REFRESH STORY: 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.
REFRESH STORY
Largest movements
- Receivables after one year +€24,350
up €24,350 (+16.8%), from €144,834 to €169,184
- Receivables within one year +€8,092
up €8,092 (+53.1%), from €15,248 to €23,340
of which Other amounts receivable: +€5,551
- Cash +€3,652
up €3,652 (+10.3%), from €35,424 to €39,076
mainly Net result for the year (+€47,258) and Depreciation (+€4,246)
- Profit (loss) carried forward +€34,340
up €34,340 (+55.1%), from €62,380 to €96,720
- Taxes -€2,548
down €2,548 (-16.1%), from €15,852 to €13,303
- Gross operating margin -€1,789
down €1,789 (-3.0%), from €60,558 to €58,769
- Depreciation -€1,451
down €1,451 (-25.5%), from €5,697 to €4,246
- Financial charges -€1,052
down €1,052 (-37.0%), from €2,846 to €1,794
- Financial income +€769
up €769 (+9.6%), from €8,040 to €8,808
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 | €202,236 | €235,867 | +€33,631 | +16.6% |
| Fixed assets | 21/28 | €6,132 | €4,268 | -€1,865 | -30.4% |
| Tangible fixed assets | 22/27 | €6,024 | €4,160 | -€1,865 | -31.0% |
| Plant, machinery and equipment | 23 | €2,840 | €2,237 | -€603 | -21.2% |
| Furniture and vehicles | 24 | €3,184 | €709 | -€2,475 | -77.7% |
| Other tangible fixed assets | 26 | - | €1,214 | +€1,214 | |
| Financial fixed assets | 28 | €108 | €108 | = | 0.0% |
| Current assets | 29/58 | €196,104 | €231,600 | +€35,496 | +18.1% |
| Amounts receivable after more than one year | 29 | €144,834 | €169,184 | +€24,350 | +16.8% |
| Other amounts receivable | 291 | €144,834 | €169,184 | +€24,350 | +16.8% |
| Amounts receivable within one year | 40/41 | €15,248 | €23,340 | +€8,092 | +53.1% |
| Trade receivables | 40 | €11,858 | €14,399 | +€2,541 | +21.4% |
| Other amounts receivable | 41 | €3,390 | €8,941 | +€5,551 | +164% |
| Cash at bank and in hand | 54/58 | €35,424 | €39,076 | +€3,652 | +10.3% |
| Deferred charges and accrued income | 490/1 | €598 | - | -€598 | |
| Total equity and liabilities | 10/49 | €202,236 | €235,867 | +€33,631 | +16.6% |
| Equity | 10/15 | €182,471 | €216,812 | +€34,340 | +18.8% |
| Contributions | 10/11 | €250 | €250 | = | 0.0% |
| Reserves | 13 | €119,842 | €119,842 | = | 0.0% |
| Distributable reserves | 133 | €119,842 | €119,842 | = | 0.0% |
| Profit (loss) carried forward | 14 | €62,380 | €96,720 | +€34,340 | +55.1% |
| Amounts payable | 17/49 | €19,765 | €19,056 | -€709 | -3.6% |
| Amounts payable within one year | 42/48 | €19,765 | €18,606 | -€1,159 | -5.9% |
| Current portion of amounts payable after more than one year | 42 | €4,675 | €3,787 | -€888 | -19.0% |
| Trade debts | 44 | €595 | €975 | +€380 | +63.9% |
| Suppliers | 440/4 | €595 | €975 | +€380 | +63.9% |
| Taxes, remuneration and social security | 45 | €14,495 | €13,844 | -€651 | -4.5% |
| Taxes | 450/3 | €14,239 | €11,667 | -€2,572 | -18.1% |
| Remuneration and social security | 454/9 | €256 | €2,177 | +€1,921 | +750% |
| Accrued charges and deferred income | 492/3 | - | €450 | +€450 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,697 | €4,246 | -€1,451 | -25.5% |
| Other operating charges | 640/8 | €1,340 | €976 | -€364 | -27.2% |
| Non-recurring operating charges | 66A | €19,296 | - | -€19,296 | |
| Gross operating margin | 9900 | €60,558 | €58,769 | -€1,789 | -3.0% |
| Operating profit (loss) | 9901 | €34,226 | €53,547 | +€19,322 | +56.5% |
| Financial income | 75/76B | €8,040 | €8,808 | +€769 | +9.6% |
| Recurring financial income | 75 | €8,040 | €8,808 | +€769 | +9.6% |
| Financial charges | 65/66B | €2,846 | €1,794 | -€1,052 | -37.0% |
| Recurring financial charges | 65 | €2,846 | €1,794 | -€1,052 | -37.0% |
| Profit (loss) for the period before taxes | 9903 | €39,420 | €60,562 | +€21,142 | +53.6% |
| Income taxes | 67/77 | €15,852 | €13,303 | -€2,548 | -16.1% |
| Profit (loss) for the period | 9904 | €23,568 | €47,258 | +€23,690 | +101% |
| Profit (loss) for the period to be appropriated | 9905 | €23,568 | €47,258 | +€23,690 | +101% |
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 17 October 2026 via checked.be.