LAST FRONTIER: 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.
LAST FRONTIER
Largest movements
- Cash -€644,596
down €644,596 (-95.6%), from €674,551 to €29,955
mainly Other debts (-€594,584) and Trade debts (-€46,306)
- Receivables within one year -€16,145
down €16,145 (-98.0%), from €16,469 to €324
of which Trade receivables: -€12,488
- Stocks and contracts -€14,152
down €14,152 (-18.9%), from €74,944 to €60,792
- Other debts -€594,584
down €594,584 (-65.4%), from €909,701 to €315,117
- Trade debts -€46,306
down €46,306 (-92.4%), from €50,113 to €3,807
- Profit (loss) carried forward -€30,691
down €30,691 (-14.2%), from -€216,072 to -€246,762
- Gross operating margin +€110,315
up €110,315 (+91.2%), from -€120,975 to -€10,660
- Taxes +€11,287
new in 2025: €11,287
- Other operating charges -€6,796
down €6,796 (-87.2%), from €7,794 to €998
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 | €765,965 | €91,071 | -€674,894 | -88.1% |
| Current assets | 29/58 | €765,965 | €91,071 | -€674,894 | -88.1% |
| Stocks and contracts in progress | 3 | €74,944 | €60,792 | -€14,152 | -18.9% |
| Stocks | 30/36 | €74,944 | €60,792 | -€14,152 | -18.9% |
| Amounts receivable within one year | 40/41 | €16,469 | €324 | -€16,145 | -98.0% |
| Trade receivables | 40 | €12,813 | €324 | -€12,488 | -97.5% |
| Other amounts receivable | 41 | €3,657 | - | -€3,657 | |
| Cash at bank and in hand | 54/58 | €674,551 | €29,955 | -€644,596 | -95.6% |
| Total equity and liabilities | 10/49 | €765,965 | €91,071 | -€674,894 | -88.1% |
| Equity | 10/15 | -€197,472 | -€228,162 | -€30,691 | -15.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€216,072 | -€246,762 | -€30,691 | -14.2% |
| Amounts payable | 17/49 | €963,437 | €319,234 | -€644,203 | -66.9% |
| Amounts payable within one year | 42/48 | €963,437 | €319,184 | -€644,253 | -66.9% |
| Trade debts | 44 | €50,113 | €3,807 | -€46,306 | -92.4% |
| Suppliers | 440/4 | €50,113 | €3,807 | -€46,306 | -92.4% |
| Taxes, remuneration and social security | 45 | €3,623 | €260 | -€3,363 | -92.8% |
| Taxes | 450/3 | €3,623 | €260 | -€3,363 | -92.8% |
| Other amounts payable | 47/48 | €909,701 | €315,117 | -€594,584 | -65.4% |
| Accrued charges and deferred income | 492/3 | - | €50 | +€50 | |
| Other operating charges | 640/8 | €7,794 | €998 | -€6,796 | -87.2% |
| Non-recurring operating charges | 66A | €670 | - | -€670 | |
| Gross operating margin | 9900 | -€120,975 | -€10,660 | +€110,315 | +91.2% |
| Operating profit (loss) | 9901 | -€129,440 | -€11,659 | +€117,781 | +91.0% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €8,287 | €7,745 | -€542 | -6.5% |
| Recurring financial charges | 65 | €8,287 | €7,745 | -€542 | -6.5% |
| Profit (loss) for the period before taxes | 9903 | -€137,726 | -€19,404 | +€118,323 | +85.9% |
| Income taxes | 67/77 | - | €11,287 | +€11,287 | |
| Profit (loss) for the period | 9904 | -€137,726 | -€30,691 | +€107,036 | +77.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€137,726 | -€30,691 | +€107,036 | +77.7% |
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 15 October 2026 via checked.be.