OBJECTIVE7: 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.
OBJECTIVE7
Largest movements
- Intangible fixed assets -€194,598
down €194,598 (-12.3%), from €1.6m to €1.4m
- Receivables within one year -€87,381
down €87,381 (-19.5%), from €448,702 to €361,321
of which Trade receivables: -€83,957
- Profit (loss) carried forward -€222,720
down €222,720 (-126.4%), from -€176,153 to -€398,873
- Debts after one year -€105,252
down €105,252 (-9.2%), from €1.1m to €1.0m
- Current portion of long-term debt +€54,547
up €54,547 (+41.2%), from €132,488 to €187,034
- Tax, wage and social debts -€27,726
down €27,726 (-16.6%), from €167,149 to €139,424
of which Remuneration and social security: -€24,626
- Gross operating margin -€295,736
down €295,736 (-14.9%), from €2.0m to €1.7m
- Staff costs -€204,337
down €204,337 (-14.7%), from €1.4m to €1.2m
- Depreciation +€150,981
up €150,981 (+28.6%), from €527,362 to €678,343
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 | €2,213,796 | €1,926,912 | -€286,884 | -13.0% |
| Fixed assets | 21/28 | €1,592,662 | €1,395,964 | -€196,699 | -12.4% |
| Intangible fixed assets | 21 | €1,585,081 | €1,390,484 | -€194,598 | -12.3% |
| Tangible fixed assets | 22/27 | €7,581 | €4,280 | -€3,301 | -43.5% |
| Plant, machinery and equipment | 23 | €7,581 | €4,280 | -€3,301 | -43.5% |
| Financial fixed assets | 28 | €0 | €1,200 | +€1,200 | |
| Current assets | 29/58 | €621,134 | €530,948 | -€90,186 | -14.5% |
| Amounts receivable after more than one year | 29 | €28,486 | €43,404 | +€14,918 | +52.4% |
| Other amounts receivable | 291 | €28,486 | €43,404 | +€14,918 | +52.4% |
| Amounts receivable within one year | 40/41 | €448,702 | €361,321 | -€87,381 | -19.5% |
| Trade receivables | 40 | €397,333 | €313,376 | -€83,957 | -21.1% |
| Other amounts receivable | 41 | €51,369 | €47,945 | -€3,424 | -6.7% |
| Cash at bank and in hand | 54/58 | €94,107 | €74,683 | -€19,424 | -20.6% |
| Deferred charges and accrued income | 490/1 | €49,839 | €51,540 | +€1,701 | +3.4% |
| Total equity and liabilities | 10/49 | €2,213,796 | €1,926,912 | -€286,884 | -13.0% |
| Equity | 10/15 | €43,847 | -€178,873 | -€222,720 | |
| Contributions | 10/11 | €220,000 | €220,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€176,153 | -€398,873 | -€222,720 | -126.4% |
| Amounts payable | 17/49 | €2,169,949 | €2,105,785 | -€64,164 | -3.0% |
| Amounts payable after more than one year | 17 | €1,137,888 | €1,032,636 | -€105,252 | -9.2% |
| Financial debts | 170/4 | €1,137,888 | €1,032,636 | -€105,252 | -9.2% |
| Amounts payable within one year | 42/48 | €1,026,440 | €1,071,423 | +€44,983 | +4.4% |
| Current portion of amounts payable after more than one year | 42 | €132,488 | €187,034 | +€54,547 | +41.2% |
| Financial debts | 43 | €367,959 | €367,826 | -€133 | 0.0% |
| Credit institutions | 430/8 | €367,959 | €367,826 | -€133 | 0.0% |
| Trade debts | 44 | €344,332 | €347,832 | +€3,500 | +1.0% |
| Suppliers | 440/4 | €344,332 | €347,832 | +€3,500 | +1.0% |
| Taxes, remuneration and social security | 45 | €167,149 | €139,424 | -€27,726 | -16.6% |
| Taxes | 450/3 | €34,861 | €31,762 | -€3,100 | -8.9% |
| Remuneration and social security | 454/9 | €132,288 | €107,662 | -€24,626 | -18.6% |
| Other amounts payable | 47/48 | €14,512 | €29,307 | +€14,795 | +102.0% |
| Accrued charges and deferred income | 492/3 | €5,621 | €1,726 | -€3,895 | -69.3% |
| Remuneration, social security and pensions | 62 | €1,389,580 | €1,185,243 | -€204,337 | -14.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €527,362 | €678,343 | +€150,981 | +28.6% |
| Other operating charges | 640/8 | €1,670 | €1,118 | -€551 | -33.0% |
| Gross operating margin | 9900 | €1,987,343 | €1,691,608 | -€295,736 | -14.9% |
| Operating profit (loss) | 9901 | €68,731 | -€173,097 | -€241,828 | |
| Financial income | 75/76B | €48,254 | €47,821 | -€433 | -0.9% |
| Recurring financial income | 75 | €48,254 | €47,821 | -€433 | -0.9% |
| Financial charges | 65/66B | €105,234 | €112,361 | +€7,127 | +6.8% |
| Recurring financial charges | 65 | €105,234 | €112,361 | +€7,127 | +6.8% |
| Profit (loss) for the period before taxes | 9903 | €11,751 | -€237,638 | -€249,389 | |
| Income taxes | 67/77 | -€28,484 | -€14,918 | +€13,566 | +47.6% |
| Profit (loss) for the period | 9904 | €40,235 | -€222,720 | -€262,955 | |
| Profit (loss) for the period to be appropriated | 9905 | €40,235 | -€222,720 | -€262,955 |
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 11 October 2026 via checked.be.