RABBIT HOLE: 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.
RABBIT HOLE
Largest movements
- Cash -€26,152
down €26,152 (-69.2%), from €37,797 to €11,645
mainly Net result for the year (-€35,148) and Tax, wage and social debts (-€9,822)
- Tangible fixed assets -€15,289
down €15,289 (-8.1%), from €187,836 to €172,547
- Receivables within one year -€3,890
down €3,890 (-45.2%), from €8,609 to €4,719
of which Trade receivables: -€3,890
- Profit (loss) carried forward -€35,148
down €35,148 (-99.6%), from -€35,284 to -€70,432
- Tax, wage and social debts -€9,822
down €9,822 (-49.6%), from €19,814 to €9,992
of which Taxes: -€9,994
- Debts after one year -€9,264
down €9,264 (-7.7%), from €120,451 to €111,187
- Trade debts +€9,153
up €9,153 (+333.4%), from €2,745 to €11,898
- Gross operating margin -€2,652
down €2,652 (-8.6%), from €31,005 to €28,353
- Depreciation -€2,393
down €2,393 (-13.5%), from €17,682 to €15,289
- Other operating charges -€2,126
down €2,126 (-49.2%), from €4,325 to €2,199
- Staff costs +€1,665
up €1,665 (+4.2%), from €39,506 to €41,172
- Financial charges +€712
up €712 (+17.2%), from €4,129 to €4,841
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 | €234,491 | €189,160 | -€45,331 | -19.3% |
| Fixed assets | 21/28 | €187,836 | €172,547 | -€15,289 | -8.1% |
| Tangible fixed assets | 22/27 | €187,836 | €172,547 | -€15,289 | -8.1% |
| Land and buildings | 22 | €150,382 | €144,343 | -€6,039 | -4.0% |
| Plant, machinery and equipment | 23 | €29,139 | €24,323 | -€4,817 | -16.5% |
| Furniture and vehicles | 24 | €8,315 | €3,881 | -€4,434 | -53.3% |
| Current assets | 29/58 | €46,656 | €16,614 | -€30,042 | -64.4% |
| Amounts receivable within one year | 40/41 | €8,609 | €4,719 | -€3,890 | -45.2% |
| Trade receivables | 40 | €8,609 | €4,719 | -€3,890 | -45.2% |
| Other amounts receivable | 41 | €0 | - | = | |
| Current investments | 50/53 | €250 | €250 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €37,797 | €11,645 | -€26,152 | -69.2% |
| Total equity and liabilities | 10/49 | €234,491 | €189,160 | -€45,331 | -19.3% |
| Equity | 10/15 | €17,954 | -€17,193 | -€35,148 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €34,639 | €34,639 | = | 0.0% |
| Distributable reserves | 133 | €34,639 | €34,639 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€35,284 | -€70,432 | -€35,148 | -99.6% |
| Amounts payable | 17/49 | €216,537 | €206,354 | -€10,183 | -4.7% |
| Amounts payable after more than one year | 17 | €120,451 | €111,187 | -€9,264 | -7.7% |
| Financial debts | 170/4 | €120,451 | €111,187 | -€9,264 | -7.7% |
| Amounts payable within one year | 42/48 | €96,086 | €95,167 | -€919 | -1.0% |
| Current portion of amounts payable after more than one year | 42 | €9,144 | €9,264 | +€120 | +1.3% |
| Trade debts | 44 | €2,745 | €11,898 | +€9,153 | +333.4% |
| Suppliers | 440/4 | €2,745 | €11,898 | +€9,153 | +333.4% |
| Taxes, remuneration and social security | 45 | €19,814 | €9,992 | -€9,822 | -49.6% |
| Taxes | 450/3 | €14,094 | €4,101 | -€9,994 | -70.9% |
| Remuneration and social security | 454/9 | €5,720 | €5,891 | +€171 | +3.0% |
| Other amounts payable | 47/48 | €64,383 | €64,014 | -€370 | -0.6% |
| Remuneration, social security and pensions | 62 | €39,506 | €41,172 | +€1,665 | +4.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,682 | €15,289 | -€2,393 | -13.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €656 | €0 | -€656 | -100.0% |
| Other operating charges | 640/8 | €4,325 | €2,199 | -€2,126 | -49.2% |
| Gross operating margin | 9900 | €31,005 | €28,353 | -€2,652 | -8.6% |
| Operating profit (loss) | 9901 | -€31,165 | -€30,307 | +€858 | +2.8% |
| Financial income | 75/76B | €10 | €0 | -€10 | -100.0% |
| Recurring financial income | 75 | €10 | €0 | -€10 | -100.0% |
| Financial charges | 65/66B | €4,129 | €4,841 | +€712 | +17.2% |
| Recurring financial charges | 65 | €4,129 | €4,841 | +€712 | +17.2% |
| Profit (loss) for the period before taxes | 9903 | -€35,284 | -€35,148 | +€137 | +0.4% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€35,284 | -€35,148 | +€137 | +0.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€35,284 | -€35,148 | +€137 | +0.4% |
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 8 October 2026 via checked.be.