LTM: 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.
LTM
Largest movements
- Current investments -€200,000
down €200,000 (-44.4%), from €450,000 to €250,000
- Tangible fixed assets -€33,707
down €33,707 (-26.6%), from €126,505 to €92,798
of which Furniture and vehicles: -€32,808
- Cash +€11,667
up €11,667 (+10.1%), from €116,082 to €127,749
mainly Net result for the year (+€294,062) and Current investments (+€200,000)
- Profit (loss) carried forward -€129,265
no longer reported in 2025 (was €129,265)
- Reserves -€95,000
down €95,000 (-31.9%), from €297,384 to €202,384
- Tax, wage and social debts +€11,573
up €11,573 (+22.7%), from €51,072 to €62,644
- Trade debts -€9,105
down €9,105 (-26.0%), from €34,979 to €25,874
- Gross operating margin +€176,865
up €176,865 (+69.7%), from €253,740 to €430,606
- Taxes +€48,491
up €48,491 (+93.2%), from €52,044 to €100,535
- Financial income +€7,083
up €7,083 (+1,029%), from €689 to €7,771
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 | €768,076 | €546,908 | -€221,168 | -28.8% |
| Fixed assets | 21/28 | €126,505 | €92,798 | -€33,707 | -26.6% |
| Tangible fixed assets | 22/27 | €126,505 | €92,798 | -€33,707 | -26.6% |
| Plant, machinery and equipment | 23 | €14,962 | €14,063 | -€899 | -6.0% |
| Furniture and vehicles | 24 | €111,544 | €78,735 | -€32,808 | -29.4% |
| Current assets | 29/58 | €641,570 | €454,110 | -€187,461 | -29.2% |
| Amounts receivable within one year | 40/41 | €63,353 | €69,814 | +€6,462 | +10.2% |
| Trade receivables | 40 | €33,893 | €43,129 | +€9,237 | +27.3% |
| Other amounts receivable | 41 | €29,460 | €26,685 | -€2,775 | -9.4% |
| Current investments | 50/53 | €450,000 | €250,000 | -€200,000 | -44.4% |
| Cash at bank and in hand | 54/58 | €116,082 | €127,749 | +€11,667 | +10.1% |
| Deferred charges and accrued income | 490/1 | €12,136 | €6,546 | -€5,590 | -46.1% |
| Total equity and liabilities | 10/49 | €768,076 | €546,908 | -€221,168 | -28.8% |
| Equity | 10/15 | €429,148 | €204,884 | -€224,265 | -52.3% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €297,384 | €202,384 | -€95,000 | -31.9% |
| Distributable reserves | 133 | €297,384 | €202,384 | -€95,000 | -31.9% |
| Profit (loss) carried forward | 14 | €129,265 | - | -€129,265 | |
| Amounts payable | 17/49 | €338,927 | €342,024 | +€3,097 | +0.9% |
| Amounts payable within one year | 42/48 | €338,927 | €341,570 | +€2,643 | +0.8% |
| Trade debts | 44 | €34,979 | €25,874 | -€9,105 | -26.0% |
| Suppliers | 440/4 | €34,979 | €25,874 | -€9,105 | -26.0% |
| Taxes, remuneration and social security | 45 | €51,072 | €62,644 | +€11,573 | +22.7% |
| Taxes | 450/3 | €51,072 | €62,644 | +€11,573 | +22.7% |
| Other amounts payable | 47/48 | €252,877 | €253,052 | +€175 | +0.1% |
| Accrued charges and deferred income | 492/3 | - | €454 | +€454 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,884 | €41,147 | -€1,737 | -4.1% |
| Other operating charges | 640/8 | €2,453 | €2,330 | -€123 | -5.0% |
| Non-recurring operating charges | 66A | €181 | - | -€181 | |
| Gross operating margin | 9900 | €253,740 | €430,606 | +€176,865 | +69.7% |
| Operating profit (loss) | 9901 | €208,222 | €387,129 | +€178,907 | +85.9% |
| Financial income | 75/76B | €689 | €7,771 | +€7,083 | +1,029% |
| Recurring financial income | 75 | €689 | €7,771 | +€7,083 | +1,029% |
| Financial charges | 65/66B | €7 | €303 | +€296 | +4,084% |
| Recurring financial charges | 65 | €7 | €303 | +€296 | +4,084% |
| Profit (loss) for the period before taxes | 9903 | €208,904 | €394,597 | +€185,694 | +88.9% |
| Income taxes | 67/77 | €52,044 | €100,535 | +€48,491 | +93.2% |
| Profit (loss) for the period | 9904 | €156,860 | €294,062 | +€137,203 | +87.5% |
| Profit (loss) for the period to be appropriated | 9905 | €156,860 | €294,062 | +€137,203 | +87.5% |
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 19 October 2026 via checked.be.