LOGIN-BXL: 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.
LOGIN-BXL
Largest movements
- Cash -€256,678
down €256,678 (-56.1%), from €457,694 to €201,016
mainly Net result for the year (-€543,149) and Contributions, distributions and other (-€17,175)
- Receivables within one year -€185,200
down €185,200 (-36.7%), from €504,400 to €319,200
of which Trade receivables: -€183,608
- Profit (loss) carried forward -€560,324
down €560,324, from €341,021 to -€219,303
- Trade debts +€109,081
up €109,081 (+20.4%), from €534,570 to €643,651
- Tax, wage and social debts +€23,825
up €23,825 (+39.6%), from €60,194 to €84,018
of which Taxes: +€23,190
- Other operating charges +€575,553
up €575,553 (+15,795%), from €3,644 to €579,197
- Gross operating margin -€98,059
down €98,059 (-20.2%), from €486,169 to €388,110
- Staff costs -€64,214
down €64,214 (-17.5%), from €367,037 to €302,823
- Financial income +€14,037
up €14,037 (+220%), from €6,385 to €20,422
- Financial charges +€12,912
up €12,912 (+36.6%), from €35,298 to €48,210
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 | €963,311 | €529,157 | -€434,154 | -45.1% |
| Fixed assets | 21/28 | €1,218 | €938 | -€280 | -23.0% |
| Intangible fixed assets | 21 | €1,218 | - | -€1,218 | |
| Tangible fixed assets | 22/27 | - | €938 | +€938 | |
| Furniture and vehicles | 24 | - | €938 | +€938 | |
| Current assets | 29/58 | €962,094 | €528,220 | -€433,874 | -45.1% |
| Amounts receivable within one year | 40/41 | €504,400 | €319,200 | -€185,200 | -36.7% |
| Trade receivables | 40 | €481,224 | €297,616 | -€183,608 | -38.2% |
| Other amounts receivable | 41 | €23,176 | €21,584 | -€1,592 | -6.9% |
| Cash at bank and in hand | 54/58 | €457,694 | €201,016 | -€256,678 | -56.1% |
| Deferred charges and accrued income | 490/1 | - | €8,003 | +€8,003 | |
| Total equity and liabilities | 10/49 | €963,311 | €529,157 | -€434,154 | -45.1% |
| Equity | 10/15 | €361,812 | -€198,512 | -€560,324 | |
| Contributions | 10/11 | €18,901 | €18,901 | = | 0.0% |
| Capital | 10 | €18,901 | €18,901 | = | 0.0% |
| Issued capital | 100 | €18,901 | €18,901 | = | 0.0% |
| Reserves | 13 | €1,890 | €1,890 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,890 | €1,890 | = | 0.0% |
| Legal reserve | 130 | €1,890 | €1,890 | = | 0.0% |
| Profit (loss) carried forward | 14 | €341,021 | -€219,303 | -€560,324 | |
| Amounts payable | 17/49 | €601,499 | €727,669 | +€126,170 | +21.0% |
| Amounts payable within one year | 42/48 | €601,499 | €727,669 | +€126,170 | +21.0% |
| Financial debts | 43 | €6,736 | - | -€6,736 | |
| Credit institutions | 430/8 | €6,736 | - | -€6,736 | |
| Trade debts | 44 | €534,570 | €643,651 | +€109,081 | +20.4% |
| Suppliers | 440/4 | €534,570 | €643,651 | +€109,081 | +20.4% |
| Taxes, remuneration and social security | 45 | €60,194 | €84,018 | +€23,825 | +39.6% |
| Taxes | 450/3 | €25,000 | €48,190 | +€23,190 | +92.8% |
| Remuneration and social security | 454/9 | €35,194 | €35,828 | +€634 | +1.8% |
| Remuneration, social security and pensions | 62 | €367,037 | €302,823 | -€64,214 | -17.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,218 | €1,452 | +€234 | +19.3% |
| Other operating charges | 640/8 | €3,644 | €579,197 | +€575,553 | +15,795% |
| Gross operating margin | 9900 | €486,169 | €388,110 | -€98,059 | -20.2% |
| Operating profit (loss) | 9901 | €114,270 | -€495,362 | -€609,632 | |
| Financial income | 75/76B | €6,385 | €20,422 | +€14,037 | +220% |
| Recurring financial income | 75 | €6,385 | €20,422 | +€14,037 | +220% |
| Financial charges | 65/66B | €35,298 | €48,210 | +€12,912 | +36.6% |
| Recurring financial charges | 65 | €35,298 | €48,210 | +€12,912 | +36.6% |
| Profit (loss) for the period before taxes | 9903 | €85,358 | -€523,149 | -€608,507 | |
| Income taxes | 67/77 | €7,376 | €20,000 | +€12,625 | +171% |
| Profit (loss) for the period | 9904 | €77,982 | -€543,149 | -€621,131 | |
| Profit (loss) for the period to be appropriated | 9905 | €77,982 | -€543,149 | -€621,131 |
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 26 October 2026 via checked.be.