PHYSICAL TEAM: 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.
PHYSICAL TEAM
Largest movements
- Tangible fixed assets -€6,727
down €6,727 (-10.8%), from €62,337 to €55,610
of which Furniture and vehicles: -€5,279
- Receivables within one year -€5,608
down €5,608 (-7.7%), from €72,994 to €67,386
of which Trade receivables: -€7,147
- Deferred charges and accrued income +€1,970
up €1,970 (+5.3%), from €37,173 to €39,143
- Accrued charges and deferred income -€11,500
down €11,500 (-95.8%), from €12,000 to €500
- Other debts -€11,228
down €11,228 (-26.3%), from €42,734 to €31,506
- Tax, wage and social debts +€10,690
up €10,690 (+499.0%), from €2,142 to €12,832
of which Remuneration and social security: +€8,225
- Profit (loss) carried forward +€3,172
up €3,172 (+12.4%), from €25,517 to €28,689
- Gross operating margin -€2,354
down €2,354 (-10.9%), from €21,588 to €19,234
- Taxes -€542
down €542 (-26.1%), from €2,081 to €1,539
- Depreciation -€301
down €301 (-3.3%), from €9,108 to €8,807
- Other operating charges +€219
up €219 (+18.6%), from €1,176 to €1,395
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 | €182,016 | €171,651 | -€10,365 | -5.7% |
| Fixed assets | 21/28 | €62,337 | €55,610 | -€6,727 | -10.8% |
| Tangible fixed assets | 22/27 | €62,337 | €55,610 | -€6,727 | -10.8% |
| Plant, machinery and equipment | 23 | €12,247 | €10,799 | -€1,448 | -11.8% |
| Furniture and vehicles | 24 | €50,090 | €44,811 | -€5,279 | -10.5% |
| Current assets | 29/58 | €119,679 | €116,041 | -€3,638 | -3.0% |
| Amounts receivable within one year | 40/41 | €72,994 | €67,386 | -€5,608 | -7.7% |
| Trade receivables | 40 | €34,632 | €27,485 | -€7,147 | -20.6% |
| Other amounts receivable | 41 | €38,362 | €39,900 | +€1,538 | +4.0% |
| Cash at bank and in hand | 54/58 | €9,512 | €9,512 | -€0 | 0.0% |
| Deferred charges and accrued income | 490/1 | €37,173 | €39,143 | +€1,970 | +5.3% |
| Total equity and liabilities | 10/49 | €182,016 | €171,651 | -€10,365 | -5.7% |
| Equity | 10/15 | €84,425 | €87,596 | +€3,171 | +3.8% |
| Contributions | 10/11 | €58,592 | €58,592 | +€0 | 0.0% |
| Capital | 10 | €58,592 | €58,592 | +€0 | 0.0% |
| Issued capital | 100 | €58,592 | €58,592 | +€0 | 0.0% |
| Reserves | 13 | €316 | €316 | -€0 | -0.1% |
| Non-distributable reserves | 130/1 | €316 | €316 | -€0 | -0.1% |
| Legal reserve | 130 | €316 | €316 | -€0 | -0.1% |
| Profit (loss) carried forward | 14 | €25,517 | €28,689 | +€3,172 | +12.4% |
| Provisions and deferred taxes | 16 | €11,000 | €11,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €11,000 | €11,000 | = | 0.0% |
| Other liabilities and charges | 164/5 | €11,000 | €11,000 | = | 0.0% |
| Amounts payable | 17/49 | €86,591 | €73,054 | -€13,537 | -15.6% |
| Amounts payable within one year | 42/48 | €74,591 | €72,554 | -€2,037 | -2.7% |
| Financial debts | 43 | €28,524 | €28,183 | -€341 | -1.2% |
| Credit institutions | 430/8 | €28,524 | €28,183 | -€341 | -1.2% |
| Trade debts | 44 | €1,191 | €34 | -€1,157 | -97.1% |
| Suppliers | 440/4 | €1,166 | €9 | -€1,157 | -99.2% |
| Bills of exchange payable | 441 | €25 | €25 | -€0 | -0.8% |
| Taxes, remuneration and social security | 45 | €2,142 | €12,832 | +€10,690 | +499.0% |
| Taxes | 450/3 | €2,142 | €4,607 | +€2,465 | +115.1% |
| Remuneration and social security | 454/9 | - | €8,225 | +€8,225 | |
| Other amounts payable | 47/48 | €42,734 | €31,506 | -€11,228 | -26.3% |
| Accrued charges and deferred income | 492/3 | €12,000 | €500 | -€11,500 | -95.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,108 | €8,807 | -€301 | -3.3% |
| Other operating charges | 640/8 | €1,176 | €1,395 | +€219 | +18.6% |
| Gross operating margin | 9900 | €21,588 | €19,234 | -€2,354 | -10.9% |
| Operating profit (loss) | 9901 | €11,304 | €9,032 | -€2,272 | -20.1% |
| Financial income | 75/76B | €117 | €0 | -€117 | -99.8% |
| Recurring financial income | 75 | €117 | €0 | -€117 | -99.8% |
| Financial charges | 65/66B | €4,352 | €4,323 | -€29 | -0.7% |
| Recurring financial charges | 65 | €4,352 | €4,323 | -€29 | -0.7% |
| Profit (loss) for the period before taxes | 9903 | €7,069 | €4,710 | -€2,359 | -33.4% |
| Income taxes | 67/77 | €2,081 | €1,539 | -€542 | -26.1% |
| Profit (loss) for the period | 9904 | €4,988 | €3,171 | -€1,817 | -36.4% |
| Profit (loss) for the period to be appropriated | 9905 | €4,988 | €3,171 | -€1,817 | -36.4% |
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 4 October 2026 via checked.be.