PORTOLAN: 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.
PORTOLAN
Largest movements
- Cash -€38,570
down €38,570 (-84.3%), from €45,779 to €7,209
mainly Current investments (-€30,000) and Contributions, distributions and other (-€14,282)
- Current investments +€30,000
new in 2025: €30,000
- Tangible fixed assets -€12,386
down €12,386 (-30.2%), from €41,077 to €28,691
of which Furniture and vehicles: -€12,166
- Receivables within one year -€6,882
down €6,882 (-58.2%), from €11,828 to €4,946
of which Trade receivables: -€9,933
- Reserves -€12,654
down €12,654 (-18.5%), from €68,284 to €55,630
- Trade debts -€7,837
down €7,837 (-81.9%), from €9,571 to €1,734
- Tax, wage and social debts -€7,129
down €7,129 (-99.8%), from €7,145 to €16
of which Taxes: -€7,129
- Gross operating margin -€26,036
down €26,036 (-62.8%), from €41,448 to €15,412
- Taxes -€9,148
down €9,148 (-96.5%), from €9,482 to €334
- Depreciation -€548
down €548 (-4.2%), from €12,935 to €12,386
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 | €98,684 | €70,846 | -€27,838 | -28.2% |
| Fixed assets | 21/28 | €41,077 | €28,691 | -€12,386 | -30.2% |
| Tangible fixed assets | 22/27 | €41,077 | €28,691 | -€12,386 | -30.2% |
| Furniture and vehicles | 24 | €40,744 | €28,577 | -€12,166 | -29.9% |
| Other tangible fixed assets | 26 | €333 | €113 | -€220 | -66.0% |
| Current assets | 29/58 | €57,607 | €42,155 | -€15,452 | -26.8% |
| Amounts receivable within one year | 40/41 | €11,828 | €4,946 | -€6,882 | -58.2% |
| Trade receivables | 40 | €9,933 | €0 | -€9,933 | -100% |
| Other amounts receivable | 41 | €1,895 | €4,946 | +€3,051 | +161% |
| Current investments | 50/53 | - | €30,000 | +€30,000 | |
| Cash at bank and in hand | 54/58 | €45,779 | €7,209 | -€38,570 | -84.3% |
| Total equity and liabilities | 10/49 | €98,684 | €70,846 | -€27,838 | -28.2% |
| Equity | 10/15 | €75,139 | €62,484 | -€12,654 | -16.8% |
| Contributions | 10/11 | €6,400 | €6,400 | = | 0.0% |
| Reserves | 13 | €68,284 | €55,630 | -€12,654 | -18.5% |
| Distributable reserves | 133 | €68,284 | €55,630 | -€12,654 | -18.5% |
| Profit (loss) carried forward | 14 | €454 | €454 | = | 0.0% |
| Amounts payable | 17/49 | €23,545 | €8,361 | -€15,183 | -64.5% |
| Amounts payable within one year | 42/48 | €23,545 | €8,361 | -€15,183 | -64.5% |
| Trade debts | 44 | €9,571 | €1,734 | -€7,837 | -81.9% |
| Suppliers | 440/4 | €9,571 | €1,734 | -€7,837 | -81.9% |
| Taxes, remuneration and social security | 45 | €7,145 | €16 | -€7,129 | -99.8% |
| Taxes | 450/3 | €7,145 | €16 | -€7,129 | -99.8% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €6,829 | €6,611 | -€218 | -3.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,935 | €12,386 | -€548 | -4.2% |
| Other operating charges | 640/8 | €549 | €869 | +€319 | +58.1% |
| Gross operating margin | 9900 | €41,448 | €15,412 | -€26,036 | -62.8% |
| Operating profit (loss) | 9901 | €27,964 | €2,157 | -€25,807 | -92.3% |
| Financial income | 75/76B | €0 | €1 | +€1 | +306% |
| Recurring financial income | 75 | €0 | €1 | +€1 | +306% |
| Financial charges | 65/66B | €185 | €196 | +€11 | +6.1% |
| Recurring financial charges | 65 | €185 | €196 | +€11 | +6.1% |
| Profit (loss) for the period before taxes | 9903 | €27,780 | €1,962 | -€25,818 | -92.9% |
| Income taxes | 67/77 | €9,482 | €334 | -€9,148 | -96.5% |
| Profit (loss) for the period | 9904 | €18,298 | €1,628 | -€16,670 | -91.1% |
| Profit (loss) for the period to be appropriated | 9905 | €18,298 | €1,628 | -€16,670 | -91.1% |
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 14 October 2026 via checked.be.