Proxy NET: 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.
Proxy NET
Largest movements
- Cash +€129,582
up €129,582 (+46.5%), from €278,967 to €408,549
mainly Net result for the year (+€119,436) and Tax, wage and social debts (+€117,006)
- Receivables within one year +€35,946
up €35,946 (+849%), from €4,234 to €40,180
of which Other amounts receivable: +€26,607
- Tangible fixed assets -€21,222
down €21,222 (-23.1%), from €91,757 to €70,535
of which Furniture and vehicles: -€18,622
- Deferred charges and accrued income +€12,854
up €12,854 (+14.1%), from €91,473 to €104,328
- Tax, wage and social debts +€117,006
up €117,006 (+60.6%), from €192,974 to €309,980
of which Remuneration and social security: +€108,679
- Reserves +€69,436
up €69,436 (+13.3%), from €521,773 to €591,209
- Debts after one year -€17,660
down €17,660 (-43.3%), from €40,768 to €23,108
- Current portion of long-term debt -€16,279
down €16,279 (-48.0%), from €33,939 to €17,660
- Gross operating margin +€394,862
up €394,862 (+21.8%), from €1.8m to €2.2m
- Staff costs +€392,360
up €392,360 (+22.5%), from €1.7m to €2.1m
- Financial income +€42,248
up €42,248 (+61.1%), from €69,148 to €111,397
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.
Derived cash bridge
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 | €1,087,344 | €1,243,986 | +€156,643 | +14.4% |
| Fixed assets | 21/28 | €712,669 | €690,929 | -€21,739 | -3.1% |
| Intangible fixed assets | 21 | €911 | €394 | -€517 | -56.8% |
| Tangible fixed assets | 22/27 | €91,757 | €70,535 | -€21,222 | -23.1% |
| Furniture and vehicles | 24 | €84,241 | €65,619 | -€18,622 | -22.1% |
| Other tangible fixed assets | 26 | €7,517 | €4,917 | -€2,600 | -34.6% |
| Financial fixed assets | 28 | €620,000 | €620,000 | = | 0.0% |
| Current assets | 29/58 | €374,675 | €553,057 | +€178,382 | +47.6% |
| Amounts receivable within one year | 40/41 | €4,234 | €40,180 | +€35,946 | +849% |
| Trade receivables | 40 | €0 | €9,338 | +€9,338 | |
| Other amounts receivable | 41 | €4,234 | €30,842 | +€26,607 | +628% |
| Cash at bank and in hand | 54/58 | €278,967 | €408,549 | +€129,582 | +46.5% |
| Deferred charges and accrued income | 490/1 | €91,473 | €104,328 | +€12,854 | +14.1% |
| Total equity and liabilities | 10/49 | €1,087,344 | €1,243,986 | +€156,643 | +14.4% |
| Equity | 10/15 | €788,750 | €858,186 | +€69,436 | +8.8% |
| Contributions | 10/11 | €266,600 | €266,600 | = | 0.0% |
| Reserves | 13 | €521,773 | €591,209 | +€69,436 | +13.3% |
| Distributable reserves | 133 | €521,773 | €591,209 | +€69,436 | +13.3% |
| Profit (loss) carried forward | 14 | €378 | €378 | = | 0.0% |
| Amounts payable | 17/49 | €298,593 | €385,800 | +€87,207 | +29.2% |
| Amounts payable after more than one year | 17 | €40,768 | €23,108 | -€17,660 | -43.3% |
| Financial debts | 170/4 | €40,768 | €23,108 | -€17,660 | -43.3% |
| Amounts payable within one year | 42/48 | €255,571 | €361,086 | +€105,515 | +41.3% |
| Current portion of amounts payable after more than one year | 42 | €33,939 | €17,660 | -€16,279 | -48.0% |
| Financial debts | 43 | €16,928 | €20,212 | +€3,283 | +19.4% |
| Credit institutions | 430/8 | €16,928 | €20,212 | +€3,283 | +19.4% |
| Trade debts | 44 | €11,575 | €12,605 | +€1,030 | +8.9% |
| Suppliers | 440/4 | €11,575 | €12,605 | +€1,030 | +8.9% |
| Taxes, remuneration and social security | 45 | €192,974 | €309,980 | +€117,006 | +60.6% |
| Taxes | 450/3 | €1,771 | €10,098 | +€8,327 | +470% |
| Remuneration and social security | 454/9 | €191,203 | €299,882 | +€108,679 | +56.8% |
| Other amounts payable | 47/48 | €154 | €628 | +€474 | +308% |
| Accrued charges and deferred income | 492/3 | €2,255 | €1,607 | -€648 | -28.7% |
| Non-recurring operating income | 76A | €9,807 | €0 | -€9,807 | -100% |
| Remuneration, social security and pensions | 62 | €1,744,964 | €2,137,324 | +€392,360 | +22.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,761 | €22,451 | +€4,690 | +26.4% |
| Other operating charges | 640/8 | €10,595 | €7,075 | -€3,520 | -33.2% |
| Gross operating margin | 9900 | €1,814,493 | €2,209,355 | +€394,862 | +21.8% |
| Operating profit (loss) | 9901 | €41,173 | €42,505 | +€1,332 | +3.2% |
| Financial income | 75/76B | €69,148 | €111,397 | +€42,248 | +61.1% |
| Recurring financial income | 75 | €69,148 | €111,397 | +€42,248 | +61.1% |
| Financial charges | 65/66B | €4,157 | €3,667 | -€489 | -11.8% |
| Recurring financial charges | 65 | €4,157 | €3,667 | -€489 | -11.8% |
| Profit (loss) for the period before taxes | 9903 | €106,165 | €150,234 | +€44,070 | +41.5% |
| Income taxes | 67/77 | €23,337 | €30,798 | +€7,462 | +32.0% |
| Profit (loss) for the period | 9904 | €82,828 | €119,436 | +€36,608 | +44.2% |
| Profit (loss) for the period to be appropriated | 9905 | €82,828 | €119,436 | +€36,608 | +44.2% |
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 14 October 2026 via checked.be.