KEY CHALLENGE: what changed
Two fiscal 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 CHALLENGE
Largest movements
- Current investments +€40,000
new in 2025: €40,000
- Cash -€38,287
down €38,287 (-46.6%), from €82,229 to €43,942
mainly Contributions, distributions and other (-€160,082) and Current investments (-€40,000)
- Receivables within one year +€22,432
up €22,432 (+757.9%), from €2,960 to €25,391
of which Trade receivables: +€22,194
- Other debts +€29,916
up €29,916 (+50.0%), from €59,811 to €89,726
- Profit (loss) carried forward -€24,721
no longer reported in 2025 (was €24,721)
- Tax, wage and social debts +€15,852
up €15,852 (+198.8%), from €7,972 to €23,824
- Gross operating margin +€122,923
up €122,923 (+226.3%), from €54,313 to €177,236
- Taxes +€38,501
up €38,501 (+2476.7%), from €1,555 to €40,056
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.
Cash bridge derived
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 | €96,519 | €118,404 | +€21,885 | +22.7% |
| Fixed assets | 21/28 | €7,600 | €6,499 | -€1,102 | -14.5% |
| Tangible fixed assets | 22/27 | €7,600 | €6,499 | -€1,102 | -14.5% |
| Furniture and vehicles | 24 | €115 | €0 | -€115 | -100.0% |
| Other tangible fixed assets | 26 | €7,486 | €6,499 | -€987 | -13.2% |
| Current assets | 29/58 | €88,918 | €111,905 | +€22,987 | +25.9% |
| Amounts receivable within one year | 40/41 | €2,960 | €25,391 | +€22,432 | +757.9% |
| Trade receivables | 40 | €1,948 | €24,142 | +€22,194 | +1139.3% |
| Other amounts receivable | 41 | €1,012 | €1,249 | +€238 | +23.5% |
| Current investments | 50/53 | - | €40,000 | +€40,000 | |
| Cash at bank and in hand | 54/58 | €82,229 | €43,942 | -€38,287 | -46.6% |
| Deferred charges and accrued income | 490/1 | €3,729 | €2,572 | -€1,157 | -31.0% |
| Total equity and liabilities | 10/49 | €96,519 | €118,404 | +€21,885 | +22.7% |
| Equity | 10/15 | €26,721 | €2,000 | -€24,721 | -92.5% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €24,721 | - | -€24,721 | |
| Amounts payable | 17/49 | €69,798 | €116,404 | +€46,606 | +66.8% |
| Amounts payable within one year | 42/48 | €69,773 | €116,404 | +€46,631 | +66.8% |
| Financial debts | 43 | - | €890 | +€890 | |
| Credit institutions | 430/8 | - | €890 | +€890 | |
| Trade debts | 44 | €1,990 | €1,963 | -€27 | -1.4% |
| Suppliers | 440/4 | €1,990 | €1,963 | -€27 | -1.4% |
| Taxes, remuneration and social security | 45 | €7,972 | €23,824 | +€15,852 | +198.8% |
| Taxes | 450/3 | €7,972 | €23,824 | +€15,852 | +198.8% |
| Other amounts payable | 47/48 | €59,811 | €89,726 | +€29,916 | +50.0% |
| Accrued charges and deferred income | 492/3 | €25 | - | -€25 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,180 | €1,102 | -€1,079 | -49.5% |
| Other operating charges | 640/8 | €873 | €935 | +€62 | +7.1% |
| Gross operating margin | 9900 | €54,313 | €177,236 | +€122,923 | +226.3% |
| Operating profit (loss) | 9901 | €51,260 | €175,199 | +€123,939 | +241.8% |
| Financial income | 75/76B | €221 | €978 | +€757 | +342.3% |
| Recurring financial income | 75 | €221 | €978 | +€757 | +342.3% |
| Financial charges | 65/66B | €2,205 | €760 | -€1,446 | -65.6% |
| Recurring financial charges | 65 | €2,205 | €760 | -€1,446 | -65.6% |
| Profit (loss) for the period before taxes | 9903 | €49,275 | €175,417 | +€126,142 | +256.0% |
| Income taxes | 67/77 | €1,555 | €40,056 | +€38,501 | +2476.7% |
| Profit (loss) for the period | 9904 | €47,721 | €135,361 | +€87,641 | +183.7% |
| Profit (loss) for the period to be appropriated | 9905 | €47,721 | €135,361 | +€87,641 | +183.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.