POTEMKIN: 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.
POTEMKIN
Largest movements
- Receivables within one year +€28,929
up €28,929 (+94.3%), from €30,689 to €59,618
of which Trade receivables: +€22,831
- Cash -€5,154
down €5,154 (-33.9%), from €15,202 to €10,049
mainly Debts after one year (-€29,729) and Receivables within one year (-€28,929)
- Profit (loss) carried forward +€38,893
new in 2025: €38,893
- Debts after one year -€29,729
down €29,729 (-16.4%), from €181,300 to €151,571
- Trade debts +€8,881
up €8,881 (+1690.7%), from €525 to €9,406
- Other debts +€7,660
up €7,660 (+14.0%), from €54,754 to €62,415
- Gross operating margin +€30,538
up €30,538 (+68.1%), from €44,857 to €75,395
- Taxes +€8,634
up €8,634 (+146.7%), from €5,886 to €14,521
- Financial charges -€3,501
down €3,501 (-23.3%), from €14,997 to €11,497
- Depreciation -€1,941
down €1,941 (-18.3%), from €10,608 to €8,668
- Other operating charges +€1,410
up €1,410 (+161.3%), from €874 to €2,285
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 | €405,088 | €427,503 | +€22,415 | +5.5% |
| Fixed assets | 21/28 | €356,862 | €357,111 | +€249 | +0.1% |
| Intangible fixed assets | 21 | €8,284 | €4,968 | -€3,316 | -40.0% |
| Tangible fixed assets | 22/27 | €11,929 | €15,494 | +€3,565 | +29.9% |
| Land and buildings | 22 | - | €4,147 | +€4,147 | |
| Plant, machinery and equipment | 23 | €9,139 | €5,114 | -€4,024 | -44.0% |
| Furniture and vehicles | 24 | €673 | €4,481 | +€3,807 | +565.4% |
| Other tangible fixed assets | 26 | €2,117 | €1,752 | -€364 | -17.2% |
| Financial fixed assets | 28 | €336,650 | €336,650 | = | 0.0% |
| Current assets | 29/58 | €48,226 | €70,391 | +€22,166 | +46.0% |
| Amounts receivable within one year | 40/41 | €30,689 | €59,618 | +€28,929 | +94.3% |
| Trade receivables | 40 | €10,377 | €33,208 | +€22,831 | +220.0% |
| Other amounts receivable | 41 | €20,312 | €26,410 | +€6,098 | +30.0% |
| Cash at bank and in hand | 54/58 | €15,202 | €10,049 | -€5,154 | -33.9% |
| Deferred charges and accrued income | 490/1 | €2,335 | €725 | -€1,610 | -69.0% |
| Total equity and liabilities | 10/49 | €405,088 | €427,503 | +€22,415 | +5.5% |
| Equity | 10/15 | €112,478 | €151,371 | +€38,893 | +34.6% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €109,478 | €109,478 | = | 0.0% |
| Distributable reserves | 133 | €109,478 | €109,478 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €38,893 | +€38,893 | |
| Amounts payable | 17/49 | €292,610 | €276,132 | -€16,478 | -5.6% |
| Amounts payable after more than one year | 17 | €181,300 | €151,571 | -€29,729 | -16.4% |
| Financial debts | 170/4 | €181,300 | €151,571 | -€29,729 | -16.4% |
| Amounts payable within one year | 42/48 | €108,085 | €122,351 | +€14,266 | +13.2% |
| Current portion of amounts payable after more than one year | 42 | €28,425 | €29,729 | +€1,304 | +4.6% |
| Trade debts | 44 | €525 | €9,406 | +€8,881 | +1690.7% |
| Suppliers | 440/4 | €525 | €9,406 | +€8,881 | +1690.7% |
| Taxes, remuneration and social security | 45 | €24,380 | €20,801 | -€3,580 | -14.7% |
| Taxes | 450/3 | €24,380 | €20,801 | -€3,580 | -14.7% |
| Other amounts payable | 47/48 | €54,754 | €62,415 | +€7,660 | +14.0% |
| Accrued charges and deferred income | 492/3 | €3,224 | €2,209 | -€1,014 | -31.5% |
| Remuneration, social security and pensions | 62 | €100 | €0 | -€100 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,608 | €8,668 | -€1,941 | -18.3% |
| Other operating charges | 640/8 | €874 | €2,285 | +€1,410 | +161.3% |
| Gross operating margin | 9900 | €44,857 | €75,395 | +€30,538 | +68.1% |
| Operating profit (loss) | 9901 | €33,275 | €64,443 | +€31,168 | +93.7% |
| Financial income | 75/76B | €342 | €467 | +€125 | +36.6% |
| Recurring financial income | 75 | €342 | €467 | +€125 | +36.6% |
| Financial charges | 65/66B | €14,997 | €11,497 | -€3,501 | -23.3% |
| Recurring financial charges | 65 | €14,997 | €11,497 | -€3,501 | -23.3% |
| Profit (loss) for the period before taxes | 9903 | €18,619 | €53,413 | +€34,794 | +186.9% |
| Income taxes | 67/77 | €5,886 | €14,521 | +€8,634 | +146.7% |
| Profit (loss) for the period | 9904 | €12,733 | €38,893 | +€26,160 | +205.4% |
| Profit (loss) for the period to be appropriated | 9905 | €12,733 | €38,893 | +€26,160 | +205.4% |
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 8 October 2026 via checked.be.