POSITIVE: 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.
POSITIVE
Largest movements
- Receivables within one year +€32,884
up €32,884 (+234%), from €14,045 to €46,929
of which Other amounts receivable: +€33,339
- Tangible fixed assets -€11,267
down €11,267 (-36.0%), from €31,299 to €20,032
of which Plant, machinery and equipment: -€12,302
- Reserves +€34,193
up €34,193 (+39.9%), from €85,769 to €119,962
- Tax, wage and social debts -€13,549
no longer reported in 2025 (was €13,549)
of which Taxes: -€13,549
- Gross operating margin -€49,584
down €49,584 (-45.0%), from €110,130 to €60,546
- Taxes -€20,478
down €20,478 (-60.7%), from €33,749 to €13,271
- Financial income +€2,730
new in 2025: €2,730
- Depreciation +€2,044
up €2,044 (+15.9%), from €12,892 to €14,936
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 | €174,081 | €195,204 | +€21,123 | +12.1% |
| Fixed assets | 21/28 | €109,299 | €98,032 | -€11,267 | -10.3% |
| Tangible fixed assets | 22/27 | €31,299 | €20,032 | -€11,267 | -36.0% |
| Plant, machinery and equipment | 23 | €29,189 | €16,887 | -€12,302 | -42.1% |
| Furniture and vehicles | 24 | €2,110 | €3,145 | +€1,035 | +49.1% |
| Leasing and similar rights | 25 | €0 | - | = | |
| Financial fixed assets | 28 | €78,000 | €78,000 | = | 0.0% |
| Current assets | 29/58 | €64,782 | €97,172 | +€32,390 | +50.0% |
| Amounts receivable within one year | 40/41 | €14,045 | €46,929 | +€32,884 | +234% |
| Trade receivables | 40 | €12,078 | €11,623 | -€455 | -3.8% |
| Other amounts receivable | 41 | €1,967 | €35,306 | +€33,339 | +1,695% |
| Cash at bank and in hand | 54/58 | €50,737 | €49,012 | -€1,725 | -3.4% |
| Deferred charges and accrued income | 490/1 | - | €1,231 | +€1,231 | |
| Total equity and liabilities | 10/49 | €174,081 | €195,204 | +€21,123 | +12.1% |
| Equity | 10/15 | €159,034 | €193,227 | +€34,193 | +21.5% |
| Contributions | 10/11 | €6,820 | €6,820 | = | 0.0% |
| Reserves | 13 | €85,769 | €119,962 | +€34,193 | +39.9% |
| Distributable reserves | 133 | €85,769 | €119,962 | +€34,193 | +39.9% |
| Profit (loss) carried forward | 14 | €66,445 | €66,445 | = | 0.0% |
| Amounts payable | 17/49 | €15,047 | €1,977 | -€13,070 | -86.9% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €15,047 | €1,977 | -€13,070 | -86.9% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €1,498 | €1,977 | +€479 | +32.0% |
| Suppliers | 440/4 | €1,498 | €1,977 | +€479 | +32.0% |
| Taxes, remuneration and social security | 45 | €13,549 | - | -€13,549 | |
| Taxes | 450/3 | €13,549 | - | -€13,549 | |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,892 | €14,936 | +€2,044 | +15.9% |
| Other operating charges | 640/8 | €387 | €695 | +€308 | +79.6% |
| Gross operating margin | 9900 | €110,130 | €60,546 | -€49,584 | -45.0% |
| Operating profit (loss) | 9901 | €96,851 | €44,915 | -€51,936 | -53.6% |
| Financial income | 75/76B | - | €2,730 | +€2,730 | |
| Recurring financial income | 75 | - | €2,730 | +€2,730 | |
| Financial charges | 65/66B | €283 | €181 | -€102 | -36.0% |
| Recurring financial charges | 65 | €283 | €181 | -€102 | -36.0% |
| Profit (loss) for the period before taxes | 9903 | €96,568 | €47,464 | -€49,104 | -50.8% |
| Income taxes | 67/77 | €33,749 | €13,271 | -€20,478 | -60.7% |
| Profit (loss) for the period | 9904 | €62,819 | €34,193 | -€28,626 | -45.6% |
| Profit (loss) for the period to be appropriated | 9905 | €62,819 | €34,193 | -€28,626 | -45.6% |
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 22 October 2026 via checked.be.