NO HEADACHE: 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.
NO HEADACHE
Largest movements
- Receivables after one year +€20,792
up €20,792 (+9.2%), from €224,940 to €245,733
- Intangible fixed assets -€14,791
down €14,791 (-76.1%), from €19,436 to €4,644
- Other debts +€4,500
up €4,500 (+45.9%), from €9,800 to €14,300
- Short-term financial debts -€4,205
no longer reported in 2025 (was €4,205)
- Trade debts +€3,849
up €3,849 (+145%), from €2,663 to €6,512
- Gross operating margin -€9,952
down €9,952 (-48.9%), from €20,358 to €10,407
- Depreciation -€2,204
down €2,204 (-13.0%), from €16,995 to €14,791
- Financial income +€908
up €908 (+10.6%), from €8,589 to €9,497
- Other operating charges -€578
down €578 (-26.5%), from €2,177 to €1,600
- Financial charges +€262
up €262 (+40.9%), from €641 to €903
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 | €254,474 | €261,728 | +€7,254 | +2.9% |
| Fixed assets | 21/28 | €19,436 | €4,644 | -€14,791 | -76.1% |
| Intangible fixed assets | 21 | €19,436 | €4,644 | -€14,791 | -76.1% |
| Current assets | 29/58 | €235,039 | €257,084 | +€22,045 | +9.4% |
| Amounts receivable after more than one year | 29 | €224,940 | €245,733 | +€20,792 | +9.2% |
| Other amounts receivable | 291 | €224,940 | €245,733 | +€20,792 | +9.2% |
| Stocks and contracts in progress | 3 | €4,800 | €4,800 | = | 0.0% |
| Stocks | 30/36 | €4,800 | €4,800 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €4,696 | €5,812 | +€1,116 | +23.8% |
| Trade receivables | 40 | €4,696 | €5,812 | +€1,116 | +23.8% |
| Cash at bank and in hand | 54/58 | €603 | €739 | +€137 | +22.7% |
| Total equity and liabilities | 10/49 | €254,474 | €261,728 | +€7,254 | +2.9% |
| Equity | 10/15 | €189,284 | €191,893 | +€2,610 | +1.4% |
| Contributions | 10/11 | €74,368 | €74,368 | = | 0.0% |
| Capital | 10 | €74,368 | €74,368 | = | 0.0% |
| Issued capital | 100 | €74,368 | €74,368 | = | 0.0% |
| Reserves | 13 | €7,437 | €7,437 | = | 0.0% |
| Non-distributable reserves | 130/1 | €7,437 | €7,437 | = | 0.0% |
| Legal reserve | 130 | €7,437 | €7,437 | = | 0.0% |
| Profit (loss) carried forward | 14 | €107,479 | €110,088 | +€2,610 | +2.4% |
| Amounts payable | 17/49 | €65,191 | €69,835 | +€4,644 | +7.1% |
| Amounts payable within one year | 42/48 | €16,692 | €21,336 | +€4,644 | +27.8% |
| Financial debts | 43 | €4,205 | - | -€4,205 | |
| Credit institutions | 430/8 | €4,205 | - | -€4,205 | |
| Trade debts | 44 | €2,663 | €6,512 | +€3,849 | +145% |
| Suppliers | 440/4 | €2,663 | €6,512 | +€3,849 | +145% |
| Taxes, remuneration and social security | 45 | €25 | €525 | +€500 | +2,027% |
| Taxes | 450/3 | €25 | €525 | +€500 | +2,027% |
| Other amounts payable | 47/48 | €9,800 | €14,300 | +€4,500 | +45.9% |
| Accrued charges and deferred income | 492/3 | €48,499 | €48,499 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,995 | €14,791 | -€2,204 | -13.0% |
| Other operating charges | 640/8 | €2,177 | €1,600 | -€578 | -26.5% |
| Gross operating margin | 9900 | €20,358 | €10,407 | -€9,952 | -48.9% |
| Operating profit (loss) | 9901 | €1,186 | -€5,984 | -€7,170 | |
| Financial income | 75/76B | €8,589 | €9,497 | +€908 | +10.6% |
| Recurring financial income | 75 | €8,589 | €9,497 | +€908 | +10.6% |
| Financial charges | 65/66B | €641 | €903 | +€262 | +40.9% |
| Recurring financial charges | 65 | €641 | €903 | +€262 | +40.9% |
| Profit (loss) for the period before taxes | 9903 | €9,134 | €2,610 | -€6,524 | -71.4% |
| Profit (loss) for the period | 9904 | €9,134 | €2,610 | -€6,524 | -71.4% |
| Profit (loss) for the period to be appropriated | 9905 | €9,134 | €2,610 | -€6,524 | -71.4% |
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 13 October 2026 via checked.be.