P20: 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.
P20
Largest movements
- Cash +€50,859
up €50,859 (+54.4%), from €93,461 to €144,320
mainly Net result for the year (+€61,104) and Depreciation (+€694)
- Receivables within one year +€5,676
up €5,676 (+479.2%), from €1,184 to €6,860
of which Trade receivables: +€4,950
- Reserves +€56,293
up €56,293 (+158.7%), from €35,480 to €91,773
- Profit (loss) carried forward +€4,811
no longer reported in 2025 (was -€4,811)
- Trade debts -€1,815
down €1,815 (-39.3%), from €4,622 to €2,807
- Tax, wage and social debts -€1,584
down €1,584 (-4.6%), from €34,239 to €32,655
of which Remuneration and social security: -€10,823
- Gross operating margin +€75,100
up €75,100, from -€3,039 to €72,061
- Taxes +€8,941
up €8,941 (+3002.1%), from €298 to €9,239
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 | €97,019 | €154,723 | +€57,705 | +59.5% |
| Fixed assets | 21/28 | €1,985 | €3,080 | +€1,095 | +55.2% |
| Tangible fixed assets | 22/27 | €1,935 | €3,030 | +€1,095 | +56.6% |
| Furniture and vehicles | 24 | €1,935 | €3,030 | +€1,095 | +56.6% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €95,034 | €151,644 | +€56,610 | +59.6% |
| Amounts receivable within one year | 40/41 | €1,184 | €6,860 | +€5,676 | +479.2% |
| Trade receivables | 40 | €1,118 | €6,069 | +€4,950 | +442.6% |
| Other amounts receivable | 41 | €66 | €791 | +€725 | +1101.2% |
| Cash at bank and in hand | 54/58 | €93,461 | €144,320 | +€50,859 | +54.4% |
| Deferred charges and accrued income | 490/1 | €388 | €464 | +€75 | +19.4% |
| Total equity and liabilities | 10/49 | €97,019 | €154,723 | +€57,705 | +59.5% |
| Equity | 10/15 | €43,069 | €104,173 | +€61,104 | +141.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €35,480 | €91,773 | +€56,293 | +158.7% |
| Distributable reserves | 133 | €35,480 | €91,773 | +€56,293 | +158.7% |
| Profit (loss) carried forward | 14 | -€4,811 | - | +€4,811 | |
| Amounts payable | 17/49 | €53,950 | €50,551 | -€3,399 | -6.3% |
| Amounts payable within one year | 42/48 | €53,950 | €50,551 | -€3,399 | -6.3% |
| Trade debts | 44 | €4,622 | €2,807 | -€1,815 | -39.3% |
| Suppliers | 440/4 | €4,622 | €2,807 | -€1,815 | -39.3% |
| Taxes, remuneration and social security | 45 | €34,239 | €32,655 | -€1,584 | -4.6% |
| Taxes | 450/3 | €298 | €9,537 | +€9,239 | +3102.0% |
| Remuneration and social security | 454/9 | €33,941 | €23,118 | -€10,823 | -31.9% |
| Other amounts payable | 47/48 | €15,090 | €15,090 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €840 | €694 | -€146 | -17.4% |
| Other operating charges | 640/8 | €919 | €928 | +€10 | +1.0% |
| Gross operating margin | 9900 | -€3,039 | €72,061 | +€75,100 | |
| Operating profit (loss) | 9901 | -€4,798 | €70,438 | +€75,236 | |
| Financial income | 75/76B | €76 | €1 | -€75 | -98.7% |
| Recurring financial income | 75 | €76 | €1 | -€75 | -98.7% |
| Financial charges | 65/66B | €104 | €96 | -€7 | -6.8% |
| Recurring financial charges | 65 | €104 | €96 | -€7 | -6.8% |
| Profit (loss) for the period before taxes | 9903 | -€4,826 | €70,343 | +€75,169 | |
| Income taxes | 67/77 | €298 | €9,239 | +€8,941 | +3002.1% |
| Profit (loss) for the period | 9904 | -€5,124 | €61,104 | +€66,228 | |
| Profit (loss) for the period to be appropriated | 9905 | -€5,124 | €61,104 | +€66,228 |
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 10 October 2026 via checked.be.