No Hurdles: 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 Hurdles
Largest movements
- Receivables within one year -€47,519
down €47,519 (-98.2%), from €48,402 to €883
of which Trade receivables: -€48,402
- Cash -€6,325
down €6,325 (-17.2%), from €36,815 to €30,489
mainly Accrued charges and deferred income (-€28,001) and Tax, wage and social debts (-€13,886)
- Tangible fixed assets +€3,206
new in 2025: €3,206
- Formation expenses -€1,803
down €1,803 (-100.0%), from €1,803 to €0
- Accrued charges and deferred income -€28,001
down €28,001 (-100.0%), from €28,001 to €0
- Tax, wage and social debts -€13,886
down €13,886 (-49.0%), from €28,355 to €14,469
of which Taxes: -€9,536
- Profit (loss) carried forward -€9,758
new in 2025: -€9,758
- Other debts -€2,206
down €2,206 (-54.4%), from €4,054 to €1,849
- Trade debts +€2,089
up €2,089 (+162.5%), from €1,286 to €3,374
- Gross operating margin -€35,691
down €35,691, from €28,779 to -€6,913
- Taxes -€6,499
down €6,499 (-98.3%), from €6,614 to €116
- Depreciation +€892
up €892 (+55.8%), from €1,599 to €2,491
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 | €87,020 | €35,258 | -€51,762 | -59.5% |
| Formation expenses | 20 | €1,803 | €0 | -€1,803 | -100.0% |
| Fixed assets | 21/28 | - | €3,206 | +€3,206 | |
| Tangible fixed assets | 22/27 | - | €3,206 | +€3,206 | |
| Furniture and vehicles | 24 | - | €3,206 | +€3,206 | |
| Current assets | 29/58 | €85,217 | €32,052 | -€53,165 | -62.4% |
| Amounts receivable within one year | 40/41 | €48,402 | €883 | -€47,519 | -98.2% |
| Trade receivables | 40 | €48,402 | €0 | -€48,402 | -100.0% |
| Other amounts receivable | 41 | - | €883 | +€883 | |
| Cash at bank and in hand | 54/58 | €36,815 | €30,489 | -€6,325 | -17.2% |
| Deferred charges and accrued income | 490/1 | - | €679 | +€679 | |
| Total equity and liabilities | 10/49 | €87,020 | €35,258 | -€51,762 | -59.5% |
| Equity | 10/15 | €25,324 | €15,566 | -€9,758 | -38.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €20,324 | €20,324 | = | 0.0% |
| Distributable reserves | 133 | €20,324 | €20,324 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€9,758 | -€9,758 | |
| Amounts payable | 17/49 | €61,696 | €19,692 | -€42,004 | -68.1% |
| Amounts payable within one year | 42/48 | €33,695 | €19,692 | -€14,003 | -41.6% |
| Trade debts | 44 | €1,286 | €3,374 | +€2,089 | +162.5% |
| Suppliers | 440/4 | €1,286 | €3,374 | +€2,089 | +162.5% |
| Taxes, remuneration and social security | 45 | €28,355 | €14,469 | -€13,886 | -49.0% |
| Taxes | 450/3 | €16,355 | €6,819 | -€9,536 | -58.3% |
| Remuneration and social security | 454/9 | €12,000 | €7,650 | -€4,350 | -36.3% |
| Other amounts payable | 47/48 | €4,054 | €1,849 | -€2,206 | -54.4% |
| Accrued charges and deferred income | 492/3 | €28,001 | €0 | -€28,001 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,599 | €2,491 | +€892 | +55.8% |
| Other operating charges | 640/8 | €171 | €66 | -€105 | -61.5% |
| Gross operating margin | 9900 | €28,779 | -€6,913 | -€35,691 | |
| Operating profit (loss) | 9901 | €27,009 | -€9,469 | -€36,478 | |
| Financial charges | 65/66B | €71 | €173 | +€102 | +143.9% |
| Recurring financial charges | 65 | €71 | €173 | +€102 | +143.9% |
| Profit (loss) for the period before taxes | 9903 | €26,938 | -€9,642 | -€36,580 | |
| Income taxes | 67/77 | €6,614 | €116 | -€6,499 | -98.3% |
| Profit (loss) for the period | 9904 | €20,324 | -€9,758 | -€30,081 | |
| Profit (loss) for the period to be appropriated | 9905 | €20,324 | -€9,758 | -€30,081 |
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 12 October 2026 via checked.be.