MD: 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.
MD
Largest movements
- Stocks and contracts +€16,765
up €16,765 (+65.9%), from €25,457 to €42,222
- Cash -€8,544
down €8,544 (-84.5%), from €10,107 to €1,563
mainly Stocks and contracts (-€16,765) and Receivables within one year (-€7,259)
- Receivables within one year +€7,259
up €7,259 (+259%), from €2,808 to €10,067
- Trade debts +€14,772
up €14,772 (+565%), from €2,614 to €17,386
- Tax, wage and social debts -€2,407
down €2,407 (-24.9%), from €9,672 to €7,265
of which Remuneration and social security: -€3,015
- Profit (loss) carried forward +€2,032
up €2,032 (+12.4%), from €16,392 to €18,424
- Other debts +€1,200
new in 2025: €1,200
- Gross operating margin -€26,237
down €26,237 (-69.8%), from €37,604 to €11,367
- Staff costs -€24,109
down €24,109 (-81.9%), from €29,430 to €5,322
- Depreciation -€3,316
no longer reported in 2025 (was €3,316)
- Financial charges +€2,974
up €2,974 (+1,479%), from €201 to €3,175
- Other operating charges -€543
down €543 (-81.1%), from €670 to €127
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 | €38,678 | €54,276 | +€15,597 | +40.3% |
| Fixed assets | 21/28 | €307 | €424 | +€118 | +38.3% |
| Tangible fixed assets | 22/27 | €39 | €39 | = | 0.0% |
| Furniture and vehicles | 24 | €39 | €39 | = | 0.0% |
| Financial fixed assets | 28 | €268 | €385 | +€118 | +43.9% |
| Current assets | 29/58 | €38,372 | €53,852 | +€15,480 | +40.3% |
| Stocks and contracts in progress | 3 | €25,457 | €42,222 | +€16,765 | +65.9% |
| Stocks | 30/36 | €25,457 | €42,222 | +€16,765 | +65.9% |
| Amounts receivable within one year | 40/41 | €2,808 | €10,067 | +€7,259 | +259% |
| Other amounts receivable | 41 | €2,808 | €10,067 | +€7,259 | +259% |
| Cash at bank and in hand | 54/58 | €10,107 | €1,563 | -€8,544 | -84.5% |
| Total equity and liabilities | 10/49 | €38,678 | €54,276 | +€15,597 | +40.3% |
| Equity | 10/15 | €26,392 | €28,424 | +€2,032 | +7.7% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €16,392 | €18,424 | +€2,032 | +12.4% |
| Amounts payable | 17/49 | €12,287 | €25,851 | +€13,565 | +110% |
| Amounts payable within one year | 42/48 | €12,287 | €25,851 | +€13,565 | +110% |
| Trade debts | 44 | €2,614 | €17,386 | +€14,772 | +565% |
| Suppliers | 440/4 | €2,614 | €17,386 | +€14,772 | +565% |
| Taxes, remuneration and social security | 45 | €9,672 | €7,265 | -€2,407 | -24.9% |
| Taxes | 450/3 | €5,192 | €5,800 | +€607 | +11.7% |
| Remuneration and social security | 454/9 | €4,480 | €1,465 | -€3,015 | -67.3% |
| Other amounts payable | 47/48 | - | €1,200 | +€1,200 | |
| Remuneration, social security and pensions | 62 | €29,430 | €5,322 | -€24,109 | -81.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,316 | - | -€3,316 | |
| Other operating charges | 640/8 | €670 | €127 | -€543 | -81.1% |
| Non-recurring operating charges | 66A | - | €34 | +€34 | |
| Gross operating margin | 9900 | €37,604 | €11,367 | -€26,237 | -69.8% |
| Operating profit (loss) | 9901 | €4,188 | €5,885 | +€1,697 | +40.5% |
| Financial charges | 65/66B | €201 | €3,175 | +€2,974 | +1,479% |
| Recurring financial charges | 65 | €201 | €3,175 | +€2,974 | +1,479% |
| Profit (loss) for the period before taxes | 9903 | €3,987 | €2,710 | -€1,277 | -32.0% |
| Income taxes | 67/77 | €786 | €677 | -€108 | -13.8% |
| Profit (loss) for the period | 9904 | €3,201 | €2,032 | -€1,169 | -36.5% |
| Profit (loss) for the period to be appropriated | 9905 | €3,201 | €2,032 | -€1,169 | -36.5% |
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 16 October 2026 via checked.be.