Laura MARTELLI: 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.
Laura MARTELLI
Largest movements
- Cash +€160,790
up €160,790 (+117%), from €136,958 to €297,747
mainly Other debts (+€223,034) and Current investments (+€100,000)
- Current investments -€100,000
no longer reported in 2025 (was €100,000)
- Intangible fixed assets -€21,000
down €21,000 (-19.3%), from €108,959 to €87,959
- Tangible fixed assets -€16,359
down €16,359 (-37.0%), from €44,201 to €27,843
of which Furniture and vehicles: -€16,302
- Receivables within one year +€5,900
up €5,900 (+5.7%), from €102,891 to €108,791
of which Trade receivables: +€5,900
- Other debts +€223,034
up €223,034 (+144%), from €155,203 to €378,236
- Profit (loss) carried forward -€209,874
no longer reported in 2025 (was €209,874)
- Debts after one year -€32,698
down €32,698 (-38.0%), from €85,955 to €53,257
- Reserves +€31,929
new in 2025: €31,929
- Tax, wage and social debts +€10,039
up €10,039 (+302%), from €3,326 to €13,365
- Financial charges +€21,602
up €21,602 (+30.9%), from €69,813 to €91,415
- Taxes +€15,706
up €15,706 (+77.9%), from €20,155 to €35,862
- Gross operating margin -€11,597
down €11,597 (-5.9%), from €197,484 to €185,886
- Financial income +€2,122
up €2,122 (+1,047%), from €203 to €2,324
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 | €496,303 | €522,340 | +€26,037 | +5.2% |
| Fixed assets | 21/28 | €153,160 | €115,802 | -€37,359 | -24.4% |
| Intangible fixed assets | 21 | €108,959 | €87,959 | -€21,000 | -19.3% |
| Tangible fixed assets | 22/27 | €44,201 | €27,843 | -€16,359 | -37.0% |
| Plant, machinery and equipment | 23 | €57 | - | -€57 | |
| Furniture and vehicles | 24 | €44,145 | €27,843 | -€16,302 | -36.9% |
| Current assets | 29/58 | €343,143 | €406,538 | +€63,395 | +18.5% |
| Amounts receivable within one year | 40/41 | €102,891 | €108,791 | +€5,900 | +5.7% |
| Trade receivables | 40 | - | €5,900 | +€5,900 | |
| Other amounts receivable | 41 | €102,891 | €102,891 | = | 0.0% |
| Current investments | 50/53 | €100,000 | - | -€100,000 | |
| Cash at bank and in hand | 54/58 | €136,958 | €297,747 | +€160,790 | +117% |
| Deferred charges and accrued income | 490/1 | €3,294 | - | -€3,294 | |
| Total equity and liabilities | 10/49 | €496,303 | €522,340 | +€26,037 | +5.2% |
| Equity | 10/15 | €213,874 | €35,929 | -€177,945 | -83.2% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | - | €31,929 | +€31,929 | |
| Distributable reserves | 133 | - | €31,929 | +€31,929 | |
| Profit (loss) carried forward | 14 | €209,874 | - | -€209,874 | |
| Amounts payable | 17/49 | €282,429 | €486,411 | +€203,982 | +72.2% |
| Amounts payable after more than one year | 17 | €85,955 | €53,257 | -€32,698 | -38.0% |
| Financial debts | 170/4 | €85,955 | €53,257 | -€32,698 | -38.0% |
| Amounts payable within one year | 42/48 | €196,356 | €433,154 | +€236,798 | +121% |
| Current portion of amounts payable after more than one year | 42 | €32,030 | €41,032 | +€9,002 | +28.1% |
| Financial debts | 43 | €5,000 | - | -€5,000 | |
| Other loans | 439 | €5,000 | - | -€5,000 | |
| Trade debts | 44 | €798 | €522 | -€276 | -34.6% |
| Suppliers | 440/4 | €798 | €522 | -€276 | -34.6% |
| Taxes, remuneration and social security | 45 | €3,326 | €13,365 | +€10,039 | +302% |
| Taxes | 450/3 | €3,326 | €13,365 | +€10,039 | +302% |
| Other amounts payable | 47/48 | €155,203 | €378,236 | +€223,034 | +144% |
| Accrued charges and deferred income | 492/3 | €118 | - | -€118 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,586 | €38,479 | -€107 | -0.3% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €197,484 | €185,886 | -€11,597 | -5.9% |
| Operating profit (loss) | 9901 | €158,510 | €147,008 | -€11,502 | -7.3% |
| Financial income | 75/76B | €203 | €2,324 | +€2,122 | +1,047% |
| Recurring financial income | 75 | €203 | €2,324 | +€2,122 | +1,047% |
| Financial charges | 65/66B | €69,813 | €91,415 | +€21,602 | +30.9% |
| Recurring financial charges | 65 | €69,813 | €91,415 | +€21,602 | +30.9% |
| Profit (loss) for the period before taxes | 9903 | €88,900 | €57,917 | -€30,983 | -34.9% |
| Income taxes | 67/77 | €20,155 | €35,862 | +€15,706 | +77.9% |
| Profit (loss) for the period | 9904 | €68,744 | €22,055 | -€46,689 | -67.9% |
| Profit (loss) for the period to be appropriated | 9905 | €68,744 | €22,055 | -€46,689 | -67.9% |
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 26 October 2026 via checked.be.