R & V: 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.
R & V
Largest movements
- Stocks and contracts -€15,652
down €15,652 (-55.0%), from €28,452 to €12,800
- Receivables within one year +€8,668
up €8,668 (+104.4%), from €8,304 to €16,972
of which Trade receivables: +€4,616
- Cash +€6,868
up €6,868 (+35.1%), from €19,539 to €26,407
mainly Stocks and contracts (+€15,652) and Trade debts (+€3,548)
- Current investments -€2,003
down €2,003 (-39.5%), from €5,070 to €3,067
- Tax, wage and social debts -€4,750
down €4,750 (-65.3%), from €7,272 to €2,522
of which Taxes: -€4,872
- Trade debts +€3,548
up €3,548 (+114.0%), from €3,112 to €6,660
of which Bills of exchange payable: +€5,585
- Profit (loss) carried forward -€2,388
down €2,388 (-5.5%), from €43,039 to €40,651
- Other debts +€1,542
up €1,542 (+494.8%), from €312 to €1,854
- Purchases and services -€150,423
no longer reported in 2025 (was €150,423)
- Turnover -€144,946
no longer reported in 2025 (was €144,946)
- Gross operating margin +€4,881
up €4,881, from -€3,793 to €1,088
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 | €61,790 | €59,743 | -€2,047 | -3.3% |
| Fixed assets | 21/28 | €240 | €240 | = | 0.0% |
| Financial fixed assets | 28 | €240 | €240 | = | 0.0% |
| Current assets | 29/58 | €61,550 | €59,503 | -€2,047 | -3.3% |
| Stocks and contracts in progress | 3 | €28,452 | €12,800 | -€15,652 | -55.0% |
| Stocks | 30/36 | €28,452 | €12,800 | -€15,652 | -55.0% |
| Amounts receivable within one year | 40/41 | €8,304 | €16,972 | +€8,668 | +104.4% |
| Trade receivables | 40 | - | €4,616 | +€4,616 | |
| Other amounts receivable | 41 | €8,304 | €12,357 | +€4,052 | +48.8% |
| Current investments | 50/53 | €5,070 | €3,067 | -€2,003 | -39.5% |
| Cash at bank and in hand | 54/58 | €19,539 | €26,407 | +€6,868 | +35.1% |
| Deferred charges and accrued income | 490/1 | €185 | €257 | +€72 | +39.0% |
| Total equity and liabilities | 10/49 | €61,790 | €59,743 | -€2,047 | -3.3% |
| Equity | 10/15 | €51,095 | €48,708 | -€2,388 | -4.7% |
| Contributions | 10/11 | €6,197 | €6,197 | = | 0.0% |
| Capital | 10 | €6,197 | - | -€6,197 | |
| Issued capital | 100 | €18,592 | - | -€18,592 | |
| Uncalled capital | 101 | €12,395 | - | -€12,395 | |
| Reserves | 13 | €1,859 | €1,859 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Legal reserve | 130 | €1,859 | - | -€1,859 | |
| Reserves not available under the articles | 1311 | - | €1,859 | +€1,859 | |
| Profit (loss) carried forward | 14 | €43,039 | €40,651 | -€2,388 | -5.5% |
| Amounts payable | 17/49 | €10,695 | €11,035 | +€341 | +3.2% |
| Amounts payable within one year | 42/48 | €10,695 | €11,035 | +€341 | +3.2% |
| Trade debts | 44 | €3,112 | €6,660 | +€3,548 | +114.0% |
| Suppliers | 440/4 | €3,112 | €1,075 | -€2,037 | -65.5% |
| Bills of exchange payable | 441 | - | €5,585 | +€5,585 | |
| Taxes, remuneration and social security | 45 | €7,272 | €2,522 | -€4,750 | -65.3% |
| Taxes | 450/3 | €4,872 | - | -€4,872 | |
| Remuneration and social security | 454/9 | €2,400 | €2,522 | +€122 | +5.1% |
| Other amounts payable | 47/48 | €312 | €1,854 | +€1,542 | +494.8% |
| Turnover | 70 | €144,946 | - | -€144,946 | |
| Goods, raw materials, services and sundry goods | 60/61 | €150,423 | - | -€150,423 | |
| Other operating charges | 640/8 | €864 | €787 | -€77 | -8.9% |
| Non-recurring operating charges | 66A | €58 | - | -€58 | |
| Gross operating margin | 9900 | -€3,793 | €1,088 | +€4,881 | |
| Operating profit (loss) | 9901 | -€4,714 | €301 | +€5,015 | |
| Financial income | 75/76B | €99 | €39 | -€60 | -60.4% |
| Recurring financial income | 75 | €99 | €39 | -€60 | -60.4% |
| Financial charges | 65/66B | €1,106 | €1,176 | +€70 | +6.4% |
| Recurring financial charges | 65 | €1,106 | €1,176 | +€70 | +6.4% |
| Profit (loss) for the period before taxes | 9903 | -€5,721 | -€836 | +€4,885 | +85.4% |
| Income taxes | 67/77 | €955 | €1,552 | +€597 | +62.5% |
| Profit (loss) for the period | 9904 | -€6,676 | -€2,388 | +€4,288 | +64.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€6,676 | -€2,388 | +€4,288 | +64.2% |
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 3 October 2026 via checked.be.