Phase 3: 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.
Phase 3
Largest movements
- Receivables within one year +€88,658
up €88,658 (+176%), from €50,378 to €139,035
of which Trade receivables: +€92,118
- Stocks and contracts -€9,316
down €9,316 (-33.5%), from €27,806 to €18,490
- Tangible fixed assets -€9,213
down €9,213 (-50.3%), from €18,316 to €9,104
of which Furniture and vehicles: -€9,213
- Cash +€9,042
up €9,042 (+5.2%), from €173,248 to €182,290
mainly Net result for the year (+€132,142) and Other debts (+€80,018)
- Other debts +€80,018
up €80,018 (+160%), from €50,000 to €130,018
- Trade debts +€8,870
up €8,870 (+224%), from €3,964 to €12,834
- Debts after one year -€8,220
no longer reported in 2025 (was €8,220)
- Tax, wage and social debts -€5,250
down €5,250 (-48.1%), from €10,907 to €5,657
of which Remuneration and social security: -€2,917
- Gross operating margin +€68,511
up €68,511 (+28.1%), from €244,188 to €312,699
- Staff costs +€22,442
up €22,442 (+22.2%), from €101,316 to €123,758
- Taxes +€11,590
up €11,590 (+35.0%), from €33,139 to €44,729
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 | €273,783 | €353,715 | +€79,932 | +29.2% |
| Fixed assets | 21/28 | €18,491 | €9,279 | -€9,213 | -49.8% |
| Tangible fixed assets | 22/27 | €18,316 | €9,104 | -€9,213 | -50.3% |
| Plant, machinery and equipment | 23 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €18,316 | €9,104 | -€9,213 | -50.3% |
| Other tangible fixed assets | 26 | €0 | €0 | = | |
| Financial fixed assets | 28 | €175 | €175 | = | 0.0% |
| Current assets | 29/58 | €255,292 | €344,437 | +€89,145 | +34.9% |
| Stocks and contracts in progress | 3 | €27,806 | €18,490 | -€9,316 | -33.5% |
| Stocks | 30/36 | €27,806 | €18,490 | -€9,316 | -33.5% |
| Amounts receivable within one year | 40/41 | €50,378 | €139,035 | +€88,658 | +176% |
| Trade receivables | 40 | €22,276 | €114,394 | +€92,118 | +414% |
| Other amounts receivable | 41 | €28,102 | €24,642 | -€3,460 | -12.3% |
| Cash at bank and in hand | 54/58 | €173,248 | €182,290 | +€9,042 | +5.2% |
| Deferred charges and accrued income | 490/1 | €3,861 | €4,621 | +€760 | +19.7% |
| Total equity and liabilities | 10/49 | €273,783 | €353,715 | +€79,932 | +29.2% |
| Equity | 10/15 | €178,051 | €180,194 | +€2,142 | +1.2% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €31,970 | €31,970 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,500 | €2,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,500 | €2,500 | = | 0.0% |
| Distributable reserves | 133 | €29,470 | €29,470 | = | 0.0% |
| Profit (loss) carried forward | 14 | €121,081 | €123,224 | +€2,142 | +1.8% |
| Amounts payable | 17/49 | €95,732 | €173,522 | +€77,790 | +81.3% |
| Amounts payable after more than one year | 17 | €8,220 | - | -€8,220 | |
| Financial debts | 170/4 | €8,220 | - | -€8,220 | |
| Amounts payable within one year | 42/48 | €87,512 | €173,522 | +€86,009 | +98.3% |
| Current portion of amounts payable after more than one year | 42 | €22,544 | €25,013 | +€2,470 | +11.0% |
| Trade debts | 44 | €3,964 | €12,834 | +€8,870 | +224% |
| Suppliers | 440/4 | €3,964 | €12,834 | +€8,870 | +224% |
| Advances received on contracts in progress | 46 | €98 | - | -€98 | |
| Taxes, remuneration and social security | 45 | €10,907 | €5,657 | -€5,250 | -48.1% |
| Taxes | 450/3 | €2,333 | - | -€2,333 | |
| Remuneration and social security | 454/9 | €8,574 | €5,657 | -€2,917 | -34.0% |
| Other amounts payable | 47/48 | €50,000 | €130,018 | +€80,018 | +160% |
| Remuneration, social security and pensions | 62 | €101,316 | €123,758 | +€22,442 | +22.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,334 | €9,213 | -€2,122 | -18.7% |
| Other operating charges | 640/8 | €1,077 | €1,109 | +€32 | +2.9% |
| Gross operating margin | 9900 | €244,188 | €312,699 | +€68,511 | +28.1% |
| Operating profit (loss) | 9901 | €130,461 | €178,620 | +€48,160 | +36.9% |
| Financial income | 75/76B | €1,948 | €90 | -€1,858 | -95.4% |
| Recurring financial income | 75 | €1,948 | €90 | -€1,858 | -95.4% |
| Financial charges | 65/66B | €1,804 | €1,838 | +€35 | +1.9% |
| Recurring financial charges | 65 | €1,804 | €1,838 | +€35 | +1.9% |
| Profit (loss) for the period before taxes | 9903 | €130,605 | €176,871 | +€46,267 | +35.4% |
| Income taxes | 67/77 | €33,139 | €44,729 | +€11,590 | +35.0% |
| Profit (loss) for the period | 9904 | €97,466 | €132,142 | +€34,676 | +35.6% |
| Profit (loss) for the period to be appropriated | 9905 | €97,466 | €132,142 | +€34,676 | +35.6% |
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.