LAST ONE: what changed
LAST ONE
Largest movements
- Receivables within one year +€15,103
up €15,103 (+17.8%), from €85,017 to €100,121
of which Trade receivables: +€15,353
- Cash -€12,771
down €12,771 (-44.1%), from €28,933 to €16,163
mainly Debts after one year (-€22,436) and Receivables within one year (-€15,103)
- Tangible fixed assets -€12,287
down €12,287 (-19.5%), from €62,850 to €50,564
- Debts after one year -€22,436
down €22,436 (-58.2%), from €38,555 to €16,119
- Tax, wage and social debts +€14,704
up €14,704 (+35.2%), from €41,745 to €56,449
of which Remuneration and social security: +€19,015
- Profit (loss) carried forward -€11,143
down €11,143 (-77.3%), from €14,413 to €3,270
- Current portion of long-term debt +€3,991
up €3,991 (+18.0%), from €22,125 to €26,116
- Other debts +€3,962
up €3,962 (+30.1%), from €13,154 to €17,116
- Staff costs +€31,283
up €31,283 (+81.9%), from €38,180 to €69,463
- Gross operating margin -€18,213
down €18,213 (-19.7%), from €92,223 to €74,010
- Taxes -€9,378
down €9,378 (-84.4%), from €11,115 to €1,737
- Depreciation -€2,369
down €2,369 (-16.2%), from €14,656 to €12,287
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €180,062 | €170,108 | -€9,954 | -5.5% |
| Fixed assets | 21/28 | €62,850 | €50,564 | -€12,287 | -19.5% |
| Tangible fixed assets | 22/27 | €62,850 | €50,564 | -€12,287 | -19.5% |
| Plant, machinery and equipment | 23 | €62,850 | €50,564 | -€12,287 | -19.5% |
| Current assets | 29/58 | €117,212 | €119,544 | +€2,333 | +2.0% |
| Stocks and contracts in progress | 3 | €3,205 | €3,205 | = | 0.0% |
| Stocks | 30/36 | €3,205 | €3,205 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €85,017 | €100,121 | +€15,103 | +17.8% |
| Trade receivables | 40 | €62,461 | €77,815 | +€15,353 | +24.6% |
| Other amounts receivable | 41 | €22,556 | €22,306 | -€250 | -1.1% |
| Cash at bank and in hand | 54/58 | €28,933 | €16,163 | -€12,771 | -44.1% |
| Deferred charges and accrued income | 490/1 | €56 | €56 | = | 0.0% |
| Total equity and liabilities | 10/49 | €180,062 | €170,108 | -€9,954 | -5.5% |
| Equity | 10/15 | €59,213 | €48,070 | -€11,143 | -18.8% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €39,800 | €39,800 | = | 0.0% |
| Distributable reserves | 133 | €39,800 | €39,800 | = | 0.0% |
| Profit (loss) carried forward | 14 | €14,413 | €3,270 | -€11,143 | -77.3% |
| Amounts payable | 17/49 | €120,849 | €122,038 | +€1,189 | +1.0% |
| Amounts payable after more than one year | 17 | €38,555 | €16,119 | -€22,436 | -58.2% |
| Financial debts | 170/4 | €38,555 | €16,119 | -€22,436 | -58.2% |
| Amounts payable within one year | 42/48 | €82,294 | €105,919 | +€23,625 | +28.7% |
| Current portion of amounts payable after more than one year | 42 | €22,125 | €26,116 | +€3,991 | +18.0% |
| Trade debts | 44 | €5,270 | €6,239 | +€968 | +18.4% |
| Suppliers | 440/4 | €5,270 | €6,239 | +€968 | +18.4% |
| Taxes, remuneration and social security | 45 | €41,745 | €56,449 | +€14,704 | +35.2% |
| Taxes | 450/3 | €27,365 | €23,055 | -€4,311 | -15.8% |
| Remuneration and social security | 454/9 | €14,380 | €33,394 | +€19,015 | +132% |
| Other amounts payable | 47/48 | €13,154 | €17,116 | +€3,962 | +30.1% |
| Remuneration, social security and pensions | 62 | €38,180 | €69,463 | +€31,283 | +81.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,656 | €12,287 | -€2,369 | -16.2% |
| Other operating charges | 640/8 | €647 | €173 | -€474 | -73.2% |
| Gross operating margin | 9900 | €92,223 | €74,010 | -€18,213 | -19.7% |
| Operating profit (loss) | 9901 | €38,741 | -€7,913 | -€46,654 | |
| Financial charges | 65/66B | €937 | €1,493 | +€556 | +59.4% |
| Recurring financial charges | 65 | €937 | €1,493 | +€556 | +59.4% |
| Profit (loss) for the period before taxes | 9903 | €37,804 | -€9,406 | -€47,210 | |
| Income taxes | 67/77 | €11,115 | €1,737 | -€9,378 | -84.4% |
| Profit (loss) for the period | 9904 | €26,689 | -€11,143 | -€37,832 | |
| Profit (loss) for the period to be appropriated | 9905 | €26,689 | -€11,143 | -€37,832 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.