Leitmotiv: 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.
Leitmotiv
Largest movements
- Tangible fixed assets -€13,783
down €13,783 (-25.1%), from €54,894 to €41,111
of which Furniture and vehicles: -€11,298
- Cash +€6,795
up €6,795 (+339%), from €2,005 to €8,800
mainly Depreciation (+€17,043) and Trade debts (+€16,553)
- Receivables within one year +€3,004
up €3,004 (+5.2%), from €57,747 to €60,752
of which Other amounts receivable: +€5,206
- Stocks and contracts +€2,489
up €2,489 (+32.5%), from €7,655 to €10,144
- Intangible fixed assets -€1,765
down €1,765 (-16.8%), from €10,477 to €8,712
- Trade debts +€16,553
up €16,553 (+187%), from €8,866 to €25,418
- Debts after one year -€10,937
down €10,937 (-30.8%), from €35,529 to €24,592
- Profit (loss) carried forward -€6,908
new in 2025: -€6,908
- Gross operating margin -€19,609
down €19,609 (-61.8%), from €31,716 to €12,107
- Taxes -€4,203
down €4,203 (-95.9%), from €4,384 to €182
- Depreciation +€2,223
up €2,223 (+15.0%), from €14,820 to €17,043
- Write-downs -€2,056
no longer reported in 2025 (was €2,056)
- Other operating charges -€671
down €671 (-54.5%), from €1,232 to €561
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 | €134,264 | €131,392 | -€2,871 | -2.1% |
| Fixed assets | 21/28 | €65,371 | €49,823 | -€15,548 | -23.8% |
| Intangible fixed assets | 21 | €10,477 | €8,712 | -€1,765 | -16.8% |
| Tangible fixed assets | 22/27 | €54,894 | €41,111 | -€13,783 | -25.1% |
| Land and buildings | 22 | €6,184 | €3,933 | -€2,251 | -36.4% |
| Plant, machinery and equipment | 23 | €1,359 | €1,125 | -€234 | -17.2% |
| Furniture and vehicles | 24 | €47,351 | €36,053 | -€11,298 | -23.9% |
| Current assets | 29/58 | €68,893 | €81,569 | +€12,677 | +18.4% |
| Stocks and contracts in progress | 3 | €7,655 | €10,144 | +€2,489 | +32.5% |
| Stocks | 30/36 | €7,655 | €10,144 | +€2,489 | +32.5% |
| Amounts receivable within one year | 40/41 | €57,747 | €60,752 | +€3,004 | +5.2% |
| Trade receivables | 40 | €46,946 | €44,745 | -€2,201 | -4.7% |
| Other amounts receivable | 41 | €10,801 | €16,007 | +€5,206 | +48.2% |
| Cash at bank and in hand | 54/58 | €2,005 | €8,800 | +€6,795 | +339% |
| Deferred charges and accrued income | 490/1 | €1,486 | €1,873 | +€388 | +26.1% |
| Total equity and liabilities | 10/49 | €134,264 | €131,392 | -€2,871 | -2.1% |
| Equity | 10/15 | €72,113 | €64,601 | -€7,512 | -10.4% |
| Contributions | 10/11 | €11,160 | €11,160 | = | 0.0% |
| Reserves | 13 | €60,953 | €60,349 | -€604 | -1.0% |
| Non-distributable reserves | 130/1 | €373 | €373 | = | 0.0% |
| Reserves not available under the articles | 1311 | €373 | €373 | = | 0.0% |
| Distributable reserves | 133 | €60,580 | €59,976 | -€604 | -1.0% |
| Profit (loss) carried forward | 14 | - | -€6,908 | -€6,908 | |
| Amounts payable | 17/49 | €62,151 | €66,792 | +€4,640 | +7.5% |
| Amounts payable after more than one year | 17 | €35,529 | €24,592 | -€10,937 | -30.8% |
| Financial debts | 170/4 | €35,529 | €24,592 | -€10,937 | -30.8% |
| Amounts payable within one year | 42/48 | €26,547 | €42,200 | +€15,652 | +59.0% |
| Current portion of amounts payable after more than one year | 42 | €14,682 | €13,359 | -€1,323 | -9.0% |
| Trade debts | 44 | €8,866 | €25,418 | +€16,553 | +187% |
| Suppliers | 440/4 | €8,866 | €25,418 | +€16,553 | +187% |
| Advances received on contracts in progress | 46 | - | €1,155 | +€1,155 | |
| Taxes, remuneration and social security | 45 | €3,000 | €2,267 | -€733 | -24.4% |
| Taxes | 450/3 | €3,000 | €2,267 | -€733 | -24.4% |
| Accrued charges and deferred income | 492/3 | €75 | - | -€75 | |
| Non-recurring operating income | 76A | €10,000 | - | -€10,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,820 | €17,043 | +€2,223 | +15.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,056 | - | -€2,056 | |
| Other operating charges | 640/8 | €1,232 | €561 | -€671 | -54.5% |
| Gross operating margin | 9900 | €31,716 | €12,107 | -€19,609 | -61.8% |
| Operating profit (loss) | 9901 | €13,609 | -€5,497 | -€19,105 | |
| Financial income | 75/76B | €421 | €396 | -€25 | -5.8% |
| Recurring financial income | 75 | €421 | €396 | -€25 | -5.8% |
| Financial charges | 65/66B | €2,596 | €2,229 | -€367 | -14.1% |
| Recurring financial charges | 65 | €2,596 | €2,229 | -€367 | -14.1% |
| Profit (loss) for the period before taxes | 9903 | €11,433 | -€7,330 | -€18,763 | |
| Income taxes | 67/77 | €4,384 | €182 | -€4,203 | -95.9% |
| Profit (loss) for the period | 9904 | €7,049 | -€7,512 | -€14,561 | |
| Profit (loss) for the period to be appropriated | 9905 | €7,049 | -€7,512 | -€14,561 |
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 25 October 2026 via checked.be.