Pixel Path: 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.
Pixel Path
Largest movements
- Current investments -€10,349
down €10,349 (-30.8%), from €33,563 to €23,215
- Cash -€8,298
down €8,298 (-81.1%), from €10,231 to €1,933
mainly Net result for the year (-€16,374) and Trade debts (-€2,642)
- Tangible fixed assets -€1,201
down €1,201 (-37.5%), from €3,199 to €1,998
of which Furniture and vehicles: -€883
- Deferred charges and accrued income -€509
down €509 (-100.0%), from €509 to €0
- Profit (loss) carried forward -€16,374
down €16,374 (-62.4%), from €26,256 to €9,881
- Trade debts -€2,642
down €2,642 (-54.7%), from €4,829 to €2,187
- Accrued charges and deferred income -€2,531
down €2,531 (-100.0%), from €2,531 to €0
- Other debts +€1,226
up €1,226 (+34.2%), from €3,583 to €4,809
- Financial charges +€96,222
up €96,222 (+152.2%), from €63,236 to €159,458
- Financial income +€73,046
up €73,046 (+82.7%), from €88,336 to €161,383
- Gross operating margin -€26,009
down €26,009, from €9,330 to -€16,679
- Taxes -€7,271
down €7,271 (-98.2%), from €7,403 to €132
- Depreciation +€797
up €797 (+197.3%), from €404 to €1,201
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 | €50,602 | €30,412 | -€20,189 | -39.9% |
| Fixed assets | 21/28 | €3,199 | €1,998 | -€1,201 | -37.5% |
| Tangible fixed assets | 22/27 | €3,199 | €1,998 | -€1,201 | -37.5% |
| Plant, machinery and equipment | 23 | €866 | €548 | -€318 | -36.7% |
| Furniture and vehicles | 24 | €2,333 | €1,449 | -€883 | -37.9% |
| Current assets | 29/58 | €47,403 | €28,414 | -€18,989 | -40.1% |
| Amounts receivable within one year | 40/41 | €3,099 | €3,266 | +€167 | +5.4% |
| Trade receivables | 40 | €2,469 | €1,947 | -€522 | -21.1% |
| Other amounts receivable | 41 | €630 | €1,319 | +€689 | +109.3% |
| Current investments | 50/53 | €33,563 | €23,215 | -€10,349 | -30.8% |
| Cash at bank and in hand | 54/58 | €10,231 | €1,933 | -€8,298 | -81.1% |
| Deferred charges and accrued income | 490/1 | €509 | €0 | -€509 | -100.0% |
| Total equity and liabilities | 10/49 | €50,602 | €30,412 | -€20,189 | -39.9% |
| Equity | 10/15 | €32,256 | €15,881 | -€16,374 | -50.8% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €26,256 | €9,881 | -€16,374 | -62.4% |
| Amounts payable | 17/49 | €18,346 | €14,531 | -€3,815 | -20.8% |
| Amounts payable within one year | 42/48 | €15,815 | €14,531 | -€1,284 | -8.1% |
| Trade debts | 44 | €4,829 | €2,187 | -€2,642 | -54.7% |
| Suppliers | 440/4 | €4,829 | €2,187 | -€2,642 | -54.7% |
| Taxes, remuneration and social security | 45 | €7,403 | €7,535 | +€132 | +1.8% |
| Taxes | 450/3 | €7,403 | €7,535 | +€132 | +1.8% |
| Other amounts payable | 47/48 | €3,583 | €4,809 | +€1,226 | +34.2% |
| Accrued charges and deferred income | 492/3 | €2,531 | €0 | -€2,531 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €404 | €1,201 | +€797 | +197.3% |
| Other operating charges | 640/8 | €387 | €287 | -€100 | -25.9% |
| Gross operating margin | 9900 | €9,330 | -€16,679 | -€26,009 | |
| Operating profit (loss) | 9901 | €8,539 | -€18,167 | -€26,706 | |
| Financial income | 75/76B | €88,336 | €161,383 | +€73,046 | +82.7% |
| Recurring financial income | 75 | €88,336 | €161,383 | +€73,046 | +82.7% |
| Financial charges | 65/66B | €63,236 | €159,458 | +€96,222 | +152.2% |
| Recurring financial charges | 65 | €63,236 | €159,458 | +€96,222 | +152.2% |
| Profit (loss) for the period before taxes | 9903 | €33,639 | -€16,242 | -€49,882 | |
| Income taxes | 67/77 | €7,403 | €132 | -€7,271 | -98.2% |
| Profit (loss) for the period | 9904 | €26,236 | -€16,374 | -€42,611 | |
| Profit (loss) for the period to be appropriated | 9905 | €26,236 | -€16,374 | -€42,611 |
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.