PERSPECTIVE FEEL: 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.
PERSPECTIVE FEEL
Largest movements
- Stocks and contracts +€1.3m
up €1.3m (+50.9%), from €2.5m to €3.7m
- Cash +€329,513
up €329,513 (+279%), from €118,176 to €447,690
mainly Debts after one year (+€3.6m) and Trade debts (+€24,738)
- Debts after one year +€3.6m
up €3.6m (+79,522%), from €4,500 to €3.6m
of which Other amounts payable: +€2.4m
- Other debts -€2.0m
down €2.0m (-100%), from €2.0m to €0
- Gross operating margin +€31,632
up €31,632, from -€2,286 to €29,346
- Other operating charges +€13,668
up €13,668 (+413%), from €3,311 to €16,979
- Financial charges +€8,957
up €8,957 (+612%), from €1,465 to €10,422
- Depreciation -€531
down €531 (-2.6%), from €20,626 to €20,096
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 | €2,962,034 | €4,536,949 | +€1.6m | +53.2% |
| Fixed assets | 21/28 | €267,998 | €247,903 | -€20,096 | -7.5% |
| Tangible fixed assets | 22/27 | €267,998 | €247,903 | -€20,096 | -7.5% |
| Land and buildings | 22 | €261,959 | €243,780 | -€18,179 | -6.9% |
| Plant, machinery and equipment | 23 | €335 | €0 | -€335 | -100% |
| Other tangible fixed assets | 26 | €5,704 | €4,123 | -€1,582 | -27.7% |
| Current assets | 29/58 | €2,694,036 | €4,289,046 | +€1.6m | +59.2% |
| Stocks and contracts in progress | 3 | €2,469,555 | €3,725,639 | +€1.3m | +50.9% |
| Stocks | 30/36 | €2,469,555 | €3,725,639 | +€1.3m | +50.9% |
| Amounts receivable within one year | 40/41 | €106,305 | €98,866 | -€7,439 | -7.0% |
| Trade receivables | 40 | €0 | €22,941 | +€22,941 | |
| Other amounts receivable | 41 | €106,305 | €75,925 | -€30,380 | -28.6% |
| Cash at bank and in hand | 54/58 | €118,176 | €447,690 | +€329,513 | +279% |
| Deferred charges and accrued income | 490/1 | - | €16,851 | +€16,851 | |
| Total equity and liabilities | 10/49 | €2,962,034 | €4,536,949 | +€1.6m | +53.2% |
| Equity | 10/15 | €190,880 | €172,729 | -€18,151 | -9.5% |
| Contributions | 10/11 | €66,184 | €66,184 | = | 0.0% |
| Capital | 10 | €66,184 | €66,184 | = | 0.0% |
| Issued capital | 100 | €66,184 | €66,184 | = | 0.0% |
| Revaluation surpluses | 12 | €180,000 | €180,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€55,304 | -€73,455 | -€18,151 | -32.8% |
| Amounts payable | 17/49 | €2,771,154 | €4,364,219 | +€1.6m | +57.5% |
| Amounts payable after more than one year | 17 | €4,500 | €3,583,012 | +€3.6m | +79,522% |
| Financial debts | 170/4 | - | €1,151,327 | +€1.2m | |
| Other amounts payable | 178/9 | €4,500 | €2,431,685 | +€2.4m | +53,937% |
| Amounts payable within one year | 42/48 | €2,766,654 | €781,207 | -€2.0m | -71.8% |
| Trade debts | 44 | €756,469 | €781,207 | +€24,738 | +3.3% |
| Suppliers | 440/4 | €756,469 | €781,207 | +€24,738 | +3.3% |
| Other amounts payable | 47/48 | €2,010,185 | €0 | -€2.0m | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,626 | €20,096 | -€531 | -2.6% |
| Other operating charges | 640/8 | €3,311 | €16,979 | +€13,668 | +413% |
| Gross operating margin | 9900 | -€2,286 | €29,346 | +€31,632 | |
| Operating profit (loss) | 9901 | -€26,223 | -€7,729 | +€18,494 | +70.5% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €1,465 | €10,422 | +€8,957 | +612% |
| Recurring financial charges | 65 | €1,465 | €10,422 | +€8,957 | +612% |
| Profit (loss) for the period before taxes | 9903 | -€27,688 | -€18,151 | +€9,537 | +34.4% |
| Profit (loss) for the period | 9904 | -€27,688 | -€18,151 | +€9,537 | +34.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€27,688 | -€18,151 | +€9,537 | +34.4% |
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 19 October 2026 via checked.be.