MARKET INTRODUCTIONS: 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 INTRODUCTIONS
Largest movements
- Receivables after one year +€195,060
new in 2025: €195,060
- Cash -€171,549
down €171,549 (-30.3%), from €566,738 to €395,189
mainly Receivables after one year (-€195,060) and Receivables within one year (-€34,739)
- Receivables within one year +€34,739
up €34,739 (+179%), from €19,442 to €54,181
of which Other amounts receivable: +€26,692
- Reserves +€74,579
up €74,579 (+10.8%), from €692,043 to €766,621
- Other debts -€19,414
down €19,414 (-74.1%), from €26,199 to €6,785
- Financial income +€21,462
up €21,462 (+356%), from €6,032 to €27,494
- Gross operating margin +€19,428
up €19,428 (+37.1%), from €52,402 to €71,830
- Taxes +€7,066
up €7,066 (+45.6%), from €15,501 to €22,567
- Other operating charges +€1,046
new in 2025: €1,046
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 | €730,721 | €789,009 | +€58,288 | +8.0% |
| Fixed assets | 21/28 | €1,284 | €1,222 | -€62 | -4.8% |
| Tangible fixed assets | 22/27 | €1,284 | €1,222 | -€62 | -4.8% |
| Furniture and vehicles | 24 | €1,284 | €1,222 | -€62 | -4.8% |
| Current assets | 29/58 | €729,437 | €787,787 | +€58,350 | +8.0% |
| Amounts receivable after more than one year | 29 | - | €195,060 | +€195,060 | |
| Other amounts receivable | 291 | - | €195,060 | +€195,060 | |
| Amounts receivable within one year | 40/41 | €19,442 | €54,181 | +€34,739 | +179% |
| Trade receivables | 40 | €6,897 | €14,944 | +€8,047 | +117% |
| Other amounts receivable | 41 | €12,545 | €39,238 | +€26,692 | +213% |
| Current investments | 50/53 | €139,923 | €139,923 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €566,738 | €395,189 | -€171,549 | -30.3% |
| Deferred charges and accrued income | 490/1 | €3,334 | €3,433 | +€99 | +3.0% |
| Total equity and liabilities | 10/49 | €730,721 | €789,009 | +€58,288 | +8.0% |
| Equity | 10/15 | €697,173 | €771,751 | +€74,579 | +10.7% |
| Contributions | 10/11 | €5,130 | €5,130 | = | 0.0% |
| Reserves | 13 | €692,043 | €766,621 | +€74,579 | +10.8% |
| Distributable reserves | 133 | €692,043 | €766,621 | +€74,579 | +10.8% |
| Amounts payable | 17/49 | €33,548 | €17,258 | -€16,291 | -48.6% |
| Amounts payable within one year | 42/48 | €33,548 | €17,258 | -€16,291 | -48.6% |
| Trade debts | 44 | €768 | €342 | -€425 | -55.4% |
| Suppliers | 440/4 | €768 | €342 | -€425 | -55.4% |
| Taxes, remuneration and social security | 45 | €6,582 | €10,131 | +€3,549 | +53.9% |
| Taxes | 450/3 | €2,582 | €6,131 | +€3,549 | +137% |
| Remuneration and social security | 454/9 | €4,000 | €4,000 | = | 0.0% |
| Other amounts payable | 47/48 | €26,199 | €6,785 | -€19,414 | -74.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €960 | €1,053 | +€92 | +9.6% |
| Other operating charges | 640/8 | - | €1,046 | +€1,046 | |
| Gross operating margin | 9900 | €52,402 | €71,830 | +€19,428 | +37.1% |
| Operating profit (loss) | 9901 | €51,442 | €69,731 | +€18,290 | +35.6% |
| Financial income | 75/76B | €6,032 | €27,494 | +€21,462 | +356% |
| Recurring financial income | 75 | €6,032 | €27,494 | +€21,462 | +356% |
| Financial charges | 65/66B | €74 | €79 | +€6 | +7.5% |
| Recurring financial charges | 65 | €74 | €79 | +€6 | +7.5% |
| Profit (loss) for the period before taxes | 9903 | €57,400 | €97,146 | +€39,746 | +69.2% |
| Income taxes | 67/77 | €15,501 | €22,567 | +€7,066 | +45.6% |
| Profit (loss) for the period | 9904 | €41,899 | €74,579 | +€32,680 | +78.0% |
| Profit (loss) for the period to be appropriated | 9905 | €41,899 | €74,579 | +€32,680 | +78.0% |
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 23 October 2026 via checked.be.