Puzzles: what changed
Two fiscal 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.
Puzzles
Largest movements
- Receivables within one year +€11,191
up €11,191 (+20424.7%), from €55 to €11,246
of which Trade receivables: +€11,050
- Cash +€8,719
up €8,719 (+8.4%), from €103,880 to €112,599
mainly Net result for the year (+€25,674) and Depreciation (+€2,115)
- Profit (loss) carried forward +€17,157
up €17,157, from -€17,157 to €0
- Reserves +€8,517
up €8,517 (+8.9%), from €96,049 to €104,566
- Trade debts -€2,041
down €2,041 (-83.4%), from €2,448 to €407
- Tax, wage and social debts -€1,996
down €1,996 (-41.0%), from €4,866 to €2,870
- Gross operating margin -€2,709
down €2,709 (-8.3%), from €32,811 to €30,102
- Taxes +€2,005
new in 2025: €2,005
- Depreciation +€510
up €510 (+31.7%), from €1,605 to €2,115
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 | €110,616 | €131,172 | +€20,556 | +18.6% |
| Fixed assets | 21/28 | €6,308 | €6,920 | +€613 | +9.7% |
| Tangible fixed assets | 22/27 | €6,308 | €6,920 | +€613 | +9.7% |
| Furniture and vehicles | 24 | €5,651 | €6,263 | +€613 | +10.8% |
| Other tangible fixed assets | 26 | €657 | €657 | = | 0.0% |
| Current assets | 29/58 | €104,308 | €124,251 | +€19,943 | +19.1% |
| Amounts receivable within one year | 40/41 | €55 | €11,246 | +€11,191 | +20424.7% |
| Trade receivables | 40 | €0 | €11,050 | +€11,050 | |
| Other amounts receivable | 41 | €55 | €196 | +€141 | +256.8% |
| Cash at bank and in hand | 54/58 | €103,880 | €112,599 | +€8,719 | +8.4% |
| Deferred charges and accrued income | 490/1 | €373 | €407 | +€34 | +9.1% |
| Total equity and liabilities | 10/49 | €110,616 | €131,172 | +€20,556 | +18.6% |
| Equity | 10/15 | €93,892 | €119,566 | +€25,674 | +27.3% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €96,049 | €104,566 | +€8,517 | +8.9% |
| Distributable reserves | 133 | €96,049 | €104,566 | +€8,517 | +8.9% |
| Profit (loss) carried forward | 14 | -€17,157 | €0 | +€17,157 | |
| Amounts payable | 17/49 | €16,723 | €11,606 | -€5,118 | -30.6% |
| Amounts payable within one year | 42/48 | €16,723 | €11,606 | -€5,118 | -30.6% |
| Trade debts | 44 | €2,448 | €407 | -€2,041 | -83.4% |
| Suppliers | 440/4 | €2,448 | €407 | -€2,041 | -83.4% |
| Taxes, remuneration and social security | 45 | €4,866 | €2,870 | -€1,996 | -41.0% |
| Taxes | 450/3 | €4,866 | €2,870 | -€1,996 | -41.0% |
| Other amounts payable | 47/48 | €9,410 | €8,329 | -€1,081 | -11.5% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,605 | €2,115 | +€510 | +31.7% |
| Other operating charges | 640/8 | €592 | €610 | +€18 | +3.0% |
| Gross operating margin | 9900 | €32,811 | €30,102 | -€2,709 | -8.3% |
| Operating profit (loss) | 9901 | €30,614 | €27,378 | -€3,236 | -10.6% |
| Financial income | 75/76B | €536 | €536 | -€0 | -0.1% |
| Recurring financial income | 75 | €536 | €536 | -€0 | -0.1% |
| Financial charges | 65/66B | €209 | €235 | +€26 | +12.3% |
| Recurring financial charges | 65 | €209 | €235 | +€26 | +12.3% |
| Profit (loss) for the period before taxes | 9903 | €30,942 | €27,679 | -€3,262 | -10.5% |
| Income taxes | 67/77 | - | €2,005 | +€2,005 | |
| Profit (loss) for the period | 9904 | €30,942 | €25,674 | -€5,268 | -17.0% |
| Profit (loss) for the period to be appropriated | 9905 | €30,942 | €25,674 | -€5,268 | -17.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.