POINT BLACK: 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.
POINT BLACK
Largest movements
- Tangible fixed assets -€4,837
down €4,837 (-23.5%), from €20,566 to €15,729
of which Other tangible fixed assets: -€4,793
- Stocks and contracts -€3,617
down €3,617 (-28.0%), from €12,936 to €9,319
- Cash -€1,637
down €1,637 (-19.1%), from €8,580 to €6,943
mainly Net result for the year (-€6,301) and Tax, wage and social debts (-€3,274)
- Receivables within one year -€674
down €674 (-20.8%), from €3,240 to €2,567
of which Other amounts receivable: -€2,578
- Profit (loss) carried forward -€6,301
down €6,301 (-1,459%), from -€432 to -€6,732
- Tax, wage and social debts -€3,274
down €3,274 (-46.5%), from €7,042 to €3,768
- Debts after one year -€3,094
down €3,094 (-23.1%), from €13,416 to €10,322
- Other debts +€2,668
up €2,668, from €0 to €2,668
- Current portion of long-term debt -€631
down €631 (-16.9%), from €3,725 to €3,094
- Depreciation -€1,940
down €1,940 (-28.6%), from €6,777 to €4,837
- Staff costs -€1,303
down €1,303 (-50.8%), from €2,564 to €1,261
- Financial charges -€600
down €600 (-13.3%), from €4,511 to €3,911
- Financial income +€313
up €313 (+2,145%), from €15 to €328
- Gross operating margin -€180
down €180 (-3.3%), from €5,513 to €5,333
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 | €45,583 | €34,558 | -€11,025 | -24.2% |
| Fixed assets | 21/28 | €20,566 | €15,729 | -€4,837 | -23.5% |
| Tangible fixed assets | 22/27 | €20,566 | €15,729 | -€4,837 | -23.5% |
| Land and buildings | 22 | €0 | - | = | |
| Plant, machinery and equipment | 23 | €43 | €0 | -€43 | -100% |
| Other tangible fixed assets | 26 | €20,523 | €15,729 | -€4,793 | -23.4% |
| Current assets | 29/58 | €25,017 | €18,829 | -€6,188 | -24.7% |
| Stocks and contracts in progress | 3 | €12,936 | €9,319 | -€3,617 | -28.0% |
| Stocks | 30/36 | €12,936 | €9,319 | -€3,617 | -28.0% |
| Amounts receivable within one year | 40/41 | €3,240 | €2,567 | -€674 | -20.8% |
| Trade receivables | 40 | €662 | €2,567 | +€1,905 | +288% |
| Other amounts receivable | 41 | €2,578 | €0 | -€2,578 | -100% |
| Cash at bank and in hand | 54/58 | €8,580 | €6,943 | -€1,637 | -19.1% |
| Deferred charges and accrued income | 490/1 | €260 | €0 | -€260 | -100% |
| Total equity and liabilities | 10/49 | €45,583 | €34,558 | -€11,025 | -24.2% |
| Equity | 10/15 | €20,028 | €13,728 | -€6,301 | -31.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€432 | -€6,732 | -€6,301 | -1,459% |
| Amounts payable | 17/49 | €25,555 | €20,831 | -€4,724 | -18.5% |
| Amounts payable after more than one year | 17 | €13,416 | €10,322 | -€3,094 | -23.1% |
| Financial debts | 170/4 | €13,416 | €10,322 | -€3,094 | -23.1% |
| Amounts payable within one year | 42/48 | €11,892 | €10,509 | -€1,383 | -11.6% |
| Current portion of amounts payable after more than one year | 42 | €3,725 | €3,094 | -€631 | -16.9% |
| Trade debts | 44 | €445 | €299 | -€146 | -32.8% |
| Suppliers | 440/4 | €445 | €299 | -€146 | -32.8% |
| Advances received on contracts in progress | 46 | €681 | €681 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €7,042 | €3,768 | -€3,274 | -46.5% |
| Taxes | 450/3 | €7,042 | €3,768 | -€3,274 | -46.5% |
| Other amounts payable | 47/48 | €0 | €2,668 | +€2,668 | |
| Accrued charges and deferred income | 492/3 | €247 | €0 | -€247 | -100% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €2,564 | €1,261 | -€1,303 | -50.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,777 | €4,837 | -€1,940 | -28.6% |
| Other operating charges | 640/8 | €1,718 | €1,733 | +€15 | +0.9% |
| Gross operating margin | 9900 | €5,513 | €5,333 | -€180 | -3.3% |
| Operating profit (loss) | 9901 | -€5,545 | -€2,497 | +€3,048 | +55.0% |
| Financial income | 75/76B | €15 | €328 | +€313 | +2,145% |
| Recurring financial income | 75 | €15 | €328 | +€313 | +2,145% |
| Financial charges | 65/66B | €4,511 | €3,911 | -€600 | -13.3% |
| Recurring financial charges | 65 | €4,511 | €3,911 | -€600 | -13.3% |
| Profit (loss) for the period before taxes | 9903 | -€10,042 | -€6,081 | +€3,961 | +39.4% |
| Income taxes | 67/77 | €219 | €220 | +€1 | +0.3% |
| Profit (loss) for the period | 9904 | -€10,261 | -€6,301 | +€3,961 | +38.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€10,261 | -€6,301 | +€3,961 | +38.6% |
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 18 October 2026 via checked.be.