Rayos X: 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.
Rayos X
Largest movements
- Cash +€50,495
new in 2025: €50,495
mainly Net result for the year (+€127,651) and Depreciation (+€7,035)
- Deferred charges and accrued income +€33,496
up €33,496 (+108.1%), from €30,998 to €64,493
- Tangible fixed assets +€26,283
up €26,283 (+1249.9%), from €2,103 to €28,386
of which Furniture and vehicles: +€21,485
- Receivables within one year +€15,554
up €15,554 (+95.0%), from €16,372 to €31,926
- Profit (loss) carried forward +€127,651
up €127,651 (+361.7%), from €35,295 to €162,946
- Trade debts +€3,244
up €3,244 (+75.7%), from €4,285 to €7,529
- Short-term financial debts -€3,236
no longer reported in 2025 (was €3,236)
- Tax, wage and social debts -€2,012
down €2,012 (-44.3%), from €4,545 to €2,533
of which Taxes: -€3,967
- Gross operating margin +€144,792
up €144,792 (+424.1%), from €34,145 to €178,937
- Taxes +€33,033
up €33,033 (+437.8%), from €7,545 to €40,578
- Depreciation +€6,704
up €6,704 (+2024.4%), from €331 to €7,035
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 | €50,460 | €176,008 | +€125,548 | +248.8% |
| Formation expenses | 20 | €987 | €707 | -€280 | -28.4% |
| Fixed assets | 21/28 | €2,103 | €28,386 | +€26,283 | +1249.9% |
| Tangible fixed assets | 22/27 | €2,103 | €28,386 | +€26,283 | +1249.9% |
| Plant, machinery and equipment | 23 | €2,103 | €6,901 | +€4,799 | +228.2% |
| Furniture and vehicles | 24 | - | €21,485 | +€21,485 | |
| Current assets | 29/58 | €47,370 | €146,915 | +€99,545 | +210.1% |
| Amounts receivable within one year | 40/41 | €16,372 | €31,926 | +€15,554 | +95.0% |
| Other amounts receivable | 41 | €16,372 | €31,926 | +€15,554 | +95.0% |
| Cash at bank and in hand | 54/58 | - | €50,495 | +€50,495 | |
| Deferred charges and accrued income | 490/1 | €30,998 | €64,493 | +€33,496 | +108.1% |
| Total equity and liabilities | 10/49 | €50,460 | €176,008 | +€125,548 | +248.8% |
| Equity | 10/15 | €38,295 | €165,946 | +€127,651 | +333.3% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €35,295 | €162,946 | +€127,651 | +361.7% |
| Amounts payable | 17/49 | €12,165 | €10,062 | -€2,103 | -17.3% |
| Amounts payable within one year | 42/48 | €12,066 | €10,062 | -€2,005 | -16.6% |
| Financial debts | 43 | €3,236 | - | -€3,236 | |
| Credit institutions | 430/8 | €3,236 | - | -€3,236 | |
| Trade debts | 44 | €4,285 | €7,529 | +€3,244 | +75.7% |
| Suppliers | 440/4 | €4,285 | €7,529 | +€3,244 | +75.7% |
| Taxes, remuneration and social security | 45 | €4,545 | €2,533 | -€2,012 | -44.3% |
| Taxes | 450/3 | €4,545 | €578 | -€3,967 | -87.3% |
| Remuneration and social security | 454/9 | - | €1,955 | +€1,955 | |
| Accrued charges and deferred income | 492/3 | €98 | €0 | -€98 | -99.8% |
| Non-recurring operating income | 76A | - | €2,137 | +€2,137 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €331 | €7,035 | +€6,704 | +2024.4% |
| Other operating charges | 640/8 | €1,570 | €2,446 | +€877 | +55.8% |
| Gross operating margin | 9900 | €34,145 | €178,937 | +€144,792 | +424.1% |
| Operating profit (loss) | 9901 | €32,244 | €169,456 | +€137,212 | +425.5% |
| Financial charges | 65/66B | €1,104 | €1,227 | +€123 | +11.1% |
| Recurring financial charges | 65 | €1,104 | €1,227 | +€123 | +11.1% |
| Profit (loss) for the period before taxes | 9903 | €31,140 | €168,229 | +€137,089 | +440.2% |
| Income taxes | 67/77 | €7,545 | €40,578 | +€33,033 | +437.8% |
| Profit (loss) for the period | 9904 | €23,595 | €127,651 | +€104,056 | +441.0% |
| Profit (loss) for the period to be appropriated | 9905 | €23,595 | €127,651 | +€104,056 | +441.0% |
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 3 October 2026 via checked.be.