LEVEL 2 INVEST: 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.
LEVEL 2 INVEST
Largest movements
- Cash -€431,195
down €431,195 (-86.8%), from €496,881 to €65,686
mainly Other debts (-€429,420) and Contributions, distributions and other (-€58,106)
- Receivables within one year +€12,070
up €12,070 (+1,087%), from €1,110 to €13,180
- Tangible fixed assets -€6,626
down €6,626 (-28.9%), from €22,951 to €16,325
of which Plant, machinery and equipment: -€6,298
- Other debts -€429,420
down €429,420 (-80.6%), from €532,794 to €103,375
- Current portion of long-term debt +€20,352
new in 2025: €20,352
- Tax, wage and social debts -€14,282
down €14,282 (-74.4%), from €19,199 to €4,917
of which Taxes: -€18,483
- Gross operating margin -€626,423
down €626,423 (-83.2%), from €752,583 to €126,161
- Taxes -€169,163
down €169,163 (-89.0%), from €190,062 to €20,898
- Staff costs +€39,187
new in 2025: €39,187
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 | €596,465 | €169,014 | -€427,451 | -71.7% |
| Fixed assets | 21/28 | €23,201 | €16,575 | -€6,626 | -28.6% |
| Tangible fixed assets | 22/27 | €22,951 | €16,325 | -€6,626 | -28.9% |
| Plant, machinery and equipment | 23 | €22,157 | €15,859 | -€6,298 | -28.4% |
| Furniture and vehicles | 24 | €794 | €466 | -€328 | -41.3% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €573,263 | €152,439 | -€420,825 | -73.4% |
| Amounts receivable within one year | 40/41 | €1,110 | €13,180 | +€12,070 | +1,087% |
| Trade receivables | 40 | €1,110 | €13,180 | +€12,070 | +1,087% |
| Cash at bank and in hand | 54/58 | €496,881 | €65,686 | -€431,195 | -86.8% |
| Deferred charges and accrued income | 490/1 | €75,272 | €73,573 | -€1,700 | -2.3% |
| Total equity and liabilities | 10/49 | €596,465 | €169,014 | -€427,451 | -71.7% |
| Equity | 10/15 | €18,600 | €18,600 | = | 0.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Amounts payable | 17/49 | €577,865 | €150,414 | -€427,451 | -74.0% |
| Amounts payable within one year | 42/48 | €574,699 | €150,414 | -€424,285 | -73.8% |
| Current portion of amounts payable after more than one year | 42 | - | €20,352 | +€20,352 | |
| Trade debts | 44 | €22,706 | €21,770 | -€935 | -4.1% |
| Suppliers | 440/4 | €22,706 | €21,770 | -€935 | -4.1% |
| Taxes, remuneration and social security | 45 | €19,199 | €4,917 | -€14,282 | -74.4% |
| Taxes | 450/3 | €19,199 | €716 | -€18,483 | -96.3% |
| Remuneration and social security | 454/9 | - | €4,201 | +€4,201 | |
| Other amounts payable | 47/48 | €532,794 | €103,375 | -€429,420 | -80.6% |
| Accrued charges and deferred income | 492/3 | €3,166 | - | -€3,166 | |
| Non-recurring operating income | 76A | €0 | €0 | -€0 | -85.7% |
| Remuneration, social security and pensions | 62 | - | €39,187 | +€39,187 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,908 | €6,626 | -€282 | -4.1% |
| Other operating charges | 640/8 | €819 | €2,261 | +€1,443 | +176% |
| Non-recurring operating charges | 66A | - | €6 | +€6 | |
| Gross operating margin | 9900 | €752,583 | €126,161 | -€626,423 | -83.2% |
| Operating profit (loss) | 9901 | €744,856 | €78,080 | -€666,776 | -89.5% |
| Financial income | 75/76B | €3,237 | €1,022 | -€2,215 | -68.4% |
| Recurring financial income | 75 | €3,237 | €1,022 | -€2,215 | -68.4% |
| Financial charges | 65/66B | €176 | €98 | -€78 | -44.3% |
| Recurring financial charges | 65 | €176 | €98 | -€78 | -44.3% |
| Profit (loss) for the period before taxes | 9903 | €747,917 | €79,004 | -€668,913 | -89.4% |
| Income taxes | 67/77 | €190,062 | €20,898 | -€169,163 | -89.0% |
| Profit (loss) for the period | 9904 | €557,856 | €58,106 | -€499,750 | -89.6% |
| Profit (loss) for the period to be appropriated | 9905 | €557,856 | €58,106 | -€499,750 | -89.6% |
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 30 October 2026 via checked.be.