MARKET LVL: 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 LVL
Largest movements
- Cash -€34,283
down €34,283 (-29.5%), from €116,184 to €81,901
mainly Trade debts (-€58,979) and Investment in fixed assets (net) (-€22,421)
- Receivables within one year -€30,958
down €30,958 (-64.4%), from €48,042 to €17,084
of which Other amounts receivable: -€38,877
- Financial fixed assets +€22,421
up €22,421 (+559%), from €4,008 to €26,429
- Stocks and contracts -€12,383
down €12,383 (-5.5%), from €224,664 to €212,281
- Trade debts -€58,979
down €58,979 (-12.8%), from €461,775 to €402,796
- Gross operating margin +€218,947
up €218,947, from -€3,945 to €215,002
- Staff costs +€130,197
up €130,197 (+189%), from €68,903 to €199,100
- Other operating charges +€6,457
new in 2026: €6,457
- Financial charges +€2,758
up €2,758 (+96.3%), from €2,864 to €5,622
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €427,872 | €372,686 | -€55,186 | -12.9% |
| Fixed assets | 21/28 | €4,887 | €27,070 | +€22,182 | +454% |
| Tangible fixed assets | 22/27 | €880 | €641 | -€239 | -27.1% |
| Furniture and vehicles | 24 | €880 | €641 | -€239 | -27.1% |
| Financial fixed assets | 28 | €4,008 | €26,429 | +€22,421 | +559% |
| Current assets | 29/58 | €422,984 | €345,616 | -€77,369 | -18.3% |
| Stocks and contracts in progress | 3 | €224,664 | €212,281 | -€12,383 | -5.5% |
| Stocks | 30/36 | €224,664 | €212,281 | -€12,383 | -5.5% |
| Amounts receivable within one year | 40/41 | €48,042 | €17,084 | -€30,958 | -64.4% |
| Trade receivables | 40 | €7,405 | €15,324 | +€7,919 | +107% |
| Other amounts receivable | 41 | €40,637 | €1,760 | -€38,877 | -95.7% |
| Cash at bank and in hand | 54/58 | €116,184 | €81,901 | -€34,283 | -29.5% |
| Deferred charges and accrued income | 490/1 | €34,095 | €34,350 | +€255 | +0.7% |
| Total equity and liabilities | 10/49 | €427,872 | €372,686 | -€55,186 | -12.9% |
| Equity | 10/15 | -€63,720 | -€59,696 | +€4,025 | +6.3% |
| Contributions | 10/11 | €12,000 | €12,000 | = | 0.0% |
| Capital | 10 | €12,000 | €12,000 | = | 0.0% |
| Issued capital | 100 | €12,000 | €12,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€75,720 | -€71,696 | +€4,025 | +5.3% |
| Amounts payable | 17/49 | €491,592 | €432,381 | -€59,211 | -12.0% |
| Amounts payable within one year | 42/48 | €480,350 | €422,289 | -€58,062 | -12.1% |
| Trade debts | 44 | €461,775 | €402,796 | -€58,979 | -12.8% |
| Suppliers | 440/4 | €461,775 | €402,796 | -€58,979 | -12.8% |
| Taxes, remuneration and social security | 45 | €18,576 | €19,493 | +€917 | +4.9% |
| Remuneration and social security | 454/9 | €18,576 | €19,493 | +€917 | +4.9% |
| Accrued charges and deferred income | 492/3 | €11,242 | €10,092 | -€1,149 | -10.2% |
| Remuneration, social security and pensions | 62 | €68,903 | €199,100 | +€130,197 | +189% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €75 | €239 | +€164 | +217% |
| Other operating charges | 640/8 | - | €6,457 | +€6,457 | |
| Gross operating margin | 9900 | -€3,945 | €215,002 | +€218,947 | |
| Operating profit (loss) | 9901 | -€72,924 | €9,206 | +€82,130 | |
| Financial income | 75/76B | €68 | €441 | +€373 | +552% |
| Recurring financial income | 75 | €68 | €441 | +€373 | +552% |
| Financial charges | 65/66B | €2,864 | €5,622 | +€2,758 | +96.3% |
| Recurring financial charges | 65 | €2,864 | €5,622 | +€2,758 | +96.3% |
| Profit (loss) for the period before taxes | 9903 | -€75,720 | €4,025 | +€79,745 | |
| Profit (loss) for the period | 9904 | -€75,720 | €4,025 | +€79,745 | |
| Profit (loss) for the period to be appropriated | 9905 | -€75,720 | €4,025 | +€79,745 |
Source: filed annual accounts (NBB), financial years ended 31 January 2025 and 31 January 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.