MAKING WAVES: 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.
MAKING WAVES
Largest movements
- Cash +€61,229
up €61,229 (+48.5%), from €126,368 to €187,596
mainly Net result for the year (+€136,125) and Receivables within one year (+€16,457)
- Receivables within one year -€16,457
down €16,457 (-81.4%), from €20,217 to €3,760
of which Trade receivables: -€18,402
- Current investments -€15,000
no longer reported in 2025 (was €15,000)
- Profit (loss) carried forward +€130,000
new in 2025: €130,000
- Reserves -€95,687
down €95,687 (-94.0%), from €101,811 to €6,125
- Tax, wage and social debts -€3,774
down €3,774 (-10.4%), from €36,363 to €32,589
- Other debts -€3,300
down €3,300 (-16.4%), from €20,093 to €16,793
- Gross operating margin +€75,705
up €75,705 (+72.4%), from €104,547 to €180,253
- Taxes +€18,895
up €18,895 (+88.5%), from €21,351 to €40,246
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 | €165,316 | €193,385 | +€28,069 | +17.0% |
| Fixed assets | 21/28 | €1,762 | €1,263 | -€500 | -28.4% |
| Tangible fixed assets | 22/27 | €1,462 | €963 | -€500 | -34.2% |
| Furniture and vehicles | 24 | €1,462 | €963 | -€500 | -34.2% |
| Financial fixed assets | 28 | €300 | €300 | = | 0.0% |
| Current assets | 29/58 | €163,554 | €192,123 | +€28,568 | +17.5% |
| Amounts receivable within one year | 40/41 | €20,217 | €3,760 | -€16,457 | -81.4% |
| Trade receivables | 40 | €20,217 | €1,815 | -€18,402 | -91.0% |
| Other amounts receivable | 41 | - | €1,945 | +€1,945 | |
| Current investments | 50/53 | €15,000 | - | -€15,000 | |
| Cash at bank and in hand | 54/58 | €126,368 | €187,596 | +€61,229 | +48.5% |
| Deferred charges and accrued income | 490/1 | €1,969 | €766 | -€1,203 | -61.1% |
| Total equity and liabilities | 10/49 | €165,316 | €193,385 | +€28,069 | +17.0% |
| Equity | 10/15 | €106,811 | €141,125 | +€34,313 | +32.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €101,811 | €6,125 | -€95,687 | -94.0% |
| Distributable reserves | 133 | €101,811 | €6,125 | -€95,687 | -94.0% |
| Profit (loss) carried forward | 14 | - | €130,000 | +€130,000 | |
| Amounts payable | 17/49 | €58,505 | €52,260 | -€6,245 | -10.7% |
| Amounts payable within one year | 42/48 | €58,505 | €52,260 | -€6,245 | -10.7% |
| Trade debts | 44 | €2,049 | €2,878 | +€829 | +40.4% |
| Suppliers | 440/4 | €2,049 | €2,878 | +€829 | +40.4% |
| Taxes, remuneration and social security | 45 | €36,363 | €32,589 | -€3,774 | -10.4% |
| Taxes | 450/3 | €36,363 | €32,589 | -€3,774 | -10.4% |
| Other amounts payable | 47/48 | €20,093 | €16,793 | -€3,300 | -16.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37 | €500 | +€463 | +1,256% |
| Other operating charges | 640/8 | €944 | €1,024 | +€79 | +8.4% |
| Gross operating margin | 9900 | €104,547 | €180,253 | +€75,705 | +72.4% |
| Operating profit (loss) | 9901 | €103,566 | €178,729 | +€75,163 | +72.6% |
| Financial income | 75/76B | €0 | €278 | +€278 | +1,388,200% |
| Recurring financial income | 75 | €0 | €278 | +€278 | +1,388,200% |
| Financial charges | 65/66B | €2,018 | €2,636 | +€618 | +30.7% |
| Recurring financial charges | 65 | €2,018 | €2,636 | +€618 | +30.7% |
| Profit (loss) for the period before taxes | 9903 | €101,548 | €176,371 | +€74,822 | +73.7% |
| Income taxes | 67/77 | €21,351 | €40,246 | +€18,895 | +88.5% |
| Profit (loss) for the period | 9904 | €80,198 | €136,125 | +€55,927 | +69.7% |
| Profit (loss) for the period to be appropriated | 9905 | €80,198 | €136,125 | +€55,927 | +69.7% |
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 16 October 2026 via checked.be.