No strings attached: 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 strings attached
Largest movements
- Cash -€17,812
down €17,812 (-24.9%), from €71,535 to €53,724
mainly Contributions, distributions and other (-€32,059) and Investment in fixed assets (net) (-€16,474)
- Tangible fixed assets +€6,432
up €6,432 (+39.1%), from €16,466 to €22,899
of which Furniture and vehicles: +€6,947
- Receivables within one year -€6,294
down €6,294 (-25.8%), from €24,399 to €18,106
of which Trade receivables: -€6,787
- Tax, wage and social debts -€14,794
down €14,794 (-43.6%), from €33,949 to €19,155
- Other debts -€9,941
down €9,941 (-15.2%), from €65,615 to €55,673
- Trade debts +€7,062
up €7,062 (+90.1%), from €7,837 to €14,899
- Gross operating margin -€33,481
down €33,481 (-37.8%), from €88,646 to €55,164
- Taxes -€9,276
down €9,276 (-42.6%), from €21,769 to €12,493
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 | €112,401 | €94,728 | -€17,673 | -15.7% |
| Fixed assets | 21/28 | €16,466 | €22,899 | +€6,432 | +39.1% |
| Tangible fixed assets | 22/27 | €16,466 | €22,899 | +€6,432 | +39.1% |
| Furniture and vehicles | 24 | €11,603 | €18,549 | +€6,947 | +59.9% |
| Other tangible fixed assets | 26 | €4,863 | €4,349 | -€514 | -10.6% |
| Current assets | 29/58 | €95,935 | €71,829 | -€24,105 | -25.1% |
| Amounts receivable within one year | 40/41 | €24,399 | €18,106 | -€6,294 | -25.8% |
| Trade receivables | 40 | €24,399 | €17,612 | -€6,787 | -27.8% |
| Other amounts receivable | 41 | - | €493 | +€493 | |
| Cash at bank and in hand | 54/58 | €71,535 | €53,724 | -€17,812 | -24.9% |
| Total equity and liabilities | 10/49 | €112,401 | €94,728 | -€17,673 | -15.7% |
| Equity | 10/15 | €5,000 | €5,000 | = | 0.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Amounts payable | 17/49 | €107,401 | €89,728 | -€17,673 | -16.5% |
| Amounts payable within one year | 42/48 | €107,401 | €89,728 | -€17,673 | -16.5% |
| Trade debts | 44 | €7,837 | €14,899 | +€7,062 | +90.1% |
| Suppliers | 440/4 | €7,837 | €14,899 | +€7,062 | +90.1% |
| Taxes, remuneration and social security | 45 | €33,949 | €19,155 | -€14,794 | -43.6% |
| Taxes | 450/3 | €33,949 | €19,155 | -€14,794 | -43.6% |
| Other amounts payable | 47/48 | €65,615 | €55,673 | -€9,941 | -15.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,024 | €10,042 | +€18 | +0.2% |
| Other operating charges | 640/8 | €1,123 | €501 | -€622 | -55.4% |
| Gross operating margin | 9900 | €88,646 | €55,164 | -€33,481 | -37.8% |
| Operating profit (loss) | 9901 | €77,499 | €44,622 | -€32,878 | -42.4% |
| Financial income | 75/76B | €8 | - | -€8 | |
| Recurring financial income | 75 | €8 | - | -€8 | |
| Financial charges | 65/66B | €44 | €70 | +€26 | +59.3% |
| Recurring financial charges | 65 | €44 | €70 | +€26 | +59.3% |
| Profit (loss) for the period before taxes | 9903 | €77,463 | €44,552 | -€32,911 | -42.5% |
| Income taxes | 67/77 | €21,769 | €12,493 | -€9,276 | -42.6% |
| Profit (loss) for the period | 9904 | €55,694 | €32,059 | -€23,636 | -42.4% |
| Profit (loss) for the period to be appropriated | 9905 | €55,694 | €32,059 | -€23,636 | -42.4% |
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 4 October 2026 via checked.be.