RATIOS: 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.
RATIOS
Largest movements
- Receivables within one year +€40,900
up €40,900 (+299%), from €13,696 to €54,596
of which Other amounts receivable: +€38,034
- Tangible fixed assets -€8,580
down €8,580 (-42.6%), from €20,164 to €11,583
- Stocks and contracts +€7,428
up €7,428 (+30.2%), from €24,569 to €31,997
- Cash -€4,253
down €4,253 (-39.2%), from €10,858 to €6,605
mainly Receivables within one year (-€40,900) and Other debts (-€15,917)
- Reserves +€35,973
up €35,973 (+327%), from €10,995 to €46,968
- Other debts -€15,917
down €15,917 (-76.7%), from €20,746 to €4,829
- Profit (loss) carried forward +€14,719
no longer reported in 2025 (was -€14,719)
- Gross operating margin +€82,073
up €82,073 (+1,837%), from €4,468 to €86,540
- Taxes +€19,624
up €19,624 (+1,041%), from €1,886 to €21,509
- Other operating charges -€2,083
down €2,083 (-69.6%), from €2,991 to €909
- Financial charges -€970
down €970 (-27.4%), from €3,538 to €2,569
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 | €69,994 | €105,612 | +€35,618 | +50.9% |
| Fixed assets | 21/28 | €20,164 | €11,583 | -€8,580 | -42.6% |
| Tangible fixed assets | 22/27 | €20,164 | €11,583 | -€8,580 | -42.6% |
| Furniture and vehicles | 24 | €20,164 | €11,583 | -€8,580 | -42.6% |
| Current assets | 29/58 | €49,830 | €94,028 | +€44,198 | +88.7% |
| Stocks and contracts in progress | 3 | €24,569 | €31,997 | +€7,428 | +30.2% |
| Stocks | 30/36 | €24,569 | €31,997 | +€7,428 | +30.2% |
| Amounts receivable within one year | 40/41 | €13,696 | €54,596 | +€40,900 | +299% |
| Trade receivables | 40 | €4,127 | €6,993 | +€2,866 | +69.4% |
| Other amounts receivable | 41 | €9,569 | €47,603 | +€38,034 | +397% |
| Cash at bank and in hand | 54/58 | €10,858 | €6,605 | -€4,253 | -39.2% |
| Deferred charges and accrued income | 490/1 | €707 | €830 | +€123 | +17.4% |
| Total equity and liabilities | 10/49 | €69,994 | €105,612 | +€35,618 | +50.9% |
| Equity | 10/15 | €14,776 | €65,468 | +€50,693 | +343% |
| Contributions | 10/11 | €18,500 | €18,500 | = | 0.0% |
| Reserves | 13 | €10,995 | €46,968 | +€35,973 | +327% |
| Distributable reserves | 133 | €10,995 | €46,968 | +€35,973 | +327% |
| Profit (loss) carried forward | 14 | -€14,719 | - | +€14,719 | |
| Amounts payable | 17/49 | €55,218 | €40,143 | -€15,075 | -27.3% |
| Amounts payable within one year | 42/48 | €54,373 | €40,143 | -€14,230 | -26.2% |
| Trade debts | 44 | €7,959 | €8,918 | +€958 | +12.0% |
| Suppliers | 440/4 | €7,959 | €8,918 | +€958 | +12.0% |
| Taxes, remuneration and social security | 45 | €25,667 | €26,396 | +€729 | +2.8% |
| Taxes | 450/3 | €25,667 | €26,396 | +€729 | +2.8% |
| Other amounts payable | 47/48 | €20,746 | €4,829 | -€15,917 | -76.7% |
| Accrued charges and deferred income | 492/3 | €845 | - | -€845 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,047 | €8,580 | -€467 | -5.2% |
| Other operating charges | 640/8 | €2,991 | €909 | -€2,083 | -69.6% |
| Non-recurring operating charges | 66A | €1,725 | €1,450 | -€275 | -15.9% |
| Gross operating margin | 9900 | €4,468 | €86,540 | +€82,073 | +1,837% |
| Operating profit (loss) | 9901 | -€9,296 | €75,601 | +€84,897 | |
| Financial income | 75/76B | €1 | €3 | +€2 | +270% |
| Recurring financial income | 75 | €1 | €3 | +€2 | +270% |
| Financial charges | 65/66B | €3,538 | €2,569 | -€970 | -27.4% |
| Recurring financial charges | 65 | €3,538 | €2,569 | -€970 | -27.4% |
| Profit (loss) for the period before taxes | 9903 | -€12,833 | €73,035 | +€85,868 | |
| Income taxes | 67/77 | €1,886 | €21,509 | +€19,624 | +1,041% |
| Profit (loss) for the period | 9904 | -€14,719 | €51,526 | +€66,245 | |
| Profit (loss) for the period to be appropriated | 9905 | -€14,719 | €51,526 | +€66,245 |
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 14 October 2026 via checked.be.