L&A PERSPECTIV: 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.
L&A PERSPECTIV
Largest movements
- Receivables within one year -€19,339
down €19,339 (-46.8%), from €41,315 to €21,976
of which Trade receivables: -€13,165
- Cash -€17,315
down €17,315 (-11.9%), from €144,966 to €127,651
mainly Other debts (-€21,651) and Debts after one year (-€17,853)
- Tangible fixed assets -€16,811
down €16,811 (-18.9%), from €89,071 to €72,261
of which Land and buildings: -€12,145
- Other debts -€21,651
down €21,651 (-68.4%), from €31,660 to €10,009
- Debts after one year -€17,853
down €17,853 (-35.8%), from €49,849 to €31,996
- Reserves -€9,288
down €9,288 (-5.7%), from €163,081 to €153,793
- Tax, wage and social debts -€7,070
down €7,070 (-100%), from €7,070 to €0
- Gross operating margin -€26,996
down €26,996 (-44.7%), from €60,451 to €33,455
- Taxes -€8,334
down €8,334 (-95.2%), from €8,750 to €417
- Depreciation +€5,997
up €5,997 (+27.6%), from €21,755 to €27,752
- Financial charges -€893
down €893 (-21.3%), from €4,192 to €3,298
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 | €275,352 | €221,888 | -€53,465 | -19.4% |
| Fixed assets | 21/28 | €89,071 | €72,261 | -€16,811 | -18.9% |
| Tangible fixed assets | 22/27 | €89,071 | €72,261 | -€16,811 | -18.9% |
| Land and buildings | 22 | €37,135 | €24,990 | -€12,145 | -32.7% |
| Plant, machinery and equipment | 23 | €227 | €0 | -€227 | -100% |
| Furniture and vehicles | 24 | €51,709 | €47,271 | -€4,439 | -8.6% |
| Current assets | 29/58 | €186,281 | €149,627 | -€36,654 | -19.7% |
| Amounts receivable within one year | 40/41 | €41,315 | €21,976 | -€19,339 | -46.8% |
| Trade receivables | 40 | €13,165 | €0 | -€13,165 | -100% |
| Other amounts receivable | 41 | €28,150 | €21,976 | -€6,174 | -21.9% |
| Cash at bank and in hand | 54/58 | €144,966 | €127,651 | -€17,315 | -11.9% |
| Total equity and liabilities | 10/49 | €275,352 | €221,888 | -€53,465 | -19.4% |
| Equity | 10/15 | €169,581 | €160,293 | -€9,288 | -5.5% |
| Contributions | 10/11 | €6,500 | €6,500 | = | 0.0% |
| Reserves | 13 | €163,081 | €153,793 | -€9,288 | -5.7% |
| Distributable reserves | 133 | €163,081 | €153,793 | -€9,288 | -5.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €105,771 | €61,594 | -€44,177 | -41.8% |
| Amounts payable after more than one year | 17 | €49,849 | €31,996 | -€17,853 | -35.8% |
| Financial debts | 170/4 | €49,849 | €31,996 | -€17,853 | -35.8% |
| Amounts payable within one year | 42/48 | €55,922 | €29,599 | -€26,323 | -47.1% |
| Current portion of amounts payable after more than one year | 42 | €16,910 | €17,853 | +€943 | +5.6% |
| Financial debts | 43 | €56 | €1,409 | +€1,354 | +2,439% |
| Credit institutions | 430/8 | €56 | €1,409 | +€1,354 | +2,439% |
| Trade debts | 44 | €226 | €328 | +€102 | +44.9% |
| Suppliers | 440/4 | €226 | €328 | +€102 | +44.9% |
| Taxes, remuneration and social security | 45 | €7,070 | €0 | -€7,070 | -100% |
| Taxes | 450/3 | €7,070 | €0 | -€7,070 | -100% |
| Other amounts payable | 47/48 | €31,660 | €10,009 | -€21,651 | -68.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,755 | €27,752 | +€5,997 | +27.6% |
| Other operating charges | 640/8 | €2,010 | €2,316 | +€306 | +15.2% |
| Non-recurring operating charges | 66A | - | €227 | +€227 | |
| Gross operating margin | 9900 | €60,451 | €33,455 | -€26,996 | -44.7% |
| Operating profit (loss) | 9901 | €36,685 | €3,159 | -€33,526 | -91.4% |
| Financial income | 75/76B | €1,177 | €1,277 | +€99 | +8.4% |
| Recurring financial income | 75 | €1,177 | €1,277 | +€99 | +8.4% |
| Financial charges | 65/66B | €4,192 | €3,298 | -€893 | -21.3% |
| Recurring financial charges | 65 | €4,192 | €3,298 | -€893 | -21.3% |
| Profit (loss) for the period before taxes | 9903 | €33,671 | €1,138 | -€32,534 | -96.6% |
| Income taxes | 67/77 | €8,750 | €417 | -€8,334 | -95.2% |
| Profit (loss) for the period | 9904 | €24,921 | €721 | -€24,200 | -97.1% |
| Profit (loss) for the period to be appropriated | 9905 | €24,921 | €721 | -€24,200 | -97.1% |
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 16 October 2026 via checked.be.