NEW B: what changed
NEW B
Largest movements
- Tangible fixed assets +€29,787
up €29,787 (+271%), from €10,983 to €40,770
of which Plant, machinery and equipment: +€26,628
- Cash -€7,008
down €7,008 (-10.0%), from €69,890 to €62,882
mainly Investment in fixed assets (net) (-€39,536) and Accrued charges and deferred income (-€3,022)
- Receivables within one year -€2,022
down €2,022 (-20.9%), from €9,686 to €7,663
of which Trade receivables: -€2,423
- Deferred charges and accrued income +€1,273
up €1,273 (+108%), from €1,175 to €2,448
- Debts after one year +€15,914
new in 2025: €15,914
- Current portion of long-term debt +€6,422
new in 2025: €6,422
- Accrued charges and deferred income -€3,022
no longer reported in 2025 (was €3,022)
- Tax, wage and social debts +€2,002
up €2,002 (+150%), from €1,338 to €3,340
of which Remuneration and social security: +€1,102
- Financial income +€70,495
up €70,495 (+704,953,100%), from €0 to €70,495
of which Non-recurring financial income: +€70,469
- Gross operating margin -€45,449
down €45,449, from €23,178 to -€22,271
- Financial charges +€20,753
up €20,753 (+2,095%), from €990 to €21,743
of which Non-recurring financial charges: +€19,948
- Depreciation +€3,957
up €3,957 (+68.3%), from €5,793 to €9,750
- Staff costs -€3,508
down €3,508 (-18.7%), from €18,733 to €15,226
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €98,059 | €119,501 | +€21,442 | +21.9% |
| Fixed assets | 21/28 | €16,182 | €45,969 | +€29,787 | +184% |
| Tangible fixed assets | 22/27 | €10,983 | €40,770 | +€29,787 | +271% |
| Plant, machinery and equipment | 23 | €4,149 | €30,777 | +€26,628 | +642% |
| Furniture and vehicles | 24 | €3,152 | €8,861 | +€5,709 | +181% |
| Other tangible fixed assets | 26 | €3,681 | €1,131 | -€2,550 | -69.3% |
| Financial fixed assets | 28 | €5,199 | €5,199 | = | 0.0% |
| Current assets | 29/58 | €81,877 | €73,532 | -€8,345 | -10.2% |
| Stocks and contracts in progress | 3 | €1,127 | €540 | -€587 | -52.1% |
| Stocks | 30/36 | €1,127 | €540 | -€587 | -52.1% |
| Amounts receivable within one year | 40/41 | €9,686 | €7,663 | -€2,022 | -20.9% |
| Trade receivables | 40 | €6,055 | €3,632 | -€2,423 | -40.0% |
| Other amounts receivable | 41 | €3,631 | €4,031 | +€401 | +11.0% |
| Cash at bank and in hand | 54/58 | €69,890 | €62,882 | -€7,008 | -10.0% |
| Deferred charges and accrued income | 490/1 | €1,175 | €2,448 | +€1,273 | +108% |
| Total equity and liabilities | 10/49 | €98,059 | €119,501 | +€21,442 | +21.9% |
| Equity | 10/15 | €87,381 | €86,617 | -€765 | -0.9% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €68,381 | €67,617 | -€765 | -1.1% |
| Distributable reserves | 133 | €68,381 | €67,617 | -€765 | -1.1% |
| Amounts payable | 17/49 | €10,678 | €32,885 | +€22,207 | +208% |
| Amounts payable after more than one year | 17 | - | €15,914 | +€15,914 | |
| Financial debts | 170/4 | - | €15,914 | +€15,914 | |
| Amounts payable within one year | 42/48 | €7,655 | €16,971 | +€9,315 | +122% |
| Current portion of amounts payable after more than one year | 42 | - | €6,422 | +€6,422 | |
| Trade debts | 44 | €4,998 | €5,873 | +€875 | +17.5% |
| Suppliers | 440/4 | €4,998 | €5,873 | +€875 | +17.5% |
| Taxes, remuneration and social security | 45 | €1,338 | €3,340 | +€2,002 | +150% |
| Taxes | 450/3 | €1,077 | €1,977 | +€900 | +83.6% |
| Remuneration and social security | 454/9 | €261 | €1,363 | +€1,102 | +422% |
| Other amounts payable | 47/48 | €1,320 | €1,336 | +€16 | +1.2% |
| Accrued charges and deferred income | 492/3 | €3,022 | - | -€3,022 | |
| Remuneration, social security and pensions | 62 | €18,733 | €15,226 | -€3,508 | -18.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,793 | €9,750 | +€3,957 | +68.3% |
| Other operating charges | 640/8 | €1,172 | €1,852 | +€680 | +58.0% |
| Gross operating margin | 9900 | €23,178 | -€22,271 | -€45,449 | |
| Operating profit (loss) | 9901 | -€2,519 | -€49,098 | -€46,579 | -1,849% |
| Financial income | 75/76B | €0 | €70,495 | +€70,495 | +704,953,100% |
| Recurring financial income | 75 | €0 | €26 | +€26 | +260,500% |
| Non-recurring financial income | 76B | - | €70,469 | +€70,469 | |
| Financial charges | 65/66B | €990 | €21,743 | +€20,753 | +2,095% |
| Recurring financial charges | 65 | €990 | €1,795 | +€805 | +81.3% |
| Non-recurring financial charges | 66B | - | €19,948 | +€19,948 | |
| Profit (loss) for the period before taxes | 9903 | -€3,510 | -€346 | +€3,164 | +90.1% |
| Income taxes | 67/77 | €0 | €418 | +€418 | |
| Profit (loss) for the period | 9904 | -€3,510 | -€765 | +€2,745 | +78.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,510 | -€765 | +€2,745 | +78.2% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.