PUNCH UP: what changed
PUNCH UP
Largest movements
- Intangible fixed assets -€7,246
down €7,246 (-22.5%), from €32,161 to €24,915
- Cash -€6,126
down €6,126 (-74.5%), from €8,218 to €2,093
mainly Net result for the year (-€17,711) and Trade debts (-€8,105)
- Tangible fixed assets -€1,278
down €1,278 (-22.8%), from €5,596 to €4,318
- Deferred charges and accrued income -€1,107
down €1,107 (-62.8%), from €1,765 to €657
- Receivables within one year +€920
up €920 (+51.0%), from €1,803 to €2,723
of which Trade receivables: +€1,943
- Profit (loss) carried forward -€17,711
down €17,711 (-58.8%), from -€30,107 to -€47,818
- Other debts +€13,631
up €13,631 (+116%), from €11,721 to €25,352
- Trade debts -€8,105
down €8,105 (-79.3%), from €10,227 to €2,122
- Debts after one year -€4,036
down €4,036 (-26.4%), from €15,317 to €11,281
- Accrued charges and deferred income +€1,330
new in 2025: €1,330
- Gross operating margin +€15,003
up €15,003 (+64.9%), from -€23,130 to -€8,127
- Depreciation +€3,955
up €3,955 (+85.1%), from €4,645 to €8,600
- Taxes -€1,208
down €1,208, from €806 to -€403
- Other operating charges -€635
down €635 (-82.2%), from €772 to €137
- Financial charges +€289
up €289 (+38.3%), from €754 to €1,043
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €49,827 | €34,706 | -€15,121 | -30.3% |
| Formation expenses | 20 | €284 | - | -€284 | |
| Fixed assets | 21/28 | €37,757 | €29,233 | -€8,525 | -22.6% |
| Intangible fixed assets | 21 | €32,161 | €24,915 | -€7,246 | -22.5% |
| Tangible fixed assets | 22/27 | €5,596 | €4,318 | -€1,278 | -22.8% |
| Plant, machinery and equipment | 23 | €5,596 | €4,318 | -€1,278 | -22.8% |
| Current assets | 29/58 | €11,786 | €5,473 | -€6,313 | -53.6% |
| Amounts receivable within one year | 40/41 | €1,803 | €2,723 | +€920 | +51.0% |
| Trade receivables | 40 | €717 | €2,660 | +€1,943 | +271% |
| Other amounts receivable | 41 | €1,086 | €63 | -€1,023 | -94.2% |
| Cash at bank and in hand | 54/58 | €8,218 | €2,093 | -€6,126 | -74.5% |
| Deferred charges and accrued income | 490/1 | €1,765 | €657 | -€1,107 | -62.8% |
| Total equity and liabilities | 10/49 | €49,827 | €34,706 | -€15,121 | -30.3% |
| Equity | 10/15 | €7,893 | -€9,818 | -€17,711 | |
| Contributions | 10/11 | €38,000 | €38,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€30,107 | -€47,818 | -€17,711 | -58.8% |
| Amounts payable | 17/49 | €41,934 | €44,524 | +€2,590 | +6.2% |
| Amounts payable after more than one year | 17 | €15,317 | €11,281 | -€4,036 | -26.4% |
| Financial debts | 170/4 | €15,317 | €11,281 | -€4,036 | -26.4% |
| Amounts payable within one year | 42/48 | €26,617 | €31,912 | +€5,296 | +19.9% |
| Current portion of amounts payable after more than one year | 42 | €3,864 | €4,036 | +€173 | +4.5% |
| Trade debts | 44 | €10,227 | €2,122 | -€8,105 | -79.3% |
| Suppliers | 440/4 | €10,227 | €2,122 | -€8,105 | -79.3% |
| Taxes, remuneration and social security | 45 | €806 | €403 | -€403 | -50.0% |
| Taxes | 450/3 | €806 | €403 | -€403 | -50.0% |
| Other amounts payable | 47/48 | €11,721 | €25,352 | +€13,631 | +116% |
| Accrued charges and deferred income | 492/3 | - | €1,330 | +€1,330 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,645 | €8,600 | +€3,955 | +85.1% |
| Other operating charges | 640/8 | €772 | €137 | -€635 | -82.2% |
| Non-recurring operating charges | 66A | - | €208 | +€208 | |
| Gross operating margin | 9900 | -€23,130 | -€8,127 | +€15,003 | +64.9% |
| Operating profit (loss) | 9901 | -€28,547 | -€17,073 | +€11,474 | +40.2% |
| Financial income | 75/76B | - | €2 | +€2 | |
| Recurring financial income | 75 | - | €2 | +€2 | |
| Financial charges | 65/66B | €754 | €1,043 | +€289 | +38.3% |
| Recurring financial charges | 65 | €754 | €1,043 | +€289 | +38.3% |
| Profit (loss) for the period before taxes | 9903 | -€29,301 | -€18,114 | +€11,187 | +38.2% |
| Income taxes | 67/77 | €806 | -€403 | -€1,208 | |
| Profit (loss) for the period | 9904 | -€30,107 | -€17,711 | +€12,396 | +41.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€30,107 | -€17,711 | +€12,396 | +41.2% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.