NO COMPLEX: 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.
NO COMPLEX
Largest movements
- Intangible fixed assets -€16,800
down €16,800 (-21.2%), from €79,400 to €62,600
- Stocks and contracts +€15,366
up €15,366 (+18.9%), from €81,152 to €96,518
- Current investments +€11,855
up €11,855 (+105.9%), from €11,197 to €23,052
- Tangible fixed assets -€3,904
down €3,904 (-21.2%), from €18,440 to €14,536
- Debts after one year -€17,308
down €17,308 (-25.9%), from €66,704 to €49,396
- Other debts +€7,749
up €7,749 (+15.8%), from €48,936 to €56,685
- Short-term financial debts +€5,714
new in 2025: €5,714
- Tax, wage and social debts +€5,387
up €5,387 (+58.2%), from €9,250 to €14,637
- Profit (loss) carried forward +€3,404
up €3,404 (+16.5%), from €20,627 to €24,031
- Turnover +€68,645
up €68,645 (+40.5%), from €169,447 to €238,092
- Purchases and services +€47,975
up €47,975 (+35.1%), from €136,614 to €184,589
- Gross operating margin +€34,950
up €34,950 (+95.8%), from €36,497 to €71,447
- Staff costs +€16,552
up €16,552 (+137.2%), from €12,067 to €28,619
- Taxes +€3,009
new in 2025: €3,009
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €192,743 | €197,771 | +€5,028 | +2.6% |
| Fixed assets | 21/28 | €97,840 | €77,136 | -€20,704 | -21.2% |
| Intangible fixed assets | 21 | €79,400 | €62,600 | -€16,800 | -21.2% |
| Tangible fixed assets | 22/27 | €18,440 | €14,536 | -€3,904 | -21.2% |
| Plant, machinery and equipment | 23 | €18,440 | €14,536 | -€3,904 | -21.2% |
| Current assets | 29/58 | €94,903 | €120,635 | +€25,732 | +27.1% |
| Stocks and contracts in progress | 3 | €81,152 | €96,518 | +€15,366 | +18.9% |
| Stocks | 30/36 | €81,152 | €96,518 | +€15,366 | +18.9% |
| Amounts receivable within one year | 40/41 | €2,554 | €1,065 | -€1,489 | -58.3% |
| Trade receivables | 40 | - | €515 | +€515 | |
| Other amounts receivable | 41 | €2,554 | €550 | -€2,004 | -78.5% |
| Current investments | 50/53 | €11,197 | €23,052 | +€11,855 | +105.9% |
| Total equity and liabilities | 10/49 | €192,743 | €197,771 | +€5,028 | +2.6% |
| Equity | 10/15 | €50,627 | €54,031 | +€3,404 | +6.7% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €20,627 | €24,031 | +€3,404 | +16.5% |
| Amounts payable | 17/49 | €142,116 | €143,740 | +€1,624 | +1.1% |
| Amounts payable after more than one year | 17 | €66,704 | €49,396 | -€17,308 | -25.9% |
| Financial debts | 170/4 | €66,704 | €49,396 | -€17,308 | -25.9% |
| Amounts payable within one year | 42/48 | €75,412 | €94,344 | +€18,932 | +25.1% |
| Current portion of amounts payable after more than one year | 42 | €16,681 | €17,308 | +€627 | +3.8% |
| Financial debts | 43 | - | €5,714 | +€5,714 | |
| Credit institutions | 430/8 | - | €5,714 | +€5,714 | |
| Advances received on contracts in progress | 46 | €545 | - | -€545 | |
| Taxes, remuneration and social security | 45 | €9,250 | €14,637 | +€5,387 | +58.2% |
| Taxes | 450/3 | €9,250 | €14,637 | +€5,387 | +58.2% |
| Other amounts payable | 47/48 | €48,936 | €56,685 | +€7,749 | +15.8% |
| Turnover | 70 | €169,447 | €238,092 | +€68,645 | +40.5% |
| Non-recurring operating income | 76A | €3,664 | €17,944 | +€14,280 | +389.7% |
| Goods, raw materials, services and sundry goods | 60/61 | €136,614 | €184,589 | +€47,975 | +35.1% |
| Remuneration, social security and pensions | 62 | €12,067 | €28,619 | +€16,552 | +137.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,026 | €22,204 | +€178 | +0.8% |
| Other operating charges | 640/8 | €387 | €642 | +€255 | +65.9% |
| Gross operating margin | 9900 | €36,497 | €71,447 | +€34,950 | +95.8% |
| Operating profit (loss) | 9901 | €2,017 | €19,982 | +€17,965 | +890.7% |
| Financial charges | 65/66B | €5,053 | €4,569 | -€484 | -9.6% |
| Recurring financial charges | 65 | €5,053 | €4,569 | -€484 | -9.6% |
| Profit (loss) for the period before taxes | 9903 | -€3,036 | €15,413 | +€18,449 | |
| Income taxes | 67/77 | - | €3,009 | +€3,009 | |
| Profit (loss) for the period | 9904 | -€3,036 | €12,404 | +€15,440 | |
| Profit (loss) for the period to be appropriated | 9905 | -€3,036 | €12,404 | +€15,440 |
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 28 September 2026 via checked.be.