PROSPECTUS: 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.
PROSPECTUS
Largest movements
- Cash -€96,543
down €96,543 (-87.7%), from €110,081 to €13,537
mainly Receivables within one year (-€67,711) and Investment in fixed assets (net) (-€34,682)
- Receivables within one year +€67,711
up €67,711 (+165.6%), from €40,889 to €108,601
of which Trade receivables: +€59,145
- Reserves -€22,864
down €22,864 (-20.1%), from €113,759 to €90,894
of which Distributable reserves: -€22,864
- Tax, wage and social debts +€10,638
up €10,638 (+264.7%), from €4,019 to €14,658
of which Taxes: +€7,563
- Profit (loss) carried forward -€10,400
new in 2025: -€10,400
- Debts after one year -€9,444
down €9,444 (-2.2%), from €432,572 to €423,127
- Gross operating margin -€86,681
down €86,681 (-73.3%), from €118,202 to €31,521
- Depreciation -€25,271
down €25,271 (-42.1%), from €60,062 to €34,791
- Taxes -€10,849
down €10,849 (-96.7%), from €11,225 to €376
- Financial charges +€6,859
up €6,859 (+58.8%), from €11,661 to €18,520
- Staff costs -€1,640
down €1,640 (-14.9%), from €10,997 to €9,357
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 | €590,443 | €560,983 | -€29,461 | -5.0% |
| Fixed assets | 21/28 | €429,087 | €428,978 | -€109 | 0.0% |
| Tangible fixed assets | 22/27 | €425,487 | €425,378 | -€109 | 0.0% |
| Land and buildings | 22 | €322,072 | €313,701 | -€8,371 | -2.6% |
| Plant, machinery and equipment | 23 | €16,184 | €19,981 | +€3,797 | +23.5% |
| Furniture and vehicles | 24 | €6,290 | €4,121 | -€2,169 | -34.5% |
| Other tangible fixed assets | 26 | €80,941 | €87,576 | +€6,635 | +8.2% |
| Financial fixed assets | 28 | €3,600 | €3,600 | = | 0.0% |
| Current assets | 29/58 | €161,357 | €132,005 | -€29,352 | -18.2% |
| Stocks and contracts in progress | 3 | €5,645 | €5,117 | -€528 | -9.3% |
| Stocks | 30/36 | €5,645 | €5,117 | -€528 | -9.3% |
| Amounts receivable within one year | 40/41 | €40,889 | €108,601 | +€67,711 | +165.6% |
| Trade receivables | 40 | €1,355 | €60,500 | +€59,145 | +4363.4% |
| Other amounts receivable | 41 | €39,534 | €48,101 | +€8,567 | +21.7% |
| Cash at bank and in hand | 54/58 | €110,081 | €13,537 | -€96,543 | -87.7% |
| Deferred charges and accrued income | 490/1 | €4,742 | €4,749 | +€8 | +0.2% |
| Total equity and liabilities | 10/49 | €590,443 | €560,983 | -€29,461 | -5.0% |
| Equity | 10/15 | €119,959 | €86,695 | -€33,264 | -27.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €113,759 | €90,894 | -€22,864 | -20.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €111,899 | €89,034 | -€22,864 | -20.4% |
| Profit (loss) carried forward | 14 | - | -€10,400 | -€10,400 | |
| Amounts payable | 17/49 | €470,485 | €474,288 | +€3,803 | +0.8% |
| Amounts payable after more than one year | 17 | €432,572 | €423,127 | -€9,444 | -2.2% |
| Financial debts | 170/4 | €432,572 | €423,127 | -€9,444 | -2.2% |
| Amounts payable within one year | 42/48 | €34,779 | €48,026 | +€13,247 | +38.1% |
| Current portion of amounts payable after more than one year | 42 | €25,122 | €26,184 | +€1,063 | +4.2% |
| Financial debts | 43 | - | €2,103 | +€2,103 | |
| Credit institutions | 430/8 | - | €2,103 | +€2,103 | |
| Trade debts | 44 | €3,920 | €5,081 | +€1,160 | +29.6% |
| Suppliers | 440/4 | €3,920 | €5,081 | +€1,160 | +29.6% |
| Taxes, remuneration and social security | 45 | €4,019 | €14,658 | +€10,638 | +264.7% |
| Taxes | 450/3 | €3,127 | €10,689 | +€7,563 | +241.9% |
| Remuneration and social security | 454/9 | €893 | €3,968 | +€3,075 | +344.4% |
| Other amounts payable | 47/48 | €1,718 | - | -€1,718 | |
| Accrued charges and deferred income | 492/3 | €3,134 | €3,135 | +€1 | 0.0% |
| Non-recurring operating income | 76A | - | €2,729 | +€2,729 | |
| Remuneration, social security and pensions | 62 | €10,997 | €9,357 | -€1,640 | -14.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €60,062 | €34,791 | -€25,271 | -42.1% |
| Other operating charges | 640/8 | €1,776 | €3,256 | +€1,480 | +83.3% |
| Gross operating margin | 9900 | €118,202 | €31,521 | -€86,681 | -73.3% |
| Operating profit (loss) | 9901 | €45,368 | -€15,882 | -€61,250 | |
| Financial income | 75/76B | €1,608 | €1,514 | -€94 | -5.9% |
| Recurring financial income | 75 | €1,608 | €1,514 | -€94 | -5.9% |
| Financial charges | 65/66B | €11,661 | €18,520 | +€6,859 | +58.8% |
| Recurring financial charges | 65 | €11,661 | €18,520 | +€6,859 | +58.8% |
| Profit (loss) for the period before taxes | 9903 | €35,315 | -€32,888 | -€68,203 | |
| Income taxes | 67/77 | €11,225 | €376 | -€10,849 | -96.7% |
| Profit (loss) for the period | 9904 | €24,090 | -€33,264 | -€57,354 | |
| Profit (loss) for the period to be appropriated | 9905 | €24,090 | -€33,264 | -€57,354 |
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 5 October 2026 via checked.be.