LOUD AND CLEAR: what changed
LOUD AND CLEAR
Largest movements
- Tangible fixed assets +€194,251
up €194,251 (+6,679%), from €2,908 to €197,159
of which Land and buildings: +€191,670
- Receivables within one year +€52,584
up €52,584 (+74.1%), from €70,930 to €123,515
of which Other amounts receivable: +€53,339
- Cash -€28,064
down €28,064 (-77.8%), from €36,065 to €8,000
mainly Investment in fixed assets (net) (-€198,424) and Receivables within one year (-€52,584)
- Current investments -€20,000
no longer reported in 2025 (was €20,000)
- Debts after one year +€207,056
new in 2025: €207,056
- Current portion of long-term debt +€14,700
new in 2025: €14,700
- Other debts -€10,000
no longer reported in 2025 (was €10,000)
- Tax, wage and social debts -€8,083
down €8,083 (-19.9%), from €40,715 to €32,633
of which Taxes: -€13,049
- Reserves +€6,897
up €6,897 (+12.8%), from €53,817 to €60,714
- Gross operating margin -€32,849
down €32,849 (-28.6%), from €114,987 to €82,137
- Staff costs +€32,423
up €32,423 (+103%), from €31,430 to €63,853
- Taxes -€13,830
down €13,830 (-78.7%), from €17,566 to €3,736
- Depreciation +€3,550
up €3,550 (+570%), from €623 to €4,173
- Financial charges +€2,727
up €2,727 (+362%), from €753 to €3,480
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €131,198 | €331,193 | +€199,995 | +152% |
| Fixed assets | 21/28 | €2,908 | €197,159 | +€194,251 | +6,679% |
| Tangible fixed assets | 22/27 | €2,908 | €197,159 | +€194,251 | +6,679% |
| Land and buildings | 22 | - | €191,670 | +€191,670 | |
| Plant, machinery and equipment | 23 | €860 | €668 | -€192 | -22.3% |
| Furniture and vehicles | 24 | €2,048 | €4,821 | +€2,773 | +135% |
| Current assets | 29/58 | €128,290 | €134,034 | +€5,744 | +4.5% |
| Amounts receivable within one year | 40/41 | €70,930 | €123,515 | +€52,584 | +74.1% |
| Trade receivables | 40 | €65,331 | €64,576 | -€755 | -1.2% |
| Other amounts receivable | 41 | €5,599 | €58,939 | +€53,339 | +953% |
| Current investments | 50/53 | €20,000 | - | -€20,000 | |
| Cash at bank and in hand | 54/58 | €36,065 | €8,000 | -€28,064 | -77.8% |
| Deferred charges and accrued income | 490/1 | €1,295 | €2,519 | +€1,224 | +94.5% |
| Total equity and liabilities | 10/49 | €131,198 | €331,193 | +€199,995 | +152% |
| Equity | 10/15 | €55,817 | €62,714 | +€6,897 | +12.4% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €53,817 | €60,714 | +€6,897 | +12.8% |
| Distributable reserves | 133 | €53,817 | €60,714 | +€6,897 | +12.8% |
| Amounts payable | 17/49 | €75,381 | €268,479 | +€193,097 | +256% |
| Amounts payable after more than one year | 17 | - | €207,056 | +€207,056 | |
| Financial debts | 170/4 | - | €207,056 | +€207,056 | |
| Amounts payable within one year | 42/48 | €67,495 | €59,760 | -€7,735 | -11.5% |
| Current portion of amounts payable after more than one year | 42 | - | €14,700 | +€14,700 | |
| Trade debts | 44 | €16,779 | €12,427 | -€4,352 | -25.9% |
| Suppliers | 440/4 | €16,779 | €12,427 | -€4,352 | -25.9% |
| Taxes, remuneration and social security | 45 | €40,715 | €32,633 | -€8,083 | -19.9% |
| Taxes | 450/3 | €36,876 | €23,827 | -€13,049 | -35.4% |
| Remuneration and social security | 454/9 | €3,839 | €8,806 | +€4,966 | +129% |
| Other amounts payable | 47/48 | €10,000 | - | -€10,000 | |
| Accrued charges and deferred income | 492/3 | €7,887 | €1,663 | -€6,224 | -78.9% |
| Remuneration, social security and pensions | 62 | €31,430 | €63,853 | +€32,423 | +103% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €623 | €4,173 | +€3,550 | +570% |
| Other operating charges | 640/8 | €1,047 | €762 | -€285 | -27.2% |
| Gross operating margin | 9900 | €114,987 | €82,137 | -€32,849 | -28.6% |
| Operating profit (loss) | 9901 | €81,887 | €13,349 | -€68,537 | -83.7% |
| Financial income | 75/76B | €248 | €764 | +€515 | +207% |
| Recurring financial income | 75 | €248 | €764 | +€515 | +207% |
| Financial charges | 65/66B | €753 | €3,480 | +€2,727 | +362% |
| Recurring financial charges | 65 | €753 | €3,480 | +€2,727 | +362% |
| Profit (loss) for the period before taxes | 9903 | €81,383 | €10,633 | -€70,749 | -86.9% |
| Income taxes | 67/77 | €17,566 | €3,736 | -€13,830 | -78.7% |
| Profit (loss) for the period | 9904 | €63,817 | €6,897 | -€56,919 | -89.2% |
| Profit (loss) for the period to be appropriated | 9905 | €63,817 | €6,897 | -€56,919 | -89.2% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.