POSITIVO: 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.
POSITIVO
Largest movements
- Receivables after one year +€72,000
up €72,000 (+51.8%), from €138,945 to €210,945
- Cash -€50,136
down €50,136 (-67.9%), from €73,870 to €23,734
mainly Receivables after one year (-€72,000) and Receivables within one year (-€30,611)
- Receivables within one year +€30,611
up €30,611 (+23.5%), from €130,226 to €160,837
of which Other amounts receivable: +€24,634
- Current investments -€28,962
down €28,962 (-76.8%), from €37,688 to €8,725
- Tangible fixed assets -€4,937
down €4,937 (-44.9%), from €10,985 to €6,048
of which Furniture and vehicles: -€4,892
- Reserves +€269,786
up €269,786 (+336%), from €80,253 to €350,039
- Profit (loss) carried forward -€239,266
down €239,266 (-100%), from €239,266 to €0
- Trade debts -€9,696
down €9,696 (-53.9%), from €17,998 to €8,301
- Tax, wage and social debts +€5,358
up €5,358 (+12.0%), from €44,827 to €50,185
- Gross operating margin -€169,148
down €169,148 (-85.1%), from €198,727 to €29,579
- Taxes -€33,780
down €33,780 (-68.5%), from €49,307 to €15,526
- Financial income +€22,475
up €22,475 (+555%), from €4,052 to €26,527
- Financial charges -€11,402
down €11,402 (-88.8%), from €12,842 to €1,440
- Other operating charges +€2,976
up €2,976 (+127%), from €2,339 to €5,315
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 | €391,714 | €414,735 | +€23,021 | +5.9% |
| Fixed assets | 21/28 | €10,985 | €6,048 | -€4,937 | -44.9% |
| Tangible fixed assets | 22/27 | €10,985 | €6,048 | -€4,937 | -44.9% |
| Land and buildings | 22 | €0 | - | = | |
| Plant, machinery and equipment | 23 | €350 | €304 | -€45 | -13.0% |
| Furniture and vehicles | 24 | €10,635 | €5,744 | -€4,892 | -46.0% |
| Current assets | 29/58 | €380,729 | €408,687 | +€27,958 | +7.3% |
| Amounts receivable after more than one year | 29 | €138,945 | €210,945 | +€72,000 | +51.8% |
| Other amounts receivable | 291 | €138,945 | €210,945 | +€72,000 | +51.8% |
| Stocks and contracts in progress | 3 | - | €3,225 | +€3,225 | |
| Stocks | 30/36 | - | €3,225 | +€3,225 | |
| Amounts receivable within one year | 40/41 | €130,226 | €160,837 | +€30,611 | +23.5% |
| Trade receivables | 40 | €12,523 | €18,500 | +€5,977 | +47.7% |
| Other amounts receivable | 41 | €117,703 | €142,337 | +€24,634 | +20.9% |
| Current investments | 50/53 | €37,688 | €8,725 | -€28,962 | -76.8% |
| Cash at bank and in hand | 54/58 | €73,870 | €23,734 | -€50,136 | -67.9% |
| Deferred charges and accrued income | 490/1 | €0 | €1,221 | +€1,221 | |
| Total equity and liabilities | 10/49 | €391,714 | €414,735 | +€23,021 | +5.9% |
| Equity | 10/15 | €320,520 | €351,039 | +€30,519 | +9.5% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €80,253 | €350,039 | +€269,786 | +336% |
| Distributable reserves | 133 | €80,253 | €350,039 | +€269,786 | +336% |
| Profit (loss) carried forward | 14 | €239,266 | €0 | -€239,266 | -100% |
| Amounts payable | 17/49 | €71,194 | €63,696 | -€7,498 | -10.5% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €71,194 | €63,696 | -€7,498 | -10.5% |
| Current portion of amounts payable after more than one year | 42 | €4,012 | €4,210 | +€198 | +4.9% |
| Financial debts | 43 | €3,358 | €0 | -€3,358 | -100% |
| Credit institutions | 430/8 | €1,869 | €0 | -€1,869 | -100% |
| Other loans | 439 | €1,489 | €0 | -€1,489 | -100% |
| Trade debts | 44 | €17,998 | €8,301 | -€9,696 | -53.9% |
| Suppliers | 440/4 | €17,998 | €8,301 | -€9,696 | -53.9% |
| Taxes, remuneration and social security | 45 | €44,827 | €50,185 | +€5,358 | +12.0% |
| Taxes | 450/3 | €44,827 | €50,185 | +€5,358 | +12.0% |
| Other amounts payable | 47/48 | €1,000 | €1,000 | = | 0.0% |
| Non-recurring operating income | 76A | €193,097 | €368 | -€192,729 | -99.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,810 | €3,305 | -€1,504 | -31.3% |
| Other operating charges | 640/8 | €2,339 | €5,315 | +€2,976 | +127% |
| Gross operating margin | 9900 | €198,727 | €29,579 | -€169,148 | -85.1% |
| Operating profit (loss) | 9901 | €191,578 | €20,959 | -€170,619 | -89.1% |
| Financial income | 75/76B | €4,052 | €26,527 | +€22,475 | +555% |
| Recurring financial income | 75 | €4,052 | €26,527 | +€22,475 | +555% |
| Financial charges | 65/66B | €12,842 | €1,440 | -€11,402 | -88.8% |
| Recurring financial charges | 65 | €12,842 | €1,440 | -€11,402 | -88.8% |
| Profit (loss) for the period before taxes | 9903 | €182,788 | €46,046 | -€136,742 | -74.8% |
| Income taxes | 67/77 | €49,307 | €15,526 | -€33,780 | -68.5% |
| Profit (loss) for the period | 9904 | €133,481 | €30,519 | -€102,962 | -77.1% |
| Transfer from tax-exempt reserves | 789 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €133,481 | €30,519 | -€102,962 | -77.1% |
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 21 October 2026 via checked.be.