PERSPEKTIEF: 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.
PERSPEKTIEF
Largest movements
- Tangible fixed assets -€1.7m
down €1.7m (-98.3%), from €1.7m to €28,444
of which Land and buildings: -€1.6m
- Receivables within one year +€748,481
up €748,481 (+127%), from €589,175 to €1.3m
of which Other amounts receivable: +€744,138
- Cash +€444,663
up €444,663 (+2,316%), from €19,203 to €463,866
mainly Investment in fixed assets (net) (+€1.7m) and Short-term financial debts (+€500,000)
- Debts after one year -€995,644
down €995,644 (-46.8%), from €2.1m to €1.1m
- Short-term financial debts +€500,000
up €500,000 (+5,000%), from €10,000 to €510,000
- Profit (loss) carried forward +€374,526
up €374,526 (+51.8%), from €723,610 to €1.1m
- Other debts -€310,050
down €310,050 (-87.8%), from €353,251 to €43,200
- Advances received +€290,400
new in 2025: €290,400
- Taxes +€99,715
up €99,715 (+339%), from €29,443 to €129,158
- Depreciation -€67,570
down €67,570 (-98.0%), from €68,970 to €1,400
- Other operating charges -€13,637
down €13,637 (-66.8%), from €20,423 to €6,786
- Gross operating margin +€10,693
up €10,693 (+3.9%), from €271,794 to €282,487
- Financial income +€10,665
up €10,665 (+106%), from €10,102 to €20,767
of which Financial income: +€7,743
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 | €4,084,201 | €3,613,187 | -€471,014 | -11.5% |
| Fixed assets | 21/28 | €1,696,114 | €31,173 | -€1.7m | -98.2% |
| Tangible fixed assets | 22/27 | €1,693,386 | €28,444 | -€1.7m | -98.3% |
| Land and buildings | 22 | €1,675,776 | €28,444 | -€1.6m | -98.3% |
| Plant, machinery and equipment | 23 | €17,610 | €0 | -€17,610 | -100% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Financial fixed assets | 28 | €2,728 | €2,728 | = | 0.0% |
| Current assets | 29/58 | €2,388,087 | €3,582,015 | +€1.2m | +50.0% |
| Stocks and contracts in progress | 3 | €1,776,270 | €1,776,270 | = | 0.0% |
| Stocks | 30/36 | €1,776,270 | €1,776,270 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €589,175 | €1,337,657 | +€748,481 | +127% |
| Trade receivables | 40 | €240,000 | €244,343 | +€4,343 | +1.8% |
| Other amounts receivable | 41 | €349,175 | €1,093,313 | +€744,138 | +213% |
| Cash at bank and in hand | 54/58 | €19,203 | €463,866 | +€444,663 | +2,316% |
| Deferred charges and accrued income | 490/1 | €3,439 | €4,222 | +€783 | +22.8% |
| Total equity and liabilities | 10/49 | €4,084,201 | €3,613,187 | -€471,014 | -11.5% |
| Equity | 10/15 | €1,213,360 | €1,359,589 | +€146,229 | +12.1% |
| 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 | €427,750 | €199,454 | -€228,297 | -53.4% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €228,297 | €0 | -€228,297 | -100% |
| Distributable reserves | 133 | €193,254 | €193,254 | = | 0.0% |
| Profit (loss) carried forward | 14 | €723,610 | €1,098,136 | +€374,526 | +51.8% |
| Provisions and deferred taxes | 16 | €76,099 | €0 | -€76,099 | -100% |
| Deferred taxes | 168 | €76,099 | €0 | -€76,099 | -100% |
| Amounts payable | 17/49 | €2,794,742 | €2,253,598 | -€541,144 | -19.4% |
| Amounts payable after more than one year | 17 | €2,125,363 | €1,129,719 | -€995,644 | -46.8% |
| Financial debts | 170/4 | €2,125,363 | €1,129,719 | -€995,644 | -46.8% |
| Amounts payable within one year | 42/48 | €668,822 | €1,109,213 | +€440,391 | +65.8% |
| Current portion of amounts payable after more than one year | 42 | €180,278 | €109,621 | -€70,657 | -39.2% |
| Financial debts | 43 | €10,000 | €510,000 | +€500,000 | +5,000% |
| Credit institutions | 430/8 | €10,000 | €510,000 | +€500,000 | +5,000% |
| Trade debts | 44 | €52,961 | €106,833 | +€53,872 | +102% |
| Suppliers | 440/4 | €52,961 | €106,833 | +€53,872 | +102% |
| Advances received on contracts in progress | 46 | - | €290,400 | +€290,400 | |
| Taxes, remuneration and social security | 45 | €72,332 | €49,158 | -€23,173 | -32.0% |
| Taxes | 450/3 | €72,332 | €49,158 | -€23,173 | -32.0% |
| Other amounts payable | 47/48 | €353,251 | €43,200 | -€310,050 | -87.8% |
| Accrued charges and deferred income | 492/3 | €558 | €14,667 | +€14,108 | +2,527% |
| Non-recurring operating income | 76A | - | €536,459 | +€536,459 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €68,970 | €1,400 | -€67,570 | -98.0% |
| Other operating charges | 640/8 | €20,423 | €6,786 | -€13,637 | -66.8% |
| Non-recurring operating charges | 66A | - | €10,807 | +€10,807 | |
| Gross operating margin | 9900 | €271,794 | €282,487 | +€10,693 | +3.9% |
| Operating profit (loss) | 9901 | €182,401 | €263,494 | +€81,093 | +44.5% |
| Financial income | 75/76B | €10,102 | €20,767 | +€10,665 | +106% |
| Recurring financial income | 75 | €10,102 | €17,845 | +€7,743 | +76.6% |
| Non-recurring financial income | 76B | - | €2,922 | +€2,922 | |
| Financial charges | 65/66B | €92,616 | €84,972 | -€7,644 | -8.3% |
| Recurring financial charges | 65 | €92,616 | €84,972 | -€7,644 | -8.3% |
| Profit (loss) for the period before taxes | 9903 | €99,886 | €199,289 | +€99,402 | +99.5% |
| Transfer from deferred taxes | 780 | €3,459 | €76,099 | +€72,640 | +2,100% |
| Income taxes | 67/77 | €29,443 | €129,158 | +€99,715 | +339% |
| Profit (loss) for the period | 9904 | €73,902 | €146,229 | +€72,327 | +97.9% |
| Transfer from tax-exempt reserves | 789 | €10,377 | €228,297 | +€217,920 | +2,100% |
| Profit (loss) for the period to be appropriated | 9905 | €84,279 | €374,526 | +€290,246 | +344% |
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 15 October 2026 via checked.be.