PLUGNOTES: 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.
PLUGNOTES
Largest movements
- Intangible fixed assets +€241,486
new in 2025: €241,486
- Cash +€170,689
up €170,689 (+1,279%), from €13,348 to €184,037
mainly Debts after one year (+€272,389) and Deferred charges and accrued income (+€75,475)
- Deferred charges and accrued income -€75,475
down €75,475 (-91.2%), from €82,721 to €7,246
- Debts after one year +€272,389
new in 2025: €272,389
- Trade debts +€38,210
up €38,210 (+71.9%), from €53,165 to €91,375
- Current portion of long-term debt +€27,611
new in 2025: €27,611
- Other debts +€17,500
up €17,500 (+57.2%), from €30,617 to €48,116
- Tax, wage and social debts -€14,302
down €14,302 (-40.9%), from €34,986 to €20,684
of which Remuneration and social security: -€7,681
- Gross operating margin +€151,687
up €151,687 (+609%), from €24,916 to €176,604
- Staff costs -€94,770
down €94,770 (-36.3%), from €261,020 to €166,250
- Financial charges -€20,586
down €20,586 (-67.5%), from €30,507 to €9,921
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 | €229,760 | €565,206 | +€335,446 | +146% |
| Fixed assets | 21/28 | €6,165 | €245,296 | +€239,130 | +3,879% |
| Intangible fixed assets | 21 | - | €241,486 | +€241,486 | |
| Tangible fixed assets | 22/27 | €5,665 | €3,310 | -€2,355 | -41.6% |
| Plant, machinery and equipment | 23 | €5,665 | €3,310 | -€2,355 | -41.6% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €223,595 | €319,910 | +€96,315 | +43.1% |
| Amounts receivable within one year | 40/41 | €127,526 | €128,627 | +€1,102 | +0.9% |
| Trade receivables | 40 | €57,433 | €104,274 | +€46,841 | +81.6% |
| Other amounts receivable | 41 | €70,093 | €24,353 | -€45,740 | -65.3% |
| Cash at bank and in hand | 54/58 | €13,348 | €184,037 | +€170,689 | +1,279% |
| Deferred charges and accrued income | 490/1 | €82,721 | €7,246 | -€75,475 | -91.2% |
| Total equity and liabilities | 10/49 | €229,760 | €565,206 | +€335,446 | +146% |
| Equity | 10/15 | €80,964 | €76,393 | -€4,571 | -5.6% |
| Contributions | 10/11 | €350,000 | €350,000 | = | 0.0% |
| Capital | 10 | €350,000 | €350,000 | = | 0.0% |
| Issued capital | 100 | €350,000 | €350,000 | = | 0.0% |
| Reserves | 13 | €1,525 | €1,525 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,525 | €1,525 | = | 0.0% |
| Legal reserve | 130 | €1,525 | €1,525 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€270,562 | -€275,132 | -€4,571 | -1.7% |
| Amounts payable | 17/49 | €148,796 | €488,813 | +€340,017 | +229% |
| Amounts payable after more than one year | 17 | - | €272,389 | +€272,389 | |
| Financial debts | 170/4 | - | €272,389 | +€272,389 | |
| Amounts payable within one year | 42/48 | €121,207 | €189,192 | +€67,985 | +56.1% |
| Current portion of amounts payable after more than one year | 42 | - | €27,611 | +€27,611 | |
| Financial debts | 43 | €2,439 | €1,406 | -€1,033 | -42.4% |
| Credit institutions | 430/8 | €2,439 | €1,406 | -€1,033 | -42.4% |
| Trade debts | 44 | €53,165 | €91,375 | +€38,210 | +71.9% |
| Suppliers | 440/4 | €53,165 | €91,375 | +€38,210 | +71.9% |
| Taxes, remuneration and social security | 45 | €34,986 | €20,684 | -€14,302 | -40.9% |
| Taxes | 450/3 | €6,621 | - | -€6,621 | |
| Remuneration and social security | 454/9 | €28,365 | €20,684 | -€7,681 | -27.1% |
| Other amounts payable | 47/48 | €30,617 | €48,116 | +€17,500 | +57.2% |
| Accrued charges and deferred income | 492/3 | €27,590 | €27,232 | -€358 | -1.3% |
| Remuneration, social security and pensions | 62 | €261,020 | €166,250 | -€94,770 | -36.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,715 | €4,604 | +€890 | +23.9% |
| Other operating charges | 640/8 | €384 | €400 | +€15 | +4.0% |
| Gross operating margin | 9900 | €24,916 | €176,604 | +€151,687 | +609% |
| Operating profit (loss) | 9901 | -€240,203 | €5,350 | +€245,552 | |
| Financial income | 75/76B | €148 | €0 | -€148 | -99.7% |
| Recurring financial income | 75 | €148 | €0 | -€148 | -99.7% |
| Financial charges | 65/66B | €30,507 | €9,921 | -€20,586 | -67.5% |
| Recurring financial charges | 65 | €30,507 | €9,921 | -€20,586 | -67.5% |
| Profit (loss) for the period before taxes | 9903 | -€270,562 | -€4,571 | +€265,991 | +98.3% |
| Profit (loss) for the period | 9904 | -€270,562 | -€4,571 | +€265,991 | +98.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€270,562 | -€4,571 | +€265,991 | +98.3% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.