Pretzel Logic: 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.
Pretzel Logic
Largest movements
- Cash -€51,581
down €51,581 (-45.7%), from €112,856 to €61,274
mainly Net result for the year (-€45,768) and Other debts (-€25,039)
- Tangible fixed assets -€27,078
down €27,078 (-23.8%), from €113,603 to €86,525
of which Land and buildings: -€15,270
- Receivables within one year -€17,337
down €17,337 (-66.8%), from €25,938 to €8,601
of which Trade receivables: -€17,884
- Intangible fixed assets -€5,194
down €5,194 (-58.3%), from €8,915 to €3,721
- Stocks and contracts +€4,885
up €4,885 (+10.0%), from €48,854 to €53,739
- Profit (loss) carried forward -€45,768
down €45,768 (-12.5%), from -€365,061 to -€410,829
- Other debts -€25,039
down €25,039 (-9.9%), from €251,963 to €226,924
- Current portion of long-term debt -€20,392
down €20,392 (-83.4%), from €24,453 to €4,061
- Trade debts -€6,778
down €6,778 (-31.3%), from €21,639 to €14,861
- Debts after one year -€4,061
down €4,061 (-34.6%), from €11,743 to €7,682
- Gross operating margin -€60,063
down €60,063 (-18.5%), from €323,802 to €263,740
- Staff costs -€52,831
down €52,831 (-17.3%), from €305,454 to €252,624
- Depreciation -€22,389
down €22,389 (-38.2%), from €58,605 to €36,216
- Other operating charges +€6,130
up €6,130 (+77.0%), from €7,959 to €14,088
- Financial charges -€5,441
down €5,441 (-55.8%), from €9,743 to €4,301
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €325,425 | €225,228 | -€100,197 | -30.8% |
| Fixed assets | 21/28 | €129,980 | €96,704 | -€33,276 | -25.6% |
| Intangible fixed assets | 21 | €8,915 | €3,721 | -€5,194 | -58.3% |
| Tangible fixed assets | 22/27 | €113,603 | €86,525 | -€27,078 | -23.8% |
| Land and buildings | 22 | €71,414 | €56,144 | -€15,270 | -21.4% |
| Plant, machinery and equipment | 23 | €23,005 | €18,340 | -€4,665 | -20.3% |
| Furniture and vehicles | 24 | €19,184 | €12,041 | -€7,143 | -37.2% |
| Financial fixed assets | 28 | €7,462 | €6,458 | -€1,004 | -13.5% |
| Current assets | 29/58 | €195,445 | €128,524 | -€66,921 | -34.2% |
| Stocks and contracts in progress | 3 | €48,854 | €53,739 | +€4,885 | +10.0% |
| Stocks | 30/36 | €48,854 | €53,739 | +€4,885 | +10.0% |
| Amounts receivable within one year | 40/41 | €25,938 | €8,601 | -€17,337 | -66.8% |
| Trade receivables | 40 | €25,871 | €7,987 | -€17,884 | -69.1% |
| Other amounts receivable | 41 | €67 | €614 | +€547 | +816% |
| Cash at bank and in hand | 54/58 | €112,856 | €61,274 | -€51,581 | -45.7% |
| Deferred charges and accrued income | 490/1 | €7,798 | €4,909 | -€2,888 | -37.0% |
| Total equity and liabilities | 10/49 | €325,425 | €225,228 | -€100,197 | -30.8% |
| Equity | 10/15 | -€50,061 | -€95,829 | -€45,768 | -91.4% |
| Contributions | 10/11 | €315,000 | €315,000 | = | 0.0% |
| Capital | 10 | €315,000 | €315,000 | = | 0.0% |
| Issued capital | 100 | €315,000 | €315,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€365,061 | -€410,829 | -€45,768 | -12.5% |
| Amounts payable | 17/49 | €375,486 | €321,057 | -€54,429 | -14.5% |
| Amounts payable after more than one year | 17 | €11,743 | €7,682 | -€4,061 | -34.6% |
| Financial debts | 170/4 | €11,743 | €7,682 | -€4,061 | -34.6% |
| Amounts payable within one year | 42/48 | €360,702 | €312,428 | -€48,274 | -13.4% |
| Current portion of amounts payable after more than one year | 42 | €24,453 | €4,061 | -€20,392 | -83.4% |
| Financial debts | 43 | €40,000 | €40,000 | = | 0.0% |
| Credit institutions | 430/8 | €40,000 | €40,000 | = | 0.0% |
| Trade debts | 44 | €21,639 | €14,861 | -€6,778 | -31.3% |
| Suppliers | 440/4 | €21,639 | €14,861 | -€6,778 | -31.3% |
| Taxes, remuneration and social security | 45 | €22,646 | €26,581 | +€3,935 | +17.4% |
| Taxes | 450/3 | €1,780 | €10,272 | +€8,492 | +477% |
| Remuneration and social security | 454/9 | €20,866 | €16,310 | -€4,556 | -21.8% |
| Other amounts payable | 47/48 | €251,963 | €226,924 | -€25,039 | -9.9% |
| Accrued charges and deferred income | 492/3 | €3,040 | €947 | -€2,093 | -68.8% |
| Non-recurring operating income | 76A | €992 | - | -€992 | |
| Remuneration, social security and pensions | 62 | €305,454 | €252,624 | -€52,831 | -17.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €58,605 | €36,216 | -€22,389 | -38.2% |
| Other operating charges | 640/8 | €7,959 | €14,088 | +€6,130 | +77.0% |
| Non-recurring operating charges | 66A | €11,374 | €2,282 | -€9,092 | -79.9% |
| Gross operating margin | 9900 | €323,802 | €263,740 | -€60,063 | -18.5% |
| Operating profit (loss) | 9901 | -€59,589 | -€41,470 | +€18,119 | +30.4% |
| Financial income | 75/76B | €7 | €3 | -€4 | -59.8% |
| Recurring financial income | 75 | €7 | €3 | -€4 | -59.8% |
| Financial charges | 65/66B | €9,743 | €4,301 | -€5,441 | -55.8% |
| Recurring financial charges | 65 | €9,743 | €4,301 | -€5,441 | -55.8% |
| Profit (loss) for the period before taxes | 9903 | -€69,325 | -€45,768 | +€23,556 | +34.0% |
| Profit (loss) for the period | 9904 | -€69,325 | -€45,768 | +€23,556 | +34.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€69,325 | -€45,768 | +€23,556 | +34.0% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.