RELEVATION: 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.
RELEVATION
Largest movements
- Receivables after one year +€16,101
new in 2025: €16,101
- Intangible fixed assets -€13,483
down €13,483 (-66.4%), from €20,318 to €6,834
- Receivables within one year +€10,190
up €10,190 (+12.5%), from €81,312 to €91,502
of which Trade receivables: +€18,129
- Deferred charges and accrued income +€5,090
new in 2025: €5,090
- Advances received +€17,729
up €17,729 (+80.2%), from €22,097 to €39,825
- Profit (loss) carried forward +€12,378
up €12,378 (+14.0%), from -€88,677 to -€76,298
- Tax, wage and social debts -€7,731
down €7,731 (-78.8%), from €9,811 to €2,080
- Trade debts -€3,520
down €3,520 (-8.1%), from €43,526 to €40,006
- Gross operating margin +€26,247
new in 2025: €26,247
- Other operating charges -€8,738
no longer reported in 2025 (was €8,738)
- Financial charges +€401
up €401 (+471.0%), from €85 to €486
- Financial income -€294
down €294 (-54.9%), from €535 to €242
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 | €101,630 | €120,487 | +€18,857 | +18.6% |
| Fixed assets | 21/28 | €20,318 | €6,834 | -€13,483 | -66.4% |
| Intangible fixed assets | 21 | €20,318 | €6,834 | -€13,483 | -66.4% |
| Current assets | 29/58 | €81,312 | €113,653 | +€32,340 | +39.8% |
| Amounts receivable after more than one year | 29 | - | €16,101 | +€16,101 | |
| Other amounts receivable | 291 | - | €16,101 | +€16,101 | |
| Amounts receivable within one year | 40/41 | €81,312 | €91,502 | +€10,190 | +12.5% |
| Trade receivables | 40 | €28,528 | €46,656 | +€18,129 | +63.5% |
| Other amounts receivable | 41 | €52,785 | €44,846 | -€7,939 | -15.0% |
| Cash at bank and in hand | 54/58 | - | €960 | +€960 | |
| Deferred charges and accrued income | 490/1 | - | €5,090 | +€5,090 | |
| Total equity and liabilities | 10/49 | €101,630 | €120,487 | +€18,857 | +18.6% |
| Equity | 10/15 | -€43,820 | -€31,442 | +€12,378 | +28.2% |
| Contributions | 10/11 | €44,856 | €44,856 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€88,677 | -€76,298 | +€12,378 | +14.0% |
| Amounts payable | 17/49 | €145,450 | €151,928 | +€6,478 | +4.5% |
| Amounts payable within one year | 42/48 | €145,450 | €151,928 | +€6,478 | +4.5% |
| Trade debts | 44 | €43,526 | €40,006 | -€3,520 | -8.1% |
| Suppliers | 440/4 | €43,526 | €40,006 | -€3,520 | -8.1% |
| Advances received on contracts in progress | 46 | €22,097 | €39,825 | +€17,729 | +80.2% |
| Taxes, remuneration and social security | 45 | €9,811 | €2,080 | -€7,731 | -78.8% |
| Taxes | 450/3 | €9,811 | €2,080 | -€7,731 | -78.8% |
| Other amounts payable | 47/48 | €70,017 | €70,017 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,483 | €13,483 | = | 0.0% |
| Other operating charges | 640/8 | €8,738 | - | -€8,738 | |
| Gross operating margin | 9900 | - | €26,247 | +€26,247 | |
| Operating profit (loss) | 9901 | -€22,221 | €12,764 | +€34,985 | |
| Financial income | 75/76B | €535 | €242 | -€294 | -54.9% |
| Recurring financial income | 75 | €535 | €242 | -€294 | -54.9% |
| Financial charges | 65/66B | €85 | €486 | +€401 | +471.0% |
| Recurring financial charges | 65 | €85 | €486 | +€401 | +471.0% |
| Profit (loss) for the period before taxes | 9903 | -€21,771 | €12,519 | +€34,291 | |
| Income taxes | 67/77 | - | €141 | +€141 | |
| Profit (loss) for the period | 9904 | -€21,771 | €12,378 | +€34,150 | |
| Profit (loss) for the period to be appropriated | 9905 | -€21,771 | €12,378 | +€34,150 |
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 11 October 2026 via checked.be.