LET'S DRIVE: 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.
LET'S DRIVE
Largest movements
- Receivables within one year +€188,233
up €188,233 (+99.8%), from €188,599 to €376,832
of which Trade receivables: +€162,980
- Cash -€30,594
down €30,594 (-30.9%), from €98,958 to €68,364
mainly Receivables within one year (-€188,233) and Trade debts (-€4,564)
- Advances received +€140,723
up €140,723 (+1,207%), from €11,656 to €152,379
- Tax, wage and social debts +€23,879
up €23,879 (+99.4%), from €24,031 to €47,910
of which Taxes: +€31,719
- Staff costs -€35,669
down €35,669 (-46.5%), from €76,719 to €41,051
- Gross operating margin -€31,623
down €31,623 (-35.9%), from €88,035 to €56,412
- Other operating charges -€2,668
down €2,668 (-32.9%), from €8,107 to €5,439
- Depreciation +€1,341
up €1,341 (+64.6%), from €2,076 to €3,417
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 | €302,146 | €461,293 | +€159,146 | +52.7% |
| Fixed assets | 21/28 | €10,235 | €7,707 | -€2,528 | -24.7% |
| Tangible fixed assets | 22/27 | €10,235 | €7,707 | -€2,528 | -24.7% |
| Furniture and vehicles | 24 | €10,235 | €7,707 | -€2,528 | -24.7% |
| Current assets | 29/58 | €291,911 | €453,586 | +€161,675 | +55.4% |
| Amounts receivable within one year | 40/41 | €188,599 | €376,832 | +€188,233 | +99.8% |
| Trade receivables | 40 | €179,462 | €342,442 | +€162,980 | +90.8% |
| Other amounts receivable | 41 | €9,137 | €34,390 | +€25,253 | +276% |
| Cash at bank and in hand | 54/58 | €98,958 | €68,364 | -€30,594 | -30.9% |
| Deferred charges and accrued income | 490/1 | €4,354 | €8,390 | +€4,036 | +92.7% |
| Total equity and liabilities | 10/49 | €302,146 | €461,293 | +€159,146 | +52.7% |
| Equity | 10/15 | €93,677 | €92,747 | -€930 | -1.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €73,217 | €72,287 | -€930 | -1.3% |
| Amounts payable | 17/49 | €208,469 | €368,545 | +€160,076 | +76.8% |
| Amounts payable within one year | 42/48 | €208,469 | €368,545 | +€160,076 | +76.8% |
| Trade debts | 44 | €172,782 | €168,218 | -€4,564 | -2.6% |
| Suppliers | 440/4 | €172,782 | €168,218 | -€4,564 | -2.6% |
| Advances received on contracts in progress | 46 | €11,656 | €152,379 | +€140,723 | +1,207% |
| Taxes, remuneration and social security | 45 | €24,031 | €47,910 | +€23,879 | +99.4% |
| Taxes | 450/3 | €15,028 | €46,747 | +€31,719 | +211% |
| Remuneration and social security | 454/9 | €9,003 | €1,163 | -€7,840 | -87.1% |
| Other amounts payable | 47/48 | - | €38 | +€38 | |
| Remuneration, social security and pensions | 62 | €76,719 | €41,051 | -€35,669 | -46.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,076 | €3,417 | +€1,341 | +64.6% |
| Other operating charges | 640/8 | €8,107 | €5,439 | -€2,668 | -32.9% |
| Gross operating margin | 9900 | €88,035 | €56,412 | -€31,623 | -35.9% |
| Operating profit (loss) | 9901 | €1,132 | €6,506 | +€5,373 | +475% |
| Financial income | 75/76B | €253 | €40 | -€214 | -84.4% |
| Recurring financial income | 75 | €253 | €40 | -€214 | -84.4% |
| Financial charges | 65/66B | €880 | €179 | -€701 | -79.7% |
| Recurring financial charges | 65 | €880 | €179 | -€701 | -79.7% |
| Profit (loss) for the period before taxes | 9903 | €505 | €6,367 | +€5,861 | +1,160% |
| Income taxes | 67/77 | €6,641 | €7,297 | +€656 | +9.9% |
| Profit (loss) for the period | 9904 | -€6,135 | -€930 | +€5,206 | +84.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€6,135 | -€930 | +€5,206 | +84.8% |
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.