La vache à glace: 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.
La vache à glace
Largest movements
- Tangible fixed assets +€32,062
up €32,062 (+60.3%), from €53,169 to €85,232
of which Furniture and vehicles: +€25,167
- Receivables within one year +€3,379
up €3,379 (+82.3%), from €4,106 to €7,485
of which Trade receivables: +€1,945
- Formation expenses -€2,059
down €2,059 (-32.9%), from €6,260 to €4,201
- Cash +€1,425
up €1,425 (+44.0%), from €3,237 to €4,661
mainly Debts after one year (+€20,147) and Depreciation (+€17,579)
- Debts after one year +€20,147
new in 2025: €20,147
- Profit (loss) carried forward +€13,444
up €13,444 (+29.0%), from -€46,294 to -€32,850
- Other debts +€2,459
up €2,459 (+2.7%), from €91,474 to €93,933
- Trade debts -€2,385
down €2,385 (-19.6%), from €12,165 to €9,781
- Current portion of long-term debt +€1,151
up €1,151 (+25.2%), from €4,578 to €5,730
- Gross operating margin +€25,388
up €25,388 (+38.4%), from €66,187 to €91,574
- Staff costs -€15,458
down €15,458 (-24.1%), from €64,095 to €48,637
- Other operating charges +€10,267
up €10,267 (+4,541%), from €226 to €10,493
- Depreciation +€3,526
up €3,526 (+25.1%), from €14,054 to €17,579
- Financial charges +€928
up €928 (+246%), from €378 to €1,306
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 | €70,852 | €105,245 | +€34,393 | +48.5% |
| Formation expenses | 20 | €6,260 | €4,201 | -€2,059 | -32.9% |
| Fixed assets | 21/28 | €53,169 | €85,232 | +€32,062 | +60.3% |
| Tangible fixed assets | 22/27 | €53,169 | €85,232 | +€32,062 | +60.3% |
| Plant, machinery and equipment | 23 | €21,480 | €19,681 | -€1,799 | -8.4% |
| Furniture and vehicles | 24 | €6,445 | €31,613 | +€25,167 | +390% |
| Other tangible fixed assets | 26 | €25,244 | €33,938 | +€8,694 | +34.4% |
| Current assets | 29/58 | €11,423 | €15,813 | +€4,390 | +38.4% |
| Stocks and contracts in progress | 3 | €3,519 | €3,109 | -€410 | -11.6% |
| Stocks | 30/36 | €3,519 | €3,109 | -€410 | -11.6% |
| Amounts receivable within one year | 40/41 | €4,106 | €7,485 | +€3,379 | +82.3% |
| Trade receivables | 40 | €2,309 | €4,254 | +€1,945 | +84.2% |
| Other amounts receivable | 41 | €1,797 | €3,231 | +€1,434 | +79.8% |
| Cash at bank and in hand | 54/58 | €3,237 | €4,661 | +€1,425 | +44.0% |
| Deferred charges and accrued income | 490/1 | €561 | €557 | -€5 | -0.8% |
| Total equity and liabilities | 10/49 | €70,852 | €105,245 | +€34,393 | +48.5% |
| Equity | 10/15 | -€40,294 | -€26,850 | +€13,444 | +33.4% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€46,294 | -€32,850 | +€13,444 | +29.0% |
| Amounts payable | 17/49 | €111,146 | €132,095 | +€20,949 | +18.8% |
| Amounts payable after more than one year | 17 | - | €20,147 | +€20,147 | |
| Financial debts | 170/4 | - | €20,147 | +€20,147 | |
| Amounts payable within one year | 42/48 | €110,696 | €110,957 | +€261 | +0.2% |
| Current portion of amounts payable after more than one year | 42 | €4,578 | €5,730 | +€1,151 | +25.2% |
| Trade debts | 44 | €12,165 | €9,781 | -€2,385 | -19.6% |
| Suppliers | 440/4 | €12,165 | €9,781 | -€2,385 | -19.6% |
| Taxes, remuneration and social security | 45 | €2,479 | €1,514 | -€965 | -38.9% |
| Taxes | 450/3 | €1,927 | - | -€1,927 | |
| Remuneration and social security | 454/9 | €552 | €1,514 | +€962 | +174% |
| Other amounts payable | 47/48 | €91,474 | €93,933 | +€2,459 | +2.7% |
| Accrued charges and deferred income | 492/3 | €450 | €991 | +€541 | +120% |
| Non-recurring operating income | 76A | - | €7,753 | +€7,753 | |
| Remuneration, social security and pensions | 62 | €64,095 | €48,637 | -€15,458 | -24.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,054 | €17,579 | +€3,526 | +25.1% |
| Other operating charges | 640/8 | €226 | €10,493 | +€10,267 | +4,541% |
| Non-recurring operating charges | 66A | €1,088 | €147 | -€941 | -86.5% |
| Gross operating margin | 9900 | €66,187 | €91,574 | +€25,388 | +38.4% |
| Operating profit (loss) | 9901 | -€13,276 | €14,718 | +€27,994 | |
| Financial income | 75/76B | €35 | €32 | -€3 | -9.3% |
| Recurring financial income | 75 | €35 | €32 | -€3 | -9.3% |
| Financial charges | 65/66B | €378 | €1,306 | +€928 | +246% |
| Recurring financial charges | 65 | €378 | €1,306 | +€928 | +246% |
| Profit (loss) for the period before taxes | 9903 | -€13,619 | €13,444 | +€27,062 | |
| Profit (loss) for the period | 9904 | -€13,619 | €13,444 | +€27,062 | |
| Profit (loss) for the period to be appropriated | 9905 | -€13,619 | €13,444 | +€27,062 |
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 31 October 2026 via checked.be.