PHASE II: what changed
Two fiscal 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 II
Largest movements
- Tangible fixed assets -€59,234
down €59,234 (-25.2%), from €235,249 to €176,015
of which Plant, machinery and equipment: -€56,068
- Cash -€14,133
down €14,133 (-33.5%), from €42,133 to €27,999
mainly Debts after one year (-€53,932) and Net result for the year (-€46,750)
- Receivables within one year -€13,721
down €13,721 (-78.5%), from €17,479 to €3,758
of which Trade receivables: -€13,273
- Intangible fixed assets -€3,629
down €3,629 (-47.7%), from €7,615 to €3,985
- Debts after one year -€53,932
down €53,932 (-28.9%), from €186,640 to €132,709
- Profit (loss) carried forward -€46,750
down €46,750 (-93.3%), from -€50,106 to -€96,856
- Other debts +€24,237
up €24,237 (+37.6%), from €64,515 to €88,752
- Trade debts -€11,913
down €11,913 (-57.4%), from €20,760 to €8,847
- Gross operating margin -€40,439
down €40,439 (-26.8%), from €150,886 to €110,447
- Staff costs -€7,279
down €7,279 (-8.4%), from €86,730 to €79,451
- Depreciation -€5,361
down €5,361 (-7.7%), from €69,962 to €64,600
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 | €305,743 | €214,989 | -€90,754 | -29.7% |
| Fixed assets | 21/28 | €243,071 | €180,208 | -€62,863 | -25.9% |
| Intangible fixed assets | 21 | €7,615 | €3,985 | -€3,629 | -47.7% |
| Tangible fixed assets | 22/27 | €235,249 | €176,015 | -€59,234 | -25.2% |
| Plant, machinery and equipment | 23 | €229,094 | €173,026 | -€56,068 | -24.5% |
| Furniture and vehicles | 24 | €6,155 | €2,989 | -€3,166 | -51.4% |
| Financial fixed assets | 28 | €207 | €207 | = | 0.0% |
| Current assets | 29/58 | €62,672 | €34,781 | -€27,890 | -44.5% |
| Stocks and contracts in progress | 3 | €2,615 | €1,896 | -€719 | -27.5% |
| Stocks | 30/36 | €2,615 | €1,896 | -€719 | -27.5% |
| Amounts receivable within one year | 40/41 | €17,479 | €3,758 | -€13,721 | -78.5% |
| Trade receivables | 40 | €17,031 | €3,758 | -€13,273 | -77.9% |
| Other amounts receivable | 41 | €448 | - | -€448 | |
| Cash at bank and in hand | 54/58 | €42,133 | €27,999 | -€14,133 | -33.5% |
| Deferred charges and accrued income | 490/1 | €445 | €1,128 | +€684 | +153.8% |
| Total equity and liabilities | 10/49 | €305,743 | €214,989 | -€90,754 | -29.7% |
| Equity | 10/15 | -€43,906 | -€90,656 | -€46,750 | -106.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€50,106 | -€96,856 | -€46,750 | -93.3% |
| Amounts payable | 17/49 | €349,649 | €305,645 | -€44,004 | -12.6% |
| Amounts payable after more than one year | 17 | €186,640 | €132,709 | -€53,932 | -28.9% |
| Financial debts | 170/4 | €186,640 | €132,709 | -€53,932 | -28.9% |
| Amounts payable within one year | 42/48 | €163,008 | €172,936 | +€9,928 | +6.1% |
| Current portion of amounts payable after more than one year | 42 | €57,867 | €58,403 | +€537 | +0.9% |
| Trade debts | 44 | €20,760 | €8,847 | -€11,913 | -57.4% |
| Suppliers | 440/4 | €20,760 | €8,847 | -€11,913 | -57.4% |
| Taxes, remuneration and social security | 45 | €19,867 | €16,934 | -€2,932 | -14.8% |
| Taxes | 450/3 | €4,463 | €5,631 | +€1,168 | +26.2% |
| Remuneration and social security | 454/9 | €15,403 | €11,303 | -€4,100 | -26.6% |
| Other amounts payable | 47/48 | €64,515 | €88,752 | +€24,237 | +37.6% |
| Remuneration, social security and pensions | 62 | €86,730 | €79,451 | -€7,279 | -8.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €69,962 | €64,600 | -€5,361 | -7.7% |
| Other operating charges | 640/8 | €10,437 | €10,501 | +€64 | +0.6% |
| Gross operating margin | 9900 | €150,886 | €110,447 | -€40,439 | -26.8% |
| Operating profit (loss) | 9901 | -€16,243 | -€44,106 | -€27,863 | -171.5% |
| Financial income | 75/76B | €17 | €0 | -€17 | -99.2% |
| Recurring financial income | 75 | €17 | €0 | -€17 | -99.2% |
| Financial charges | 65/66B | €3,198 | €2,644 | -€554 | -17.3% |
| Recurring financial charges | 65 | €3,198 | €2,644 | -€554 | -17.3% |
| Profit (loss) for the period before taxes | 9903 | -€19,424 | -€46,750 | -€27,326 | -140.7% |
| Profit (loss) for the period | 9904 | -€19,424 | -€46,750 | -€27,326 | -140.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€19,424 | -€46,750 | -€27,326 | -140.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.