MAKE IT REAL: 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.
MAKE IT REAL
Largest movements
- Current investments +€113,607
up €113,607 (+51.4%), from €220,947 to €334,554
- Cash -€18,237
down €18,237 (-32.9%), from €55,441 to €37,205
mainly Current investments (-€113,607) and Net result for the year (-€12,282)
- Receivables within one year -€13,468
down €13,468 (-95.9%), from €14,044 to €576
of which Other amounts receivable: -€9,924
- Tangible fixed assets -€5,920
down €5,920 (-59.0%), from €10,034 to €4,114
- Other debts +€100,077
up €100,077 (+49.4%), from €202,700 to €302,777
- Profit (loss) carried forward -€12,282
down €12,282 (-264.8%), from -€4,638 to -€16,920
- Current portion of long-term debt -€6,026
down €6,026 (-75.0%), from €8,034 to €2,009
- Financial income +€9,859
up €9,859 (+124.7%), from €7,909 to €17,768
- Gross operating margin -€1,913
down €1,913 (-10.6%), from -€18,021 to -€19,934
- Depreciation -€636
down €636 (-9.3%), from €6,805 to €6,169
- Other operating charges -€388
down €388 (-25.9%), from €1,497 to €1,110
- Taxes -€301
new in 2025: -€301
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 | €311,839 | €387,006 | +€75,167 | +24.1% |
| Fixed assets | 21/28 | €20,034 | €14,114 | -€5,920 | -29.6% |
| Tangible fixed assets | 22/27 | €10,034 | €4,114 | -€5,920 | -59.0% |
| Furniture and vehicles | 24 | €10,034 | €4,114 | -€5,920 | -59.0% |
| Financial fixed assets | 28 | €10,000 | €10,000 | = | 0.0% |
| Current assets | 29/58 | €291,805 | €372,892 | +€81,087 | +27.8% |
| Amounts receivable within one year | 40/41 | €14,044 | €576 | -€13,468 | -95.9% |
| Trade receivables | 40 | €3,544 | - | -€3,544 | |
| Other amounts receivable | 41 | €10,500 | €576 | -€9,924 | -94.5% |
| Current investments | 50/53 | €220,947 | €334,554 | +€113,607 | +51.4% |
| Cash at bank and in hand | 54/58 | €55,441 | €37,205 | -€18,237 | -32.9% |
| Deferred charges and accrued income | 490/1 | €1,373 | €557 | -€815 | -59.4% |
| Total equity and liabilities | 10/49 | €311,839 | €387,006 | +€75,167 | +24.1% |
| Equity | 10/15 | €93,702 | €81,420 | -€12,282 | -13.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €92,141 | €92,141 | = | 0.0% |
| Distributable reserves | 133 | €92,141 | €92,141 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€4,638 | -€16,920 | -€12,282 | -264.8% |
| Amounts payable | 17/49 | €218,137 | €305,586 | +€87,449 | +40.1% |
| Amounts payable after more than one year | 17 | €2,009 | - | -€2,009 | |
| Financial debts | 170/4 | €2,009 | - | -€2,009 | |
| Amounts payable within one year | 42/48 | €216,128 | €304,839 | +€88,711 | +41.0% |
| Current portion of amounts payable after more than one year | 42 | €8,034 | €2,009 | -€6,026 | -75.0% |
| Trade debts | 44 | €2,995 | €53 | -€2,942 | -98.2% |
| Suppliers | 440/4 | €2,995 | €53 | -€2,942 | -98.2% |
| Taxes, remuneration and social security | 45 | €2,398 | - | -€2,398 | |
| Taxes | 450/3 | €2,398 | - | -€2,398 | |
| Other amounts payable | 47/48 | €202,700 | €302,777 | +€100,077 | +49.4% |
| Accrued charges and deferred income | 492/3 | - | €747 | +€747 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,805 | €6,169 | -€636 | -9.3% |
| Other operating charges | 640/8 | €1,497 | €1,110 | -€388 | -25.9% |
| Non-recurring operating charges | 66A | €9,492 | - | -€9,492 | |
| Gross operating margin | 9900 | -€18,021 | -€19,934 | -€1,913 | -10.6% |
| Operating profit (loss) | 9901 | -€35,815 | -€27,212 | +€8,603 | +24.0% |
| Financial income | 75/76B | €7,909 | €17,768 | +€9,859 | +124.7% |
| Recurring financial income | 75 | €7,909 | €17,768 | +€9,859 | +124.7% |
| Financial charges | 65/66B | €3,010 | €3,139 | +€129 | +4.3% |
| Recurring financial charges | 65 | €3,010 | €3,139 | +€129 | +4.3% |
| Profit (loss) for the period before taxes | 9903 | -€30,915 | -€12,583 | +€18,333 | +59.3% |
| Income taxes | 67/77 | - | -€301 | -€301 | |
| Profit (loss) for the period | 9904 | -€30,915 | -€12,282 | +€18,633 | +60.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€30,915 | -€12,282 | +€18,633 | +60.3% |
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.