Puzzle Solutions: 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.
Puzzle Solutions
Largest movements
- Receivables after one year +€57,704
new in 2025: €57,704
- Cash +€4,264
up €4,264 (+7.6%), from €56,313 to €60,577
mainly Net result for the year (+€60,601) and Receivables within one year (+€3,497)
- Receivables within one year -€3,497
down €3,497 (-30.1%), from €11,616 to €8,119
- Reserves +€60,601
up €60,601 (+111%), from €54,384 to €114,985
- Gross operating margin +€7,367
up €7,367 (+10.6%), from €69,452 to €76,819
- Financial income +€1,566
new in 2025: €1,566
- Taxes +€1,329
up €1,329 (+9.0%), from €14,729 to €16,057
- Financial charges +€1,097
up €1,097 (+2,928%), from €37 to €1,134
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 | €68,960 | €129,471 | +€60,511 | +87.7% |
| Fixed assets | 21/28 | €958 | €1,708 | +€750 | +78.3% |
| Tangible fixed assets | 22/27 | €958 | €1,708 | +€750 | +78.3% |
| Plant, machinery and equipment | 23 | €958 | €1,708 | +€750 | +78.3% |
| Current assets | 29/58 | €68,002 | €127,764 | +€59,761 | +87.9% |
| Amounts receivable after more than one year | 29 | - | €57,704 | +€57,704 | |
| Other amounts receivable | 291 | - | €57,704 | +€57,704 | |
| Amounts receivable within one year | 40/41 | €11,616 | €8,119 | -€3,497 | -30.1% |
| Trade receivables | 40 | €11,616 | €8,119 | -€3,497 | -30.1% |
| Cash at bank and in hand | 54/58 | €56,313 | €60,577 | +€4,264 | +7.6% |
| Deferred charges and accrued income | 490/1 | €73 | €1,363 | +€1,290 | +1,760% |
| Total equity and liabilities | 10/49 | €68,960 | €129,471 | +€60,511 | +87.7% |
| Equity | 10/15 | €57,384 | €117,985 | +€60,601 | +106% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €54,384 | €114,985 | +€60,601 | +111% |
| Distributable reserves | 133 | €54,384 | €114,985 | +€60,601 | +111% |
| Amounts payable | 17/49 | €11,576 | €11,486 | -€90 | -0.8% |
| Amounts payable within one year | 42/48 | €11,101 | €11,486 | +€385 | +3.5% |
| Trade debts | 44 | €2,092 | €1,543 | -€549 | -26.2% |
| Suppliers | 440/4 | €2,092 | €1,543 | -€549 | -26.2% |
| Taxes, remuneration and social security | 45 | €9,009 | €9,943 | +€934 | +10.4% |
| Taxes | 450/3 | €8,994 | €9,943 | +€949 | +10.6% |
| Remuneration and social security | 454/9 | €15 | - | -€15 | |
| Accrued charges and deferred income | 492/3 | €475 | - | -€475 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €155 | €473 | +€318 | +206% |
| Other operating charges | 640/8 | €147 | €120 | -€27 | -18.3% |
| Gross operating margin | 9900 | €69,452 | €76,819 | +€7,367 | +10.6% |
| Operating profit (loss) | 9901 | €69,150 | €76,226 | +€7,076 | +10.2% |
| Financial income | 75/76B | - | €1,566 | +€1,566 | |
| Recurring financial income | 75 | - | €1,566 | +€1,566 | |
| Financial charges | 65/66B | €37 | €1,134 | +€1,097 | +2,928% |
| Recurring financial charges | 65 | €37 | €1,134 | +€1,097 | +2,928% |
| Profit (loss) for the period before taxes | 9903 | €69,113 | €76,658 | +€7,545 | +10.9% |
| Income taxes | 67/77 | €14,729 | €16,057 | +€1,329 | +9.0% |
| Profit (loss) for the period | 9904 | €54,384 | €60,601 | +€6,217 | +11.4% |
| Profit (loss) for the period to be appropriated | 9905 | €54,384 | €60,601 | +€6,217 | +11.4% |
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 16 October 2026 via checked.be.