PUZZL: 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.
PUZZL
Largest movements
- Cash +€12,687
up €12,687 (+35.2%), from €36,087 to €48,774
mainly Net result for the year (+€7,813) and Trade debts (+€2,376)
- Tangible fixed assets -€1,251
down €1,251 (-38.6%), from €3,243 to €1,993
of which Furniture and vehicles: -€941
- Reserves +€7,813
up €7,813 (+76.4%), from €10,225 to €18,038
- Trade debts +€2,376
up €2,376 (+42.5%), from €5,592 to €7,968
- Tax, wage and social debts +€2,212
up €2,212 (+19.5%), from €11,345 to €13,557
- Other debts -€1,500
down €1,500 (-11.9%), from €12,634 to €11,134
- Gross operating margin -€4,217
down €4,217 (-21.2%), from €19,853 to €15,636
- Write-downs +€506
new in 2026: €506
- Taxes -€500
down €500 (-11.1%), from €4,513 to €4,013
- Depreciation +€257
up €257 (+13.5%), from €1,909 to €2,166
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €62,331 | €73,203 | +€10,872 | +17.4% |
| Fixed assets | 21/28 | €3,243 | €1,993 | -€1,251 | -38.6% |
| Tangible fixed assets | 22/27 | €3,243 | €1,993 | -€1,251 | -38.6% |
| Plant, machinery and equipment | 23 | €620 | €310 | -€310 | -50.0% |
| Furniture and vehicles | 24 | €2,623 | €1,683 | -€941 | -35.9% |
| Current assets | 29/58 | €59,088 | €71,210 | +€12,122 | +20.5% |
| Amounts receivable within one year | 40/41 | €21,992 | €21,278 | -€715 | -3.2% |
| Trade receivables | 40 | €21,992 | €21,278 | -€715 | -3.2% |
| Cash at bank and in hand | 54/58 | €36,087 | €48,774 | +€12,687 | +35.2% |
| Deferred charges and accrued income | 490/1 | €1,009 | €1,158 | +€150 | +14.8% |
| Total equity and liabilities | 10/49 | €62,331 | €73,203 | +€10,872 | +17.4% |
| Equity | 10/15 | €16,425 | €24,238 | +€7,813 | +47.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €10,225 | €18,038 | +€7,813 | +76.4% |
| Distributable reserves | 133 | €10,225 | €18,038 | +€7,813 | +76.4% |
| Amounts payable | 17/49 | €45,906 | €48,965 | +€3,059 | +6.7% |
| Amounts payable after more than one year | 17 | €16,000 | €16,000 | = | 0.0% |
| Financial debts | 170/4 | €16,000 | €16,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €29,706 | €32,765 | +€3,059 | +10.3% |
| Trade debts | 44 | €5,592 | €7,968 | +€2,376 | +42.5% |
| Suppliers | 440/4 | €5,592 | €7,968 | +€2,376 | +42.5% |
| Advances received on contracts in progress | 46 | €135 | €105 | -€30 | -22.1% |
| Taxes, remuneration and social security | 45 | €11,345 | €13,557 | +€2,212 | +19.5% |
| Taxes | 450/3 | €11,345 | €13,557 | +€2,212 | +19.5% |
| Other amounts payable | 47/48 | €12,634 | €11,134 | -€1,500 | -11.9% |
| Accrued charges and deferred income | 492/3 | €200 | €200 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,909 | €2,166 | +€257 | +13.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €506 | +€506 | |
| Other operating charges | 640/8 | €825 | €1,006 | +€181 | +21.9% |
| Gross operating margin | 9900 | €19,853 | €15,636 | -€4,217 | -21.2% |
| Operating profit (loss) | 9901 | €17,119 | €11,959 | -€5,160 | -30.1% |
| Financial income | 75/76B | €0 | €31 | +€31 | +76,875% |
| Recurring financial income | 75 | €0 | €31 | +€31 | +76,875% |
| Financial charges | 65/66B | €128 | €165 | +€36 | +28.4% |
| Recurring financial charges | 65 | €128 | €165 | +€36 | +28.4% |
| Profit (loss) for the period before taxes | 9903 | €16,991 | €11,826 | -€5,165 | -30.4% |
| Income taxes | 67/77 | €4,513 | €4,013 | -€500 | -11.1% |
| Profit (loss) for the period | 9904 | €12,478 | €7,813 | -€4,665 | -37.4% |
| Profit (loss) for the period to be appropriated | 9905 | €12,478 | €7,813 | -€4,665 | -37.4% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.