REACTIVATE: 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.
REACTIVATE
Largest movements
- Cash +€96,559
up €96,559 (+115.4%), from €83,661 to €180,219
mainly Net result for the year (+€99,784) and Depreciation (+€35,661)
- Tangible fixed assets -€24,093
down €24,093 (-9.0%), from €268,203 to €244,110
- Receivables within one year +€13,215
up €13,215 (+40.4%), from €32,705 to €45,920
of which Trade receivables: +€7,780
- Reserves +€99,784
up €99,784 (+54.2%), from €184,096 to €283,880
- Debts after one year -€16,116
down €16,116 (-10.5%), from €153,036 to €136,920
- Tax, wage and social debts +€9,846
up €9,846 (+1044.5%), from €943 to €10,789
of which Taxes: +€7,615
- Accrued charges and deferred income -€8,398
down €8,398 (-44.6%), from €18,830 to €10,432
- Gross operating margin +€27,401
up €27,401 (+19.5%), from €140,638 to €168,039
- Taxes +€7,115
up €7,115 (+34.5%), from €20,639 to €27,754
- Depreciation +€2,210
up €2,210 (+6.6%), from €33,451 to €35,661
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 | €384,569 | €470,249 | +€85,680 | +22.3% |
| Fixed assets | 21/28 | €268,203 | €244,110 | -€24,093 | -9.0% |
| Tangible fixed assets | 22/27 | €268,203 | €244,110 | -€24,093 | -9.0% |
| Land and buildings | 22 | €46,335 | €35,888 | -€10,447 | -22.5% |
| Plant, machinery and equipment | 23 | €28,869 | €22,001 | -€6,868 | -23.8% |
| Furniture and vehicles | 24 | €13,758 | €17,181 | +€3,422 | +24.9% |
| Leasing and similar rights | 25 | €179,241 | €169,041 | -€10,200 | -5.7% |
| Current assets | 29/58 | €116,366 | €226,140 | +€109,773 | +94.3% |
| Amounts receivable within one year | 40/41 | €32,705 | €45,920 | +€13,215 | +40.4% |
| Trade receivables | 40 | €30,532 | €38,312 | +€7,780 | +25.5% |
| Other amounts receivable | 41 | €2,173 | €7,608 | +€5,435 | +250.0% |
| Cash at bank and in hand | 54/58 | €83,661 | €180,219 | +€96,559 | +115.4% |
| Total equity and liabilities | 10/49 | €384,569 | €470,249 | +€85,680 | +22.3% |
| Equity | 10/15 | €189,096 | €288,880 | +€99,784 | +52.8% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €184,096 | €283,880 | +€99,784 | +54.2% |
| Distributable reserves | 133 | €184,096 | €283,880 | +€99,784 | +54.2% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €195,474 | €181,369 | -€14,104 | -7.2% |
| Amounts payable after more than one year | 17 | €153,036 | €136,920 | -€16,116 | -10.5% |
| Financial debts | 170/4 | €153,036 | €136,920 | -€16,116 | -10.5% |
| Amounts payable within one year | 42/48 | €23,608 | €34,017 | +€10,410 | +44.1% |
| Current portion of amounts payable after more than one year | 42 | €15,692 | €16,116 | +€424 | +2.7% |
| Financial debts | 43 | €3,559 | €5,058 | +€1,499 | +42.1% |
| Credit institutions | 430/8 | €3,559 | €5,058 | +€1,499 | +42.1% |
| Trade debts | 44 | €3,414 | €2,054 | -€1,359 | -39.8% |
| Suppliers | 440/4 | €3,414 | €2,054 | -€1,359 | -39.8% |
| Taxes, remuneration and social security | 45 | €943 | €10,789 | +€9,846 | +1044.5% |
| Taxes | 450/3 | €943 | €8,558 | +€7,615 | +807.9% |
| Remuneration and social security | 454/9 | €0 | €2,231 | +€2,231 | |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €18,830 | €10,432 | -€8,398 | -44.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,451 | €35,661 | +€2,210 | +6.6% |
| Other operating charges | 640/8 | €2,125 | €1,355 | -€771 | -36.3% |
| Gross operating margin | 9900 | €140,638 | €168,039 | +€27,401 | +19.5% |
| Operating profit (loss) | 9901 | €105,062 | €131,023 | +€25,961 | +24.7% |
| Financial income | 75/76B | €148 | €646 | +€498 | +335.8% |
| Recurring financial income | 75 | €148 | €646 | +€498 | +335.8% |
| Financial charges | 65/66B | €4,517 | €4,131 | -€386 | -8.5% |
| Recurring financial charges | 65 | €4,517 | €4,131 | -€386 | -8.5% |
| Profit (loss) for the period before taxes | 9903 | €100,693 | €127,538 | +€26,845 | +26.7% |
| Income taxes | 67/77 | €20,639 | €27,754 | +€7,115 | +34.5% |
| Profit (loss) for the period | 9904 | €80,054 | €99,784 | +€19,730 | +24.6% |
| Profit (loss) for the period to be appropriated | 9905 | €80,054 | €99,784 | +€19,730 | +24.6% |
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.