PORTRETMAKER: 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.
PORTRETMAKER
Largest movements
- Current investments -€80,000
no longer reported in 2025 (was €80,000)
- Cash +€29,001
up €29,001 (+142.1%), from €20,415 to €49,416
mainly Current investments (+€80,000) and Net result for the year (+€35,741)
- Receivables within one year -€1,662
down €1,662 (-80.8%), from €2,058 to €396
of which Trade receivables: -€1,029
- Reserves -€55,298
down €55,298 (-53.1%), from €104,078 to €48,780
- Tax, wage and social debts +€1,507
up €1,507 (+569.3%), from €265 to €1,772
- Gross operating margin -€10,382
down €10,382 (-16.7%), from €62,194 to €51,812
- Financial income +€2,752
up €2,752 (+550446.0%), from €1 to €2,753
- Taxes -€2,507
down €2,507 (-17.2%), from €14,604 to €12,097
- Depreciation +€1,970
up €1,970 (+52.9%), from €3,720 to €5,690
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 | €112,979 | €59,998 | -€52,981 | -46.9% |
| Fixed assets | 21/28 | €9,694 | €9,294 | -€400 | -4.1% |
| Tangible fixed assets | 22/27 | €9,694 | €9,294 | -€400 | -4.1% |
| Land and buildings | 22 | €1,188 | €768 | -€420 | -35.4% |
| Plant, machinery and equipment | 23 | €7,189 | €7,740 | +€551 | +7.7% |
| Furniture and vehicles | 24 | €1,317 | €786 | -€531 | -40.3% |
| Current assets | 29/58 | €103,285 | €50,705 | -€52,581 | -50.9% |
| Amounts receivable within one year | 40/41 | €2,058 | €396 | -€1,662 | -80.8% |
| Trade receivables | 40 | €1,029 | - | -€1,029 | |
| Other amounts receivable | 41 | €1,029 | €396 | -€633 | -61.5% |
| Current investments | 50/53 | €80,000 | - | -€80,000 | |
| Cash at bank and in hand | 54/58 | €20,415 | €49,416 | +€29,001 | +142.1% |
| Deferred charges and accrued income | 490/1 | €812 | €893 | +€80 | +9.9% |
| Total equity and liabilities | 10/49 | €112,979 | €59,998 | -€52,981 | -46.9% |
| Equity | 10/15 | €106,078 | €50,780 | -€55,298 | -52.1% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €104,078 | €48,780 | -€55,298 | -53.1% |
| Distributable reserves | 133 | €104,078 | €48,780 | -€55,298 | -53.1% |
| Amounts payable | 17/49 | €6,901 | €9,218 | +€2,317 | +33.6% |
| Amounts payable within one year | 42/48 | €6,901 | €9,218 | +€2,317 | +33.6% |
| Trade debts | 44 | €4,496 | €5,348 | +€852 | +19.0% |
| Suppliers | 440/4 | €4,496 | €5,348 | +€852 | +19.0% |
| Taxes, remuneration and social security | 45 | €265 | €1,772 | +€1,507 | +569.3% |
| Taxes | 450/3 | €265 | €1,772 | +€1,507 | +569.3% |
| Other amounts payable | 47/48 | €2,140 | €2,098 | -€42 | -2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,720 | €5,690 | +€1,970 | +52.9% |
| Other operating charges | 640/8 | €291 | €294 | +€4 | +1.2% |
| Gross operating margin | 9900 | €62,194 | €51,812 | -€10,382 | -16.7% |
| Operating profit (loss) | 9901 | €58,184 | €45,828 | -€12,355 | -21.2% |
| Financial income | 75/76B | €1 | €2,753 | +€2,752 | +550446.0% |
| Recurring financial income | 75 | €1 | €2,753 | +€2,752 | +550446.0% |
| Financial charges | 65/66B | €943 | €743 | -€201 | -21.3% |
| Recurring financial charges | 65 | €943 | €743 | -€201 | -21.3% |
| Profit (loss) for the period before taxes | 9903 | €57,241 | €47,838 | -€9,402 | -16.4% |
| Income taxes | 67/77 | €14,604 | €12,097 | -€2,507 | -17.2% |
| Profit (loss) for the period | 9904 | €42,637 | €35,741 | -€6,896 | -16.2% |
| Profit (loss) for the period to be appropriated | 9905 | €42,637 | €35,741 | -€6,896 | -16.2% |
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.