REFACTOR: 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.
REFACTOR
Largest movements
- Cash +€70,184
up €70,184 (+195%), from €36,005 to €106,188
mainly Net result for the year (+€65,720) and Tax, wage and social debts (+€13,215)
- Current investments +€18,204
new in 2025: €18,204
- Tangible fixed assets -€7,331
down €7,331 (-28.8%), from €25,474 to €18,144
of which Furniture and vehicles: -€7,313
- Reserves +€65,720
up €65,720 (+86.2%), from €76,225 to €141,946
of which Distributable reserves: +€65,720
- Tax, wage and social debts +€13,215
up €13,215 (+72.8%), from €18,140 to €31,354
of which Taxes: +€12,920
- Gross operating margin +€51,104
up €51,104 (+40.1%), from €127,414 to €178,518
- Taxes +€15,559
up €15,559 (+93.5%), from €16,639 to €32,198
- Staff costs +€2,832
up €2,832 (+4.1%), from €68,618 to €71,450
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 | €109,612 | €189,156 | +€79,545 | +72.6% |
| Fixed assets | 21/28 | €25,474 | €18,144 | -€7,331 | -28.8% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €25,474 | €18,144 | -€7,331 | -28.8% |
| Plant, machinery and equipment | 23 | €18 | €0 | -€18 | -100% |
| Furniture and vehicles | 24 | €25,456 | €18,144 | -€7,313 | -28.7% |
| Current assets | 29/58 | €84,137 | €171,013 | +€86,875 | +103% |
| Amounts receivable within one year | 40/41 | €48,017 | €46,240 | -€1,777 | -3.7% |
| Trade receivables | 40 | €27,098 | €24,658 | -€2,440 | -9.0% |
| Other amounts receivable | 41 | €20,919 | €21,582 | +€663 | +3.2% |
| Current investments | 50/53 | - | €18,204 | +€18,204 | |
| Cash at bank and in hand | 54/58 | €36,005 | €106,188 | +€70,184 | +195% |
| Deferred charges and accrued income | 490/1 | €116 | €381 | +€265 | +228% |
| Total equity and liabilities | 10/49 | €109,612 | €189,156 | +€79,545 | +72.6% |
| Equity | 10/15 | €86,225 | €151,946 | +€65,720 | +76.2% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €76,225 | €141,946 | +€65,720 | +86.2% |
| Non-distributable reserves | 130/1 | €570 | €570 | = | 0.0% |
| Reserves not available under the articles | 1311 | €570 | €570 | = | 0.0% |
| Distributable reserves | 133 | €75,655 | €141,375 | +€65,720 | +86.9% |
| Amounts payable | 17/49 | €23,386 | €37,211 | +€13,824 | +59.1% |
| Amounts payable within one year | 42/48 | €23,386 | €37,211 | +€13,824 | +59.1% |
| Trade debts | 44 | €5,247 | €5,857 | +€610 | +11.6% |
| Suppliers | 440/4 | €5,247 | €5,857 | +€610 | +11.6% |
| Taxes, remuneration and social security | 45 | €18,140 | €31,354 | +€13,215 | +72.8% |
| Taxes | 450/3 | €9,911 | €22,831 | +€12,920 | +130% |
| Remuneration and social security | 454/9 | €8,229 | €8,523 | +€295 | +3.6% |
| Remuneration, social security and pensions | 62 | €68,618 | €71,450 | +€2,832 | +4.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,083 | €9,677 | +€594 | +6.5% |
| Other operating charges | 640/8 | €243 | €125 | -€119 | -48.8% |
| Gross operating margin | 9900 | €127,414 | €178,518 | +€51,104 | +40.1% |
| Operating profit (loss) | 9901 | €49,469 | €97,267 | +€47,797 | +96.6% |
| Financial income | 75/76B | €1,035 | €1,080 | +€45 | +4.3% |
| Recurring financial income | 75 | €1,035 | €1,080 | +€45 | +4.3% |
| Financial charges | 65/66B | €162 | €429 | +€266 | +164% |
| Recurring financial charges | 65 | €162 | €429 | +€266 | +164% |
| Profit (loss) for the period before taxes | 9903 | €50,343 | €97,918 | +€47,576 | +94.5% |
| Income taxes | 67/77 | €16,639 | €32,198 | +€15,559 | +93.5% |
| Profit (loss) for the period | 9904 | €33,703 | €65,720 | +€32,017 | +95.0% |
| Profit (loss) for the period to be appropriated | 9905 | €33,703 | €65,720 | +€32,017 | +95.0% |
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.