R & V: 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.
R & V
Largest movements
- Tangible fixed assets +€23,765
up €23,765 (+240%), from €9,888 to €33,653
of which Furniture and vehicles: +€22,953
- Cash +€23,152
up €23,152 (+129%), from €17,921 to €41,072
mainly Net result for the year (+€27,807) and Debts after one year (+€18,611)
- Receivables within one year +€8,944
up €8,944 (+102%), from €8,787 to €17,731
of which Trade receivables: +€9,202
- Reserves +€27,807
up €27,807 (+124%), from €22,470 to €50,277
- Debts after one year +€18,611
new in 2025: €18,611
- Current portion of long-term debt +€5,344
new in 2025: €5,344
- Short-term financial debts +€2,121
up €2,121 (+945%), from €224 to €2,345
- Trade debts +€1,938
up €1,938 (+36.7%), from €5,286 to €7,224
- Gross operating margin +€34,843
up €34,843 (+159%), from €21,848 to €56,691
- Taxes +€9,131
up €9,131 (+117%), from €7,829 to €16,960
- Depreciation +€5,414
up €5,414 (+199%), from €2,719 to €8,133
- Other operating charges +€1,478
up €1,478 (+119%), from €1,241 to €2,719
- Financial charges +€835
up €835 (+338%), from €247 to €1,082
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 | €37,480 | €93,930 | +€56,449 | +151% |
| Fixed assets | 21/28 | €9,888 | €33,653 | +€23,765 | +240% |
| Tangible fixed assets | 22/27 | €9,888 | €33,653 | +€23,765 | +240% |
| Plant, machinery and equipment | 23 | €5,447 | €6,259 | +€812 | +14.9% |
| Furniture and vehicles | 24 | €4,442 | €27,395 | +€22,953 | +517% |
| Current assets | 29/58 | €27,592 | €60,276 | +€32,684 | +118% |
| Amounts receivable within one year | 40/41 | €8,787 | €17,731 | +€8,944 | +102% |
| Trade receivables | 40 | €4,527 | €13,729 | +€9,202 | +203% |
| Other amounts receivable | 41 | €4,260 | €4,002 | -€259 | -6.1% |
| Cash at bank and in hand | 54/58 | €17,921 | €41,072 | +€23,152 | +129% |
| Deferred charges and accrued income | 490/1 | €884 | €1,473 | +€589 | +66.6% |
| Total equity and liabilities | 10/49 | €37,480 | €93,930 | +€56,449 | +151% |
| Equity | 10/15 | €28,670 | €56,477 | +€27,807 | +97.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €22,470 | €50,277 | +€27,807 | +124% |
| Distributable reserves | 133 | €22,470 | €50,277 | +€27,807 | +124% |
| Amounts payable | 17/49 | €8,810 | €37,453 | +€28,643 | +325% |
| Amounts payable after more than one year | 17 | - | €18,611 | +€18,611 | |
| Financial debts | 170/4 | - | €18,611 | +€18,611 | |
| Amounts payable within one year | 42/48 | €8,810 | €18,842 | +€10,032 | +114% |
| Current portion of amounts payable after more than one year | 42 | - | €5,344 | +€5,344 | |
| Financial debts | 43 | €224 | €2,345 | +€2,121 | +945% |
| Credit institutions | 430/8 | €224 | €2,345 | +€2,121 | +945% |
| Trade debts | 44 | €5,286 | €7,224 | +€1,938 | +36.7% |
| Suppliers | 440/4 | €5,286 | €7,224 | +€1,938 | +36.7% |
| Taxes, remuneration and social security | 45 | €829 | €1,130 | +€302 | +36.4% |
| Taxes | 450/3 | €829 | €1,130 | +€302 | +36.4% |
| Other amounts payable | 47/48 | €2,471 | €2,798 | +€327 | +13.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,719 | €8,133 | +€5,414 | +199% |
| Other operating charges | 640/8 | €1,241 | €2,719 | +€1,478 | +119% |
| Gross operating margin | 9900 | €21,848 | €56,691 | +€34,843 | +159% |
| Operating profit (loss) | 9901 | €17,888 | €45,839 | +€27,951 | +156% |
| Financial income | 75/76B | €6 | €10 | +€4 | +65.9% |
| Recurring financial income | 75 | €6 | €10 | +€4 | +65.9% |
| Financial charges | 65/66B | €247 | €1,082 | +€835 | +338% |
| Recurring financial charges | 65 | €247 | €1,082 | +€835 | +338% |
| Profit (loss) for the period before taxes | 9903 | €17,646 | €44,767 | +€27,120 | +154% |
| Income taxes | 67/77 | €7,829 | €16,960 | +€9,131 | +117% |
| Profit (loss) for the period | 9904 | €9,818 | €27,807 | +€17,989 | +183% |
| Profit (loss) for the period to be appropriated | 9905 | €9,818 | €27,807 | +€17,989 | +183% |
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 28 October 2026 via checked.be.