MARCH: 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.
MARCH
Largest movements
- Receivables within one year +€138,945
up €138,945 (+29.9%), from €463,995 to €602,940
of which Trade receivables: +€149,102
- Intangible fixed assets -€88,254
down €88,254 (-12.6%), from €702,357 to €614,103
- Other debts +€353,853
up €353,853 (+46.4%), from €762,980 to €1.1m
- Debts after one year -€200,000
no longer reported in 2025 (was €200,000)
- Profit (loss) carried forward -€101,229
down €101,229 (-15.0%), from -€675,916 to -€777,145
- Current portion of long-term debt +€100,000
up €100,000 (+100.0%), from €100,000 to €200,000
- Trade debts -€65,646
down €65,646 (-54.3%), from €120,937 to €55,291
- Financial income -€28,470
down €28,470 (-78.8%), from €36,145 to €7,675
- Gross operating margin +€19,171
up €19,171 (+39.9%), from €48,027 to €67,198
- Financial charges +€5,196
up €5,196 (+10.3%), from €50,348 to €55,544
- Other operating charges -€2,662
down €2,662 (-53.4%), from €4,983 to €2,321
- Depreciation +€1,907
up €1,907 (+1.6%), from €116,311 to €118,218
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 | €1,171,671 | €1,222,388 | +€50,717 | +4.3% |
| Fixed assets | 21/28 | €706,614 | €618,648 | -€87,966 | -12.4% |
| Intangible fixed assets | 21 | €702,357 | €614,103 | -€88,254 | -12.6% |
| Tangible fixed assets | 22/27 | €2,507 | €2,795 | +€288 | +11.5% |
| Plant, machinery and equipment | 23 | €2,507 | €508 | -€1,999 | -79.7% |
| Furniture and vehicles | 24 | - | €2,287 | +€2,287 | |
| Financial fixed assets | 28 | €1,750 | €1,750 | = | 0.0% |
| Current assets | 29/58 | €465,057 | €603,739 | +€138,683 | +29.8% |
| Amounts receivable within one year | 40/41 | €463,995 | €602,940 | +€138,945 | +29.9% |
| Trade receivables | 40 | €82,586 | €231,688 | +€149,102 | +180.5% |
| Other amounts receivable | 41 | €381,408 | €371,251 | -€10,157 | -2.7% |
| Cash at bank and in hand | 54/58 | €12 | €800 | +€787 | +6337.9% |
| Deferred charges and accrued income | 490/1 | €1,050 | - | -€1,050 | |
| Total equity and liabilities | 10/49 | €1,171,671 | €1,222,388 | +€50,717 | +4.3% |
| Equity | 10/15 | -€75,916 | -€177,145 | -€101,229 | -133.3% |
| Contributions | 10/11 | €600,000 | €600,000 | = | 0.0% |
| Capital | 10 | €600,000 | €600,000 | = | 0.0% |
| Issued capital | 100 | €600,000 | €600,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€675,916 | -€777,145 | -€101,229 | -15.0% |
| Amounts payable | 17/49 | €1,247,587 | €1,399,533 | +€151,946 | +12.2% |
| Amounts payable after more than one year | 17 | €200,000 | - | -€200,000 | |
| Financial debts | 170/4 | €200,000 | - | -€200,000 | |
| Amounts payable within one year | 42/48 | €1,011,076 | €1,373,401 | +€362,325 | +35.8% |
| Current portion of amounts payable after more than one year | 42 | €100,000 | €200,000 | +€100,000 | +100.0% |
| Financial debts | 43 | €4,072 | - | -€4,072 | |
| Credit institutions | 430/8 | €4,072 | - | -€4,072 | |
| Trade debts | 44 | €120,937 | €55,291 | -€65,646 | -54.3% |
| Suppliers | 440/4 | €120,937 | €55,291 | -€65,646 | -54.3% |
| Advances received on contracts in progress | 46 | €14,520 | - | -€14,520 | |
| Taxes, remuneration and social security | 45 | €8,566 | €1,277 | -€7,289 | -85.1% |
| Taxes | 450/3 | €8,566 | €1,277 | -€7,289 | -85.1% |
| Other amounts payable | 47/48 | €762,980 | €1,116,833 | +€353,853 | +46.4% |
| Accrued charges and deferred income | 492/3 | €36,511 | €26,132 | -€10,379 | -28.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €116,311 | €118,218 | +€1,907 | +1.6% |
| Other operating charges | 640/8 | €4,983 | €2,321 | -€2,662 | -53.4% |
| Gross operating margin | 9900 | €48,027 | €67,198 | +€19,171 | +39.9% |
| Operating profit (loss) | 9901 | -€73,268 | -€53,341 | +€19,927 | +27.2% |
| Financial income | 75/76B | €36,145 | €7,675 | -€28,470 | -78.8% |
| Recurring financial income | 75 | €36,145 | €7,675 | -€28,470 | -78.8% |
| Financial charges | 65/66B | €50,348 | €55,544 | +€5,196 | +10.3% |
| Recurring financial charges | 65 | €50,348 | €55,544 | +€5,196 | +10.3% |
| Profit (loss) for the period before taxes | 9903 | -€87,471 | -€101,210 | -€13,739 | -15.7% |
| Income taxes | 67/77 | €218 | €19 | -€199 | -91.2% |
| Profit (loss) for the period | 9904 | -€87,689 | -€101,229 | -€13,540 | -15.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€87,689 | -€101,229 | -€13,540 | -15.4% |
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 5 October 2026 via checked.be.