NUMBER ONE: 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.
NUMBER ONE
Largest movements
- Tangible fixed assets -€17,658
down €17,658 (-26.2%), from €67,479 to €49,821
of which Plant, machinery and equipment: -€12,740
- Stocks and contracts +€5,404
up €5,404 (+18.4%), from €29,364 to €34,768
- Deferred charges and accrued income -€1,889
down €1,889 (-40.8%), from €4,635 to €2,746
- Profit (loss) carried forward -€21,279
down €21,279 (-19.7%), from -€107,761 to -€129,041
- Other debts +€7,848
up €7,848 (+5.7%), from €137,119 to €144,968
- Debts after one year -€7,422
down €7,422 (-22.7%), from €32,706 to €25,284
- Short-term financial debts +€2,819
up €2,819 (+39.9%), from €7,062 to €9,881
- Trade debts +€2,395
up €2,395 (+15.2%), from €15,740 to €18,135
- Gross operating margin +€21,921
up €21,921, from -€1,577 to €20,344
- Depreciation +€8,488
up €8,488 (+92.6%), from €9,170 to €17,658
- Staff costs +€1,691
up €1,691 (+31.5%), from €5,375 to €7,066
- Other operating charges +€865
up €865 (+9.2%), from €9,421 to €10,286
- Financial charges +€856
up €856 (+15.4%), from €5,554 to €6,410
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 | €104,280 | €89,934 | -€14,346 | -13.8% |
| Fixed assets | 21/28 | €69,684 | €52,226 | -€17,458 | -25.1% |
| Tangible fixed assets | 22/27 | €67,479 | €49,821 | -€17,658 | -26.2% |
| Plant, machinery and equipment | 23 | €51,492 | €38,752 | -€12,740 | -24.7% |
| Furniture and vehicles | 24 | €15,986 | €11,069 | -€4,918 | -30.8% |
| Financial fixed assets | 28 | €2,205 | €2,405 | +€200 | +9.1% |
| Current assets | 29/58 | €34,596 | €37,708 | +€3,112 | +9.0% |
| Stocks and contracts in progress | 3 | €29,364 | €34,768 | +€5,404 | +18.4% |
| Stocks | 30/36 | €29,364 | €34,768 | +€5,404 | +18.4% |
| Cash at bank and in hand | 54/58 | €597 | €194 | -€403 | -67.6% |
| Deferred charges and accrued income | 490/1 | €4,635 | €2,746 | -€1,889 | -40.8% |
| Total equity and liabilities | 10/49 | €104,280 | €89,934 | -€14,346 | -13.8% |
| Equity | 10/15 | -€100,748 | -€122,027 | -€21,279 | -21.1% |
| Contributions | 10/11 | €7,013 | €7,013 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€107,761 | -€129,041 | -€21,279 | -19.7% |
| Amounts payable | 17/49 | €205,028 | €211,961 | +€6,933 | +3.4% |
| Amounts payable after more than one year | 17 | €32,706 | €25,284 | -€7,422 | -22.7% |
| Financial debts | 170/4 | €32,706 | €25,284 | -€7,422 | -22.7% |
| Amounts payable within one year | 42/48 | €172,322 | €186,677 | +€14,355 | +8.3% |
| Current portion of amounts payable after more than one year | 42 | €6,494 | €7,422 | +€927 | +14.3% |
| Financial debts | 43 | €7,062 | €9,881 | +€2,819 | +39.9% |
| Credit institutions | 430/8 | €7,062 | €9,881 | +€2,819 | +39.9% |
| Trade debts | 44 | €15,740 | €18,135 | +€2,395 | +15.2% |
| Suppliers | 440/4 | €15,740 | €18,135 | +€2,395 | +15.2% |
| Taxes, remuneration and social security | 45 | €5,906 | €6,271 | +€365 | +6.2% |
| Taxes | 450/3 | €3,586 | €3,271 | -€315 | -8.8% |
| Remuneration and social security | 454/9 | €2,320 | €3,000 | +€680 | +29.3% |
| Other amounts payable | 47/48 | €137,119 | €144,968 | +€7,848 | +5.7% |
| Remuneration, social security and pensions | 62 | €5,375 | €7,066 | +€1,691 | +31.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,170 | €17,658 | +€8,488 | +92.6% |
| Other operating charges | 640/8 | €9,421 | €10,286 | +€865 | +9.2% |
| Gross operating margin | 9900 | -€1,577 | €20,344 | +€21,921 | |
| Operating profit (loss) | 9901 | -€25,543 | -€14,666 | +€10,878 | +42.6% |
| Financial charges | 65/66B | €5,554 | €6,410 | +€856 | +15.4% |
| Recurring financial charges | 65 | €5,554 | €6,410 | +€856 | +15.4% |
| Profit (loss) for the period before taxes | 9903 | -€31,097 | -€21,076 | +€10,021 | +32.2% |
| Income taxes | 67/77 | €222 | €203 | -€19 | -8.5% |
| Profit (loss) for the period | 9904 | -€31,319 | -€21,279 | +€10,040 | +32.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€31,319 | -€21,279 | +€10,040 | +32.1% |
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 7 October 2026 via checked.be.