MARKET VIEW: 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 VIEW
Largest movements
- Tangible fixed assets -€12,256
down €12,256 (-37.8%), from €32,421 to €20,165
of which Leasing and similar rights: -€11,391
- Receivables within one year +€5,341
up €5,341 (+28.6%), from €18,701 to €24,042
of which Other amounts receivable: +€6,065
- Debts after one year -€16,737
no longer reported in 2025 (was €16,737)
- Current portion of long-term debt +€6,212
up €6,212 (+59.0%), from €10,525 to €16,737
- Trade debts +€2,222
up €2,222 (+123%), from €1,809 to €4,031
- Gross operating margin -€47,347
down €47,347 (-64.1%), from €73,917 to €26,569
- Taxes -€14,827
down €14,827 (-71.6%), from €20,719 to €5,892
- Other operating charges +€1,945
up €1,945 (+98.3%), from €1,978 to €3,923
- Financial charges -€1,747
down €1,747 (-97.3%), from €1,795 to €48
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 | €155,094 | €147,704 | -€7,391 | -4.8% |
| Fixed assets | 21/28 | €32,421 | €20,165 | -€12,256 | -37.8% |
| Tangible fixed assets | 22/27 | €32,421 | €20,165 | -€12,256 | -37.8% |
| Furniture and vehicles | 24 | €631 | €231 | -€400 | -63.4% |
| Leasing and similar rights | 25 | €31,325 | €19,934 | -€11,391 | -36.4% |
| Other tangible fixed assets | 26 | €465 | - | -€465 | |
| Current assets | 29/58 | €122,673 | €127,538 | +€4,865 | +4.0% |
| Amounts receivable after more than one year | 29 | €6,837 | €5,496 | -€1,341 | -19.6% |
| Other amounts receivable | 291 | €6,837 | €5,496 | -€1,341 | -19.6% |
| Amounts receivable within one year | 40/41 | €18,701 | €24,042 | +€5,341 | +28.6% |
| Trade receivables | 40 | €6,776 | €6,052 | -€724 | -10.7% |
| Other amounts receivable | 41 | €11,925 | €17,990 | +€6,065 | +50.9% |
| Current investments | 50/53 | €75,000 | €75,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €21,906 | €23,001 | +€1,095 | +5.0% |
| Deferred charges and accrued income | 490/1 | €229 | - | -€229 | |
| Total equity and liabilities | 10/49 | €155,094 | €147,704 | -€7,391 | -4.8% |
| Equity | 10/15 | €123,158 | €124,217 | +€1,059 | +0.9% |
| Contributions | 10/11 | €6,222 | €6,222 | = | 0.0% |
| Reserves | 13 | €116,936 | €117,995 | +€1,059 | +0.9% |
| Distributable reserves | 133 | €116,936 | €117,995 | +€1,059 | +0.9% |
| Amounts payable | 17/49 | €31,936 | €23,486 | -€8,450 | -26.5% |
| Amounts payable after more than one year | 17 | €16,737 | - | -€16,737 | |
| Financial debts | 170/4 | €16,737 | - | -€16,737 | |
| Amounts payable within one year | 42/48 | €15,200 | €23,486 | +€8,287 | +54.5% |
| Current portion of amounts payable after more than one year | 42 | €10,525 | €16,737 | +€6,212 | +59.0% |
| Trade debts | 44 | €1,809 | €4,031 | +€2,222 | +123% |
| Suppliers | 440/4 | €1,809 | €4,031 | +€2,222 | +123% |
| Taxes, remuneration and social security | 45 | €2,866 | €2,719 | -€147 | -5.1% |
| Taxes | 450/3 | €2,866 | €2,719 | -€147 | -5.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,411 | €12,256 | -€155 | -1.2% |
| Other operating charges | 640/8 | €1,978 | €3,923 | +€1,945 | +98.3% |
| Gross operating margin | 9900 | €73,917 | €26,569 | -€47,347 | -64.1% |
| Operating profit (loss) | 9901 | €59,528 | €10,391 | -€49,137 | -82.5% |
| Financial income | 75/76B | €1,598 | €1,227 | -€371 | -23.2% |
| Recurring financial income | 75 | €1,598 | €1,227 | -€371 | -23.2% |
| Financial charges | 65/66B | €1,795 | €48 | -€1,747 | -97.3% |
| Recurring financial charges | 65 | €1,795 | €48 | -€1,747 | -97.3% |
| Profit (loss) for the period before taxes | 9903 | €59,330 | €11,569 | -€47,761 | -80.5% |
| Income taxes | 67/77 | €20,719 | €5,892 | -€14,827 | -71.6% |
| Profit (loss) for the period | 9904 | €38,611 | €5,678 | -€32,934 | -85.3% |
| Profit (loss) for the period to be appropriated | 9905 | €38,611 | €5,678 | -€32,934 | -85.3% |
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 25 October 2026 via checked.be.