MARKET CONNECTION: 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.
MARKET CONNECTION
Largest movements
- Receivables within one year -€41,104
down €41,104 (-93.7%), from €43,867 to €2,763
of which Trade receivables: -€40,156
- Cash -€27,331
down €27,331 (-23.0%), from €118,981 to €91,651
mainly Net result for the year (-€87,796) and Tax, wage and social debts (-€409)
- Profit (loss) carried forward -€87,796
down €87,796 (-61.7%), from €142,252 to €54,456
- Trade debts +€14,556
up €14,556 (+114%), from €12,812 to €27,367
- Advances received +€5,188
new in 2025: €5,188
- Gross operating margin -€111,555
down €111,555, from €26,969 to -€84,586
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 | €163,709 | €95,278 | -€68,431 | -41.8% |
| Fixed assets | 21/28 | €300 | €300 | = | 0.0% |
| Financial fixed assets | 28 | €300 | €300 | = | 0.0% |
| Current assets | 29/58 | €163,409 | €94,978 | -€68,431 | -41.9% |
| Amounts receivable within one year | 40/41 | €43,867 | €2,763 | -€41,104 | -93.7% |
| Trade receivables | 40 | €42,521 | €2,365 | -€40,156 | -94.4% |
| Other amounts receivable | 41 | €1,347 | €398 | -€949 | -70.4% |
| Cash at bank and in hand | 54/58 | €118,981 | €91,651 | -€27,331 | -23.0% |
| Deferred charges and accrued income | 490/1 | €560 | €564 | +€4 | +0.6% |
| Total equity and liabilities | 10/49 | €163,709 | €95,278 | -€68,431 | -41.8% |
| Equity | 10/15 | €150,312 | €62,516 | -€87,796 | -58.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €142,252 | €54,456 | -€87,796 | -61.7% |
| Amounts payable | 17/49 | €13,397 | €32,762 | +€19,365 | +145% |
| Amounts payable within one year | 42/48 | €13,221 | €32,555 | +€19,334 | +146% |
| Trade debts | 44 | €12,812 | €27,367 | +€14,556 | +114% |
| Suppliers | 440/4 | €12,812 | €27,367 | +€14,556 | +114% |
| Advances received on contracts in progress | 46 | - | €5,188 | +€5,188 | |
| Taxes, remuneration and social security | 45 | €409 | - | -€409 | |
| Taxes | 450/3 | €409 | - | -€409 | |
| Accrued charges and deferred income | 492/3 | €175 | €206 | +€31 | +17.7% |
| Other operating charges | 640/8 | €387 | €690 | +€302 | +78.1% |
| Non-recurring operating charges | 66A | €495 | €244 | -€251 | -50.7% |
| Gross operating margin | 9900 | €26,969 | -€84,586 | -€111,555 | |
| Operating profit (loss) | 9901 | €26,086 | -€85,520 | -€111,606 | |
| Financial income | 75/76B | €258 | €25 | -€233 | -90.3% |
| Recurring financial income | 75 | €258 | €25 | -€233 | -90.3% |
| Financial charges | 65/66B | €1,774 | €2,302 | +€528 | +29.7% |
| Recurring financial charges | 65 | €1,774 | €2,302 | +€528 | +29.7% |
| Profit (loss) for the period before taxes | 9903 | €24,570 | -€87,796 | -€112,366 | |
| Profit (loss) for the period | 9904 | €24,570 | -€87,796 | -€112,366 | |
| Profit (loss) for the period to be appropriated | 9905 | €24,570 | -€87,796 | -€112,366 |
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 20 October 2026 via checked.be.