MIKE WAGNER: 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.
MIKE WAGNER
Largest movements
- Receivables within one year -€21,783
down €21,783 (-84.2%), from €25,880 to €4,097
of which Other amounts receivable: -€17,778
- Cash +€16,520
new in 2025: €16,520
mainly Receivables within one year (+€21,783) and Depreciation (+€8,892)
- Tangible fixed assets -€8,892
down €8,892 (-43.5%), from €20,464 to €11,572
- Debts after one year -€9,258
down €9,258 (-35.9%), from €25,794 to €16,536
- Trade debts -€3,768
down €3,768 (-36.8%), from €10,240 to €6,472
- Profit (loss) carried forward +€3,177
up €3,177 (+45.5%), from -€6,981 to -€3,804
- Current portion of long-term debt -€2,389
down €2,389 (-32.7%), from €7,314 to €4,925
- Short-term financial debts -€1,916
no longer reported in 2025 (was €1,916)
- Gross operating margin +€23,379
up €23,379, from -€9,033 to €14,345
- Taxes -€2,995
down €2,995 (-94.9%), from €3,155 to €160
- Other operating charges -€580
down €580 (-42.4%), from €1,367 to €787
- Financial charges -€507
down €507 (-27.6%), from €1,840 to €1,332
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 | €46,343 | €32,189 | -€14,154 | -30.5% |
| Fixed assets | 21/28 | €20,464 | €11,572 | -€8,892 | -43.5% |
| Tangible fixed assets | 22/27 | €20,464 | €11,572 | -€8,892 | -43.5% |
| Furniture and vehicles | 24 | €20,464 | €11,572 | -€8,892 | -43.5% |
| Current assets | 29/58 | €25,880 | €20,618 | -€5,262 | -20.3% |
| Amounts receivable within one year | 40/41 | €25,880 | €4,097 | -€21,783 | -84.2% |
| Trade receivables | 40 | €8,102 | €4,097 | -€4,005 | -49.4% |
| Other amounts receivable | 41 | €17,778 | - | -€17,778 | |
| Cash at bank and in hand | 54/58 | - | €16,520 | +€16,520 | |
| Total equity and liabilities | 10/49 | €46,343 | €32,189 | -€14,154 | -30.5% |
| Equity | 10/15 | €1,079 | €4,256 | +€3,177 | +294% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€6,981 | -€3,804 | +€3,177 | +45.5% |
| Amounts payable | 17/49 | €45,264 | €27,933 | -€17,331 | -38.3% |
| Amounts payable after more than one year | 17 | €25,794 | €16,536 | -€9,258 | -35.9% |
| Financial debts | 170/4 | €25,794 | €16,536 | -€9,258 | -35.9% |
| Amounts payable within one year | 42/48 | €19,470 | €11,397 | -€8,073 | -41.5% |
| Current portion of amounts payable after more than one year | 42 | €7,314 | €4,925 | -€2,389 | -32.7% |
| Financial debts | 43 | €1,916 | - | -€1,916 | |
| Credit institutions | 430/8 | €1,916 | - | -€1,916 | |
| Trade debts | 44 | €10,240 | €6,472 | -€3,768 | -36.8% |
| Suppliers | 440/4 | €10,240 | €6,472 | -€3,768 | -36.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,892 | €8,892 | = | 0.0% |
| Other operating charges | 640/8 | €1,367 | €787 | -€580 | -42.4% |
| Gross operating margin | 9900 | -€9,033 | €14,345 | +€23,379 | |
| Operating profit (loss) | 9901 | -€19,292 | €4,666 | +€23,959 | |
| Financial income | 75/76B | €1 | €3 | +€2 | +455% |
| Recurring financial income | 75 | €1 | €3 | +€2 | +455% |
| Financial charges | 65/66B | €1,840 | €1,332 | -€507 | -27.6% |
| Recurring financial charges | 65 | €1,840 | €1,332 | -€507 | -27.6% |
| Profit (loss) for the period before taxes | 9903 | -€21,132 | €3,337 | +€24,468 | |
| Income taxes | 67/77 | €3,155 | €160 | -€2,995 | -94.9% |
| Profit (loss) for the period | 9904 | -€24,286 | €3,177 | +€27,463 | |
| Profit (loss) for the period to be appropriated | 9905 | -€24,286 | €3,177 | +€27,463 |
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.