OPERANDI: 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.
OPERANDI
Largest movements
- Stocks and contracts -€5,842
down €5,842 (-7.0%), from €83,324 to €77,482
- Tangible fixed assets -€1,740
down €1,740 (-35.8%), from €4,865 to €3,125
of which Plant, machinery and equipment: -€1,494
- Cash +€1,690
up €1,690 (+497.5%), from €340 to €2,030
mainly Stocks and contracts (+€5,842) and Tax, wage and social debts (+€4,391)
- Other debts -€9,960
down €9,960 (-49.8%), from €20,000 to €10,040
- Tax, wage and social debts +€4,391
up €4,391 (+30.6%), from €14,360 to €18,751
of which Remuneration and social security: +€2,940
- Short-term financial debts -€1,954
no longer reported in 2025 (was €1,954)
- Trade debts +€1,918
up €1,918 (+5.8%), from €33,153 to €35,071
- Current portion of long-term debt -€1,698
no longer reported in 2025 (was €1,698)
- Staff costs -€14,530
down €14,530 (-18.0%), from €80,632 to €66,102
- Gross operating margin +€7,688
up €7,688 (+12.2%), from €62,968 to €70,656
- Financial charges -€713
down €713 (-50.1%), from €1,424 to €711
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 | €120,902 | €115,155 | -€5,747 | -4.8% |
| Fixed assets | 21/28 | €9,365 | €7,625 | -€1,740 | -18.6% |
| Tangible fixed assets | 22/27 | €4,865 | €3,125 | -€1,740 | -35.8% |
| Plant, machinery and equipment | 23 | €4,266 | €2,773 | -€1,494 | -35.0% |
| Furniture and vehicles | 24 | €599 | €352 | -€247 | -41.2% |
| Financial fixed assets | 28 | €4,500 | €4,500 | = | 0.0% |
| Current assets | 29/58 | €111,537 | €107,530 | -€4,007 | -3.6% |
| Stocks and contracts in progress | 3 | €83,324 | €77,482 | -€5,842 | -7.0% |
| Stocks | 30/36 | €83,324 | €77,482 | -€5,842 | -7.0% |
| Amounts receivable within one year | 40/41 | €27,778 | €27,510 | -€268 | -1.0% |
| Trade receivables | 40 | €19,308 | €18,786 | -€523 | -2.7% |
| Other amounts receivable | 41 | €8,470 | €8,725 | +€255 | +3.0% |
| Cash at bank and in hand | 54/58 | €340 | €2,030 | +€1,690 | +497.5% |
| Deferred charges and accrued income | 490/1 | €96 | €508 | +€413 | +431.0% |
| Total equity and liabilities | 10/49 | €120,902 | €115,155 | -€5,747 | -4.8% |
| Equity | 10/15 | €49,737 | €51,292 | +€1,556 | +3.1% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €3,099 | €3,099 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,099 | €3,099 | = | 0.0% |
| Legal reserve | 130 | €3,099 | €3,099 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€15,362 | -€13,806 | +€1,556 | +10.1% |
| Amounts payable | 17/49 | €71,165 | €63,863 | -€7,303 | -10.3% |
| Amounts payable within one year | 42/48 | €71,165 | €63,863 | -€7,303 | -10.3% |
| Current portion of amounts payable after more than one year | 42 | €1,698 | - | -€1,698 | |
| Financial debts | 43 | €1,954 | - | -€1,954 | |
| Credit institutions | 430/8 | €1,954 | - | -€1,954 | |
| Trade debts | 44 | €33,153 | €35,071 | +€1,918 | +5.8% |
| Suppliers | 440/4 | €33,153 | €35,071 | +€1,918 | +5.8% |
| Taxes, remuneration and social security | 45 | €14,360 | €18,751 | +€4,391 | +30.6% |
| Taxes | 450/3 | €9,074 | €10,526 | +€1,452 | +16.0% |
| Remuneration and social security | 454/9 | €5,286 | €8,225 | +€2,940 | +55.6% |
| Other amounts payable | 47/48 | €20,000 | €10,040 | -€9,960 | -49.8% |
| Remuneration, social security and pensions | 62 | €80,632 | €66,102 | -€14,530 | -18.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,740 | €1,740 | = | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €50 | +€50 | |
| Other operating charges | 640/8 | €753 | €375 | -€378 | -50.2% |
| Gross operating margin | 9900 | €62,968 | €70,656 | +€7,688 | +12.2% |
| Operating profit (loss) | 9901 | -€20,157 | €2,388 | +€22,545 | |
| Financial income | 75/76B | €168 | €0 | -€168 | -99.8% |
| Recurring financial income | 75 | €168 | €0 | -€168 | -99.8% |
| Financial charges | 65/66B | €1,424 | €711 | -€713 | -50.1% |
| Recurring financial charges | 65 | €1,424 | €711 | -€713 | -50.1% |
| Profit (loss) for the period before taxes | 9903 | -€21,414 | €1,677 | +€23,091 | |
| Income taxes | 67/77 | - | €121 | +€121 | |
| Profit (loss) for the period | 9904 | -€21,414 | €1,556 | +€22,969 | |
| Profit (loss) for the period to be appropriated | 9905 | -€21,414 | €1,556 | +€22,969 |
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.