N°12: 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.
N°12
Largest movements
- Receivables within one year +€65,434
up €65,434 (+329.4%), from €19,864 to €85,298
of which Trade receivables: +€55,053
- Cash -€44,663
down €44,663 (-22.5%), from €198,396 to €153,733
mainly Receivables within one year (-€65,434) and Investment in fixed assets (net) (-€20,417)
- Tangible fixed assets +€15,740
up €15,740 (+209.8%), from €7,502 to €23,242
of which Plant, machinery and equipment: +€18,099
- Debts after one year +€14,034
new in 2025: €14,034
- Trade debts +€9,042
up €9,042 (+505.4%), from €1,789 to €10,832
- Reserves +€5,586
up €5,586 (+2.8%), from €197,008 to €202,594
of which Distributable reserves: +€5,586
- Tax, wage and social debts +€4,734
up €4,734 (+73.9%), from €6,407 to €11,141
of which Taxes: +€5,992
- Current portion of long-term debt +€3,297
up €3,297, from €0 to €3,297
- Gross operating margin -€6,778
down €6,778 (-29.3%), from €23,128 to €16,350
- Taxes -€2,150
down €2,150 (-43.3%), from €4,964 to €2,814
- Depreciation +€556
up €556 (+10.1%), from €5,515 to €6,070
- Financial income +€413
up €413 (+95.4%), from €434 to €847
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 | €228,985 | €265,974 | +€36,988 | +16.2% |
| Fixed assets | 21/28 | €9,360 | €23,707 | +€14,347 | +153.3% |
| Intangible fixed assets | 21 | €1,858 | €465 | -€1,393 | -74.9% |
| Tangible fixed assets | 22/27 | €7,502 | €23,242 | +€15,740 | +209.8% |
| Plant, machinery and equipment | 23 | €2,605 | €20,704 | +€18,099 | +694.7% |
| Furniture and vehicles | 24 | €947 | €251 | -€696 | -73.5% |
| Other tangible fixed assets | 26 | €3,949 | €2,286 | -€1,663 | -42.1% |
| Current assets | 29/58 | €219,625 | €242,267 | +€22,641 | +10.3% |
| Amounts receivable within one year | 40/41 | €19,864 | €85,298 | +€65,434 | +329.4% |
| Trade receivables | 40 | €8,024 | €63,077 | +€55,053 | +686.1% |
| Other amounts receivable | 41 | €11,841 | €22,222 | +€10,381 | +87.7% |
| Cash at bank and in hand | 54/58 | €198,396 | €153,733 | -€44,663 | -22.5% |
| Deferred charges and accrued income | 490/1 | €1,366 | €3,236 | +€1,870 | +137.0% |
| Total equity and liabilities | 10/49 | €228,985 | €265,974 | +€36,988 | +16.2% |
| Equity | 10/15 | €215,608 | €221,194 | +€5,586 | +2.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €197,008 | €202,594 | +€5,586 | +2.8% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €3,000 | €3,000 | = | 0.0% |
| Distributable reserves | 133 | €192,148 | €197,734 | +€5,586 | +2.9% |
| Amounts payable | 17/49 | €13,378 | €44,780 | +€31,402 | +234.7% |
| Amounts payable after more than one year | 17 | - | €14,034 | +€14,034 | |
| Financial debts | 170/4 | - | €14,034 | +€14,034 | |
| Amounts payable within one year | 42/48 | €13,378 | €30,746 | +€17,369 | +129.8% |
| Current portion of amounts payable after more than one year | 42 | €0 | €3,297 | +€3,297 | |
| Financial debts | 43 | €5,157 | €5,126 | -€31 | -0.6% |
| Credit institutions | 430/8 | €5,157 | €5,126 | -€31 | -0.6% |
| Trade debts | 44 | €1,789 | €10,832 | +€9,042 | +505.4% |
| Suppliers | 440/4 | €1,789 | €10,832 | +€9,042 | +505.4% |
| Taxes, remuneration and social security | 45 | €6,407 | €11,141 | +€4,734 | +73.9% |
| Taxes | 450/3 | €0 | €5,992 | +€5,992 | |
| Remuneration and social security | 454/9 | €6,407 | €5,149 | -€1,258 | -19.6% |
| Other amounts payable | 47/48 | €24 | €350 | +€326 | +1357.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,515 | €6,070 | +€556 | +10.1% |
| Other operating charges | 640/8 | €1,730 | €1,910 | +€180 | +10.4% |
| Non-recurring operating charges | 66A | €1,247 | €0 | -€1,247 | -100.0% |
| Gross operating margin | 9900 | €23,128 | €16,350 | -€6,778 | -29.3% |
| Operating profit (loss) | 9901 | €14,636 | €8,370 | -€6,267 | -42.8% |
| Financial income | 75/76B | €434 | €847 | +€413 | +95.4% |
| Recurring financial income | 75 | €434 | €847 | +€413 | +95.4% |
| Financial charges | 65/66B | €674 | €816 | +€142 | +21.1% |
| Recurring financial charges | 65 | €674 | €816 | +€142 | +21.1% |
| Profit (loss) for the period before taxes | 9903 | €14,396 | €8,400 | -€5,996 | -41.6% |
| Income taxes | 67/77 | €4,964 | €2,814 | -€2,150 | -43.3% |
| Profit (loss) for the period | 9904 | €9,431 | €5,586 | -€3,845 | -40.8% |
| Profit (loss) for the period to be appropriated | 9905 | €9,431 | €5,586 | -€3,845 | -40.8% |
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 5 October 2026 via checked.be.