RED LINE: 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.
RED LINE
Largest movements
- Cash -€49,188
down €49,188 (-36.2%), from €136,044 to €86,856
mainly Trade debts (-€33,544) and Receivables within one year (-€32,155)
- Receivables within one year +€32,155
up €32,155 (+29.9%), from €107,644 to €139,800
of which Trade receivables: +€32,155
- Trade debts -€33,544
down €33,544 (-45.6%), from €73,579 to €40,035
- Reserves +€13,878
up €13,878 (+148.3%), from €9,361 to €23,238
- Gross operating margin +€6,742
up €6,742 (+47.7%), from €14,138 to €20,880
- Taxes +€3,464
up €3,464 (+164.3%), from €2,108 to €5,572
- Depreciation -€3,387
down €3,387 (-70.3%), from €4,817 to €1,430
- Financial income +€1,027
up €1,027 (+4502.6%), from €23 to €1,050
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 | €246,462 | €227,839 | -€18,623 | -7.6% |
| Fixed assets | 21/28 | €2,157 | €728 | -€1,430 | -66.3% |
| Tangible fixed assets | 22/27 | €2,117 | €687 | -€1,430 | -67.5% |
| Furniture and vehicles | 24 | €2,117 | €687 | -€1,430 | -67.5% |
| Financial fixed assets | 28 | €41 | €41 | = | 0.0% |
| Current assets | 29/58 | €244,305 | €227,111 | -€17,193 | -7.0% |
| Amounts receivable within one year | 40/41 | €107,644 | €139,800 | +€32,155 | +29.9% |
| Trade receivables | 40 | €106,750 | €138,905 | +€32,155 | +30.1% |
| Other amounts receivable | 41 | €895 | €895 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €136,044 | €86,856 | -€49,188 | -36.2% |
| Deferred charges and accrued income | 490/1 | €617 | €456 | -€161 | -26.1% |
| Total equity and liabilities | 10/49 | €246,462 | €227,839 | -€18,623 | -7.6% |
| Equity | 10/15 | €167,031 | €180,909 | +€13,878 | +8.3% |
| Contributions | 10/11 | €12,000 | €12,000 | = | 0.0% |
| Reserves | 13 | €9,361 | €23,238 | +€13,878 | +148.3% |
| Distributable reserves | 133 | €9,361 | €23,238 | +€13,878 | +148.3% |
| Profit (loss) carried forward | 14 | €145,671 | €145,671 | = | 0.0% |
| Amounts payable | 17/49 | €79,431 | €46,930 | -€32,501 | -40.9% |
| Amounts payable within one year | 42/48 | €79,431 | €46,930 | -€32,501 | -40.9% |
| Trade debts | 44 | €73,579 | €40,035 | -€33,544 | -45.6% |
| Suppliers | 440/4 | €73,579 | €40,035 | -€33,544 | -45.6% |
| Taxes, remuneration and social security | 45 | €5,852 | €6,895 | +€1,043 | +17.8% |
| Taxes | 450/3 | €5,852 | €6,895 | +€1,043 | +17.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,817 | €1,430 | -€3,387 | -70.3% |
| Other operating charges | 640/8 | €781 | €952 | +€171 | +21.9% |
| Gross operating margin | 9900 | €14,138 | €20,880 | +€6,742 | +47.7% |
| Operating profit (loss) | 9901 | €8,540 | €18,498 | +€9,958 | +116.6% |
| Financial income | 75/76B | €23 | €1,050 | +€1,027 | +4502.6% |
| Recurring financial income | 75 | €23 | €1,050 | +€1,027 | +4502.6% |
| Financial charges | 65/66B | €36 | €98 | +€62 | +170.3% |
| Recurring financial charges | 65 | €36 | €98 | +€62 | +170.3% |
| Profit (loss) for the period before taxes | 9903 | €8,526 | €19,450 | +€10,924 | +128.1% |
| Income taxes | 67/77 | €2,108 | €5,572 | +€3,464 | +164.3% |
| Profit (loss) for the period | 9904 | €6,418 | €13,878 | +€7,460 | +116.2% |
| Profit (loss) for the period to be appropriated | 9905 | €6,418 | €13,878 | +€7,460 | +116.2% |
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 28 September 2026 via checked.be.