LET'S FOCUS: 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 FOCUS
Largest movements
- Cash -€85,940
down €85,940 (-100.0%), from €85,945 to €5
mainly Net result for the year (-€75,934) and Tax, wage and social debts (-€19,179)
- Tangible fixed assets -€31,225
down €31,225 (-45.1%), from €69,236 to €38,011
of which Furniture and vehicles: -€28,238
- Receivables within one year -€10,471
down €10,471 (-66.1%), from €15,849 to €5,379
of which Other amounts receivable: -€11,976
- Profit (loss) carried forward -€75,934
new in 2025: -€75,934
- Tax, wage and social debts -€19,179
down €19,179 (-71.9%), from €26,692 to €7,513
- Debts after one year -€13,945
no longer reported in 2025 (was €13,945)
- Current portion of long-term debt -€10,414
down €10,414 (-42.8%), from €24,360 to €13,945
- Other debts -€4,585
down €4,585 (-5.1%), from €89,224 to €84,639
- Gross operating margin -€87,474
down €87,474, from €57,397 to -€30,077
- Financial charges +€10,092
up €10,092 (+343%), from €2,938 to €13,030
of which Non-recurring financial charges: +€10,551
- Taxes -€6,864
down €6,864 (-95.6%), from €7,180 to €316
- Depreciation -€3,899
down €3,899 (-11.1%), from €35,124 to €31,225
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 | €174,692 | €47,666 | -€127,026 | -72.7% |
| Fixed assets | 21/28 | €69,236 | €38,011 | -€31,225 | -45.1% |
| Tangible fixed assets | 22/27 | €69,236 | €38,011 | -€31,225 | -45.1% |
| Plant, machinery and equipment | 23 | €2,275 | €1,454 | -€822 | -36.1% |
| Furniture and vehicles | 24 | €53,023 | €24,786 | -€28,238 | -53.3% |
| Other tangible fixed assets | 26 | €13,937 | €11,772 | -€2,165 | -15.5% |
| Current assets | 29/58 | €105,456 | €9,655 | -€95,801 | -90.8% |
| Amounts receivable within one year | 40/41 | €15,849 | €5,379 | -€10,471 | -66.1% |
| Trade receivables | 40 | €1,696 | €3,201 | +€1,505 | +88.7% |
| Other amounts receivable | 41 | €14,153 | €2,177 | -€11,976 | -84.6% |
| Cash at bank and in hand | 54/58 | €85,945 | €5 | -€85,940 | -100.0% |
| Deferred charges and accrued income | 490/1 | €3,662 | €4,272 | +€610 | +16.7% |
| Total equity and liabilities | 10/49 | €174,692 | €47,666 | -€127,026 | -72.7% |
| Equity | 10/15 | €13,370 | -€62,563 | -€75,934 | |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €11,370 | €11,370 | = | 0.0% |
| Distributable reserves | 133 | €11,370 | €11,370 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€75,934 | -€75,934 | |
| Amounts payable | 17/49 | €161,322 | €110,230 | -€51,092 | -31.7% |
| Amounts payable after more than one year | 17 | €13,945 | - | -€13,945 | |
| Financial debts | 170/4 | €13,945 | - | -€13,945 | |
| Amounts payable within one year | 42/48 | €147,376 | €110,230 | -€37,147 | -25.2% |
| Current portion of amounts payable after more than one year | 42 | €24,360 | €13,945 | -€10,414 | -42.8% |
| Trade debts | 44 | €7,101 | €4,132 | -€2,968 | -41.8% |
| Suppliers | 440/4 | €7,101 | €4,132 | -€2,968 | -41.8% |
| Taxes, remuneration and social security | 45 | €26,692 | €7,513 | -€19,179 | -71.9% |
| Taxes | 450/3 | €26,692 | €7,513 | -€19,179 | -71.9% |
| Other amounts payable | 47/48 | €89,224 | €84,639 | -€4,585 | -5.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,124 | €31,225 | -€3,899 | -11.1% |
| Other operating charges | 640/8 | €938 | €1,294 | +€356 | +38.0% |
| Gross operating margin | 9900 | €57,397 | -€30,077 | -€87,474 | |
| Operating profit (loss) | 9901 | €21,335 | -€62,595 | -€83,931 | |
| Financial income | 75/76B | €153 | €8 | -€145 | -94.9% |
| Recurring financial income | 75 | €153 | €8 | -€145 | -94.9% |
| Financial charges | 65/66B | €2,938 | €13,030 | +€10,092 | +343% |
| Recurring financial charges | 65 | €1,138 | €679 | -€459 | -40.4% |
| Non-recurring financial charges | 66B | €1,800 | €12,351 | +€10,551 | +586% |
| Profit (loss) for the period before taxes | 9903 | €18,550 | -€75,617 | -€94,167 | |
| Income taxes | 67/77 | €7,180 | €316 | -€6,864 | -95.6% |
| Profit (loss) for the period | 9904 | €11,370 | -€75,934 | -€87,304 | |
| Profit (loss) for the period to be appropriated | 9905 | €11,370 | -€75,934 | -€87,304 |
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 14 October 2026 via checked.be.