Niels Soenen: 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.
Niels Soenen
Largest movements
- Receivables after one year +€15,000
new in 2025: €15,000
- Receivables within one year +€9,778
up €9,778 (+129.3%), from €7,561 to €17,339
of which Trade receivables: +€9,771
- Cash -€6,945
down €6,945 (-29.0%), from €23,923 to €16,978
mainly Receivables after one year (-€15,000) and Receivables within one year (-€9,778)
- Tangible fixed assets +€1,790
new in 2025: €1,790
- Deferred charges and accrued income -€785
down €785 (-17.1%), from €4,604 to €3,819
- Reserves +€11,880
up €11,880 (+52.6%), from €22,600 to €34,480
- Trade debts +€7,964
up €7,964 (+2002.1%), from €398 to €8,362
- Tax, wage and social debts -€1,919
down €1,919 (-20.3%), from €9,474 to €7,555
of which Taxes: -€1,919
- Other debts +€791
up €791 (+39.5%), from €2,001 to €2,792
- Gross operating margin -€12,860
down €12,860 (-42.5%), from €30,295 to €17,435
- Taxes -€2,935
down €2,935 (-45.6%), from €6,443 to €3,508
- Financial charges +€1,127
up €1,127 (+341.6%), from €330 to €1,456
- Financial income +€761
up €761 (+951437.5%), from €0 to €761
- Depreciation +€366
new in 2025: €366
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 | €36,973 | €55,811 | +€18,838 | +51.0% |
| Fixed assets | 21/28 | €885 | €2,675 | +€1,790 | +202.2% |
| Tangible fixed assets | 22/27 | - | €1,790 | +€1,790 | |
| Other tangible fixed assets | 26 | - | €1,790 | +€1,790 | |
| Financial fixed assets | 28 | €885 | €885 | = | 0.0% |
| Current assets | 29/58 | €36,088 | €53,136 | +€17,048 | +47.2% |
| Amounts receivable after more than one year | 29 | - | €15,000 | +€15,000 | |
| Other amounts receivable | 291 | - | €15,000 | +€15,000 | |
| Amounts receivable within one year | 40/41 | €7,561 | €17,339 | +€9,778 | +129.3% |
| Trade receivables | 40 | €7,429 | €17,200 | +€9,771 | +131.5% |
| Other amounts receivable | 41 | €132 | €139 | +€7 | +5.2% |
| Cash at bank and in hand | 54/58 | €23,923 | €16,978 | -€6,945 | -29.0% |
| Deferred charges and accrued income | 490/1 | €4,604 | €3,819 | -€785 | -17.1% |
| Total equity and liabilities | 10/49 | €36,973 | €55,811 | +€18,838 | +51.0% |
| Equity | 10/15 | €25,100 | €36,980 | +€11,880 | +47.3% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €22,600 | €34,480 | +€11,880 | +52.6% |
| Distributable reserves | 133 | €22,600 | €34,480 | +€11,880 | +52.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €11,873 | €18,831 | +€6,958 | +58.6% |
| Amounts payable within one year | 42/48 | €11,873 | €18,831 | +€6,958 | +58.6% |
| Financial debts | 43 | - | €122 | +€122 | |
| Credit institutions | 430/8 | - | €122 | +€122 | |
| Trade debts | 44 | €398 | €8,362 | +€7,964 | +2002.1% |
| Suppliers | 440/4 | €398 | €8,362 | +€7,964 | +2002.1% |
| Taxes, remuneration and social security | 45 | €9,474 | €7,555 | -€1,919 | -20.3% |
| Taxes | 450/3 | €8,074 | €6,155 | -€1,919 | -23.8% |
| Remuneration and social security | 454/9 | €1,400 | €1,400 | = | 0.0% |
| Other amounts payable | 47/48 | €2,001 | €2,792 | +€791 | +39.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €366 | +€366 | |
| Other operating charges | 640/8 | €90 | €153 | +€62 | +69.0% |
| Gross operating margin | 9900 | €30,295 | €17,435 | -€12,860 | -42.5% |
| Operating profit (loss) | 9901 | €30,205 | €16,916 | -€13,289 | -44.0% |
| Financial income | 75/76B | €0 | €761 | +€761 | +951437.5% |
| Recurring financial income | 75 | €0 | €761 | +€761 | +951437.5% |
| Financial charges | 65/66B | €330 | €1,456 | +€1,127 | +341.6% |
| Recurring financial charges | 65 | €330 | €1,456 | +€1,127 | +341.6% |
| Profit (loss) for the period before taxes | 9903 | €29,875 | €16,221 | -€13,654 | -45.7% |
| Income taxes | 67/77 | €6,443 | €3,508 | -€2,935 | -45.6% |
| Profit (loss) for the period | 9904 | €23,433 | €12,713 | -€10,719 | -45.7% |
| Profit (loss) for the period to be appropriated | 9905 | €23,433 | €12,713 | -€10,719 | -45.7% |
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 11 October 2026 via checked.be.