PIVOT: 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.
PIVOT
Largest movements
- Current investments -€50,000
down €50,000 (-100.0%), from €50,000 to €0
- Cash +€44,215
up €44,215 (+128.4%), from €34,424 to €78,639
mainly Current investments (+€50,000) and Net result for the year (+€49,729)
- Tangible fixed assets -€16,613
down €16,613 (-25.3%), from €65,607 to €48,994
of which Furniture and vehicles: -€14,769
- Receivables within one year -€3,651
down €3,651 (-19.0%), from €19,266 to €15,615
of which Trade receivables: -€3,658
- Reserves -€26,528
down €26,528 (-27.2%), from €97,521 to €70,993
- Profit (loss) carried forward +€1,951
up €1,951 (+4.1%), from €47,778 to €49,729
- Gross operating margin +€7,041
up €7,041 (+9.5%), from €73,755 to €80,797
- Depreciation +€5,471
up €5,471 (+49.1%), from €11,142 to €16,613
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 | €174,656 | €148,070 | -€26,586 | -15.2% |
| Fixed assets | 21/28 | €65,607 | €48,994 | -€16,613 | -25.3% |
| Tangible fixed assets | 22/27 | €65,607 | €48,994 | -€16,613 | -25.3% |
| Plant, machinery and equipment | 23 | €1,726 | €675 | -€1,052 | -60.9% |
| Furniture and vehicles | 24 | €61,115 | €46,346 | -€14,769 | -24.2% |
| Other tangible fixed assets | 26 | €2,766 | €1,974 | -€792 | -28.6% |
| Current assets | 29/58 | €109,049 | €99,076 | -€9,973 | -9.1% |
| Amounts receivable within one year | 40/41 | €19,266 | €15,615 | -€3,651 | -19.0% |
| Trade receivables | 40 | €19,266 | €15,608 | -€3,658 | -19.0% |
| Other amounts receivable | 41 | €0 | €7 | +€7 | |
| Current investments | 50/53 | €50,000 | €0 | -€50,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €34,424 | €78,639 | +€44,215 | +128.4% |
| Deferred charges and accrued income | 490/1 | €5,359 | €4,821 | -€538 | -10.0% |
| Total equity and liabilities | 10/49 | €174,656 | €148,070 | -€26,586 | -15.2% |
| Equity | 10/15 | €165,758 | €141,182 | -€24,577 | -14.8% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €97,521 | €70,993 | -€26,528 | -27.2% |
| Distributable reserves | 133 | €97,521 | €70,993 | -€26,528 | -27.2% |
| Profit (loss) carried forward | 14 | €47,778 | €49,729 | +€1,951 | +4.1% |
| Amounts payable | 17/49 | €8,898 | €6,888 | -€2,010 | -22.6% |
| Amounts payable within one year | 42/48 | €8,898 | €6,888 | -€2,010 | -22.6% |
| Trade debts | 44 | €1,686 | €1,070 | -€616 | -36.5% |
| Suppliers | 440/4 | €1,686 | €1,070 | -€616 | -36.5% |
| Taxes, remuneration and social security | 45 | €4,302 | €3,492 | -€810 | -18.8% |
| Taxes | 450/3 | €4,302 | €3,492 | -€810 | -18.8% |
| Other amounts payable | 47/48 | €2,910 | €2,326 | -€584 | -20.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,142 | €16,613 | +€5,471 | +49.1% |
| Other operating charges | 640/8 | €1,271 | €1,111 | -€160 | -12.6% |
| Gross operating margin | 9900 | €73,755 | €80,797 | +€7,041 | +9.5% |
| Operating profit (loss) | 9901 | €61,343 | €63,072 | +€1,730 | +2.8% |
| Financial income | 75/76B | €0 | €655 | +€655 | +6546000.0% |
| Recurring financial income | 75 | €0 | €655 | +€655 | +6546000.0% |
| Financial charges | 65/66B | €371 | €351 | -€20 | -5.4% |
| Recurring financial charges | 65 | €371 | €351 | -€20 | -5.4% |
| Profit (loss) for the period before taxes | 9903 | €60,971 | €63,376 | +€2,404 | +3.9% |
| Income taxes | 67/77 | €13,193 | €13,647 | +€453 | +3.4% |
| Profit (loss) for the period | 9904 | €47,778 | €49,729 | +€1,951 | +4.1% |
| Profit (loss) for the period to be appropriated | 9905 | €47,778 | €49,729 | +€1,951 | +4.1% |
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 5 October 2026 via checked.be.