Keep Pedalling: 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.
Keep Pedalling
Largest movements
- Tangible fixed assets -€16,896
down €16,896 (-47.5%), from €35,598 to €18,701
- Receivables within one year -€12,367
down €12,367 (-39.0%), from €31,710 to €19,342
of which Other amounts receivable: -€10,730
- Profit (loss) carried forward -€28,541
down €28,541 (-444%), from -€6,431 to -€34,973
- Debts after one year -€10,055
down €10,055 (-30.1%), from €33,416 to €23,361
- Tax, wage and social debts +€6,470
up €6,470 (+51.3%), from €12,600 to €19,070
of which Taxes: +€3,620
- Short-term financial debts +€1,396
up €1,396 (+9.7%), from €14,453 to €15,849
- Trade debts +€850
up €850 (+63.8%), from €1,332 to €2,182
- Gross operating margin -€71,923
down €71,923, from €64,708 to -€7,215
- Depreciation +€1,805
up €1,805 (+12.0%), from €15,091 to €16,896
- Financial charges +€1,143
up €1,143 (+28.8%), from €3,967 to €5,110
- Taxes -€1,114
down €1,114, from €849 to -€265
- Financial income +€668
up €668 (+113%), from €592 to €1,260
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 | €67,492 | €38,044 | -€29,448 | -43.6% |
| Fixed assets | 21/28 | €35,598 | €18,701 | -€16,896 | -47.5% |
| Tangible fixed assets | 22/27 | €35,598 | €18,701 | -€16,896 | -47.5% |
| Furniture and vehicles | 24 | €35,598 | €18,701 | -€16,896 | -47.5% |
| Current assets | 29/58 | €31,894 | €19,342 | -€12,552 | -39.4% |
| Amounts receivable within one year | 40/41 | €31,710 | €19,342 | -€12,367 | -39.0% |
| Trade receivables | 40 | €6,527 | €4,889 | -€1,638 | -25.1% |
| Other amounts receivable | 41 | €25,183 | €14,453 | -€10,730 | -42.6% |
| Cash at bank and in hand | 54/58 | €0 | - | = | |
| Deferred charges and accrued income | 490/1 | €185 | €0 | -€185 | -100% |
| Total equity and liabilities | 10/49 | €67,492 | €38,044 | -€29,448 | -43.6% |
| Equity | 10/15 | -€3,931 | -€32,473 | -€28,541 | -726% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€6,431 | -€34,973 | -€28,541 | -444% |
| Amounts payable | 17/49 | €71,423 | €70,517 | -€907 | -1.3% |
| Amounts payable after more than one year | 17 | €33,416 | €23,361 | -€10,055 | -30.1% |
| Financial debts | 170/4 | €33,416 | €23,361 | -€10,055 | -30.1% |
| Amounts payable within one year | 42/48 | €38,008 | €47,156 | +€9,148 | +24.1% |
| Current portion of amounts payable after more than one year | 42 | €9,623 | €10,055 | +€432 | +4.5% |
| Financial debts | 43 | €14,453 | €15,849 | +€1,396 | +9.7% |
| Credit institutions | 430/8 | €14,453 | €15,849 | +€1,396 | +9.7% |
| Trade debts | 44 | €1,332 | €2,182 | +€850 | +63.8% |
| Suppliers | 440/4 | €1,332 | €2,182 | +€850 | +63.8% |
| Taxes, remuneration and social security | 45 | €12,600 | €19,070 | +€6,470 | +51.3% |
| Taxes | 450/3 | €12,600 | €16,220 | +€3,620 | +28.7% |
| Remuneration and social security | 454/9 | - | €2,850 | +€2,850 | |
| Other amounts payable | 47/48 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,091 | €16,896 | +€1,805 | +12.0% |
| Other operating charges | 640/8 | €438 | €846 | +€408 | +93.1% |
| Non-recurring operating charges | 66A | €49,314 | €0 | -€49,314 | -100% |
| Gross operating margin | 9900 | €64,708 | -€7,215 | -€71,923 | |
| Operating profit (loss) | 9901 | -€135 | -€24,957 | -€24,822 | -18,359% |
| Financial income | 75/76B | €592 | €1,260 | +€668 | +113% |
| Recurring financial income | 75 | €592 | €1,260 | +€668 | +113% |
| Financial charges | 65/66B | €3,967 | €5,110 | +€1,143 | +28.8% |
| Recurring financial charges | 65 | €3,967 | €5,110 | +€1,143 | +28.8% |
| Profit (loss) for the period before taxes | 9903 | -€3,510 | -€28,807 | -€25,296 | -721% |
| Income taxes | 67/77 | €849 | -€265 | -€1,114 | |
| Profit (loss) for the period | 9904 | -€4,360 | -€28,541 | -€24,182 | -555% |
| Profit (loss) for the period to be appropriated | 9905 | -€4,360 | -€28,541 | -€24,182 | -555% |
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 18 October 2026 via checked.be.