Rear Window: 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.
Rear Window
Largest movements
- Cash +€523,688
up €523,688 (+82.7%), from €633,012 to €1.2m
mainly Net result for the year (+€611,706) and Accrued charges and deferred income (+€241,964)
- Receivables within one year +€415,171
up €415,171 (+206%), from €201,638 to €616,809
of which Trade receivables: +€415,022
- Intangible fixed assets +€140,434
up €140,434 (+571%), from €24,603 to €165,037
- Deferred charges and accrued income -€24,927
down €24,927 (-16.5%), from €151,489 to €126,562
- Reserves +€360,680
up €360,680, from €0 to €360,680
- Profit (loss) carried forward +€251,026
up €251,026, from -€251,026 to €0
- Accrued charges and deferred income +€241,964
up €241,964 (+1,768%), from €13,686 to €255,650
- Trade debts +€134,112
up €134,112 (+143%), from €93,591 to €227,703
- Debts after one year -€79,428
down €79,428 (-22.9%), from €346,393 to €266,965
- Gross operating margin +€877,176
up €877,176 (+437%), from €200,517 to €1.1m
- Financial charges +€13,922
up €13,922 (+135%), from €10,345 to €24,267
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 | €1,058,329 | €2,106,088 | +€1.0m | +99.0% |
| Fixed assets | 21/28 | €33,196 | €168,122 | +€134,926 | +406% |
| Intangible fixed assets | 21 | €24,603 | €165,037 | +€140,434 | +571% |
| Tangible fixed assets | 22/27 | €8,593 | €3,085 | -€5,508 | -64.1% |
| Plant, machinery and equipment | 23 | €6,685 | €0 | -€6,685 | -100% |
| Furniture and vehicles | 24 | €1,908 | €3,085 | +€1,177 | +61.7% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €1,025,133 | €1,937,965 | +€912,833 | +89.0% |
| Stocks and contracts in progress | 3 | €38,993 | €37,894 | -€1,100 | -2.8% |
| Stocks | 30/36 | €38,993 | €37,894 | -€1,100 | -2.8% |
| Contracts in progress | 37 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €201,638 | €616,809 | +€415,171 | +206% |
| Trade receivables | 40 | €198,594 | €613,616 | +€415,022 | +209% |
| Other amounts receivable | 41 | €3,044 | €3,193 | +€149 | +4.9% |
| Cash at bank and in hand | 54/58 | €633,012 | €1,156,701 | +€523,688 | +82.7% |
| Deferred charges and accrued income | 490/1 | €151,489 | €126,562 | -€24,927 | -16.5% |
| Total equity and liabilities | 10/49 | €1,058,329 | €2,106,088 | +€1.0m | +99.0% |
| Equity | 10/15 | €527,771 | €1,139,477 | +€611,706 | +116% |
| Contributions | 10/11 | €778,797 | €778,797 | = | 0.0% |
| Reserves | 13 | €0 | €360,680 | +€360,680 | |
| Distributable reserves | 133 | €0 | €360,680 | +€360,680 | |
| Profit (loss) carried forward | 14 | -€251,026 | €0 | +€251,026 | |
| Amounts payable | 17/49 | €530,558 | €966,611 | +€436,054 | +82.2% |
| Amounts payable after more than one year | 17 | €346,393 | €266,965 | -€79,428 | -22.9% |
| Financial debts | 170/4 | €346,393 | €266,965 | -€79,428 | -22.9% |
| Amounts payable within one year | 42/48 | €170,479 | €443,996 | +€273,517 | +160% |
| Current portion of amounts payable after more than one year | 42 | €3,607 | €79,428 | +€75,821 | +2,102% |
| Trade debts | 44 | €93,591 | €227,703 | +€134,112 | +143% |
| Suppliers | 440/4 | €93,591 | €227,703 | +€134,112 | +143% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €70,473 | €135,648 | +€65,175 | +92.5% |
| Taxes | 450/3 | €13,405 | €93,531 | +€80,126 | +598% |
| Remuneration and social security | 454/9 | €57,068 | €42,117 | -€14,951 | -26.2% |
| Other amounts payable | 47/48 | €2,807 | €1,217 | -€1,591 | -56.7% |
| Accrued charges and deferred income | 492/3 | €13,686 | €255,650 | +€241,964 | +1,768% |
| Non-recurring operating income | 76A | €377 | €0 | -€377 | -100% |
| Remuneration, social security and pensions | 62 | €409,659 | €409,784 | +€125 | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,497 | €30,967 | -€10,530 | -25.4% |
| Other operating charges | 640/8 | €1,053 | €1,677 | +€624 | +59.3% |
| Gross operating margin | 9900 | €200,517 | €1,077,693 | +€877,176 | +437% |
| Operating profit (loss) | 9901 | -€251,692 | €635,265 | +€886,957 | |
| Financial income | 75/76B | €2,304 | €1,385 | -€919 | -39.9% |
| Recurring financial income | 75 | €2,304 | €1,385 | -€919 | -39.9% |
| Financial charges | 65/66B | €10,345 | €24,267 | +€13,922 | +135% |
| Recurring financial charges | 65 | €10,345 | €24,267 | +€13,922 | +135% |
| Profit (loss) for the period before taxes | 9903 | -€259,734 | €612,382 | +€872,116 | |
| Income taxes | 67/77 | - | €677 | +€677 | |
| Profit (loss) for the period | 9904 | -€259,734 | €611,706 | +€871,439 | |
| Profit (loss) for the period to be appropriated | 9905 | -€259,734 | €611,706 | +€871,439 |
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 13 October 2026 via checked.be.