LEVEL 9 SFX: 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 9 SFX
Largest movements
- Tangible fixed assets -€99,555
down €99,555 (-14.7%), from €677,381 to €577,825
of which Furniture and vehicles: -€73,427
- Cash +€21,884
up €21,884 (+1918.5%), from €1,141 to €23,025
mainly Depreciation (+€82,590) and Other debts (+€17,828)
- Profit (loss) carried forward -€58,303
down €58,303 (-33.6%), from €173,778 to €115,475
- Debts after one year -€31,239
down €31,239 (-8.3%), from €374,235 to €342,996
- Other debts +€17,828
up €17,828 (+21.5%), from €82,757 to €100,585
- Gross operating margin -€68,343
down €68,343 (-62.1%), from €110,031 to €41,688
- Depreciation -€13,891
down €13,891 (-14.4%), from €96,481 to €82,590
- Other operating charges -€2,564
down €2,564 (-56.3%), from €4,554 to €1,990
- Financial charges -€1,681
down €1,681 (-9.8%), from €17,092 to €15,411
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 | €692,954 | €613,208 | -€79,746 | -11.5% |
| Fixed assets | 21/28 | €677,781 | €578,225 | -€99,555 | -14.7% |
| Tangible fixed assets | 22/27 | €677,381 | €577,825 | -€99,555 | -14.7% |
| Land and buildings | 22 | €315,155 | €306,491 | -€8,664 | -2.7% |
| Furniture and vehicles | 24 | €98,880 | €25,453 | -€73,427 | -74.3% |
| Other tangible fixed assets | 26 | €263,345 | €245,881 | -€17,464 | -6.6% |
| Financial fixed assets | 28 | €400 | €400 | = | 0.0% |
| Current assets | 29/58 | €15,173 | €34,983 | +€19,810 | +130.6% |
| Amounts receivable within one year | 40/41 | €13,078 | €10,982 | -€2,095 | -16.0% |
| Trade receivables | 40 | €3,648 | €10,982 | +€7,334 | +201.0% |
| Other amounts receivable | 41 | €9,429 | - | -€9,429 | |
| Cash at bank and in hand | 54/58 | €1,141 | €23,025 | +€21,884 | +1918.5% |
| Deferred charges and accrued income | 490/1 | €955 | €976 | +€21 | +2.2% |
| Total equity and liabilities | 10/49 | €692,954 | €613,208 | -€79,746 | -11.5% |
| Equity | 10/15 | €192,378 | €134,075 | -€58,303 | -30.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Outside capital | 11 | €18,600 | €18,600 | = | 0.0% |
| Other | 1109/19 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €173,778 | €115,475 | -€58,303 | -33.6% |
| Amounts payable | 17/49 | €500,576 | €479,133 | -€21,443 | -4.3% |
| Amounts payable after more than one year | 17 | €374,235 | €342,996 | -€31,239 | -8.3% |
| Financial debts | 170/4 | €374,235 | €342,996 | -€31,239 | -8.3% |
| Amounts payable within one year | 42/48 | €126,341 | €136,137 | +€9,796 | +7.8% |
| Current portion of amounts payable after more than one year | 42 | €32,907 | €31,239 | -€1,668 | -5.1% |
| Trade debts | 44 | €6,413 | €3,254 | -€3,159 | -49.3% |
| Suppliers | 440/4 | €6,413 | €3,254 | -€3,159 | -49.3% |
| Taxes, remuneration and social security | 45 | €4,263 | €1,059 | -€3,204 | -75.2% |
| Taxes | 450/3 | €4,263 | €1,059 | -€3,204 | -75.2% |
| Other amounts payable | 47/48 | €82,757 | €100,585 | +€17,828 | +21.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €96,481 | €82,590 | -€13,891 | -14.4% |
| Other operating charges | 640/8 | €4,554 | €1,990 | -€2,564 | -56.3% |
| Gross operating margin | 9900 | €110,031 | €41,688 | -€68,343 | -62.1% |
| Operating profit (loss) | 9901 | €8,996 | -€42,892 | -€51,887 | |
| Financial income | 75/76B | €0 | €0 | +€0 | +100.0% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +100.0% |
| Financial charges | 65/66B | €17,092 | €15,411 | -€1,681 | -9.8% |
| Recurring financial charges | 65 | €17,092 | €15,411 | -€1,681 | -9.8% |
| Profit (loss) for the period before taxes | 9903 | -€8,097 | -€58,303 | -€50,206 | -620.1% |
| Profit (loss) for the period | 9904 | -€8,097 | -€58,303 | -€50,206 | -620.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€8,097 | -€58,303 | -€50,206 | -620.1% |
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.