Nota Bene: 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.
Nota Bene
Largest movements
- Financial fixed assets +€550,000
up €550,000 (+137.5%), from €400,000 to €950,000
- Receivables within one year +€12,090
up €12,090 (+53.0%), from €22,826 to €34,916
- Deferred charges and accrued income -€10,409
no longer reported in 2025 (was €10,409)
- Cash -€10,225
down €10,225 (-25.8%), from €39,603 to €29,379
mainly Investment in fixed assets (net) (-€551,517) and Receivables within one year (-€12,090)
- Debts after one year +€485,529
up €485,529 (+163.2%), from €297,456 to €782,985
of which Financial debts: +€285,529
- Profit (loss) carried forward +€34,406
up €34,406 (+46.7%), from €73,646 to €108,051
- Current portion of long-term debt +€27,376
up €27,376 (+73.8%), from €37,095 to €64,471
- Gross operating margin -€4,308
down €4,308 (-6.3%), from €68,367 to €64,059
- Financial charges -€1,595
down €1,595 (-11.1%), from €14,310 to €12,715
- Depreciation +€883
up €883 (+93.2%), from €947 to €1,830
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 | €476,933 | €1,018,076 | +€541,143 | +113.5% |
| Fixed assets | 21/28 | €404,095 | €953,781 | +€549,687 | +136.0% |
| Tangible fixed assets | 22/27 | €4,095 | €3,781 | -€313 | -7.7% |
| Furniture and vehicles | 24 | €1,574 | €1,014 | -€559 | -35.5% |
| Other tangible fixed assets | 26 | €2,521 | €2,767 | +€246 | +9.8% |
| Financial fixed assets | 28 | €400,000 | €950,000 | +€550,000 | +137.5% |
| Current assets | 29/58 | €72,838 | €64,295 | -€8,544 | -11.7% |
| Amounts receivable within one year | 40/41 | €22,826 | €34,916 | +€12,090 | +53.0% |
| Trade receivables | 40 | €22,826 | €34,916 | +€12,090 | +53.0% |
| Cash at bank and in hand | 54/58 | €39,603 | €29,379 | -€10,225 | -25.8% |
| Deferred charges and accrued income | 490/1 | €10,409 | - | -€10,409 | |
| Total equity and liabilities | 10/49 | €476,933 | €1,018,076 | +€541,143 | +113.5% |
| Equity | 10/15 | €76,146 | €110,551 | +€34,406 | +45.2% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €73,646 | €108,051 | +€34,406 | +46.7% |
| Amounts payable | 17/49 | €400,787 | €907,524 | +€506,737 | +126.4% |
| Amounts payable after more than one year | 17 | €297,456 | €782,985 | +€485,529 | +163.2% |
| Financial debts | 170/4 | €297,456 | €582,985 | +€285,529 | +96.0% |
| Other amounts payable | 178/9 | - | €200,000 | +€200,000 | |
| Amounts payable within one year | 42/48 | €101,331 | €124,540 | +€23,208 | +22.9% |
| Current portion of amounts payable after more than one year | 42 | €37,095 | €64,471 | +€27,376 | +73.8% |
| Trade debts | 44 | €32,704 | €29,153 | -€3,551 | -10.9% |
| Suppliers | 440/4 | €32,704 | €29,153 | -€3,551 | -10.9% |
| Taxes, remuneration and social security | 45 | €30,816 | €28,943 | -€1,872 | -6.1% |
| Taxes | 450/3 | €30,816 | €28,943 | -€1,872 | -6.1% |
| Other amounts payable | 47/48 | €716 | €1,972 | +€1,256 | +175.4% |
| Accrued charges and deferred income | 492/3 | €2,000 | - | -€2,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €947 | €1,830 | +€883 | +93.2% |
| Other operating charges | 640/8 | €958 | €788 | -€170 | -17.8% |
| Gross operating margin | 9900 | €68,367 | €64,059 | -€4,308 | -6.3% |
| Operating profit (loss) | 9901 | €66,462 | €61,440 | -€5,021 | -7.6% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €14,310 | €12,715 | -€1,595 | -11.1% |
| Recurring financial charges | 65 | €14,310 | €12,715 | -€1,595 | -11.1% |
| Profit (loss) for the period before taxes | 9903 | €52,151 | €48,726 | -€3,425 | -6.6% |
| Income taxes | 67/77 | €14,623 | €14,320 | -€302 | -2.1% |
| Profit (loss) for the period | 9904 | €37,528 | €34,406 | -€3,123 | -8.3% |
| Profit (loss) for the period to be appropriated | 9905 | €37,528 | €34,406 | -€3,123 | -8.3% |
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 8 October 2026 via checked.be.