KEY BUSINESS: 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.
KEY BUSINESS
Largest movements
- Receivables within one year +€390,024
up €390,024 (+111%), from €350,159 to €740,183
of which Trade receivables: +€390,024
- Cash +€122,868
up €122,868 (+120%), from €102,590 to €225,458
mainly Accrued charges and deferred income (+€294,435) and Trade debts (+€135,522)
- Receivables after one year +€94,143
up €94,143 (+26.1%), from €360,092 to €454,235
- Accrued charges and deferred income +€294,435
up €294,435 (+257%), from €114,535 to €408,971
- Trade debts +€135,522
up €135,522 (+51.5%), from €263,046 to €398,568
of which Bills of exchange payable: +€115,832
- Profit (loss) carried forward +€133,011
up €133,011 (+35.5%), from -€374,878 to -€241,867
- Tax, wage and social debts +€38,489
up €38,489 (+48.7%), from €79,102 to €117,591
of which Taxes: +€35,716
- Other operating charges -€137,004
down €137,004 (-94.1%), from €145,557 to €8,553
- Gross operating margin -€120,117
down €120,117 (-26.1%), from €459,968 to €339,850
- Financial income -€8,554
down €8,554 (-67.4%), from €12,697 to €4,143
- Staff costs +€8,086
up €8,086 (+5.7%), from €141,080 to €149,166
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 | €846,991 | €1,448,449 | +€601,457 | +71.0% |
| Fixed assets | 21/28 | €4,368 | €2,187 | -€2,180 | -49.9% |
| Tangible fixed assets | 22/27 | €4,368 | €2,187 | -€2,180 | -49.9% |
| Furniture and vehicles | 24 | €4,368 | €2,187 | -€2,180 | -49.9% |
| Current assets | 29/58 | €842,624 | €1,446,261 | +€603,638 | +71.6% |
| Amounts receivable after more than one year | 29 | €360,092 | €454,235 | +€94,143 | +26.1% |
| Trade receivables | 290 | €360,092 | €454,235 | +€94,143 | +26.1% |
| Amounts receivable within one year | 40/41 | €350,159 | €740,183 | +€390,024 | +111% |
| Trade receivables | 40 | €321,866 | €711,890 | +€390,024 | +121% |
| Other amounts receivable | 41 | €28,293 | €28,293 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €102,590 | €225,458 | +€122,868 | +120% |
| Deferred charges and accrued income | 490/1 | €29,783 | €26,385 | -€3,398 | -11.4% |
| Total equity and liabilities | 10/49 | €846,991 | €1,448,449 | +€601,457 | +71.0% |
| Equity | 10/15 | €340,308 | €473,319 | +€133,011 | +39.1% |
| Contributions | 10/11 | €689,823 | €689,823 | = | 0.0% |
| Capital | 10 | €689,823 | €689,823 | = | 0.0% |
| Issued capital | 100 | €700,000 | €700,000 | = | 0.0% |
| Uncalled capital | 101 | €10,177 | €10,177 | = | 0.0% |
| Reserves | 13 | €25,364 | €25,364 | = | 0.0% |
| Non-distributable reserves | 130/1 | €25,364 | €25,364 | = | 0.0% |
| Legal reserve | 130 | €25,364 | €25,364 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€374,878 | -€241,867 | +€133,011 | +35.5% |
| Amounts payable | 17/49 | €506,683 | €975,129 | +€468,447 | +92.5% |
| Amounts payable within one year | 42/48 | €392,148 | €566,159 | +€174,011 | +44.4% |
| Trade debts | 44 | €263,046 | €398,568 | +€135,522 | +51.5% |
| Suppliers | 440/4 | €263,046 | €282,736 | +€19,690 | +7.5% |
| Bills of exchange payable | 441 | - | €115,832 | +€115,832 | |
| Taxes, remuneration and social security | 45 | €79,102 | €117,591 | +€38,489 | +48.7% |
| Taxes | 450/3 | €61,386 | €97,102 | +€35,716 | +58.2% |
| Remuneration and social security | 454/9 | €17,716 | €20,489 | +€2,773 | +15.7% |
| Other amounts payable | 47/48 | €50,000 | €50,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €114,535 | €408,971 | +€294,435 | +257% |
| Remuneration, social security and pensions | 62 | €141,080 | €149,166 | +€8,086 | +5.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,384 | €2,180 | +€796 | +57.5% |
| Other operating charges | 640/8 | €145,557 | €8,553 | -€137,004 | -94.1% |
| Gross operating margin | 9900 | €459,968 | €339,850 | -€120,117 | -26.1% |
| Operating profit (loss) | 9901 | €171,946 | €179,951 | +€8,005 | +4.7% |
| Financial income | 75/76B | €12,697 | €4,143 | -€8,554 | -67.4% |
| Recurring financial income | 75 | €12,697 | €4,143 | -€8,554 | -67.4% |
| Financial charges | 65/66B | €3,462 | €2,313 | -€1,150 | -33.2% |
| Recurring financial charges | 65 | €3,462 | €2,313 | -€1,150 | -33.2% |
| Profit (loss) for the period before taxes | 9903 | €181,181 | €181,782 | +€601 | +0.3% |
| Income taxes | 67/77 | €49,910 | €48,950 | -€960 | -1.9% |
| Profit (loss) for the period | 9904 | €131,271 | €132,832 | +€1,561 | +1.2% |
| Profit (loss) for the period to be appropriated | 9905 | €131,271 | €132,832 | +€1,561 | +1.2% |
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 26 October 2026 via checked.be.