Plan-S: 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.
Plan-S
Largest movements
- Cash +€61,106
up €61,106 (+63.6%), from €96,124 to €157,231
mainly Other debts (+€63,948) and Net result for the year (+€6,763)
- Receivables within one year +€11,447
up €11,447 (+102.1%), from €11,214 to €22,661
of which Trade receivables: +€8,393
- Financial fixed assets -€11,064
down €11,064 (-66.7%), from €16,592 to €5,528
- Tangible fixed assets +€5,797
up €5,797 (+73.0%), from €7,936 to €13,733
of which Plant, machinery and equipment: +€3,980
- Other debts +€63,948
up €63,948 (+93.2%), from €68,582 to €132,530
- Reserves +€3,478
up €3,478 (+9.9%), from €35,222 to €38,700
- Taxes +€3,169
up €3,169 (+4599.5%), from €69 to €3,238
- Depreciation +€1,834
up €1,834 (+1314.1%), from €140 to €1,974
- Gross operating margin +€1,568
up €1,568 (+12.3%), from €12,733 to €14,300
- Financial charges +€1,280
up €1,280 (+169.6%), from €755 to €2,035
- Financial income -€219
down €219 (-55.1%), from €396 to €178
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 | €132,331 | €200,434 | +€68,103 | +51.5% |
| Fixed assets | 21/28 | €24,528 | €19,261 | -€5,267 | -21.5% |
| Tangible fixed assets | 22/27 | €7,936 | €13,733 | +€5,797 | +73.0% |
| Plant, machinery and equipment | 23 | €1,836 | €5,816 | +€3,980 | +216.7% |
| Furniture and vehicles | 24 | €6,099 | €7,916 | +€1,817 | +29.8% |
| Financial fixed assets | 28 | €16,592 | €5,528 | -€11,064 | -66.7% |
| Current assets | 29/58 | €107,803 | €181,173 | +€73,370 | +68.1% |
| Amounts receivable within one year | 40/41 | €11,214 | €22,661 | +€11,447 | +102.1% |
| Trade receivables | 40 | €10,632 | €19,025 | +€8,393 | +78.9% |
| Other amounts receivable | 41 | €582 | €3,636 | +€3,054 | +524.6% |
| Cash at bank and in hand | 54/58 | €96,124 | €157,231 | +€61,106 | +63.6% |
| Deferred charges and accrued income | 490/1 | €464 | €1,282 | +€817 | +176.0% |
| Total equity and liabilities | 10/49 | €132,331 | €200,434 | +€68,103 | +51.5% |
| Equity | 10/15 | €53,822 | €57,300 | +€3,478 | +6.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Outside capital | 11 | €18,600 | - | -€18,600 | |
| Other | 1109/19 | €18,600 | - | -€18,600 | |
| Reserves | 13 | €35,222 | €38,700 | +€3,478 | +9.9% |
| Distributable reserves | 133 | €35,222 | €38,700 | +€3,478 | +9.9% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €78,508 | €143,134 | +€64,625 | +82.3% |
| Amounts payable within one year | 42/48 | €78,207 | €141,455 | +€63,249 | +80.9% |
| Trade debts | 44 | €7,643 | €8,016 | +€373 | +4.9% |
| Suppliers | 440/4 | €7,643 | €8,016 | +€373 | +4.9% |
| Taxes, remuneration and social security | 45 | €1,982 | €909 | -€1,073 | -54.1% |
| Taxes | 450/3 | €1,982 | €909 | -€1,073 | -54.1% |
| Other amounts payable | 47/48 | €68,582 | €132,530 | +€63,948 | +93.2% |
| Accrued charges and deferred income | 492/3 | €302 | €1,678 | +€1,377 | +456.3% |
| Non-recurring operating income | 76A | - | €3 | +€3 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €140 | €1,974 | +€1,834 | +1314.1% |
| Other operating charges | 640/8 | €387 | €469 | +€81 | +21.0% |
| Gross operating margin | 9900 | €12,733 | €14,300 | +€1,568 | +12.3% |
| Operating profit (loss) | 9901 | €12,206 | €11,858 | -€348 | -2.9% |
| Financial income | 75/76B | €396 | €178 | -€219 | -55.1% |
| Recurring financial income | 75 | €396 | €178 | -€219 | -55.1% |
| Financial charges | 65/66B | €755 | €2,035 | +€1,280 | +169.6% |
| Recurring financial charges | 65 | €755 | €2,035 | +€1,280 | +169.6% |
| Profit (loss) for the period before taxes | 9903 | €11,847 | €10,001 | -€1,847 | -15.6% |
| Income taxes | 67/77 | €69 | €3,238 | +€3,169 | +4599.5% |
| Profit (loss) for the period | 9904 | €11,779 | €6,763 | -€5,016 | -42.6% |
| Profit (loss) for the period to be appropriated | 9905 | €11,779 | €6,763 | -€5,016 | -42.6% |
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.