PROUDLY: 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.
PROUDLY
Largest movements
- Tangible fixed assets -€28,923
down €28,923 (-38.6%), from €74,917 to €45,994
of which Plant, machinery and equipment: -€28,397
- Receivables within one year +€16,800
up €16,800 (+33.9%), from €49,507 to €66,307
of which Other amounts receivable: +€13,197
- Formation expenses -€8,470
down €8,470 (-24.2%), from €35,005 to €26,535
- Intangible fixed assets -€5,500
down €5,500 (-30.0%), from €18,333 to €12,833
- Cash +€3,818
new in 2025: €3,818
mainly Depreciation (+€42,893) and Debts after one year (+€42,251)
- Short-term financial debts -€45,198
down €45,198 (-93.4%), from €48,379 to €3,181
- Debts after one year +€42,251
up €42,251 (+33.8%), from €125,172 to €167,423
of which Financial debts: +€116,851
- Accrued charges and deferred income -€33,468
no longer reported in 2025 (was €33,468)
- Trade debts +€29,842
up €29,842 (+89.3%), from €33,405 to €63,247
- Current portion of long-term debt -€23,050
down €23,050 (-73.1%), from €31,536 to €8,486
- Purchases and services +€187,898
new in 2025: €187,898
- Staff costs -€56,524
down €56,524 (-46.3%), from €121,975 to €65,451
- Financial income +€37,217
new in 2025: €37,217
of which Non-recurring financial income: +€36,600
- Gross operating margin +€21,287
up €21,287 (+28.9%), from €73,710 to €94,997
- Depreciation -€18,346
down €18,346 (-30.0%), from €61,239 to €42,893
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 | €179,639 | €156,207 | -€23,432 | -13.0% |
| Formation expenses | 20 | €35,005 | €26,535 | -€8,470 | -24.2% |
| Fixed assets | 21/28 | €93,250 | €59,547 | -€33,703 | -36.1% |
| Intangible fixed assets | 21 | €18,333 | €12,833 | -€5,500 | -30.0% |
| Tangible fixed assets | 22/27 | €74,917 | €45,994 | -€28,923 | -38.6% |
| Plant, machinery and equipment | 23 | €74,391 | €45,994 | -€28,397 | -38.2% |
| Furniture and vehicles | 24 | €526 | €0 | -€526 | -100.0% |
| Financial fixed assets | 28 | - | €720 | +€720 | |
| Current assets | 29/58 | €51,384 | €70,125 | +€18,741 | +36.5% |
| Amounts receivable within one year | 40/41 | €49,507 | €66,307 | +€16,800 | +33.9% |
| Trade receivables | 40 | €49,387 | €52,990 | +€3,603 | +7.3% |
| Other amounts receivable | 41 | €120 | €13,317 | +€13,197 | +10997.5% |
| Cash at bank and in hand | 54/58 | - | €3,818 | +€3,818 | |
| Deferred charges and accrued income | 490/1 | €1,877 | - | -€1,877 | |
| Total equity and liabilities | 10/49 | €179,639 | €156,207 | -€23,432 | -13.0% |
| Equity | 10/15 | -€121,757 | -€111,206 | +€10,551 | +8.7% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€221,757 | -€211,206 | +€10,551 | +4.8% |
| Amounts payable | 17/49 | €301,396 | €267,413 | -€33,983 | -11.3% |
| Amounts payable after more than one year | 17 | €125,172 | €167,423 | +€42,251 | +33.8% |
| Financial debts | 170/4 | €50,572 | €167,423 | +€116,851 | +231.1% |
| Other amounts payable | 178/9 | €74,600 | - | -€74,600 | |
| Amounts payable within one year | 42/48 | €142,756 | €99,990 | -€42,766 | -30.0% |
| Current portion of amounts payable after more than one year | 42 | €31,536 | €8,486 | -€23,050 | -73.1% |
| Financial debts | 43 | €48,379 | €3,181 | -€45,198 | -93.4% |
| Credit institutions | 430/8 | €48,379 | €3,181 | -€45,198 | -93.4% |
| Trade debts | 44 | €33,405 | €63,247 | +€29,842 | +89.3% |
| Suppliers | 440/4 | €33,405 | €63,247 | +€29,842 | +89.3% |
| Taxes, remuneration and social security | 45 | €29,436 | €24,044 | -€5,392 | -18.3% |
| Taxes | 450/3 | €27,976 | €24,044 | -€3,932 | -14.1% |
| Remuneration and social security | 454/9 | €1,460 | - | -€1,460 | |
| Other amounts payable | 47/48 | - | €1,032 | +€1,032 | |
| Accrued charges and deferred income | 492/3 | €33,468 | - | -€33,468 | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €187,898 | +€187,898 | |
| Remuneration, social security and pensions | 62 | €121,975 | €65,451 | -€56,524 | -46.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €61,239 | €42,893 | -€18,346 | -30.0% |
| Other operating charges | 640/8 | €2,695 | €4,513 | +€1,818 | +67.5% |
| Gross operating margin | 9900 | €73,710 | €94,997 | +€21,287 | +28.9% |
| Operating profit (loss) | 9901 | -€112,199 | -€17,860 | +€94,339 | +84.1% |
| Financial income | 75/76B | - | €37,217 | +€37,217 | |
| Recurring financial income | 75 | - | €617 | +€617 | |
| Non-recurring financial income | 76B | - | €36,600 | +€36,600 | |
| Financial charges | 65/66B | €11,540 | €8,806 | -€2,734 | -23.7% |
| Recurring financial charges | 65 | €11,540 | €8,806 | -€2,734 | -23.7% |
| Profit (loss) for the period before taxes | 9903 | -€123,739 | €10,551 | +€134,290 | |
| Income taxes | 67/77 | €158 | - | -€158 | |
| Profit (loss) for the period | 9904 | -€123,897 | €10,551 | +€134,448 | |
| Profit (loss) for the period to be appropriated | 9905 | -€123,897 | €10,551 | +€134,448 |
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 12 October 2026 via checked.be.