L ET S: 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 ET S
Largest movements
- Stocks and contracts -€90,185
down €90,185 (-16.3%), from €554,715 to €464,530
- Receivables within one year +€67,310
up €67,310 (+38.6%), from €174,287 to €241,597
of which Trade receivables: +€57,324
- Intangible fixed assets +€12,720
new in 2025: €12,720
- Cash -€9,436
down €9,436 (-9.1%), from €103,403 to €93,967
mainly Net result for the year (-€258,021) and Receivables within one year (-€67,310)
- Reserves -€306,325
down €306,325 (-42.0%), from €729,618 to €423,293
of which Distributable reserves: -€306,325
- Other debts +€120,085
up €120,085 (+2,305%), from €5,211 to €125,296
- Trade debts +€101,925
up €101,925 (+131%), from €77,811 to €179,736
- Profit (loss) carried forward +€48,303
up €48,303, from -€48,303 to €0
- Tax, wage and social debts +€9,243
up €9,243 (+55.7%), from €16,606 to €25,849
of which Remuneration and social security: +€8,559
- Gross operating margin -€177,598
down €177,598, from €169,018 to -€8,580
- Staff costs +€20,522
up €20,522 (+10.4%), from €197,088 to €217,610
- Other operating charges +€3,793
up €3,793 (+49.4%), from €7,680 to €11,473
- Financial charges -€1,762
down €1,762 (-16.3%), from €10,797 to €9,035
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 | €849,936 | €830,626 | -€19,310 | -2.3% |
| Fixed assets | 21/28 | €15,536 | €28,457 | +€12,921 | +83.2% |
| Intangible fixed assets | 21 | - | €12,720 | +€12,720 | |
| Tangible fixed assets | 22/27 | €14,926 | €15,126 | +€200 | +1.3% |
| Plant, machinery and equipment | 23 | - | €2,096 | +€2,096 | |
| Furniture and vehicles | 24 | €432 | €243 | -€190 | -43.8% |
| Other tangible fixed assets | 26 | €14,494 | €12,787 | -€1,707 | -11.8% |
| Financial fixed assets | 28 | €610 | €610 | = | 0.0% |
| Current assets | 29/58 | €834,400 | €802,170 | -€32,231 | -3.9% |
| Stocks and contracts in progress | 3 | €554,715 | €464,530 | -€90,185 | -16.3% |
| Stocks | 30/36 | €554,715 | €464,530 | -€90,185 | -16.3% |
| Amounts receivable within one year | 40/41 | €174,287 | €241,597 | +€67,310 | +38.6% |
| Trade receivables | 40 | €146,359 | €203,683 | +€57,324 | +39.2% |
| Other amounts receivable | 41 | €27,928 | €37,914 | +€9,986 | +35.8% |
| Cash at bank and in hand | 54/58 | €103,403 | €93,967 | -€9,436 | -9.1% |
| Deferred charges and accrued income | 490/1 | €1,995 | €2,076 | +€81 | +4.1% |
| Total equity and liabilities | 10/49 | €849,936 | €830,626 | -€19,310 | -2.3% |
| Equity | 10/15 | €743,315 | €485,293 | -€258,021 | -34.7% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €729,618 | €423,293 | -€306,325 | -42.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €729,618 | €423,293 | -€306,325 | -42.0% |
| Profit (loss) carried forward | 14 | -€48,303 | €0 | +€48,303 | |
| Amounts payable | 17/49 | €106,622 | €345,333 | +€238,711 | +224% |
| Amounts payable after more than one year | 17 | €0 | €4,790 | +€4,790 | |
| Financial debts | 170/4 | €0 | €4,790 | +€4,790 | |
| Amounts payable within one year | 42/48 | €106,622 | €340,543 | +€233,921 | +219% |
| Current portion of amounts payable after more than one year | 42 | €2,937 | €5,606 | +€2,669 | +90.9% |
| Financial debts | 43 | €4,057 | €4,057 | -€1 | 0.0% |
| Credit institutions | 430/8 | €4,057 | €4,057 | -€1 | 0.0% |
| Trade debts | 44 | €77,811 | €179,736 | +€101,925 | +131% |
| Suppliers | 440/4 | €77,811 | €179,736 | +€101,925 | +131% |
| Taxes, remuneration and social security | 45 | €16,606 | €25,849 | +€9,243 | +55.7% |
| Taxes | 450/3 | €5,277 | €5,961 | +€684 | +13.0% |
| Remuneration and social security | 454/9 | €11,329 | €19,888 | +€8,559 | +75.6% |
| Other amounts payable | 47/48 | €5,211 | €125,296 | +€120,085 | +2,305% |
| Remuneration, social security and pensions | 62 | €197,088 | €217,610 | +€20,522 | +10.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,918 | €3,329 | +€1,411 | +73.6% |
| Other operating charges | 640/8 | €7,680 | €11,473 | +€3,793 | +49.4% |
| Non-recurring operating charges | 66A | - | €7,595 | +€7,595 | |
| Gross operating margin | 9900 | €169,018 | -€8,580 | -€177,598 | |
| Operating profit (loss) | 9901 | -€37,668 | -€248,588 | -€210,920 | -560% |
| Financial income | 75/76B | €595 | €54 | -€542 | -91.0% |
| Recurring financial income | 75 | €595 | €54 | -€542 | -91.0% |
| Financial charges | 65/66B | €10,797 | €9,035 | -€1,762 | -16.3% |
| Recurring financial charges | 65 | €10,797 | €9,035 | -€1,762 | -16.3% |
| Profit (loss) for the period before taxes | 9903 | -€47,870 | -€257,569 | -€209,699 | -438% |
| Income taxes | 67/77 | €433 | €452 | +€19 | +4.4% |
| Profit (loss) for the period | 9904 | -€48,303 | -€258,021 | -€209,718 | -434% |
| Profit (loss) for the period to be appropriated | 9905 | -€48,303 | -€258,021 | -€209,718 | -434% |
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 21 October 2026 via checked.be.