NEW HDG: 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.
NEW HDG
Largest movements
- Intangible fixed assets -€14,000
down €14,000 (-11.9%), from €118,099 to €104,099
- Stocks and contracts -€7,085
down €7,085 (-85.9%), from €8,243 to €1,158
- Cash -€6,662
down €6,662 (-71.1%), from €9,374 to €2,712
mainly Net result for the year (-€27,585) and Debts after one year (-€16,544)
- Other debts +€31,667
up €31,667 (+133%), from €23,854 to €55,521
- Profit (loss) carried forward -€27,585
down €27,585 (-78.6%), from -€35,108 to -€62,693
- Debts after one year -€16,544
down €16,544 (-20.0%), from €82,592 to €66,048
- Trade debts -€11,571
down €11,571 (-52.3%), from €22,118 to €10,547
- Tax, wage and social debts -€6,579
down €6,579 (-28.9%), from €22,729 to €16,150
of which Remuneration and social security: -€5,642
- Gross operating margin -€16,381
down €16,381 (-19.2%), from €85,101 to €68,719
- Staff costs -€10,105
down €10,105 (-12.1%), from €83,232 to €73,128
- Depreciation -€3,106
down €3,106 (-17.2%), from €18,004 to €14,898
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 | €142,051 | €115,631 | -€26,421 | -18.6% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €120,966 | €108,025 | -€12,941 | -10.7% |
| Intangible fixed assets | 21 | €118,099 | €104,099 | -€14,000 | -11.9% |
| Tangible fixed assets | 22/27 | €2,868 | €3,665 | +€797 | +27.8% |
| Plant, machinery and equipment | 23 | €2,868 | €3,665 | +€797 | +27.8% |
| Financial fixed assets | 28 | - | €261 | +€261 | |
| Current assets | 29/58 | €21,085 | €7,606 | -€13,479 | -63.9% |
| Stocks and contracts in progress | 3 | €8,243 | €1,158 | -€7,085 | -85.9% |
| Stocks | 30/36 | €8,243 | €1,158 | -€7,085 | -85.9% |
| Amounts receivable within one year | 40/41 | €3,466 | €2,665 | -€802 | -23.1% |
| Trade receivables | 40 | €3,457 | €2,665 | -€793 | -22.9% |
| Other amounts receivable | 41 | €9 | €0 | -€9 | -100% |
| Cash at bank and in hand | 54/58 | €9,374 | €2,712 | -€6,662 | -71.1% |
| Deferred charges and accrued income | 490/1 | €1 | €1,071 | +€1,069 | +78,047% |
| Total equity and liabilities | 10/49 | €142,051 | €115,631 | -€26,421 | -18.6% |
| Equity | 10/15 | -€25,108 | -€52,693 | -€27,585 | -110% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€35,108 | -€62,693 | -€27,585 | -78.6% |
| Amounts payable | 17/49 | €167,159 | €168,324 | +€1,164 | +0.7% |
| Amounts payable after more than one year | 17 | €82,592 | €66,048 | -€16,544 | -20.0% |
| Financial debts | 170/4 | €82,592 | €66,048 | -€16,544 | -20.0% |
| Amounts payable within one year | 42/48 | €84,562 | €102,276 | +€17,714 | +20.9% |
| Current portion of amounts payable after more than one year | 42 | €15,861 | €16,544 | +€683 | +4.3% |
| Financial debts | 43 | - | €3,515 | +€3,515 | |
| Credit institutions | 430/8 | - | €3,515 | +€3,515 | |
| Trade debts | 44 | €22,118 | €10,547 | -€11,571 | -52.3% |
| Suppliers | 440/4 | €22,118 | €10,547 | -€11,571 | -52.3% |
| Taxes, remuneration and social security | 45 | €22,729 | €16,150 | -€6,579 | -28.9% |
| Taxes | 450/3 | €5,871 | €4,933 | -€937 | -16.0% |
| Remuneration and social security | 454/9 | €16,858 | €11,216 | -€5,642 | -33.5% |
| Other amounts payable | 47/48 | €23,854 | €55,521 | +€31,667 | +133% |
| Accrued charges and deferred income | 492/3 | €6 | €0 | -€6 | -100% |
| Remuneration, social security and pensions | 62 | €83,232 | €73,128 | -€10,105 | -12.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,004 | €14,898 | -€3,106 | -17.2% |
| Other operating charges | 640/8 | €65 | €65 | = | 0.0% |
| Gross operating margin | 9900 | €85,101 | €68,719 | -€16,381 | -19.2% |
| Operating profit (loss) | 9901 | -€16,200 | -€19,372 | -€3,171 | -19.6% |
| Financial income | 75/76B | €73 | €272 | +€199 | +272% |
| Recurring financial income | 75 | €73 | €272 | +€199 | +272% |
| Financial charges | 65/66B | €9,238 | €8,479 | -€760 | -8.2% |
| Recurring financial charges | 65 | €9,238 | €8,479 | -€760 | -8.2% |
| Profit (loss) for the period before taxes | 9903 | -€25,365 | -€27,578 | -€2,213 | -8.7% |
| Income taxes | 67/77 | €0 | €7 | +€7 | |
| Profit (loss) for the period | 9904 | -€25,365 | -€27,585 | -€2,220 | -8.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€25,365 | -€27,585 | -€2,220 | -8.8% |
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 18 October 2026 via checked.be.