+22,990%), from €19 to €4,470
- Taxes -€2,786
down €2,786 (-95.5%), from €2,918 to €132
- Other operating charges +€1,158
up €1,158 (+271%), from €428 to €1,586
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 | €21,818 | €367,283 | +€345,465 | +1,583% |
| Fixed assets | 21/28 | €5,828 | €320,299 | +€314,471 | +5,396% |
| Tangible fixed assets | 22/27 | €5,828 | €320,299 | +€314,471 | +5,396% |
| Land and buildings | 22 | - | €314,349 | +€314,349 | |
| Furniture and vehicles | 24 | €5,828 | €5,950 | +€122 | +2.1% |
| Current assets | 29/58 | €15,990 | €46,984 | +€30,994 | +194% |
| Amounts receivable within one year | 40/41 | €10,972 | €27,268 | +€16,295 | +149% |
| Trade receivables | 40 | €10,890 | €14,686 | +€3,795 | +34.8% |
| Other amounts receivable | 41 | €82 | €12,582 | +€12,500 | +15,259% |
| Cash at bank and in hand | 54/58 | €3,866 | €17,026 | +€13,159 | +340% |
| Deferred charges and accrued income | 490/1 | €1,152 | €2,691 | +€1,540 | +134% |
| Total equity and liabilities | 10/49 | €21,818 | €367,283 | +€345,465 | +1,583% |
| Equity | 10/15 | €9,579 | -€4,239 | -€13,818 | |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €7,079 | €7,079 | = | 0.0% |
| Distributable reserves | 133 | €7,079 | €7,079 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€13,818 | -€13,818 | |
| Amounts payable | 17/49 | €12,239 | €371,522 | +€359,284 | +2,936% |
| Amounts payable after more than one year | 17 | - | €310,321 | +€310,321 | |
| Financial debts | 170/4 | - | €309,041 | +€309,041 | |
| Other amounts payable | 178/9 | - | €1,280 | +€1,280 | |
| Amounts payable within one year | 42/48 | €11,422 | €60,464 | +€49,041 | +429% |
| Current portion of amounts payable after more than one year | 42 | - | €14,959 | +€14,959 | |
| Trade debts | 44 | €1,388 | €2,004 | +€616 | +44.4% |
| Suppliers | 440/4 | €1,388 | €2,004 | +€616 | +44.4% |
| Taxes, remuneration and social security | 45 | - | €132 | +€132 | |
| Taxes | 450/3 | - | €132 | +€132 | |
| Other amounts payable | 47/48 | €10,035 | €43,370 | +€33,335 | +332% |
| Accrued charges and deferred income | 492/3 | €816 | €737 | -€79 | -9.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €383 | €40,306 | +€39,923 | +10,417% |
| Other operating charges | 640/8 | €428 | €1,586 | +€1,158 | +271% |
| Gross operating margin | 9900 | €11,627 | €32,661 | +€21,034 | +181% |
| Operating profit (loss) | 9901 | €10,817 | -€9,231 | -€20,048 | |
| Financial income | 75/76B | €0 | €15 | +€15 | +29,880% |
| Recurring financial income | 75 | €0 | €15 | +€15 | +29,880% |
| Financial charges | 65/66B | €19 | €4,470 | +€4,451 | +22,990% |
| Recurring financial charges | 65 | €19 | €4,470 | +€4,451 | +22,990% |
| Profit (loss) for the period before taxes | 9903 | €10,797 | -€13,686 | -€24,484 | |
| Income taxes | 67/77 | €2,918 | €132 | -€2,786 | -95.5% |
| Profit (loss) for the period | 9904 | €7,879 | -€13,818 | -€21,698 | |
| Profit (loss) for the period to be appropriated | 9905 | €7,879 | -€13,818 | -€21,698 |
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 22 October 2026 via checked.be.