More than a face: 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.
More than a face
Largest movements
- Cash +€89,316
up €89,316 (+232%), from €38,512 to €127,828
mainly Net result for the year (+€63,542) and Receivables within one year (+€23,110)
- Receivables within one year -€23,110
down €23,110 (-18.7%), from €123,342 to €100,233
of which Trade receivables: -€20,919
- Reserves +€63,542
up €63,542 (+90.0%), from €70,632 to €134,174
- Trade debts -€20,716
down €20,716 (-38.7%), from €53,575 to €32,860
- Tax, wage and social debts +€20,180
up €20,180 (+141%), from €14,361 to €34,541
of which Taxes: +€21,537
- Gross operating margin +€81,581
up €81,581 (+176%), from €46,327 to €127,908
- Taxes +€15,401
up €15,401 (+880%), from €1,750 to €17,151
- Depreciation +€4,856
up €4,856 (+163%), from €2,983 to €7,838
- Staff costs +€4,688
up €4,688 (+15.1%), from €31,049 to €35,737
- Other operating charges -€2,538
down €2,538 (-61.0%), from €4,160 to €1,623
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 | €193,309 | €257,979 | +€64,670 | +33.5% |
| Fixed assets | 21/28 | €30,130 | €28,524 | -€1,606 | -5.3% |
| Intangible fixed assets | 21 | €30,130 | €28,524 | -€1,606 | -5.3% |
| Current assets | 29/58 | €163,179 | €229,455 | +€66,276 | +40.6% |
| Amounts receivable within one year | 40/41 | €123,342 | €100,233 | -€23,110 | -18.7% |
| Trade receivables | 40 | €109,585 | €88,666 | -€20,919 | -19.1% |
| Other amounts receivable | 41 | €13,757 | €11,567 | -€2,190 | -15.9% |
| Cash at bank and in hand | 54/58 | €38,512 | €127,828 | +€89,316 | +232% |
| Deferred charges and accrued income | 490/1 | €1,325 | €1,394 | +€70 | +5.3% |
| Total equity and liabilities | 10/49 | €193,309 | €257,979 | +€64,670 | +33.5% |
| Equity | 10/15 | €120,632 | €184,174 | +€63,542 | +52.7% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €70,632 | €134,174 | +€63,542 | +90.0% |
| Distributable reserves | 133 | €70,632 | €134,174 | +€63,542 | +90.0% |
| Amounts payable | 17/49 | €72,676 | €73,804 | +€1,128 | +1.6% |
| Amounts payable within one year | 42/48 | €72,676 | €73,804 | +€1,128 | +1.6% |
| Trade debts | 44 | €53,575 | €32,860 | -€20,716 | -38.7% |
| Suppliers | 440/4 | €53,575 | €32,860 | -€20,716 | -38.7% |
| Taxes, remuneration and social security | 45 | €14,361 | €34,541 | +€20,180 | +141% |
| Taxes | 450/3 | €7,890 | €29,427 | +€21,537 | +273% |
| Remuneration and social security | 454/9 | €6,471 | €5,114 | -€1,357 | -21.0% |
| Other amounts payable | 47/48 | €4,740 | €6,404 | +€1,664 | +35.1% |
| Remuneration, social security and pensions | 62 | €31,049 | €35,737 | +€4,688 | +15.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,983 | €7,838 | +€4,856 | +163% |
| Other operating charges | 640/8 | €4,160 | €1,623 | -€2,538 | -61.0% |
| Gross operating margin | 9900 | €46,327 | €127,908 | +€81,581 | +176% |
| Operating profit (loss) | 9901 | €8,134 | €82,710 | +€74,576 | +917% |
| Financial income | 75/76B | €28 | - | -€28 | |
| Recurring financial income | 75 | €28 | - | -€28 | |
| Financial charges | 65/66B | €1,403 | €2,017 | +€614 | +43.8% |
| Recurring financial charges | 65 | €1,403 | €2,017 | +€614 | +43.8% |
| Profit (loss) for the period before taxes | 9903 | €6,759 | €80,693 | +€73,934 | +1,094% |
| Income taxes | 67/77 | €1,750 | €17,151 | +€15,401 | +880% |
| Profit (loss) for the period | 9904 | €5,009 | €63,542 | +€58,533 | +1,169% |
| Profit (loss) for the period to be appropriated | 9905 | €5,009 | €63,542 | +€58,533 | +1,169% |
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 20 October 2026 via checked.be.