MD: 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.
MD
Largest movements
- Cash -€21,997
down €21,997 (-93.3%), from €23,571 to €1,575
mainly Net result for the year (-€11,592) and Current investments (-€10,313)
- Current investments +€10,313
up €10,313 (+17.0%), from €60,582 to €70,895
- Tangible fixed assets -€9,621
down €9,621 (-61.2%), from €15,717 to €6,096
of which Furniture and vehicles: -€5,303
- Receivables within one year -€6,124
down €6,124 (-18.8%), from €32,540 to €26,416
of which Trade receivables: -€9,447
- Deferred charges and accrued income -€2,178
down €2,178 (-46.2%), from €4,711 to €2,533
- Profit (loss) carried forward -€11,592
down €11,592 (-16.8%), from €69,154 to €57,562
- Trade debts -€8,334
down €8,334 (-45.5%), from €18,316 to €9,982
- Tax, wage and social debts -€4,665
down €4,665 (-98.0%), from €4,758 to €93
- Advances received -€2,602
down €2,602 (-34.0%), from €7,641 to €5,039
- Short-term financial debts -€2,396
down €2,396 (-94.0%), from €2,550 to €154
- Gross operating margin -€12,266
down €12,266, from €11,024 to -€1,241
- Write-downs -€1,814
no longer reported in 2025 (was €1,814)
- Other operating charges -€882
down €882 (-52.4%), from €1,684 to €802
- Taxes -€799
down €799 (-82.4%), from €969 to €171
- Depreciation +€483
up €483 (+5.3%), from €9,137 to €9,621
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 | €137,121 | €107,514 | -€29,607 | -21.6% |
| Fixed assets | 21/28 | €15,717 | €6,096 | -€9,621 | -61.2% |
| Tangible fixed assets | 22/27 | €15,717 | €6,096 | -€9,621 | -61.2% |
| Plant, machinery and equipment | 23 | €5,510 | €1,192 | -€4,318 | -78.4% |
| Furniture and vehicles | 24 | €10,207 | €4,904 | -€5,303 | -52.0% |
| Current assets | 29/58 | €121,404 | €101,417 | -€19,987 | -16.5% |
| Amounts receivable within one year | 40/41 | €32,540 | €26,416 | -€6,124 | -18.8% |
| Trade receivables | 40 | €31,572 | €22,125 | -€9,447 | -29.9% |
| Other amounts receivable | 41 | €968 | €4,290 | +€3,323 | +343.3% |
| Current investments | 50/53 | €60,582 | €70,895 | +€10,313 | +17.0% |
| Cash at bank and in hand | 54/58 | €23,571 | €1,575 | -€21,997 | -93.3% |
| Deferred charges and accrued income | 490/1 | €4,711 | €2,533 | -€2,178 | -46.2% |
| Total equity and liabilities | 10/49 | €137,121 | €107,514 | -€29,607 | -21.6% |
| Equity | 10/15 | €103,767 | €92,175 | -€11,592 | -11.2% |
| Contributions | 10/11 | €6,197 | €6,197 | = | 0.0% |
| Reserves | 13 | €28,416 | €28,416 | = | 0.0% |
| Tax-exempt reserves | 132 | €20,859 | €20,859 | = | 0.0% |
| Distributable reserves | 133 | €7,557 | €7,557 | = | 0.0% |
| Profit (loss) carried forward | 14 | €69,154 | €57,562 | -€11,592 | -16.8% |
| Amounts payable | 17/49 | €33,353 | €15,338 | -€18,015 | -54.0% |
| Amounts payable within one year | 42/48 | €33,265 | €15,268 | -€17,996 | -54.1% |
| Financial debts | 43 | €2,550 | €154 | -€2,396 | -94.0% |
| Credit institutions | 430/8 | €2,550 | €154 | -€2,396 | -94.0% |
| Trade debts | 44 | €18,316 | €9,982 | -€8,334 | -45.5% |
| Suppliers | 440/4 | €18,316 | €9,982 | -€8,334 | -45.5% |
| Advances received on contracts in progress | 46 | €7,641 | €5,039 | -€2,602 | -34.0% |
| Taxes, remuneration and social security | 45 | €4,758 | €93 | -€4,665 | -98.0% |
| Taxes | 450/3 | €4,758 | €93 | -€4,665 | -98.0% |
| Accrued charges and deferred income | 492/3 | €89 | €70 | -€19 | -21.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,137 | €9,621 | +€483 | +5.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,814 | - | -€1,814 | |
| Other operating charges | 640/8 | €1,684 | €802 | -€882 | -52.4% |
| Gross operating margin | 9900 | €11,024 | -€1,241 | -€12,266 | |
| Operating profit (loss) | 9901 | -€1,611 | -€11,664 | -€10,053 | -624.2% |
| Financial income | 75/76B | €540 | €381 | -€158 | -29.3% |
| Recurring financial income | 75 | €540 | €381 | -€158 | -29.3% |
| Financial charges | 65/66B | €93 | €139 | +€46 | +49.1% |
| Recurring financial charges | 65 | €93 | €139 | +€46 | +49.1% |
| Profit (loss) for the period before taxes | 9903 | -€1,164 | -€11,422 | -€10,257 | -881.2% |
| Income taxes | 67/77 | €969 | €171 | -€799 | -82.4% |
| Profit (loss) for the period | 9904 | -€2,133 | -€11,592 | -€9,459 | -443.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,133 | -€11,592 | -€9,459 | -443.4% |
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 4 October 2026 via checked.be.