Negative space: 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.
Negative space
Largest movements
- Cash +€34,840
up €34,840 (+32.7%), from €106,579 to €141,419
mainly Net result for the year (+€20,641) and Depreciation (+€10,452)
- Tangible fixed assets -€10,452
down €10,452 (-26.1%), from €40,021 to €29,570
- Receivables within one year -€7,176
down €7,176 (-24.9%), from €28,814 to €21,638
of which Trade receivables: -€11,753
- Deferred charges and accrued income +€2,381
up €2,381 (+204.6%), from €1,164 to €3,544
- Reserves +€19,808
up €19,808 (+16.3%), from €121,203 to €141,011
- Debts after one year -€13,557
down €13,557 (-55.2%), from €24,561 to €11,004
- Tax, wage and social debts +€7,914
up €7,914 (+53.2%), from €14,883 to €22,797
- Current portion of long-term debt +€7,225
up €7,225 (+114.1%), from €6,332 to €13,557
- Accrued charges and deferred income -€4,570
down €4,570 (-100.0%), from €4,570 to €0
- Gross operating margin -€27,980
down €27,980 (-39.7%), from €70,472 to €42,492
- Taxes -€6,013
down €6,013 (-42.9%), from €14,022 to €8,009
- Depreciation +€4,553
up €4,553 (+77.2%), from €5,899 to €10,452
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 | €176,578 | €196,171 | +€19,593 | +11.1% |
| Fixed assets | 21/28 | €40,021 | €29,570 | -€10,452 | -26.1% |
| Tangible fixed assets | 22/27 | €40,021 | €29,570 | -€10,452 | -26.1% |
| Furniture and vehicles | 24 | €40,021 | €29,570 | -€10,452 | -26.1% |
| Current assets | 29/58 | €136,556 | €166,601 | +€30,045 | +22.0% |
| Amounts receivable within one year | 40/41 | €28,814 | €21,638 | -€7,176 | -24.9% |
| Trade receivables | 40 | €27,400 | €15,647 | -€11,753 | -42.9% |
| Other amounts receivable | 41 | €1,414 | €5,991 | +€4,578 | +323.7% |
| Cash at bank and in hand | 54/58 | €106,579 | €141,419 | +€34,840 | +32.7% |
| Deferred charges and accrued income | 490/1 | €1,164 | €3,544 | +€2,381 | +204.6% |
| Total equity and liabilities | 10/49 | €176,578 | €196,171 | +€19,593 | +11.1% |
| Equity | 10/15 | €125,203 | €145,011 | +€19,808 | +15.8% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €121,203 | €141,011 | +€19,808 | +16.3% |
| Distributable reserves | 133 | €121,203 | €141,011 | +€19,808 | +16.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €51,374 | €51,159 | -€215 | -0.4% |
| Amounts payable after more than one year | 17 | €24,561 | €11,004 | -€13,557 | -55.2% |
| Financial debts | 170/4 | €24,561 | €11,004 | -€13,557 | -55.2% |
| Amounts payable within one year | 42/48 | €22,243 | €40,155 | +€17,912 | +80.5% |
| Current portion of amounts payable after more than one year | 42 | €6,332 | €13,557 | +€7,225 | +114.1% |
| Financial debts | 43 | - | €905 | +€905 | |
| Credit institutions | 430/8 | - | €905 | +€905 | |
| Trade debts | 44 | €195 | €1,048 | +€853 | +438.5% |
| Suppliers | 440/4 | €195 | €1,048 | +€853 | +438.5% |
| Taxes, remuneration and social security | 45 | €14,883 | €22,797 | +€7,914 | +53.2% |
| Taxes | 450/3 | €14,883 | €22,797 | +€7,914 | +53.2% |
| Other amounts payable | 47/48 | €833 | €1,848 | +€1,015 | +121.8% |
| Accrued charges and deferred income | 492/3 | €4,570 | €0 | -€4,570 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,899 | €10,452 | +€4,553 | +77.2% |
| Other operating charges | 640/8 | €1,310 | €1,641 | +€330 | +25.2% |
| Gross operating margin | 9900 | €70,472 | €42,492 | -€27,980 | -39.7% |
| Operating profit (loss) | 9901 | €63,262 | €30,400 | -€32,863 | -51.9% |
| Financial income | 75/76B | €89 | €6 | -€83 | -93.2% |
| Recurring financial income | 75 | €89 | €6 | -€83 | -93.2% |
| Financial charges | 65/66B | €1,153 | €1,756 | +€603 | +52.3% |
| Recurring financial charges | 65 | €1,153 | €1,756 | +€603 | +52.3% |
| Profit (loss) for the period before taxes | 9903 | €62,198 | €28,649 | -€33,548 | -53.9% |
| Income taxes | 67/77 | €14,022 | €8,009 | -€6,013 | -42.9% |
| Profit (loss) for the period | 9904 | €48,176 | €20,641 | -€27,535 | -57.2% |
| Profit (loss) for the period to be appropriated | 9905 | €48,176 | €20,641 | -€27,535 | -57.2% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.