Photim: 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.
Photim
Largest movements
- Current investments +€125,000
new in 2025: €125,000
- Cash -€73,325
down €73,325 (-46.2%), from €158,682 to €85,357
mainly Current investments (-€125,000) and Receivables within one year (-€5,384)
- Tangible fixed assets -€17,197
down €17,197 (-34.0%), from €50,584 to €33,387
of which Other tangible fixed assets: -€14,351
- Receivables within one year +€5,384
up €5,384 (+10.2%), from €52,848 to €58,233
of which Trade receivables: +€33,125
- Reserves +€44,587
up €44,587 (+19.2%), from €231,850 to €276,437
of which Distributable reserves: +€44,587
- Gross operating margin -€21,338
down €21,338 (-20.3%), from €105,214 to €83,876
- Financial charges -€8,241
down €8,241 (-69.4%), from €11,871 to €3,630
of which Non-recurring financial charges: -€10,000
- Depreciation -€5,470
down €5,470 (-24.1%), from €22,667 to €17,197
- Taxes -€2,844
down €2,844 (-12.4%), from €22,935 to €20,091
- Financial income +€2,331
up €2,331 (+11,654,400%), from €0 to €2,331
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 | €270,443 | €310,652 | +€40,209 | +14.9% |
| Fixed assets | 21/28 | €56,582 | €39,385 | -€17,197 | -30.4% |
| Tangible fixed assets | 22/27 | €50,584 | €33,387 | -€17,197 | -34.0% |
| Plant, machinery and equipment | 23 | €7,961 | €5,646 | -€2,315 | -29.1% |
| Furniture and vehicles | 24 | €1,369 | €838 | -€531 | -38.8% |
| Other tangible fixed assets | 26 | €41,254 | €26,903 | -€14,351 | -34.8% |
| Financial fixed assets | 28 | €5,998 | €5,998 | = | 0.0% |
| Current assets | 29/58 | €213,861 | €271,267 | +€57,406 | +26.8% |
| Amounts receivable within one year | 40/41 | €52,848 | €58,233 | +€5,384 | +10.2% |
| Trade receivables | 40 | €25,108 | €58,233 | +€33,125 | +132% |
| Other amounts receivable | 41 | €27,741 | €0 | -€27,741 | -100% |
| Current investments | 50/53 | - | €125,000 | +€125,000 | |
| Cash at bank and in hand | 54/58 | €158,682 | €85,357 | -€73,325 | -46.2% |
| Deferred charges and accrued income | 490/1 | €2,331 | €2,678 | +€347 | +14.9% |
| Total equity and liabilities | 10/49 | €270,443 | €310,652 | +€40,209 | +14.9% |
| Equity | 10/15 | €244,250 | €288,837 | +€44,587 | +18.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €231,850 | €276,437 | +€44,587 | +19.2% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €55,828 | €55,828 | = | 0.0% |
| Distributable reserves | 133 | €176,022 | €220,609 | +€44,587 | +25.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €26,193 | €21,815 | -€4,378 | -16.7% |
| Amounts payable within one year | 42/48 | €26,193 | €21,815 | -€4,378 | -16.7% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €3,593 | €1,029 | -€2,564 | -71.4% |
| Suppliers | 440/4 | €3,593 | €1,029 | -€2,564 | -71.4% |
| Taxes, remuneration and social security | 45 | €22,600 | €20,522 | -€2,078 | -9.2% |
| Taxes | 450/3 | €22,559 | €20,522 | -€2,037 | -9.0% |
| Remuneration and social security | 454/9 | €41 | €0 | -€41 | -100% |
| Other amounts payable | 47/48 | €0 | €264 | +€264 | |
| Non-recurring operating income | 76A | €26,304 | €0 | -€26,304 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,667 | €17,197 | -€5,470 | -24.1% |
| Other operating charges | 640/8 | €885 | €702 | -€183 | -20.7% |
| Non-recurring operating charges | 66A | €130 | €0 | -€130 | -100% |
| Gross operating margin | 9900 | €105,214 | €83,876 | -€21,338 | -20.3% |
| Operating profit (loss) | 9901 | €81,532 | €65,978 | -€15,555 | -19.1% |
| Financial income | 75/76B | €0 | €2,331 | +€2,331 | +11,654,400% |
| Recurring financial income | 75 | €0 | €2,331 | +€2,331 | +11,654,400% |
| Financial charges | 65/66B | €11,871 | €3,630 | -€8,241 | -69.4% |
| Recurring financial charges | 65 | €1,871 | €3,630 | +€1,759 | +94.0% |
| Non-recurring financial charges | 66B | €10,000 | €0 | -€10,000 | -100% |
| Profit (loss) for the period before taxes | 9903 | €69,661 | €64,679 | -€4,983 | -7.2% |
| Income taxes | 67/77 | €22,935 | €20,091 | -€2,844 | -12.4% |
| Profit (loss) for the period | 9904 | €46,726 | €44,587 | -€2,138 | -4.6% |
| Profit (loss) for the period to be appropriated | 9905 | €46,726 | €44,587 | -€2,138 | -4.6% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.