LEVEL 3: what changed
Two fiscal 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 3
Largest movements
- Tangible fixed assets +€128,711
up €128,711 (+11972.6%), from €1,075 to €129,786
- Cash -€56,350
down €56,350 (-51.6%), from €109,102 to €52,753
mainly Investment in fixed assets (net) (-€137,210) and Receivables within one year (-€7,996)
- Receivables within one year +€7,996
up €7,996 (+92.2%), from €8,670 to €16,666
of which Trade receivables: +€16,666
- Reserves +€63,967
up €63,967 (+60.7%), from €105,422 to €169,389
- Tax, wage and social debts +€20,387
up €20,387 (+500.2%), from €4,076 to €24,462
of which Taxes: +€11,036
- Trade debts -€2,846
down €2,846 (-35.7%), from €7,965 to €5,119
- Gross operating margin +€53,331
up €53,331 (+68.6%), from €77,718 to €131,049
- Staff costs +€31,163
new in 2025: €31,163
- Depreciation +€7,676
up €7,676 (+932.4%), from €823 to €8,499
- Taxes +€3,790
up €3,790 (+17.8%), from €21,268 to €25,058
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.
Cash bridge derived
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 | €122,463 | €203,971 | +€81,508 | +66.6% |
| Fixed assets | 21/28 | €1,075 | €129,786 | +€128,711 | +11972.6% |
| Tangible fixed assets | 22/27 | €1,075 | €129,786 | +€128,711 | +11972.6% |
| Furniture and vehicles | 24 | €1,075 | €129,786 | +€128,711 | +11972.6% |
| Current assets | 29/58 | €121,388 | €74,185 | -€47,202 | -38.9% |
| Amounts receivable within one year | 40/41 | €8,670 | €16,666 | +€7,996 | +92.2% |
| Trade receivables | 40 | - | €16,666 | +€16,666 | |
| Other amounts receivable | 41 | €8,670 | €0 | -€8,670 | -100.0% |
| Cash at bank and in hand | 54/58 | €109,102 | €52,753 | -€56,350 | -51.6% |
| Deferred charges and accrued income | 490/1 | €3,616 | €4,767 | +€1,151 | +31.8% |
| Total equity and liabilities | 10/49 | €122,463 | €203,971 | +€81,508 | +66.6% |
| Equity | 10/15 | €110,422 | €174,389 | +€63,967 | +57.9% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €105,422 | €169,389 | +€63,967 | +60.7% |
| Distributable reserves | 133 | €105,422 | €169,389 | +€63,967 | +60.7% |
| Amounts payable | 17/49 | €12,041 | €29,582 | +€17,541 | +145.7% |
| Amounts payable within one year | 42/48 | €12,041 | €29,582 | +€17,541 | +145.7% |
| Trade debts | 44 | €7,965 | €5,119 | -€2,846 | -35.7% |
| Suppliers | 440/4 | €7,965 | €5,119 | -€2,846 | -35.7% |
| Taxes, remuneration and social security | 45 | €4,076 | €24,462 | +€20,387 | +500.2% |
| Taxes | 450/3 | €4,076 | €15,112 | +€11,036 | +270.8% |
| Remuneration and social security | 454/9 | - | €9,351 | +€9,351 | |
| Other amounts payable | 47/48 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | - | €31,163 | +€31,163 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €823 | €8,499 | +€7,676 | +932.4% |
| Other operating charges | 640/8 | €1,238 | €2,301 | +€1,063 | +85.9% |
| Gross operating margin | 9900 | €77,718 | €131,049 | +€53,331 | +68.6% |
| Operating profit (loss) | 9901 | €75,658 | €89,086 | +€13,428 | +17.7% |
| Financial charges | 65/66B | €39 | €60 | +€21 | +54.7% |
| Recurring financial charges | 65 | €39 | €60 | +€21 | +54.7% |
| Profit (loss) for the period before taxes | 9903 | €75,618 | €89,025 | +€13,407 | +17.7% |
| Income taxes | 67/77 | €21,268 | €25,058 | +€3,790 | +17.8% |
| Profit (loss) for the period | 9904 | €54,351 | €63,967 | +€9,617 | +17.7% |
| Profit (loss) for the period to be appropriated | 9905 | €54,351 | €63,967 | +€9,617 | +17.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.