N & V: 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.
N & V
Largest movements
- Tangible fixed assets +€65,254
up €65,254 (+88.6%), from €73,678 to €138,932
of which Furniture and vehicles: +€50,874
- Receivables within one year -€28,655
down €28,655 (-11.2%), from €256,576 to €227,921
of which Trade receivables: -€65,909
- Cash +€11,425
up €11,425 (+27.7%), from €41,234 to €52,658
mainly Trade debts (+€62,081) and Receivables within one year (+€28,655)
- Trade debts +€62,081
up €62,081 (+457%), from €13,583 to €75,664
- Debts after one year -€25,909
down €25,909 (-57.9%), from €44,761 to €18,852
- Profit (loss) carried forward +€24,510
up €24,510 (+12.5%), from €196,262 to €220,772
- Tax, wage and social debts -€18,634
down €18,634 (-26.4%), from €70,702 to €52,068
of which Taxes: -€18,572
- Gross operating margin -€41,115
down €41,115 (-27.8%), from €147,737 to €106,623
- Staff costs +€39,457
up €39,457 (+257%), from €15,351 to €54,809
- Taxes -€22,584
down €22,584 (-74.7%), from €30,226 to €7,642
- Financial income -€10,655
down €10,655 (-98.7%), from €10,795 to €141
- Other operating charges +€5,464
up €5,464 (+323%), from €1,693 to €7,156
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 | €394,054 | €436,036 | +€41,983 | +10.7% |
| Fixed assets | 21/28 | €94,333 | €155,457 | +€61,124 | +64.8% |
| Intangible fixed assets | 21 | €20,655 | €16,525 | -€4,130 | -20.0% |
| Tangible fixed assets | 22/27 | €73,678 | €138,932 | +€65,254 | +88.6% |
| Plant, machinery and equipment | 23 | €2,837 | €1,705 | -€1,132 | -39.9% |
| Furniture and vehicles | 24 | €70,841 | €121,716 | +€50,874 | +71.8% |
| Other tangible fixed assets | 26 | - | €15,512 | +€15,512 | |
| Current assets | 29/58 | €299,721 | €280,579 | -€19,141 | -6.4% |
| Amounts receivable within one year | 40/41 | €256,576 | €227,921 | -€28,655 | -11.2% |
| Trade receivables | 40 | €65,909 | - | -€65,909 | |
| Other amounts receivable | 41 | €190,667 | €227,921 | +€37,254 | +19.5% |
| Cash at bank and in hand | 54/58 | €41,234 | €52,658 | +€11,425 | +27.7% |
| Deferred charges and accrued income | 490/1 | €1,911 | - | -€1,911 | |
| Total equity and liabilities | 10/49 | €394,054 | €436,036 | +€41,983 | +10.7% |
| Equity | 10/15 | €246,262 | €270,772 | +€24,510 | +10.0% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €196,262 | €220,772 | +€24,510 | +12.5% |
| Amounts payable | 17/49 | €147,792 | €165,265 | +€17,473 | +11.8% |
| Amounts payable after more than one year | 17 | €44,761 | €18,852 | -€25,909 | -57.9% |
| Financial debts | 170/4 | €44,761 | €18,852 | -€25,909 | -57.9% |
| Amounts payable within one year | 42/48 | €103,031 | €146,413 | +€43,382 | +42.1% |
| Current portion of amounts payable after more than one year | 42 | €18,746 | €18,560 | -€186 | -1.0% |
| Trade debts | 44 | €13,583 | €75,664 | +€62,081 | +457% |
| Suppliers | 440/4 | €13,583 | €75,664 | +€62,081 | +457% |
| Taxes, remuneration and social security | 45 | €70,702 | €52,068 | -€18,634 | -26.4% |
| Taxes | 450/3 | €70,640 | €52,068 | -€18,572 | -26.3% |
| Remuneration and social security | 454/9 | €62 | - | -€62 | |
| Other amounts payable | 47/48 | €0 | €121 | +€121 | |
| Remuneration, social security and pensions | 62 | €15,351 | €54,809 | +€39,457 | +257% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,708 | €11,001 | -€707 | -6.0% |
| Other operating charges | 640/8 | €1,693 | €7,156 | +€5,464 | +323% |
| Gross operating margin | 9900 | €147,737 | €106,623 | -€41,115 | -27.8% |
| Operating profit (loss) | 9901 | €118,985 | €33,656 | -€85,329 | -71.7% |
| Financial income | 75/76B | €10,795 | €141 | -€10,655 | -98.7% |
| Recurring financial income | 75 | €10,795 | €141 | -€10,655 | -98.7% |
| Financial charges | 65/66B | €3,828 | €1,645 | -€2,183 | -57.0% |
| Recurring financial charges | 65 | €3,828 | €1,645 | -€2,183 | -57.0% |
| Profit (loss) for the period before taxes | 9903 | €125,952 | €32,152 | -€93,800 | -74.5% |
| Income taxes | 67/77 | €30,226 | €7,642 | -€22,584 | -74.7% |
| Profit (loss) for the period | 9904 | €95,726 | €24,510 | -€71,216 | -74.4% |
| Profit (loss) for the period to be appropriated | 9905 | €95,726 | €24,510 | -€71,216 | -74.4% |
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.