OUTBOUND: 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.
OUTBOUND
Largest movements
- Tangible fixed assets -€41,918
down €41,918 (-9.6%), from €434,752 to €392,834
- Cash -€7,352
down €7,352 (-79.1%), from €9,292 to €1,940
mainly Net result for the year (-€61,324) and Tax, wage and social debts (-€2,901)
- Deferred charges and accrued income -€6,852
down €6,852 (-90.4%), from €7,583 to €732
- Reserves -€39,700
no longer reported in 2025 (was €39,700)
of which Distributable reserves: -€20,000
- Profit (loss) carried forward -€21,624
down €21,624 (-65.4%), from €33,051 to €11,426
- Other debts +€6,092
up €6,092 (+3.4%), from €178,911 to €185,003
- Depreciation +€7,427
up €7,427 (+21.5%), from €34,491 to €41,918
- Gross operating margin -€2,113
down €2,113 (-24.7%), from -€8,565 to -€10,679
- Financial charges +€804
up €804 (+17.5%), from €4,587 to €5,391
- Other operating charges +€194
up €194 (+6.2%), from €3,142 to €3,337
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 | €455,807 | €396,616 | -€59,192 | -13.0% |
| Fixed assets | 21/28 | €434,752 | €392,834 | -€41,918 | -9.6% |
| Tangible fixed assets | 22/27 | €434,752 | €392,834 | -€41,918 | -9.6% |
| Land and buildings | 22 | €335,912 | €317,316 | -€18,597 | -5.5% |
| Plant, machinery and equipment | 23 | €87,194 | €66,538 | -€20,656 | -23.7% |
| Furniture and vehicles | 24 | €11,646 | €8,980 | -€2,666 | -22.9% |
| Current assets | 29/58 | €21,055 | €3,782 | -€17,273 | -82.0% |
| Amounts receivable within one year | 40/41 | €4,180 | €1,110 | -€3,070 | -73.4% |
| Trade receivables | 40 | €3,180 | €1,110 | -€2,070 | -65.1% |
| Other amounts receivable | 41 | €1,000 | - | -€1,000 | |
| Cash at bank and in hand | 54/58 | €9,292 | €1,940 | -€7,352 | -79.1% |
| Deferred charges and accrued income | 490/1 | €7,583 | €732 | -€6,852 | -90.4% |
| Total equity and liabilities | 10/49 | €455,807 | €396,616 | -€59,192 | -13.0% |
| Equity | 10/15 | €269,751 | €208,426 | -€61,324 | -22.7% |
| Contributions | 10/11 | €197,000 | €197,000 | = | 0.0% |
| Capital | 10 | €197,000 | - | -€197,000 | |
| Issued capital | 100 | €197,000 | - | -€197,000 | |
| Reserves | 13 | €39,700 | - | -€39,700 | |
| Non-distributable reserves | 130/1 | €19,700 | - | -€19,700 | |
| Legal reserve | 130 | €19,700 | - | -€19,700 | |
| Distributable reserves | 133 | €20,000 | - | -€20,000 | |
| Profit (loss) carried forward | 14 | €33,051 | €11,426 | -€21,624 | -65.4% |
| Amounts payable | 17/49 | €186,057 | €188,189 | +€2,133 | +1.1% |
| Amounts payable within one year | 42/48 | €186,057 | €188,189 | +€2,133 | +1.1% |
| Trade debts | 44 | €3,536 | €2,477 | -€1,059 | -29.9% |
| Suppliers | 440/4 | €3,536 | €2,477 | -€1,059 | -29.9% |
| Taxes, remuneration and social security | 45 | €3,610 | €709 | -€2,901 | -80.3% |
| Taxes | 450/3 | €3,610 | €709 | -€2,901 | -80.3% |
| Other amounts payable | 47/48 | €178,911 | €185,003 | +€6,092 | +3.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,491 | €41,918 | +€7,427 | +21.5% |
| Other operating charges | 640/8 | €3,142 | €3,337 | +€194 | +6.2% |
| Gross operating margin | 9900 | -€8,565 | -€10,679 | -€2,113 | -24.7% |
| Operating profit (loss) | 9901 | -€46,199 | -€55,934 | -€9,735 | -21.1% |
| Financial income | 75/76B | €0 | €0 | +€0 | +700.0% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +700.0% |
| Financial charges | 65/66B | €4,587 | €5,391 | +€804 | +17.5% |
| Recurring financial charges | 65 | €4,587 | €5,391 | +€804 | +17.5% |
| Profit (loss) for the period before taxes | 9903 | -€50,786 | -€61,324 | -€10,538 | -20.8% |
| Profit (loss) for the period | 9904 | -€50,786 | -€61,324 | -€10,538 | -20.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€50,786 | -€61,324 | -€10,538 | -20.8% |
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 3 October 2026 via checked.be.