Panorama View: 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.
Panorama View
Largest movements
- Stocks and contracts -€170,190
down €170,190 (-40.5%), from €420,190 to €250,000
- Cash -€64,117
down €64,117 (-81.3%), from €78,825 to €14,708
mainly Net result for the year (-€299,666) and Receivables within one year (-€5,072)
- Receivables within one year +€5,072
up €5,072 (+142%), from €3,573 to €8,645
of which Other amounts receivable: +€5,072
- Profit (loss) carried forward -€299,666
down €299,666 (-32.5%), from -€921,653 to -€1.2m
- Other debts +€60,000
up €60,000 (+4.5%), from €1.3m to €1.4m
- Trade debts +€6,931
up €6,931 (+19.8%), from €35,078 to €42,009
- Write-downs +€170,190
new in 2025: €170,190
- Gross operating margin -€56,574
down €56,574, from €17,994 to -€38,580
- Financial charges -€30,197
down €30,197 (-26.6%), from €113,473 to €83,276
- Other operating charges +€5,632
up €5,632 (+295%), from €1,912 to €7,544
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.
Derived cash bridge
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 | €502,588 | €273,353 | -€229,235 | -45.6% |
| Current assets | 29/58 | €502,588 | €273,353 | -€229,235 | -45.6% |
| Stocks and contracts in progress | 3 | €420,190 | €250,000 | -€170,190 | -40.5% |
| Stocks | 30/36 | €420,190 | €250,000 | -€170,190 | -40.5% |
| Amounts receivable within one year | 40/41 | €3,573 | €8,645 | +€5,072 | +142% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €3,573 | €8,645 | +€5,072 | +142% |
| Cash at bank and in hand | 54/58 | €78,825 | €14,708 | -€64,117 | -81.3% |
| Total equity and liabilities | 10/49 | €502,588 | €273,353 | -€229,235 | -45.6% |
| Equity | 10/15 | -€853,453 | -€1,153,119 | -€299,666 | -35.1% |
| 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 | €6,200 | €6,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€921,653 | -€1,221,319 | -€299,666 | -32.5% |
| Amounts payable | 17/49 | €1,356,041 | €1,426,472 | +€70,431 | +5.2% |
| Amounts payable within one year | 42/48 | €1,356,041 | €1,422,972 | +€66,931 | +4.9% |
| Trade debts | 44 | €35,078 | €42,009 | +€6,931 | +19.8% |
| Suppliers | 440/4 | €35,078 | €42,009 | +€6,931 | +19.8% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €1,320,963 | €1,380,963 | +€60,000 | +4.5% |
| Accrued charges and deferred income | 492/3 | - | €3,500 | +€3,500 | |
| Non-recurring operating income | 76A | - | €25,888 | +€25,888 | |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €170,190 | +€170,190 | |
| Other operating charges | 640/8 | €1,912 | €7,544 | +€5,632 | +295% |
| Non-recurring operating charges | 66A | - | €75 | +€75 | |
| Gross operating margin | 9900 | €17,994 | -€38,580 | -€56,574 | |
| Operating profit (loss) | 9901 | €16,082 | -€216,389 | -€232,471 | |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €113,473 | €83,276 | -€30,197 | -26.6% |
| Recurring financial charges | 65 | €113,473 | €83,276 | -€30,197 | -26.6% |
| Profit (loss) for the period before taxes | 9903 | -€97,391 | -€299,666 | -€202,274 | -208% |
| Profit (loss) for the period | 9904 | -€97,391 | -€299,666 | -€202,274 | -208% |
| Profit (loss) for the period to be appropriated | 9905 | -€97,391 | -€299,666 | -€202,274 | -208% |
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 17 October 2026 via checked.be.