LEVEL 8: 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 8
Largest movements
- Receivables within one year -€46,466
down €46,466 (-90.9%), from €51,134 to €4,669
of which Other amounts receivable: -€46,280
- Cash +€36,985
up €36,985 (+84.4%), from €43,826 to €80,812
mainly Receivables within one year (+€46,466) and Deferred charges and accrued income (+€2,767)
- Deferred charges and accrued income -€2,767
down €2,767 (-22.1%), from €12,523 to €9,756
- Stocks and contracts +€2,575
up €2,575 (+6.1%), from €42,115 to €44,691
- Reserves -€6,791
down €6,791 (-5.7%), from €118,533 to €111,742
- Tax, wage and social debts -€2,981
down €2,981 (-34.3%), from €8,690 to €5,709
- Gross operating margin -€45,204
down €45,204, from €38,404 to -€6,800
- Taxes -€8,212
down €8,212 (-98.8%), from €8,312 to €100
- Financial charges -€572
down €572 (-30.8%), from €1,859 to €1,287
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 | €149,599 | €139,927 | -€9,671 | -6.5% |
| Current assets | 29/58 | €149,599 | €139,927 | -€9,671 | -6.5% |
| Stocks and contracts in progress | 3 | €42,115 | €44,691 | +€2,575 | +6.1% |
| Stocks | 30/36 | €42,115 | €44,691 | +€2,575 | +6.1% |
| Amounts receivable within one year | 40/41 | €51,134 | €4,669 | -€46,466 | -90.9% |
| Trade receivables | 40 | €185 | €0 | -€185 | -100.0% |
| Other amounts receivable | 41 | €50,949 | €4,669 | -€46,280 | -90.8% |
| Cash at bank and in hand | 54/58 | €43,826 | €80,812 | +€36,985 | +84.4% |
| Deferred charges and accrued income | 490/1 | €12,523 | €9,756 | -€2,767 | -22.1% |
| Total equity and liabilities | 10/49 | €149,599 | €139,927 | -€9,671 | -6.5% |
| Equity | 10/15 | €137,938 | €130,342 | -€7,595 | -5.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €118,533 | €111,742 | -€6,791 | -5.7% |
| Distributable reserves | 133 | €118,533 | €111,742 | -€6,791 | -5.7% |
| Profit (loss) carried forward | 14 | €804 | €0 | -€804 | -100.0% |
| Amounts payable | 17/49 | €11,661 | €9,585 | -€2,076 | -17.8% |
| Amounts payable within one year | 42/48 | €11,661 | €9,585 | -€2,076 | -17.8% |
| Trade debts | 44 | €2,971 | €3,876 | +€905 | +30.5% |
| Suppliers | 440/4 | €2,971 | €3,876 | +€905 | +30.5% |
| Taxes, remuneration and social security | 45 | €8,690 | €5,709 | -€2,981 | -34.3% |
| Taxes | 450/3 | €8,690 | €5,709 | -€2,981 | -34.3% |
| Non-recurring operating income | 76A | €9,634 | €0 | -€9,634 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €192 | €0 | -€192 | -100.0% |
| Other operating charges | 640/8 | €721 | €679 | -€43 | -5.9% |
| Gross operating margin | 9900 | €38,404 | -€6,800 | -€45,204 | |
| Operating profit (loss) | 9901 | €37,491 | -€7,478 | -€44,970 | |
| Financial income | 75/76B | €1,575 | €1,270 | -€305 | -19.4% |
| Recurring financial income | 75 | €1,575 | €1,270 | -€305 | -19.4% |
| Financial charges | 65/66B | €1,859 | €1,287 | -€572 | -30.8% |
| Recurring financial charges | 65 | €1,859 | €1,287 | -€572 | -30.8% |
| Profit (loss) for the period before taxes | 9903 | €37,207 | -€7,495 | -€44,702 | |
| Income taxes | 67/77 | €8,312 | €100 | -€8,212 | -98.8% |
| Profit (loss) for the period | 9904 | €28,895 | -€7,595 | -€36,490 | |
| Profit (loss) for the period to be appropriated | 9905 | €28,895 | -€7,595 | -€36,490 |
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 4 October 2026 via checked.be.