MOMENTUM: 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.
MOMENTUM
Largest movements
- Cash -€49,501
down €49,501 (-55.7%), from €88,927 to €39,426
mainly Net result for the year (-€46,663) and Receivables within one year (-€38,428)
- Receivables within one year +€38,428
up €38,428 (+19.9%), from €193,482 to €231,910
of which Other amounts receivable: +€94,236
- Stocks and contracts -€7,331
down €7,331 (-4.9%), from €149,017 to €141,686
- Profit (loss) carried forward -€46,663
down €46,663 (-22.9%), from -€203,432 to -€250,095
- Tax, wage and social debts -€26,454
down €26,454 (-64.5%), from €40,983 to €14,529
of which Remuneration and social security: -€13,485
- Current portion of long-term debt +€25,000
new in 2025: €25,000
- Trade debts +€20,451
up €20,451 (+11.3%), from €181,485 to €201,937
of which Bills of exchange payable: +€30,655
- Provisions +€10,395
up €10,395 (+5.1%), from €203,108 to €213,503
- Provisions -€192,713
down €192,713 (-94.9%), from €203,108 to €10,395
- Gross operating margin -€155,230
down €155,230 (-74.8%), from €207,604 to €52,375
- Other operating charges -€73,568
down €73,568 (-99.4%), from €74,007 to €439
- Staff costs -€29,907
down €29,907 (-45.8%), from €65,323 to €35,416
- Write-downs -€16,250
down €16,250, from €15,250 to -€1,000
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 | €615,468 | €593,983 | -€21,484 | -3.5% |
| Fixed assets | 21/28 | €184,041 | €180,960 | -€3,081 | -1.7% |
| Tangible fixed assets | 22/27 | €6,019 | €2,938 | -€3,081 | -51.2% |
| Furniture and vehicles | 24 | €3,333 | €2,012 | -€1,321 | -39.6% |
| Other tangible fixed assets | 26 | €2,686 | €926 | -€1,760 | -65.5% |
| Financial fixed assets | 28 | €178,022 | €178,022 | = | 0.0% |
| Current assets | 29/58 | €431,427 | €413,023 | -€18,404 | -4.3% |
| Stocks and contracts in progress | 3 | €149,017 | €141,686 | -€7,331 | -4.9% |
| Stocks | 30/36 | €149,017 | €141,686 | -€7,331 | -4.9% |
| Amounts receivable within one year | 40/41 | €193,482 | €231,910 | +€38,428 | +19.9% |
| Trade receivables | 40 | €137,797 | €81,990 | -€55,807 | -40.5% |
| Other amounts receivable | 41 | €55,685 | €149,921 | +€94,236 | +169.2% |
| Cash at bank and in hand | 54/58 | €88,927 | €39,426 | -€49,501 | -55.7% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €615,468 | €593,983 | -€21,484 | -3.5% |
| Equity | 10/15 | €177,424 | €130,761 | -€46,663 | -26.3% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €360,856 | €360,856 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,000 | €0 | -€2,000 | -100.0% |
| Reserves not available under the articles | 1311 | €2,000 | €0 | -€2,000 | -100.0% |
| Distributable reserves | 133 | €358,856 | €360,856 | +€2,000 | +0.6% |
| Profit (loss) carried forward | 14 | -€203,432 | -€250,095 | -€46,663 | -22.9% |
| Provisions and deferred taxes | 16 | €203,108 | €213,503 | +€10,395 | +5.1% |
| Provisions for liabilities and charges | 160/5 | €203,108 | €213,503 | +€10,395 | +5.1% |
| Other liabilities and charges | 164/5 | €203,108 | €213,503 | +€10,395 | +5.1% |
| Amounts payable | 17/49 | €234,935 | €249,719 | +€14,784 | +6.3% |
| Amounts payable within one year | 42/48 | €231,762 | €248,055 | +€16,293 | +7.0% |
| Current portion of amounts payable after more than one year | 42 | - | €25,000 | +€25,000 | |
| Trade debts | 44 | €181,485 | €201,937 | +€20,451 | +11.3% |
| Suppliers | 440/4 | €181,485 | €171,282 | -€10,204 | -5.6% |
| Bills of exchange payable | 441 | - | €30,655 | +€30,655 | |
| Taxes, remuneration and social security | 45 | €40,983 | €14,529 | -€26,454 | -64.5% |
| Taxes | 450/3 | €27,499 | €14,529 | -€12,970 | -47.2% |
| Remuneration and social security | 454/9 | €13,485 | €0 | -€13,485 | -100.0% |
| Other amounts payable | 47/48 | €9,294 | €6,589 | -€2,705 | -29.1% |
| Accrued charges and deferred income | 492/3 | €3,173 | €1,664 | -€1,509 | -47.6% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €65,323 | €35,416 | -€29,907 | -45.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,081 | €3,081 | = | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €15,250 | -€1,000 | -€16,250 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €203,108 | €10,395 | -€192,713 | -94.9% |
| Other operating charges | 640/8 | €74,007 | €439 | -€73,568 | -99.4% |
| Gross operating margin | 9900 | €207,604 | €52,375 | -€155,230 | -74.8% |
| Operating profit (loss) | 9901 | -€153,165 | €4,044 | +€157,209 | |
| Financial income | 75/76B | €1,273 | €335 | -€939 | -73.7% |
| Recurring financial income | 75 | €1,273 | €335 | -€939 | -73.7% |
| Financial charges | 65/66B | €3,639 | €2,803 | -€836 | -23.0% |
| Recurring financial charges | 65 | €3,639 | €2,803 | -€836 | -23.0% |
| Profit (loss) for the period before taxes | 9903 | -€155,531 | €1,576 | +€157,106 | |
| Income taxes | 67/77 | €47,901 | €48,239 | +€338 | +0.7% |
| Profit (loss) for the period | 9904 | -€203,432 | -€46,663 | +€156,769 | +77.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€203,432 | -€46,663 | +€156,769 | +77.1% |
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 12 October 2026 via checked.be.