Notes&Pieces: what changed
Notes&Pieces
Largest movements
- Tangible fixed assets -€68,272
down €68,272 (-37.0%), from €184,690 to €116,417
of which Land and buildings: -€70,738
- Receivables within one year -€43,196
down €43,196 (-23.2%), from €186,238 to €143,042
of which Trade receivables: -€86,507
- Cash +€35,981
up €35,981 (+282%), from €12,755 to €48,736
mainly Investment in fixed assets (net) (+€57,864) and Receivables within one year (+€43,196)
- Trade debts -€37,541
down €37,541 (-55.7%), from €67,341 to €29,800
- Profit (loss) carried forward -€34,158
down €34,158 (-100.0%), from €34,160 to €3
- Reserves +€20,945
up €20,945 (+23.4%), from €89,500 to €110,445
- Tax, wage and social debts -€20,579
down €20,579 (-59.7%), from €34,449 to €13,869
- Debts after one year -€9,714
down €9,714 (-9.6%), from €100,738 to €91,025
- Gross operating margin -€27,461
down €27,461 (-32.0%), from €85,804 to €58,343
- Taxes -€5,648
down €5,648 (-21.8%), from €25,895 to €20,247
- Financial income +€3,330
new in 2025: €3,330
- Depreciation -€2,460
down €2,460 (-19.0%), from €12,968 to €10,508
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €383,803 | €308,215 | -€75,587 | -19.7% |
| Fixed assets | 21/28 | €184,810 | €116,437 | -€68,372 | -37.0% |
| Tangible fixed assets | 22/27 | €184,690 | €116,417 | -€68,272 | -37.0% |
| Land and buildings | 22 | €136,946 | €66,208 | -€70,738 | -51.7% |
| Furniture and vehicles | 24 | €26,515 | €18,272 | -€8,243 | -31.1% |
| Other tangible fixed assets | 26 | €21,229 | €31,938 | +€10,709 | +50.4% |
| Financial fixed assets | 28 | €120 | €20 | -€100 | -83.3% |
| Current assets | 29/58 | €198,993 | €191,778 | -€7,215 | -3.6% |
| Amounts receivable within one year | 40/41 | €186,238 | €143,042 | -€43,196 | -23.2% |
| Trade receivables | 40 | €106,507 | €20,000 | -€86,507 | -81.2% |
| Other amounts receivable | 41 | €79,731 | €123,042 | +€43,311 | +54.3% |
| Cash at bank and in hand | 54/58 | €12,755 | €48,736 | +€35,981 | +282% |
| Total equity and liabilities | 10/49 | €383,803 | €308,215 | -€75,587 | -19.7% |
| Equity | 10/15 | €136,060 | €122,848 | -€13,213 | -9.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €89,500 | €110,445 | +€20,945 | +23.4% |
| Distributable reserves | 133 | €89,500 | €110,445 | +€20,945 | +23.4% |
| Profit (loss) carried forward | 14 | €34,160 | €3 | -€34,158 | -100.0% |
| Amounts payable | 17/49 | €247,742 | €185,368 | -€62,374 | -25.2% |
| Amounts payable after more than one year | 17 | €100,738 | €91,025 | -€9,714 | -9.6% |
| Financial debts | 170/4 | €100,738 | €91,025 | -€9,714 | -9.6% |
| Amounts payable within one year | 42/48 | €147,004 | €94,343 | -€52,661 | -35.8% |
| Current portion of amounts payable after more than one year | 42 | €9,560 | €9,714 | +€154 | +1.6% |
| Trade debts | 44 | €67,341 | €29,800 | -€37,541 | -55.7% |
| Suppliers | 440/4 | €67,341 | €29,800 | -€37,541 | -55.7% |
| Taxes, remuneration and social security | 45 | €34,449 | €13,869 | -€20,579 | -59.7% |
| Taxes | 450/3 | €34,449 | €13,869 | -€20,579 | -59.7% |
| Other amounts payable | 47/48 | €35,655 | €40,960 | +€5,305 | +14.9% |
| Non-recurring operating income | 76A | - | €20,287 | +€20,287 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,968 | €10,508 | -€2,460 | -19.0% |
| Other operating charges | 640/8 | €2,491 | €3,130 | +€639 | +25.7% |
| Gross operating margin | 9900 | €85,804 | €58,343 | -€27,461 | -32.0% |
| Operating profit (loss) | 9901 | €70,346 | €44,705 | -€25,641 | -36.4% |
| Financial income | 75/76B | - | €3,330 | +€3,330 | |
| Recurring financial income | 75 | - | €3,330 | +€3,330 | |
| Financial charges | 65/66B | €2,318 | €2,342 | +€24 | +1.0% |
| Recurring financial charges | 65 | €2,318 | €2,342 | +€24 | +1.0% |
| Profit (loss) for the period before taxes | 9903 | €68,028 | €45,694 | -€22,334 | -32.8% |
| Income taxes | 67/77 | €25,895 | €20,247 | -€5,648 | -21.8% |
| Profit (loss) for the period | 9904 | €42,133 | €25,447 | -€16,686 | -39.6% |
| Profit (loss) for the period to be appropriated | 9905 | €42,133 | €25,447 | -€16,686 | -39.6% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.