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.
NEW START CONCEPT
Largest movements
- 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
- 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
- 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
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 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.
Every line side by side
| 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.