LOOK FORWARD: 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.
LOOK FORWARD
Largest movements
- Receivables within one year -€20,761
down €20,761 (-15.1%), from €137,676 to €116,915
of which Trade receivables: -€17,500
- Cash -€12,894
down €12,894 (-82.8%), from €15,581 to €2,688
mainly Other debts (-€38,629) and Trade debts (-€11,276)
- Other debts -€38,629
down €38,629 (-10.2%), from €377,097 to €338,468
- Profit (loss) carried forward +€29,924
up €29,924 (+4.9%), from €606,417 to €636,340
- Trade debts -€11,276
down €11,276 (-98.3%), from €11,477 to €200
- Gross operating margin +€22,812
up €22,812 (+83.0%), from €27,492 to €50,304
- Taxes +€6,063
up €6,063 (+93.4%), from €6,490 to €12,553
- Other operating charges -€830
down €830 (-20.9%), from €3,975 to €3,145
- Financial charges -€586
down €586 (-14.1%), from €4,148 to €3,562
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 | €1,066,412 | €1,031,620 | -€34,791 | -3.3% |
| Fixed assets | 21/28 | €913,154 | €912,017 | -€1,137 | -0.1% |
| Tangible fixed assets | 22/27 | €2,137 | €1,000 | -€1,137 | -53.2% |
| Furniture and vehicles | 24 | €1,137 | - | -€1,137 | |
| Other tangible fixed assets | 26 | €1,000 | €1,000 | = | 0.0% |
| Financial fixed assets | 28 | €911,017 | €911,017 | = | 0.0% |
| Current assets | 29/58 | €153,257 | €119,603 | -€33,654 | -22.0% |
| Amounts receivable within one year | 40/41 | €137,676 | €116,915 | -€20,761 | -15.1% |
| Trade receivables | 40 | €51,500 | €34,000 | -€17,500 | -34.0% |
| Other amounts receivable | 41 | €86,176 | €82,915 | -€3,261 | -3.8% |
| Cash at bank and in hand | 54/58 | €15,581 | €2,688 | -€12,894 | -82.8% |
| Total equity and liabilities | 10/49 | €1,066,412 | €1,031,620 | -€34,791 | -3.3% |
| Equity | 10/15 | €626,822 | €656,745 | +€29,924 | +4.8% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €1,855 | €1,855 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Profit (loss) carried forward | 14 | €606,417 | €636,340 | +€29,924 | +4.9% |
| Amounts payable | 17/49 | €439,590 | €374,875 | -€64,715 | -14.7% |
| Amounts payable after more than one year | 17 | €6,613 | - | -€6,613 | |
| Financial debts | 170/4 | €6,613 | - | -€6,613 | |
| Amounts payable within one year | 42/48 | €432,977 | €374,875 | -€58,102 | -13.4% |
| Current portion of amounts payable after more than one year | 42 | €9,485 | €6,613 | -€2,872 | -30.3% |
| Trade debts | 44 | €11,477 | €200 | -€11,276 | -98.3% |
| Suppliers | 440/4 | €11,477 | €200 | -€11,276 | -98.3% |
| Taxes, remuneration and social security | 45 | €34,918 | €29,593 | -€5,325 | -15.2% |
| Taxes | 450/3 | €34,918 | €29,593 | -€5,325 | -15.2% |
| Other amounts payable | 47/48 | €377,097 | €338,468 | -€38,629 | -10.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,137 | €1,137 | +€0 | 0.0% |
| Other operating charges | 640/8 | €3,975 | €3,145 | -€830 | -20.9% |
| Gross operating margin | 9900 | €27,492 | €50,304 | +€22,812 | +83.0% |
| Operating profit (loss) | 9901 | €22,380 | €46,023 | +€23,642 | +106% |
| Financial income | 75/76B | - | €15 | +€15 | |
| Recurring financial income | 75 | - | €15 | +€15 | |
| Financial charges | 65/66B | €4,148 | €3,562 | -€586 | -14.1% |
| Recurring financial charges | 65 | €4,148 | €3,562 | -€586 | -14.1% |
| Profit (loss) for the period before taxes | 9903 | €18,233 | €42,477 | +€24,244 | +133% |
| Income taxes | 67/77 | €6,490 | €12,553 | +€6,063 | +93.4% |
| Profit (loss) for the period | 9904 | €11,743 | €29,924 | +€18,181 | +155% |
| Profit (loss) for the period to be appropriated | 9905 | €11,743 | €29,924 | +€18,181 | +155% |
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 20 October 2026 via checked.be.