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NEW START CONCEPT: 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.

What changed

NEW START CONCEPT

BE 0476.668.292
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
fiscal year 31-12-2024 against 31-12-2025filed annual accounts (NBB)
Net result for the year
-€17,027
31-12-2024 · €94,277-€111,304
Equity
€523,807
31-12-2024 · €540,834-€17,027
Cash
€133,529
31-12-2024 · €160,796-€27,267
Balance sheet total
€898,641
31-12-2024 · €1.0m-€132,063

Largest movements

31-12-2024 to 31-12-2025
Assets
  • Receivables within one year -€98,376

    down €98,376 (-30.8%), from €319,377 to €221,001

    of which Trade receivables: -€70,437

  • Cash -€27,267

    down €27,267 (-17.0%), from €160,796 to €133,529

    mainly Tax, wage and social debts (-€78,876) and Debts after one year (-€32,580)

  • Tangible fixed assets -€26,647

    down €26,647 (-4.8%), from €549,754 to €523,107

    of which Land and buildings: -€24,615

  • Financial fixed assets +€20,000

    new in 2025: €20,000

Equity and liabilities
  • Tax, wage and social debts -€78,876

    down €78,876 (-91.2%), from €86,510 to €7,634

  • Debts after one year -€32,580

    down €32,580 (-8.9%), from €366,663 to €334,083

  • Profit (loss) carried forward -€17,027

    down €17,027 (-14.7%), from €115,834 to €98,807

Income statement
  • Gross operating margin -€78,779

    down €78,779 (-74.4%), from €105,921 to €27,142

  • Financial income -€71,221

    down €71,221 (-87.7%), from €81,248 to €10,027

  • Depreciation -€18,198

    down €18,198 (-32.0%), from €56,883 to €38,685

  • Financial charges -€12,039

    down €12,039 (-53.6%), from €22,473 to €10,434

  • Taxes -€6,311

    down €6,311 (-89.9%), from €7,018 to €707

From the 31-12-2024 result to the 31-12-2025 result

effect on the 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.

Result 31-12-2024 €94,277
Gross operating margin -€78,779
Depreciation +€18,198
Other operating charges +€2,491
Other operating items -€343
Financial income -€71,221
Financial charges +€12,039
Taxes +€6,311
Result 31-12-2025 -€17,027

Cash bridge derived

cash 31-12-2024 to 31-12-2025

Derived from the 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.

From operations +€36,473
Investment -€32,038
Financing -€31,702
Cash 31-12-2024 €160,796
Net result for the year -€17,027
Depreciation +€38,685
Receivables within one year +€98,376
Deferred charges and accrued income -€227
Trade debts -€4,458
Tax, wage and social debts -€78,876
Investment in fixed assets (net) -€32,038
Debts after one year -€32,580
Current portion of long-term debt +€878
Cash 31-12-2025 €133,529
Every line side by side 42 lines
Line Code 31-12-2024 31-12-2025 Change %
Total assets 20/58 €1,030,704 €898,641 -€132,063 -12.8%
Fixed assets 21/28 €549,754 €543,107 -€6,647 -1.2%
Tangible fixed assets 22/27 €549,754 €523,107 -€26,647 -4.8%
Land and buildings 22 €538,093 €513,478 -€24,615 -4.6%
Plant, machinery and equipment 23 €2,164 €1,360 -€804 -37.2%
Furniture and vehicles 24 €4,497 €3,269 -€1,228 -27.3%
Other tangible fixed assets 26 €5,000 €5,000 = 0.0%
Financial fixed assets 28 - €20,000 +€20,000
Current assets 29/58 €480,950 €355,534 -€125,416 -26.1%
Amounts receivable within one year 40/41 €319,377 €221,001 -€98,376 -30.8%
Trade receivables 40 €71,137 €700 -€70,437 -99.0%
Other amounts receivable 41 €248,240 €220,301 -€27,939 -11.3%
Current investments 50/53 €0 - =
Cash at bank and in hand 54/58 €160,796 €133,529 -€27,267 -17.0%
Deferred charges and accrued income 490/1 €777 €1,004 +€227 +29.2%
Total equity and liabilities 10/49 €1,030,704 €898,641 -€132,063 -12.8%
Equity 10/15 €540,834 €523,807 -€17,027 -3.1%
Reserves 13 €425,000 €425,000 = 0.0%
Distributable reserves 133 €425,000 €425,000 = 0.0%
Profit (loss) carried forward 14 €115,834 €98,807 -€17,027 -14.7%
Amounts payable 17/49 €489,870 €374,834 -€115,036 -23.5%
Amounts payable after more than one year 17 €366,663 €334,083 -€32,580 -8.9%
Financial debts 170/4 €366,663 €334,083 -€32,580 -8.9%
Amounts payable within one year 42/48 €123,207 €40,751 -€82,456 -66.9%
Current portion of amounts payable after more than one year 42 €31,702 €32,580 +€878 +2.8%
Trade debts 44 €4,995 €537 -€4,458 -89.2%
Suppliers 440/4 €4,995 €537 -€4,458 -89.2%
Taxes, remuneration and social security 45 €86,510 €7,634 -€78,876 -91.2%
Taxes 450/3 €86,510 €7,634 -€78,876 -91.2%
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets 630 €56,883 €38,685 -€18,198 -32.0%
Other operating charges 640/8 €6,518 €4,027 -€2,491 -38.2%
Non-recurring operating charges 66A - €343 +€343
Gross operating margin 9900 €105,921 €27,142 -€78,779 -74.4%
Operating profit (loss) 9901 €42,520 -€15,913 -€58,433
Financial income 75/76B €81,248 €10,027 -€71,221 -87.7%
Recurring financial income 75 €81,248 €10,027 -€71,221 -87.7%
Financial charges 65/66B €22,473 €10,434 -€12,039 -53.6%
Recurring financial charges 65 €22,473 €10,434 -€12,039 -53.6%
Profit (loss) for the period before taxes 9903 €101,295 -€16,320 -€117,615
Income taxes 67/77 €7,018 €707 -€6,311 -89.9%
Profit (loss) for the period 9904 €94,277 -€17,027 -€111,304
Profit (loss) for the period to be appropriated 9905 €94,277 -€17,027 -€111,304

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 8 October 2026 via checked.be.