R17: 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.
R17
Largest movements
- Cash +€318,993
up €318,993 (+108.7%), from €293,539 to €612,532
mainly Other debts (+€526,037) and Depreciation (+€60,383)
- Tangible fixed assets -€39,590
down €39,590 (-26.6%), from €148,576 to €108,987
of which Furniture and vehicles: -€33,376
- Other debts +€526,037
up €526,037 (+30.3%), from €1.7m to €2.3m
- Profit (loss) carried forward -€191,342
down €191,342 (-1.6%), from -€11.8m to -€12.0m
- Trade debts -€110,966
down €110,966 (-14.5%), from €762,985 to €652,018
- Accrued charges and deferred income +€32,550
up €32,550 (+113.6%), from €28,663 to €61,213
- Tax, wage and social debts +€27,081
new in 2025: €27,081
- Gross operating margin +€55,447
up €55,447 (+37.6%), from -€147,422 to -€91,975
- Depreciation -€11,925
down €11,925 (-16.5%), from €72,308 to €60,383
- Other operating charges +€4,599
up €4,599 (+998.7%), from €460 to €5,059
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 | €529,665 | €813,025 | +€283,360 | +53.5% |
| Fixed assets | 21/28 | €148,876 | €109,287 | -€39,590 | -26.6% |
| Tangible fixed assets | 22/27 | €148,576 | €108,987 | -€39,590 | -26.6% |
| Plant, machinery and equipment | 23 | €13,350 | €10,498 | -€2,853 | -21.4% |
| Furniture and vehicles | 24 | €109,273 | €75,898 | -€33,376 | -30.5% |
| Assets under construction and advance payments | 27 | €25,953 | €22,591 | -€3,362 | -13.0% |
| Financial fixed assets | 28 | €300 | €300 | = | 0.0% |
| Current assets | 29/58 | €380,789 | €703,739 | +€322,950 | +84.8% |
| Amounts receivable within one year | 40/41 | €86,743 | €91,206 | +€4,463 | +5.1% |
| Trade receivables | 40 | €53,728 | €88,996 | +€35,268 | +65.6% |
| Other amounts receivable | 41 | €33,015 | €2,210 | -€30,805 | -93.3% |
| Cash at bank and in hand | 54/58 | €293,539 | €612,532 | +€318,993 | +108.7% |
| Deferred charges and accrued income | 490/1 | €506 | €0 | -€506 | -100.0% |
| Total equity and liabilities | 10/49 | €529,665 | €813,025 | +€283,360 | +53.5% |
| Equity | 10/15 | -€1,997,876 | -€2,189,218 | -€191,342 | -9.6% |
| Contributions | 10/11 | €9,768,150 | €9,768,150 | = | 0.0% |
| Capital | 10 | €9,768,150 | €9,768,150 | = | 0.0% |
| Issued capital | 100 | €9,768,150 | €9,768,150 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€11,766,026 | -€11,957,368 | -€191,342 | -1.6% |
| Amounts payable | 17/49 | €2,527,541 | €3,002,243 | +€474,702 | +18.8% |
| Amounts payable within one year | 42/48 | €2,498,878 | €2,941,030 | +€442,152 | +17.7% |
| Trade debts | 44 | €762,985 | €652,018 | -€110,966 | -14.5% |
| Suppliers | 440/4 | €762,985 | €652,018 | -€110,966 | -14.5% |
| Taxes, remuneration and social security | 45 | - | €27,081 | +€27,081 | |
| Taxes | 450/3 | - | €27,081 | +€27,081 | |
| Other amounts payable | 47/48 | €1,735,894 | €2,261,931 | +€526,037 | +30.3% |
| Accrued charges and deferred income | 492/3 | €28,663 | €61,213 | +€32,550 | +113.6% |
| Non-recurring operating income | 76A | €6,302 | €0 | -€6,302 | -100.0% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €72,308 | €60,383 | -€11,925 | -16.5% |
| Other operating charges | 640/8 | €460 | €5,059 | +€4,599 | +998.7% |
| Gross operating margin | 9900 | -€147,422 | -€91,975 | +€55,447 | +37.6% |
| Operating profit (loss) | 9901 | -€220,190 | -€157,416 | +€62,774 | +28.5% |
| Financial charges | 65/66B | €34,789 | €33,925 | -€864 | -2.5% |
| Recurring financial charges | 65 | €34,789 | €33,925 | -€864 | -2.5% |
| Profit (loss) for the period before taxes | 9903 | -€254,980 | -€191,342 | +€63,638 | +25.0% |
| Profit (loss) for the period | 9904 | -€254,980 | -€191,342 | +€63,638 | +25.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€254,980 | -€191,342 | +€63,638 | +25.0% |
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 12 October 2026 via checked.be.