PRODUCTIVITY 5: 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.
PRODUCTIVITY 5
Largest movements
- Receivables within one year +€87,871
up €87,871 (+272.0%), from €32,307 to €120,177
of which Trade receivables: +€87,871
- Tangible fixed assets +€41,464
up €41,464 (+754.5%), from €5,496 to €46,960
of which Furniture and vehicles: +€39,466
- Cash -€30,023
down €30,023 (-43.4%), from €69,174 to €39,150
mainly Receivables within one year (-€87,871) and Investment in fixed assets (net) (-€61,380)
- Financial fixed assets +€19,037
up €19,037 (+681.1%), from €2,795 to €21,832
- Deferred charges and accrued income +€15,319
up €15,319 (+255.3%), from €6,000 to €21,319
- Profit (loss) carried forward +€44,508
up €44,508 (+60.8%), from €73,186 to €117,693
- Trade debts +€30,836
up €30,836 (+225.0%), from €13,705 to €44,541
- Debts after one year +€26,694
new in 2025: €26,694
- Tax, wage and social debts +€15,602
up €15,602 (+122.7%), from €12,719 to €28,321
of which Taxes: +€11,252
- Current portion of long-term debt +€8,306
new in 2025: €8,306
- Staff costs +€42,862
up €42,862 (+58.7%), from €72,990 to €115,851
- Gross operating margin +€39,481
up €39,481 (+27.7%), from €142,552 to €182,033
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 | €146,150 | €272,218 | +€126,067 | +86.3% |
| Fixed assets | 21/28 | €38,670 | €91,571 | +€52,901 | +136.8% |
| Intangible fixed assets | 21 | €30,379 | €22,779 | -€7,600 | -25.0% |
| Tangible fixed assets | 22/27 | €5,496 | €46,960 | +€41,464 | +754.5% |
| Furniture and vehicles | 24 | €2,246 | €41,712 | +€39,466 | +1757.2% |
| Other tangible fixed assets | 26 | €3,250 | €5,249 | +€1,999 | +61.5% |
| Financial fixed assets | 28 | €2,795 | €21,832 | +€19,037 | +681.1% |
| Current assets | 29/58 | €107,480 | €180,647 | +€73,167 | +68.1% |
| Amounts receivable within one year | 40/41 | €32,307 | €120,177 | +€87,871 | +272.0% |
| Trade receivables | 40 | €27,697 | €115,567 | +€87,871 | +317.3% |
| Other amounts receivable | 41 | €4,610 | €4,610 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €69,174 | €39,150 | -€30,023 | -43.4% |
| Deferred charges and accrued income | 490/1 | €6,000 | €21,319 | +€15,319 | +255.3% |
| Total equity and liabilities | 10/49 | €146,150 | €272,218 | +€126,067 | +86.3% |
| Equity | 10/15 | €78,186 | €122,693 | +€44,508 | +56.9% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €73,186 | €117,693 | +€44,508 | +60.8% |
| Amounts payable | 17/49 | €67,965 | €149,524 | +€81,560 | +120.0% |
| Amounts payable after more than one year | 17 | - | €26,694 | +€26,694 | |
| Financial debts | 170/4 | - | €26,694 | +€26,694 | |
| Amounts payable within one year | 42/48 | €27,240 | €86,210 | +€58,970 | +216.5% |
| Current portion of amounts payable after more than one year | 42 | - | €8,306 | +€8,306 | |
| Trade debts | 44 | €13,705 | €44,541 | +€30,836 | +225.0% |
| Suppliers | 440/4 | €13,705 | €44,541 | +€30,836 | +225.0% |
| Taxes, remuneration and social security | 45 | €12,719 | €28,321 | +€15,602 | +122.7% |
| Taxes | 450/3 | €4,680 | €15,932 | +€11,252 | +240.4% |
| Remuneration and social security | 454/9 | €8,039 | €12,389 | +€4,350 | +54.1% |
| Other amounts payable | 47/48 | €816 | €5,042 | +€4,225 | +517.5% |
| Accrued charges and deferred income | 492/3 | €40,725 | €36,620 | -€4,104 | -10.1% |
| Remuneration, social security and pensions | 62 | €72,990 | €115,851 | +€42,862 | +58.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,602 | €8,479 | +€877 | +11.5% |
| Other operating charges | 640/8 | €200 | €205 | +€5 | +2.7% |
| Gross operating margin | 9900 | €142,552 | €182,033 | +€39,481 | +27.7% |
| Operating profit (loss) | 9901 | €61,761 | €57,498 | -€4,263 | -6.9% |
| Financial income | 75/76B | €607 | €1 | -€606 | -99.8% |
| Recurring financial income | 75 | €607 | €1 | -€606 | -99.8% |
| Financial charges | 65/66B | €116 | €272 | +€156 | +135.3% |
| Recurring financial charges | 65 | €116 | €272 | +€156 | +135.3% |
| Profit (loss) for the period before taxes | 9903 | €62,252 | €57,227 | -€5,025 | -8.1% |
| Income taxes | 67/77 | €13,072 | €12,719 | -€353 | -2.7% |
| Profit (loss) for the period | 9904 | €49,180 | €44,508 | -€4,672 | -9.5% |
| Profit (loss) for the period to be appropriated | 9905 | €49,180 | €44,508 | -€4,672 | -9.5% |
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 9 October 2026 via checked.be.