r46: 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.
r46
Largest movements
- Cash -€20,367
down €20,367 (-36.1%), from €56,457 to €36,091
mainly Receivables within one year (-€15,635) and Investment in fixed assets (net) (-€8,185)
- Receivables within one year +€15,635
up €15,635 (+66.6%), from €23,475 to €39,110
of which Trade receivables: +€16,654
- Deferred charges and accrued income +€5,118
up €5,118 (+88.8%), from €5,766 to €10,884
- Reserves +€9,984
up €9,984, from €0 to €9,984
- Debts after one year -€6,820
down €6,820 (-3.1%), from €216,899 to €210,079
- Other debts -€3,172
down €3,172 (-17.1%), from €18,563 to €15,391
- Tax, wage and social debts -€2,947
down €2,947 (-27.8%), from €10,619 to €7,672
of which Taxes: -€2,840
- Trade debts +€2,897
up €2,897 (+133.5%), from €2,171 to €5,068
- Gross operating margin +€7,223
up €7,223 (+36.4%), from €19,851 to €27,073
- Taxes +€2,530
up €2,530 (+110.9%), from €2,281 to €4,812
- Depreciation -€469
down €469 (-5.0%), from €9,424 to €8,956
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 | €256,446 | €256,062 | -€384 | -0.1% |
| Fixed assets | 21/28 | €170,748 | €169,977 | -€770 | -0.5% |
| Tangible fixed assets | 22/27 | €170,748 | €169,977 | -€770 | -0.5% |
| Land and buildings | 22 | €167,863 | €167,171 | -€693 | -0.4% |
| Plant, machinery and equipment | 23 | €2,884 | €2,185 | -€699 | -24.2% |
| Furniture and vehicles | 24 | €0 | €622 | +€622 | |
| Current assets | 29/58 | €85,698 | €86,084 | +€386 | +0.5% |
| Amounts receivable within one year | 40/41 | €23,475 | €39,110 | +€15,635 | +66.6% |
| Trade receivables | 40 | €22,456 | €39,110 | +€16,654 | +74.2% |
| Other amounts receivable | 41 | €1,019 | €0 | -€1,019 | -100.0% |
| Cash at bank and in hand | 54/58 | €56,457 | €36,091 | -€20,367 | -36.1% |
| Deferred charges and accrued income | 490/1 | €5,766 | €10,884 | +€5,118 | +88.8% |
| Total equity and liabilities | 10/49 | €256,446 | €256,062 | -€384 | -0.1% |
| Equity | 10/15 | €1,306 | €10,984 | +€9,678 | +741.2% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €0 | €9,984 | +€9,984 | |
| Distributable reserves | 133 | €0 | €9,984 | +€9,984 | |
| Profit (loss) carried forward | 14 | €306 | €0 | -€306 | -100.0% |
| Amounts payable | 17/49 | €255,140 | €245,078 | -€10,062 | -3.9% |
| Amounts payable after more than one year | 17 | €216,899 | €210,079 | -€6,820 | -3.1% |
| Financial debts | 170/4 | €216,899 | €210,079 | -€6,820 | -3.1% |
| Amounts payable within one year | 42/48 | €38,175 | €34,999 | -€3,176 | -8.3% |
| Current portion of amounts payable after more than one year | 42 | €6,753 | €6,820 | +€67 | +1.0% |
| Financial debts | 43 | €70 | €48 | -€22 | -32.0% |
| Credit institutions | 430/8 | €70 | €48 | -€22 | -32.0% |
| Trade debts | 44 | €2,171 | €5,068 | +€2,897 | +133.5% |
| Suppliers | 440/4 | €2,171 | €5,068 | +€2,897 | +133.5% |
| Taxes, remuneration and social security | 45 | €10,619 | €7,672 | -€2,947 | -27.8% |
| Taxes | 450/3 | €8,413 | €5,572 | -€2,840 | -33.8% |
| Remuneration and social security | 454/9 | €2,207 | €2,100 | -€107 | -4.8% |
| Other amounts payable | 47/48 | €18,563 | €15,391 | -€3,172 | -17.1% |
| Accrued charges and deferred income | 492/3 | €66 | €0 | -€66 | -100.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,424 | €8,956 | -€469 | -5.0% |
| Other operating charges | 640/8 | €453 | €400 | -€53 | -11.8% |
| Gross operating margin | 9900 | €19,851 | €27,073 | +€7,223 | +36.4% |
| Operating profit (loss) | 9901 | €9,974 | €17,718 | +€7,745 | +77.7% |
| Financial income | 75/76B | €37 | €0 | -€37 | -100.0% |
| Recurring financial income | 75 | €37 | €0 | -€37 | -100.0% |
| Financial charges | 65/66B | €2,466 | €2,396 | -€70 | -2.8% |
| Recurring financial charges | 65 | €2,466 | €2,396 | -€70 | -2.8% |
| Profit (loss) for the period before taxes | 9903 | €7,545 | €15,322 | +€7,777 | +103.1% |
| Income taxes | 67/77 | €2,281 | €4,812 | +€2,530 | +110.9% |
| Profit (loss) for the period | 9904 | €5,264 | €10,511 | +€5,247 | +99.7% |
| Profit (loss) for the period to be appropriated | 9905 | €5,264 | €10,511 | +€5,247 | +99.7% |
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 6 October 2026 via checked.be.