REFERENCES: 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.
REFERENCES
Largest movements
- Deferred charges and accrued income -€56,583
down €56,583 (-51.5%), from €109,807 to €53,224
- Intangible fixed assets -€37,965
down €37,965 (-34.6%), from €109,722 to €71,757
- Receivables within one year -€31,980
down €31,980 (-4.0%), from €800,012 to €768,032
of which Other amounts receivable: -€167,627
- Trade debts -€241,827
down €241,827 (-51.6%), from €469,037 to €227,210
- Other debts +€188,480
up €188,480 (+37127.2%), from €508 to €188,988
- Profit (loss) carried forward -€50,745
down €50,745 (-46.6%), from €108,938 to €58,193
- Tax, wage and social debts -€21,149
down €21,149 (-11.9%), from €177,826 to €156,677
of which Remuneration and social security: -€37,773
- Gross operating margin -€367,830
down €367,830 (-24.4%), from €1.5m to €1.1m
- Staff costs -€283,273
down €283,273 (-20.0%), from €1.4m to €1.1m
- Write-downs -€72,988
down €72,988 (-1272.6%), from -€5,736 to -€78,724
- Other operating charges +€49,375
up €49,375 (+515.1%), from €9,586 to €58,961
- Financial income -€48,455
down €48,455 (-80.6%), from €60,141 to €11,686
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 | €1,044,597 | €917,231 | -€127,366 | -12.2% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €115,608 | €79,608 | -€36,000 | -31.1% |
| Intangible fixed assets | 21 | €109,722 | €71,757 | -€37,965 | -34.6% |
| Tangible fixed assets | 22/27 | €4,286 | €6,252 | +€1,966 | +45.9% |
| Furniture and vehicles | 24 | €4,286 | €4,098 | -€188 | -4.4% |
| Assets under construction and advance payments | 27 | - | €2,153 | +€2,153 | |
| Financial fixed assets | 28 | €1,600 | €1,600 | = | 0.0% |
| Current assets | 29/58 | €928,988 | €837,622 | -€91,366 | -9.8% |
| Amounts receivable within one year | 40/41 | €800,012 | €768,032 | -€31,980 | -4.0% |
| Trade receivables | 40 | €594,318 | €729,966 | +€135,648 | +22.8% |
| Other amounts receivable | 41 | €205,694 | €38,066 | -€167,627 | -81.5% |
| Cash at bank and in hand | 54/58 | €19,169 | €16,366 | -€2,804 | -14.6% |
| Deferred charges and accrued income | 490/1 | €109,807 | €53,224 | -€56,583 | -51.5% |
| Total equity and liabilities | 10/49 | €1,044,597 | €917,231 | -€127,366 | -12.2% |
| Equity | 10/15 | €218,938 | €168,193 | -€50,745 | -23.2% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €10,000 | €10,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Legal reserve | 130 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €108,938 | €58,193 | -€50,745 | -46.6% |
| Amounts payable | 17/49 | €825,658 | €749,037 | -€76,621 | -9.3% |
| Amounts payable within one year | 42/48 | €647,370 | €572,875 | -€74,496 | -11.5% |
| Trade debts | 44 | €469,037 | €227,210 | -€241,827 | -51.6% |
| Suppliers | 440/4 | €469,037 | €227,210 | -€241,827 | -51.6% |
| Taxes, remuneration and social security | 45 | €177,826 | €156,677 | -€21,149 | -11.9% |
| Taxes | 450/3 | €37,788 | €54,413 | +€16,624 | +44.0% |
| Remuneration and social security | 454/9 | €140,038 | €102,264 | -€37,773 | -27.0% |
| Other amounts payable | 47/48 | €508 | €188,988 | +€188,480 | +37127.2% |
| Accrued charges and deferred income | 492/3 | €178,288 | €176,163 | -€2,125 | -1.2% |
| Non-recurring operating income | 76A | €1 | €6,500 | +€6,499 | +649900.0% |
| Remuneration, social security and pensions | 62 | €1,415,533 | €1,132,260 | -€283,273 | -20.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,596 | €41,049 | +€2,453 | +6.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€5,736 | -€78,724 | -€72,988 | -1272.6% |
| Other operating charges | 640/8 | €9,586 | €58,961 | +€49,375 | +515.1% |
| Non-recurring operating charges | 66A | €48,729 | €40,129 | -€8,600 | -17.6% |
| Gross operating margin | 9900 | €1,505,392 | €1,137,562 | -€367,830 | -24.4% |
| Operating profit (loss) | 9901 | -€1,317 | -€56,114 | -€54,797 | -4162.3% |
| Financial income | 75/76B | €60,141 | €11,686 | -€48,455 | -80.6% |
| Recurring financial income | 75 | €60,141 | €11,686 | -€48,455 | -80.6% |
| Financial charges | 65/66B | €3,190 | €3,028 | -€162 | -5.1% |
| Recurring financial charges | 65 | €3,190 | €3,028 | -€162 | -5.1% |
| Profit (loss) for the period before taxes | 9903 | €55,634 | -€47,456 | -€103,090 | |
| Income taxes | 67/77 | €31,044 | €3,289 | -€27,755 | -89.4% |
| Profit (loss) for the period | 9904 | €24,591 | -€50,745 | -€75,336 | |
| Profit (loss) for the period to be appropriated | 9905 | €24,591 | -€50,745 | -€75,336 |
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 29 September 2026 via checked.be.